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  • Obama’s Failed Stimulus in Pictures: Jobs Gap Grows to 7.6 Million

    novjobsdeficit

    Another month under President Obama, another 11,000 jobs lost, pushing the total Obama jobs deficit to 7.6 million. One day after the White House jobs summit admitted that the President’s policies — including the massive $787 billion stimulus enacted last spring — are not working to create jobs, the Department of Labor’s monthly jobs report added the exclamation point.

    Barack Obama promised that if elected he would create 3.5 million jobs by the end of 2010 through new economic policies, beginning with the enactment of a massive economic stimulus package. So far in his term in office, employment has dropped by about 3.3 million jobs, while the unemployment rate remains at 10 percent. Accompanying his jobs promise, the President also emphasized accountability and measuring his presidency by results. The President’s jobs promise means total employment should be at least 138.6 million by 2010.

    Fortunately, the economy’s natural recuperative powers, spurred by powerful, effective intervention from the Federal Reserve, mean that the recession may be ending in the sense that overall output and incomes are stabilizing and sustained growth may resume. Even so, job losses are likely to continue for months, and a very high unemployment rate could persist for years. By his own standard, the Obama jobs deficit attests that his policies have so far failed and show no sign of succeeding. A fundamental course correction is required.

    Read J.D.’s full WebMemo, here.

    Posted in Economics [slideshow_deploy]

    29 Responses to Obama’s Failed Stimulus in Pictures: Jobs Gap Grows to 7.6 Million

    1. Freedom of Speech, T says:

      More frequent flyer miles to the Great State of The Penn Family.

      The much ballyhooed 787 Bil stimulus package was, we were told, necessary immediately, we were told, to create jobs. If so, what in the heck are we having a glorified job fair for? More importantly, why was the US Chamber of Commerce not invited? Since small businesses create jobs, why were they not the majority of the invitees?

      Why were union reps EVEN there?

      This is pure politics so don't be fooled. I'm sure he does want unemployment to improve – as long as it does not diminish his vast array of social wealth redistribution projects!

      The President does not NEED ideas. He only needs to act on the ones that have proven to work, especially in a recession. QUIT BORROWING, PRINTING, AND SPENDING MONEY!

      Immediately cut the capital gains tax to 5% for 3 years. Do not pass any legislation or sign anything regarding CAP n' Trade. Do not let the Bush tax cuts expire. Scrap the health care garbage and start over in a BI-PARTISIAN manner and REFORM the current system. Do not allow amnesty.

      All of this will give confidence so small businesses can plan, have confidence, and expand, thus creating jobs. And, yes. Businesses just may MAKE a profit!

      Of course, asking the current congress and president to stop spending is like asking a heroin addict to quit cold turkey. They would rather destroy themselves than admit their behavior does not work.

    2. Dan, Mo says:

      I am sure the job bill has already been written and a nice price tag added to it!

    3. Peter Asher, Oregon says:

      Low capital gains taxes may be an incentive to create a business but the do nothing to enhance the profit and employment factor of those existing. Tax incentives that offset the cost of labor are the only way to enable employment increases.

      Businesses must be able to hire new workers with funds that are freed up from the tax burden. Then, the spending effect of those new wage earners would create new, non debt created; demand and that phenomenon would compound itself.

      That is the increase in monetary velocity, rather than monetary supply, that builds an economy.

    4. david, Washington DC says:

      why are we not making real jobs rebuilding the infrastructure? That was the deal right? I mean bridges falling in and jobs needed and we are still bailing out these thieves on Wall Street? Look at some of the recent job statistics at http://www.resume-objective.us it is a shame that despite the jobs numbers, nothing has been done to remove this corruption on Wall Street and the Federal Reserve who has turned a blind eye to the problem!

    5. Bobbie Jay says:

      The President, his government and civilian cohorts aren't looking for PEACEFUL solutions. There are plenty of government jobs ready for hire as soon as the President sees the desperation he's caused.

    6. Joel, New Jersey says:

      Here si a very simple and common sense Stimulus Package that just might work and does not cost 787 Billion Dollars.

      I am 63 years old and have worked for one company for 32 years, I was laid off in June 2009 and had to go on Social Security, and my wife has been unemployed for 2 years after she was laid off after working for the same company for 24 years. Instead of the government giving everyone collecting Social Security $250 which amounts to $20.83 per month and will cost the taxpayers $13 Billion, which we don't have, here is what the government should do. Remember this is all Common Sense something that is missing in all levels of Government from Federal, State and Local.

      In 2008 the population of the United States was 304,059,724 people if we say that the average family is made up of 4 people then there would be 76,014,493 families in the United States. If the government would give each family $2 Million, TAX FREE, that would come out to a little over $152 Million not $13 Billion. The money could be taken from the Trap Funds that Congress has already approved.

      Remember there is no such thing as a free lunch. Here is my idea of how the money should be used. Most if not all this information could be supplied to the government since every type of debit has a Social Security Number on it. The government will issue all the checks. Since this will be tax free money to the people when Banks and Companies report Income at the of the end year they will have to pay Taxes on all the income from the loans being paid off. The government and the American People get money back.

      1. Outstanding Student Loans would be paid before checks are sent to families who have Student Loans

      2. Mortgages, for those who have them, would be paid before checks are sent

      3. For those without mortgages they can either buy a home or use the money to pay rent

      4. Credit card debit would be paid before checks are sent

      5. Car loans would be paid before checks are sent

      6. After the above is done what is left goes to each Legal American Family

      If more money is needed for this program the government could use more of the Trap Funds.

      Here is what the American People get out of this.

      1. By using IRS Records and Social Security Numbers we will find out how many Legal U S Citizens there are in the country

      2. Give everyone a fresh start and get the Economy moving again

      3. More money for new Student Loans

      4. More jobs since people have money to buy again

      5. Less welfare

      6. with what is left they will be able live the American dream

      Here is why it will not work

      1. Congress feels that only they know what the American People want and need

      2. Big Business and Big Banks will not be able to use OUR MONEY to pay out big bonus

      3. Congress can't figure out how to take credit for these

      I am sure that some people will not like this idea since they will say that the really rich don't need the money, well we are told that between 1 % to 3 % of the population controls approx 90 % of the money so we are only talking about approx 2 million families a small price to pay to help 97 % to 99 % of the population

    7. Tony C in Carmel, NY says:

      The Obama policies are reflective of an almost juvenile understanding of economic realities. The tragedy for millions of Americans is that Obama has used the recession to wage political war. Obama's recent rhetoric about private sector job creation is simply not matched by any of his initiatives and is so much cognitive dissonance.

    8. Kevin H, Glen Burnie says:

      The DoL monthly report shows November job loss of 11,000.

      The current recession began 23 months ago and 11,000 is the lowest job loss number since it began in December 2007.

      700,000 jobs were lost in the last month of the previous adminsitration.

      Just 11 montly reports ago, in January of 2009, the jobs losses were 741,000. That is the highest monthly total of the recession.

      So the report from this week, show November's numbers of just 11,000 jobs lost.

      Isn't there anything in that trend to applaud?

    9. Thomas Barrington Il says:

      Only a Democrat ( Obama ) could call 11,000 more people out of work last month a good sign. Well let the truth be told that the true number of unemployed last month was 136,000. How do I come up with that number might you ask. It's rather simple, all one must do, and of course you won't read about this in your newspapers or hear about this on any of the news channels and that is that this Government of ours gives out every single month 125,000 green cards to foreigners to stay and work in this country permanately. That folks immediately makes each and everyone of them eligible for unemployment benefits and social security and every other social program that you and I have been working our entire lives to be eligible for. Don't forget the food stamps that they automatically become eligible for that you and I aren't. These politicians must stop all forms of immigration into this country untill we have an unemployment rate of no more then 5%. This was suggested to members of Congress in a hearing last week by Roy Beck representing over 900,000 members of NumbersUSA. Obama and his friends at his jobs summit didn't want to invite anyone like Roy who has an answer to eliminate over 1,000,000 people off the unemployment rolls just by freezing the distribution of green cards untill the unemployment for Americans is under control. The politicians don't want to hear about it. What was the real name for Obama's summit? It had nothing to do with jobs!!!

    10. Larry,Boston says:

      The Obama Path to Socialism

      Demonize American Exceptionalism and History at home and abroad in order to convince as many people as possible that America is evil and needs to be changed.

      Destroy the financial stability of America by attacking Wall St. and the Banks and in the confusion move trillions of private sector dollars into the government’s public coffers.

      Through Tarp and Stimulus plans move vast sums of that money into the hands of Liberal Senators, Representatives Governors, Mayors and other party operatives to be held in reserve for their future plans.

      Demonize big Pharmacy, health insurance, hospitals, doctors, nurses, Walmart, UPS, the Secret service, and the armed forces and generally any one who opposes his plans from the right.

      Destroy the private sector by creating fear of what lies ahead through Obamacare, Cap and Tax, Climate Change etc. This will stop private sector businesses from adding new jobs and because of no growth they will lay off workers in order to save their bottom line.

      Waffle, stall and create dog and pony shows about creating private sector jobs and ignore any input from the private sector while allowing the unemployment numbers to rise. Extend unemployment and other benefits and make being unemployed as comfortable as possible.

      Through Obamacare (if it passes) create a massive government agency that will impose overbearing taxes and government control over the people and thus strangle any opposition to his plans.

      Allow the unemployment numbers to rise to the point that people become desperate then announce the creation of new government jobs funded by the stimulus money that has been held in reserve. Do this first before the 2010 mid-term elections and then before the 2012 general elections.

      By destroying the jobs in the private sector and creating desperation he will be able to shift a large portion of the private sector work force over to the public sector and thus create what he set out to do and that is;

      Create his perfect society based on what he told us, during the campaign, was the model he was aspiring to achieve and that is Sweden. A socialist led country where over 60% of the public is beholding to the government and where the Socialist Party is elected every year for no one in the 60% public sector is going to vote out the party that feeds them. (Also see Massachusetts where because of the vast numbers of government workers they won’t vote down the state income tax and the State Legislators ignore the voices of the people that complain)

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    12. levotb (CA) says:

      The only way to drastically change the unemployment situation is for a strong Federal, state and local crackdown on the 30 to 40 million illegal aliens in the U.S., about 8 to 9 million of whom are working as employees and paying taxes. I'm not talking about the 1.9 million illegal alien farmworkers in the U.S. They should all be checked for criminal backgrounds and if clean, should be allowed a seasonal guest worker green card to work in the fields as long as they return to their countries when the harvest is over. But the 28 to 38 million illegals who are either living off the American taxpayer and bankrupting many of our states and hospitals should be told to leave the U.S. and given a short time to do that–60 days?–after which severe fines, jail time and then deportation will occur when apprehended. If even HALF of the illegals in the U.S. left our country, there would be plenty of jobs for unemployed citizens and legal aliens. Because of all the vacancies, rents would tumble, making life for struggling Americans much easier. Wages for these jobs that were going to illegal alien slave labor would rise to attract American workers. This has been proven time and again in the Midwest meatpacking plants that were raided. Crime would also drop.

      But the most important thing would be the sudden availability of jobs to American citizens. It wouldn't even necessarily take the Feds to crackdown–it could be done at the State level through law and order Governors of which there are very few.

    13. WMB S Florida says:

      Tony nailed it…not wanting a "crisis to go to waste" he suckered the American puppets in the House and Senate into building the "Obama slush fund" which is now financing the takeover of the United States Government. No one has seen any PRIVATE sector jobs created by this theft! Has anyone seen the percentage of Obama cabinet members who have private sector job experience? I think its 2%…these people are deciding the future of the capitalist system.

    14. Steven M, Orange CA. says:

      Do you remember last June, when Obama stated that the stimulus has already "created or saved 150,000 jobs" ("And that's just the beginning," the President crowed.)? There should have been a loud cry, "You lie!" But too many have drunk the Obama Kool-Aid, especially most of the media. Now he needs to have a jobs summit, which shows that the stimulus package hasn't worked.

      Why is there not a inquiry into why the US Chamber of Commerce was not invited? Or why the majority invited was labor union leaders, leaders of businesses with government contracts, or leaders of businesses that operate on partial public funding? To the observant reader, one can look at the list of Jobs Summit invitees and know what the outcome will be, and why. The goal is not to create jobs. The goals are to create public-private partnerships and to create union membership opportunities.

      Unions have been unable to successfully grow membership in the private sector; therefore, SEIU has focused on growing its public sector opportunities by organizing typically private sector independent workers as mentioned above. In addition, it has focused on acquiring, often by force, other unions, and on creating political policy that will create public sector jobs in their realm of union membership, such as with health care. Lastly, the SEIU conducts repeated corporate campaign attacks on organizations that support free markets and that oppose forced unionism. Simply look at their attacks on non-unionized hospitals and groups like the U.S. Chamber of Commerce (maybe that is why they weren’t invited, you think?).

      The huge infusion of money promised by the economic stimulus package sounded good. But the executive order signed by President Obama last Feb. funneled those funds to his political supporters (labor unions). The president's executive order encourages federal agencies to award major federal construction contracts under what are known as project labor agreements. The agreement requires contractors and subcontractors on a given project to agree to recognize unions as the representatives of their employees on that job site, use the union hiring hall to obtain workers, pay union wages and benefits, and follow other union rules.

      Essentially, if you are not a unionized contractor, you need not apply.

      Those familiar with organized labor's highly funded and stridently political voice might be surprised to learn unions only represent 16 percent of the construction industry, with non-union workers comprising 84 percent of the total construction workforce. Per the Obama executive order, apparently the millions of construction workers who elect not to be represented by a union are not good enough to benefit from the potential boon of $150 billion in construction work included in the stimulus package. No wonder Obama’s stimulus package hasn’t worked.

    15. Bill Sr. Jacksonvill says:

      If you remember the democrats, immediately after the election, ran behind closed doors and concocted a gigantic “stimulus” bill in order “to save jobs and the economy”. Almost a year later the results show that job loss has increased and the economy is still in the tank. So where did all that money, almost a trillion dollars, go?

      The Obamamedia will not dare tell us. That is because Pelosi, Reid, and the other party bosses all wanted to quickly assure their reelection in 2010 and establish a strangle hold on government power for the foreseeable future. The liberal progressives who now “own” the democrat party have a very broad socialist agenda planned for America which requires continued control of congress and the White House and eventually a majority “lock” on the Supreme Court.

      From time to time, when the need arises to quell serious curiosity, you will see “news alerts” which highlight a project in some remote town of how a few million dollars of your donations to the Obamanation was spent to repair a road or build a park for kids etc. but the bulk of the hundreds of millions left will have been set aside for various incumbents in congress to feather their nests at campaign time and help retain their thrones of power. Of course, they will make no claim to such a “slush fund” and go to their constituents and the special interest they serve begging for money to fight the nasty opponents of the Hope and Change they’ve begun to save us from and sighting another one of those “capitalistic crisis” things on the horizon. You don’t have to be a genius to understand the strategy and only a little common sense to realize the electoral equation. Unfortunately too many Americans are not fools and fighting them off will be expensive.

      That brings us to another point. Right now Harry Reid and the democrats are preparing to use the “nuclear option” in the Senate if necessary to invoke Obamacare on us. Barry obviously does not know how to handle a military conflict, Harvard doesn’t teach that, but a combination of Chicago politics and his Marxist professors of whom he has spoken so highly are deft at political assassination and ideology invasion to conquer naive communities of confused or misguided civilian “voters” unarmed with truth or the will to question their motives. Brut force can work in congress but the Marxists know public will needs to be “weaken with government welfare” and blinded by a biased media”.

      Wars are most often won by those with superior forces or the more lethal weapons. Nancy Pelosi and Harry Reid at this time have the superior forces in congress. However, out here in the real world the battle is for the superior forces. Their socialist agenda is well financed, supported so far by a large willing media, and owns the bully pulpit at the White House so the master plan is proceeding as scheduled. But the engine is beginning to sputter a bit due to the public’s limited but potent doses of truth which are coming from the administration’s main enemies, Fox News, talk radio, and the internet. Currently they are working overtime to do everything they can to diminish or destroy the people’s access to these voices and the truth, common sense, and facts they use to deflect the deceit and lying hidden in the programs and propaganda coming out of Washington since January 20th.

      The ultra liberal left continues to deceive a gullible citizenry with their “UN” (unbelievable undoing of America) policies and phony compassion designed for the uninsured, undocumented, unemployed, unenlightened, underpaid, and as yet uninformed masses. Note: there is no compassion here for the unborn. This is part of their social engineering program and definitely Washington elite practice, an economically destructive practice used before which led to giving UN-affordable home loans to UN-qualified buyers. This year they gave unprecedented power to undeserving union membership in the auto industry by unelected czars with unlimited authority. Hoping to boost sales for GM and Chrysler they also tried offering unbelievable cash rebates to unsuspecting car buyers and dealers who later were left holding the bag after their “clunkers” were destroyed. UN-fortunately most of the buyers purchased Fords or foreign manufactured cars. Sorry, your highness.

      There is no end to the obvious desire to “fundamental change” America by the progressive liberals. Even after the horrific deficit explosions and wild spending sprees by this administration in an attempt to bankrupt us, Obamacare is proving to be the most grotesque perversion of power over the people by any group of politicians in our history. It tops Social Security and the War on Poverty by a long shot. Should this nearly 2000 page manifesto of madness designed to reduce us to servitude to the very individuals who were put in place to serve us actually become law (note: votes are easily “bought” via Obama’s many reelection funds) it will mark the beginning of the end for the world’s last standing dynamic democracy and the one republic guided by the Creator once formed in freedom, for all people, and under God on whose pride and purpose the world has relied for over 200 years.

    16. Darrell C, Bangor, M says:

      I will continue to preach reaganomics! When will the socialist democratic party finally learn that less intrusion by the government and lower taxes results in jobs and economic expansion? The $787 billion stimulus 'illusion' couldn't even be topped by David Copperfield! It is all "fake" debt obligations our children and grand children will be paying dearly for! IMPEACH OBAMA!!

    17. Suzi Washington says:

      Until businesses know what the combination of taxes, health care, and climate control is going to look like and how it will affect them, don't expect them to start hiring. Right now they are just trying to tread water until this triple bomb hits.

    18. Tim Az says:

      The next stimulus is designed to expand government even further by creating more government employees at the state and federal level. These employees will also be union employees. This will ensure that a portion of their income will become campaign contributions to re-elect the criminals that expanded the union membership. This of course will continue to kill jobs in the private sector. This will in turn further deminish tax revenues that are needed to pay these new govt. employees. LOL These people belong in a rubber room before can destroy us all.

      Another helping of hope and change anyone?

    19. Joe, Northville says:

      Joel – New Jersey – better check your math.

      $2,000,000 times 76,014,493 =

      $152,028,986,000,000.00

      Not that I would not gladly take the money, but I don't think it would be worth the paper or electronic imprint it would be written on at that point. Then again it may not be worth anything now.

      Cut taxes for everyone now. Cut spending. Fire Obama . Fire COongress next election.

    20. Jerry from Chicago says:

      What would a guy who never ran a business, or for that matter never held a real job, know about creating jobs?

    21. Thomas Showalter, Tr says:

      Simply put, there is NO Obama Administration driven job creation program.

      The inaptly named "stimulus package" was really the "no union left behind bill", plus other polictical paybacks. This bill did not create any new industries, nor did it provide any true incentives for small businesses to hire.

      What I believe, is that the Obamanites believed that they, in secrecy, could pass the bogus "stimlulus bill" (which would do nothing of the kind), then take credit for the reviving of the economy when it inevitably recovers as do all private, free enterprise driven economical systems. Hence, they would pay back their buddies (with our money) and claim to be responsible and competent to boot.

      The "bad joke:" massive government borrowing and unproductive spending have undermined the workings of a free market system. Hence, there will be no new jobs in this "recovery."

      This is true incompetence (or malevolence) at its highest levels. We (the U.S.A.) are simply not wealthy enough to afford such nonsense. Health care, cap and trade and so forth are also "not so nice" things we can also NOT afford. Something for everyone (no matter the cost) is not a path the U.S. government can continue to follow.

      We may soon become the only banana republic that cannot afford to buy its own bananas.

      T

    22. Lawrence, New Jersey says:

      Great contributions. The contributions are great in a sense because it shows how concerned we all are about our great country. One thing I do knoww for a fact is that the current situation in our country is only "temporal", as history shows. In fact, a crisis like this one may be right because it allows us to see what/how things has gone wrong with policies embraced by both 'Democratics' and 'Republicans' alike. In other words, let be still for a momment. The real thing I suppose we should be doing now is seek solutions-those of us with ideas should make them available, rather than the opposite. Crisis is better managed when all parties come together to find workable solution.

      In economics class, I learn that it takes a while before you see the effect of any economic policy . Whether the current policy direction of the current administration is right or wrong is somewhat to early to access. The effect of what we are seen now is the cumulative effects of policies taken years past.

    23. harv, Pa says:

      I would like to see Obama removed from office as much as anyone, but you forget who is next in line. You can't get rid of one socialist with two more waiting to jump in. They all have to be replaced or you can say good-bye to the America we have today.

    24. Freedom of Speech, T says:

      Dear Harv, PA,

      Please don't ever mention the immediate succession members again!

      My ulcer just kicked in thinking about it.

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