Obama Jobs Deficit a New Record, Again

Posted on October 5, 2009. Filed under: Labor |

by J.D. Foster, Ph.D

Another month under President Obama, another 263,000 jobs lost. It was not supposed to be this way. Barack Obama promised America that, if elected President and given control over the nation’s economic policies, he would create 3.5 million jobs, beginning with the enactment of a massive economic stimulus package. Today’s release of dismal employment figures by the Department of Labor show that the nation is still waiting.

So far in his term in office, employment has dropped by about 3.4 million jobs, while the unemployment rate has hit 9.8 percent, the highest in 26 years.[1] The President repeatedly pledged to create 3.5 million new jobs by the end of 2010. He has also repeatedly 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, leaving him with a total deficit to close that now stands at 7.6 million jobs.[2] By his own standard, these results attest that Obama’s policies have so far failed to deliver.

Fortunately, the economy’s natural recuperative powers spurred by powerful, effective stimulus from the Federal Reserve mean the recession may be ending in the sense that overall output and incomes are stabilizing and the recovery may be on the horizon. Even so, job losses are likely to continue until the recovery accelerates markedly, perhaps sometime in 2010 or even 2011. Meanwhile, the President’s policies—such as unprecedented spending-driven deficits and threatened massive tax and regulatory increases—will continue to put downward pressure on employment rather than help to reach his jobs target.

Promises, Promises, and the 

Read more at Heritage.Org

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