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September 2nd, 2011 9:32 am
Happy Labor Day? Zero Jobs Added to Economy Last Month
Posted by Print

Zero.  That’s the number of net jobs created in America last month according to the Labor Department’s monthly update, and the unemployment rate remained at 9.1%.

We are now more than two years since the recession officially ended in June 2009, and at the stage where the Obama Administration predicted that his trillion-dollar deficit spending “stimulus” would reduce unemployment to approximately 6% after topping out at 8% all the way back in the fall of 2009.  Instead, we suffered a post-war record number of months over 9%, and it continues to fester there.  By way of background, keep in mind that economists generally agree that a minimum of 150,000 to 200,000 jobs must be added to the American economy each month just to keep pace with natural population growth.  Also consider that economists had forecast a rise of somewhere near 100,000 jobs for July.

In contrast, in the same 30-month period following the effective date of President Ronald Reagan’s tax cuts in January 1983, unemployment plummeted from 10.4% to 7.4%.  We know what economic policies actually work.   What hath the opposite approach wrought?

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