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January 6th, 2012 9:33 am
Jobs Malaise Continues
Posted by Print

Today’s jobs report from the Labor Department shows that unemployment has now exceeded 8% for 35 consecutive months, the most since the federal government began keeping records.

The reason that 8% number is important is that the Obama Administration promised in January 2009 that unemployment would not exceed it under his $1 trillion spending “stimulus.”  They also projected that unemployment would peak in October of that year, and be down to approximately 6% today.  Instead, the jobless rate ascended past 10%, and has never come in below 8% since.  Moreover, the incremental decrease from November’s 8.7% rate was due to a decline in the size of the nation’s workforce.  Further, the 200,000 jobs added is barely sufficient to tread water with population growth.

By this point in our cyclical recovery, employment growth should be much stronger, and unemployment much lower.  To compare alternative economic strategies, Ronald Regan dealt with even higher unemployment than has Obama (not to mention far higher inflation and interest rates back then).  But Reagan’s tax-cutting and smaller-government policies slashed unemployment from 10.4% on the effective date of his tax cuts to 7.0% in the same 35-month span Obama has had.  The answer to the Obama jobs freeze is clear.  It’s simply up to the American electorate to demand it.

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