{"id":12234,"date":"2011-12-02T09:56:07","date_gmt":"2011-12-02T14:56:07","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=12234"},"modified":"2011-12-02T10:26:10","modified_gmt":"2011-12-02T15:26:10","slug":"unemployment-exceeds-obamas-promised-8-ceiling-for-record-34th-consecutive-month","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/12234\/unemployment-exceeds-obamas-promised-8-ceiling-for-record-34th-consecutive-month\/","title":{"rendered":"Unemployment Exceeds Obama&#8217;s Promised 8% Ceiling for Record 34th Consecutive Month"},"content":{"rendered":"<p>When Barack Obama entered office and proposed his nearly $1 trillion spending &#8220;stimulus&#8221; bill, his administration <a href=\"http:\/\/www.time.com\/time\/business\/article\/0,8599,1910208,00.html\" target=\"_blank\">promised<\/a> that unemployment would peak at 8% in the fall of 2009 if we passed his plan.\u00a0 They also predicted that unemployment would be down to approximately 6% by now.<\/p>\n<p>Instead, following today&#8217;s latest <a href=\"http:\/\/www.forbes.com\/sites\/steveschaefer\/2011\/12\/02\/jobs-report-payrolls-add-140k-unemployment-dips-to-8-6\/\" target=\"_blank\">report<\/a> from the Department of Labor, unemployment has now exceeded Obama&#8217;s promised 8% ceiling for a record 34th consecutive month.\u00a0 Although some will focus on the decline from 9.0% to 8.6%, most of that statistical decline is due to people giving up and dropping out of the labor force, rather than from sudden job creation.\u00a0 That is illustrated by the fact that only 120,000 net jobs were added, less than the anticipated number.\u00a0 That&#8217;s also fell far below the <a href=\"http:\/\/www.bloomberg.com\/news\/2011-10-07\/payroll-gain-probably-failed-to-cut-u-s-unemployment-as-confidence-waned.html\" target=\"_blank\">200,000 new jobs needed<\/a> each month to reduce the unemployment rate by just 1% over the span of a year. Additionally, the broader labor participation rate <a href=\"http:\/\/www.bloomberg.com\/news\/2011-12-02\/u-s-jobless-rate-unexpectedly-declines-to-8-6-payrolls-rise-by-120-000.html\" target=\"_blank\">again declined<\/a> and now stands at 64%.<\/p>\n<p>In contrast to the destructive effects of Obama&#8217;s borrow-and-tax-and-spend agenda, Ronald Reagan\u2019s tax-cutting agenda saw unemployment plummet <a href=\"http:\/\/data.bls.gov\/timeseries\/LNS14000000\" target=\"_blank\">from 10.4% to 7.1%<\/a> over the same period of time.\u00a0 As the old Latin saying goes, &#8220;res ipsa loquitur&#8221; &#8211; the fact speaks for itself.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When Barack Obama entered office and proposed his nearly $1 trillion spending &#8220;stimulus&#8221; bill, his administration promised that unemployment would peak at 8% in the fall of 2009 if we passed his plan.\u00a0 They also predicted that unemployment would be down to approximately 6% by now. Instead, following today&#8217;s latest report from the Department of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[19,27,24,61,179,18],"class_list":["post-12234","post","type-post","status-publish","format-standard","hentry","category-posts","tag-economy","tag-jobs","tag-obama","tag-spending","tag-stimulus","tag-unemployment"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/12234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=12234"}],"version-history":[{"count":3,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/12234\/revisions"}],"predecessor-version":[{"id":12246,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/12234\/revisions\/12246"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=12234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=12234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=12234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}