1.9 Million Fewer Americans Have Jobs Today Than When Obama Signed Stimulus

[R.Zaragoza]

Tuesday, June 14, 2011
By Matt Cover

(CNSNews.com) – Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed.

In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million.

While the number of people with jobs has increased slightly from its low point during the recession – 137.9 million in December 2009 – those 1.9 million jobs have been lost despite $800 billion in stimulus spending.

This does not mean that the economy is not creating jobs, but rather that it is not creating jobs fast enough to keep up with a combination of layoffs and people entering the job market for the first time.

In a Washington Post op-ed, former White House chief economist Larry Summers noted that the percentage of the population that has a job has not improved, even though the economy is technically in recovery.

“From the first quarter of 2006 to the first quarter of 2011, the U.S. economy’s growth rate averaged less than 1 percent a year,” Summers wrote. “The fraction of the population working remains almost exactly at its recession trough, and recent reports suggest that growth is slowing.”

The fraction of the population with a job has in fact fallen in the 28 months since Congress passed the stimulus – down from 60.3 percent in February 2009 to 58.4 percent in May 2011.

The economy cannot create jobs fast enough to keep pace with layoffs and recent high school and college graduates seeking employment. If the trend continues, as Summers notes may happen, the economy will suffer further in the future as college graduates delay entry into the labor force, reducing their lifetime productivity.

“Beyond the lack of jobs and incomes, an economy producing below its potential for a prolonged interval sacrifices its future,” argued Summers. “Huge numbers of new college graduates are moving back in with their parents this month because they have no job or means of support.”

As both Summers and the BLS data make clear, the economy is not creating new jobs fast enough to make up for layoffs and new graduates, calling into question Obama’s oft-repeated claim that the economy is recovering and creating jobs.

In fact, by citing figures from the first quarter of 2006, Summers is understating the economy’s poor performance. According to BLS data, the number of people with jobs peaked at 146.6 million in November 2007, meaning that over the entire recession – which officially began in December 2007 – the number of people employed has fallen by 6.8 million.

[AC54ME]

"...over the entire recession – which officially began in December 2007 – the number of people employed has fallen by 6.8 million.

The issue will not resolve itself with more 'stimulus' and/or "QE's".

There is not enough money in all the world to address the problem in the short term - and that fact escaped the Keynesian idiots that sit in the White House, and the Liberals/Democrats/Progressives everywhere.

But that was the approach BHO and Ben B., along with the minions in the 111th Congress tried.

They failed to take into account that to maintain 'equal employment' (with unemployment around 5.5%) the need to create at least 150,000 jobs per month was needed, with no additional losses, cumulative over a 12 month period = 1,800,000 new jobs.

Even with BHO expanding Federal Government employees to unprecedented levels the US was not interested in expanding the private sector with the uncertainties of the economy, and the continued regulatory and corporate tax rates of the USA. Concurrently the spending of ~$870 billion on "shovel ready' (that's a laugh) projects could not keep the finger in the dike from flooding the country with unemployed.

OTOH, during the exact same time China expanded its employment by 4%, Germany by 3.1% and Japan (sans the earthquake) 1%.

[ChasC5]

How many since last November?

You do remember the Republican Pledge and Campaign Victory don't you. I told you I then I would keep reminding the Pubs here on the Forum.

[AC54ME]

Originally Posted by ChasC5

How many since last November?

You do remember the Republican Pledge and Campaign Victory don't you. I told you I then I would keep reminding the Pubs here on the Forum.

You can remind us when:

- The Democrats in the Senate propose a response to the 2011 budget, negotiates it with the one submitted by the House Republicans withing the first 60 days of assuming control, and a joint budget is provided to the idiot in the WH - presuming they have not forgotten how since the Democrats have not passed a budget in over 27 months, but who's counting.

- The Democrat idiot in the WH signs said joint budget resolution.

- The Democrats in the Senate pass relief on oil drilling moratoriums implemented by they idiot in the WH EPA stooges.

- The Democrats in the Senate move on a termination Bill to eliminate PPRAC (ObamaCare) so businesses that are not on the idiots 'friendship' list can once again understand and contemplate the cost of business going forward without having a mandate of unprecedented financial impact hanging over their heads and thus can implement more jobs for US citizens.

- The Democrats in the Senate negotiate with the House proposed Bill where a change to the unfair, highest in the industrial world corporate tax on businesses exist, allowing businesses to expand.

- And on and on - Democrats are proving themselves to be the party of 'no knowledge', no activity and idiots.

[ChasC5]

Originally Posted by AC54ME

- And on and on - Democrats are proving themselves to be the party of 'no knowledge', no activity and idiots.

Who was it the patented the Phrase the Party of NO?

[LATB]

Originally Posted by ChasC5

Who was it the patented the Phrase the Party of NO?

I belong to no political party and I say NO to more of Obama.

[ChasC5]

Originally Posted by LarsAtTheBeach

I belong to no political party and I say NO to more of Obama.

I'm assume he never had your Vote and thus can't loose it.

[LATB]

Originally Posted by ChasC5

I'm assume he never had your Vote and thus can't loose it.

correct

and many/most who voted for him are not qualified to pull the lever.

[AC54ME]

Originally Posted by ChasC5

Who was it the patented the Phrase the Party of NO?

You need to spell check - its KNOW.

[ChasC5]

Originally Posted by AC54ME

You need to spell check - its KNOW.

Incorrect ...

MY humble and sincere intentions was NO ... as in NOT Nada, no way, not going to happen.

Understood now?

[AC54ME]

No, all you've done is post stupidity.

[ChasC5]

Originally Posted by LarsAtTheBeach

correct

and many/most who voted for him are not qualified to pull the lever.

Yea I know, if you're a Democrat you're not qualified.

Thanks for completing my argument about limits on Voting.