Depending on how you read the jobs report, you might think we are well on our way to economic recovery. At least if you read the headlines. Well, we should be. In three short years, this President has increased the debt more than any President in the history of our country combined.
Think about it. Think of all that we have accomplished with the last $6.3 trillion in debt. We won two world wars, at various times brought unemployment down to 4.4% (most recently under the economic policies that supposedly got us into this mess), fought five other major wars, four major undeclared conflicts, and assisted in several other wars, gave hundreds of billions back in tax cuts, sent a man to the moon, maintained a shuttle program, bought over half the land in the country, rebuilt after a civil war, implemented civil rights, built socialistic retirement, healthcare and welfare systems, helped produce 5% and higher GDP growth, built every crumbling and non crumbling bridge in the United States today, and created a massive bureaucratic infrastructure covering roads, education, homeland security, and our entire regulatory system.
So what has Obama done with $6.5 trillion in debt? He has brought 5.7% unemployment down to 8.3%. Oops, I meant up to 10% and then down to 8.3%. We have managed to get GDP just over 2% for a fleeting couple quarters. We did continue two major conflicts which accounts for almost a trillion of Obama’s $6.5 trillion in debt. But he didn’t do anything to stop the conflicts, and in fact started another one in Libya.
A lot of that money went in to funding failed green energy projects, such as Solyndra, which were owned by Obama’s supporters. A lot of money went towards bailing out Wall Street and making the United States a shareholder in failed companies like Citigroup, GM and Chrysler.
One of Obama’s large debt contributions was in the form of extended unemployment benefits to make the victims of his economic policies comfortable enough to not complain. This year when he runs on a platform of how he cut taxes, be assured that no member of the media will ask him about the taxes he has forced states to collect to fund their own broke unemployment compensation funds, and pay interest on federal loans of unemployment funds, all of which has been passed on to business owners of every size.
The amazing thing is that in his term so far, Obama has spent the equivalent of more than one full year of United States private sector GDP. Nearly half of that has been in the form of debt. Stop and think about that for a minute. And yet, with more debt than every other President combined, Obama is ecstatic with an 8.3% unemployment rate? There is something seriously wrong with this.
But it gets worse. There is unemployment and real unemployment. What’s the difference? The 8.3% represents only people who are still looking for a job. If you counted the same number of people who were looking for a job in 2007, the unemployment rate would be at 10.3% and that hasn’t changed since 2009.
Ezra Klein at the Washington Post notes this disturbing trend which seems to show little variance in the unemployment rate when you consider people who have stopped working. That means that with $6.5 trillion in new debt, more than all other Presidents combined, Obama hasn’t managed to increase job growth, he has just managed to increase the number of discouraged workers who are willing to settle for his extended unemployment welfare program.
In fact, although Obama will be running on the myth of jobs saved and created, in actuality there are 2.4 million fewer people working today than there were when Obama signed the stimulus in 2009. The number of people who have jobs, according to the Bureau of Labor Statistics, is down to 139 million from 141 million in 2009.
For those keeping score, it was 127 million in 2001. Do the math.
Filed under: President Obama | Tagged: 6.3 trillion, 6.5 trillion, 8.3%, afghanistan, bridges, bureau of labor statistics, bush's job growth compared to obama's, chrysler, cnsnews, crumbling bridges, Debt, economy, election, ezra klein, failed green energy, fast and furious, friday, GDP, gm, green energy, homeland security, iraq, job growth, jobs, labor force, libya, man to the moon, medicare, moon, moonbase, myth of job growth, myth of obama recovery, obama debt, obama deficit, obama failed, obama failure, obama recovery, real unemployment, social security, solyndra, unemployment, Washington post, what is real unemployment, whitehouse 2012, whitehouse12.com, who can beat obama |