Morning Bell: The Obama Jobs Gap

Conn Carroll / June 09, 2009

Last Friday, the Bureau of Labor Statistics released its monthly job report showing that the economy lost 345,000 jobs in May. This brings the total number of jobs lost in the first full three months since the economic stimulus package was passed to 1.5 million jobs. Countering these inconvenient truths, President Barack Obama and Vice President Joe Biden unveiled a new “accelerated” “roadmap to recovery”, which the AP dryly notes “is neither new nor accelerated.” Officially, the Obama administration claims their stimulus plan has already “saved or created” 150,000 jobs, but even that number is fuzzy: This Sunday on CNN, Obama adviser David Axelrod claimed the stimulus “has produced hundreds of thousands of jobs.”

Even Democrats are beginning to question the integrity of the Obama administration’s economic claims. Grilling Obama’s Treasury Secretary, Sen. Max Baucus (D-MT) said:

You created a situation where you cannot be wrong. If the economy loses 2 million jobs over the next few years, you can say yes, but it would’ve lost 5.5 million jobs. If we create a million jobs, you can say, well, it would have lost 2.5 million jobs. You’ve given yourself complete leverage where you cannot be wrong, because you can take any scenario and make yourself look correct. (more…)