Another month under President Obama, another 11,000 jobs lost, pushing the total Obama jobs deficit to 7.6 million. One day after the White House jobs summit admitted that the President’s policies — including the massive $787 billion stimulus enacted last spring — are not working to create jobs, the Department of Labor’s monthly jobs report added the exclamation point.
Barack Obama promised that if elected he would create 3.5 million jobs by the end of 2010 through new economic policies, beginning with the enactment of a massive economic stimulus package. So far in his term in office, employment has dropped by about 3.3 million jobs, while the unemployment rate remains at 10 percent. Accompanying his jobs promise, the President also emphasized accountability and measuring his presidency by results. The President’s jobs promise means total employment should be at least 138.6 million by 2010.
Fortunately, the economy’s natural recuperative powers, spurred by powerful, effective intervention from the Federal Reserve, mean that the recession may be ending in the sense that overall output and incomes are stabilizing and sustained growth may resume. Even so, job losses are likely to continue for months, and a very high unemployment rate could persist for years. By his own standard, the Obama jobs deficit attests that his policies have so far failed and show no sign of succeeding. A fundamental course correction is required.
Read J.D.’s full WebMemo, here.