Morning Bell: Unemployment Is No Laughing Matter
Mike Brownfield /
As President Barack Obama swung through North Carolina yesterday, he did all he could to show that he cares about the U.S. economy, its 9.1 percent unemployment rate, and the 13.9 million Americans who remain out of work. Well, that is, until he let a bit of honesty slip off his tongue.
During a meeting with his Jobs and Competitiveness Council—a group of CEOs the President created to give him advice on the economy—conversation turned to Obama’s $787 billion stimulus that promised to “create or save” 3.5 million new jobs by 2011 by pumping money into “shovel ready” jobs. Confronting the reality that his stimulus failed, the President quipped, “Shovel-ready was not as shovel-ready as we expected.” The council, led by GE’s Jeffrey Immelt, burst into laughter.
But for those millions of jobless Americans who have not seen the promise of Obama’s stimulus come to fruition, unemployment is no laughing matter. Still, though, that reality escapes those on the left who continue to cling to the notion that President Obama’s big government, Keynesian policies have succeeded despite all evidence to the contrary. (more…)