Filed under: Capitalism, Economy, Election 2012, Politics, Progressivism | Tags: Job Creation, Obama, Recession, Unemployment
President Obama held a press conference today, and managed to commit a terrible gaffe. He said “the private sector is doing fine.” Here’s the whole quote:
The truth of the matter is that, as I said, we created 4.3 million jobs over the last 27 months, over 800,000 just this year alone. The private sector is doing fine. Where we’re seeing weaknesses in our economy have to do with state and local government. Oftentimes cuts initiated by, you know, Governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don’t have the same kind of flexibility as the federal government in dealing with fewer revenues coming in.
James Pethokoukis, who is very good at this kind of thing, says:
Private-sector jobs have increased by an average of just 105,000 over the past three months and by just 89,000 a month during the entire Obama Recovery.
In 1983 and 1984, during the supply-side Reagan Boom, private sector jobs increased by an average of 292,000 a month. Adjusted for population, that number is more like 375,000 private-sector jobs a month.
(Aside:) I wonder how many people are just turned off, at this point, by more numbers. The efforts to make American students love math have not been very successful, and it may be hereditary. When your kid brings home some math problems that he can’t figure out — how many parents just make the situation worse, and continue a distaste for math in another generation?
To keep it simple, I wrote down this number from a reliable source, I just don’t remember who it was. To keep up with population growth, we would need to add 125,000 new jobs each month. So we would need 1,500,000 new jobs in the last year, so Obama’s job creation came up 700,000 short. Or to take James Pethokoukis’ average number of 89,000 a month — Obama would have needed 1,068,000 jobs in the last year to keep up with his own average. 800,000 just won’t cut it. Somebody’s math here is wrong.
Somebody apparently alerted Mr. Obama to what he has said in the press conference, so he rushed back for the nearest microphone to say no, he didn’t mean that “the private sector was doing fine.” What he meant was that Congress had to stop being lazy and not doing anything and pass his jobs bill. Congress has no interest in passing his jobs bill, and has rejected his budget unanimously.
The President has held 16 ‘campaign events’ over the last 7 days and flown in Air Force One to 6 states. More campaign events that all previous presidents, but he likes campaigning, it is the actual job of being president that he doesn’t seem to care for.
Filed under: Capitalism, Economy, News, Politics | Tags: Democrats, Depression, Jobs, Obama, Recession, Republicans, Texas
More than half of the new jobs created in the past 12 months were in Texas.
According to the Bureau of Labor Statistics, 214,000 net new jobs were created in the United States from August 2009 to August 2010. Texas created 119,000 jobs during the same period. If every state in the country had performed as well, we’d have created about 1.5 million jobs nationally during the past year, and maybe “stimulus” wouldn’t be such a dirty word.
What does Austin know that Washington doesn’t? At its simplest: Don’t overtax and -spend, keep regulations to a minimum, avoid letting unions and trial lawyers run riot, and display an enormous neon sign saying, “Open for Business.”
Filed under: Domestic Policy, Economy | Tags: Bureau of Labor Statistics, Recession, Unemployment
Here is a fascinating interactive graphic showing the geography of a recession by unemployment rate per county and how it slowly spreads across the country, beginning in 2007 — nearly a year before the recession began. From the folks at the U.S. Department of Labor’s Bureau of Labor Statistics.
Filed under: Capitalism, Economy, Politics | Tags: Canada, Jobs Report, Recession
While the United States lost another 11,000 jobs in November, Canada has added 79,100 jobs, five times more than expected. Their jobless rate fell to 8.5 percent from October’s 8.6 percent.
One very interesting source of jobs up north, is a new $90 million SUV plant owned by — General Motors.