Obamanomics in Action: More Job Losses
Remember now nearly a year when the newly inaugurated president and his fellow partisans in Congress were lecturing us on the need to act swiftly and pass a multi-hundred trillion dollar stimulus to prevent future job losses?
Well, it’s been nearly 11 months since Obama signed said legislation–and approximately six since the Democrat promised us unemployment would peak at less than 8% and today we learn that unemployment remains at 10% with employers continuing to lay off employees:
Lack of confidence in the economic recovery led employers to shed a more-than-expected 85,000 net jobs in December even as the unemployment rate held at 10 percent. The rate would have been higher if more people had been looking for work instead of leaving the labor force because they can’t find jobs.
The sharp drop in the work force — 661,000 fewer people — showed that more of the jobless are giving up.
Guess they’re giving up because they don’t have much confidence that there will be jobs available. Seems the president need develop a plan which will hope enterprises which create jobs to do just that.
But, I don’t think increasing the burdens on small businesses with his massive health care overhaul will make it any easier for employers to innovate and expand.
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Barack O is going to pretend he’s fiscally responsible during his State of the Union speech by saying he’s freezing spending and cutting defense 2-3% (from WSJ). Meanwhile, this admin has raised the discretionary budget by 24% in less than a year. BO does this sort of thing constantly – says one thing while doing the opposite – he speaks with forked tongue.
Comment by Maureen — January 8, 2010 @ 12:34 pm - January 8, 2010
Yes – the Dear Reader’s policies are *causing* unemployment, at this point. The fear among entrepreneurs is palpable that an unpredictable and ever-expanding Washington will loot any wealth they create, and make any jobs they create far more burdensome and expensive than the jobs are worth.
Plus, there’s the fact that Obama’s policy of $1.5 trillion annual deficits sucks up all available investment capital. And the fact that 0% interest rates progressively destroy the value of people’s savings and companies’ cash balances. And the fact that every “job created or saved” by “stimulus” is being paid for by debt, i.e., is a phony job that must and will go away the second the government backs off – as it will eventually have to, $1.5 trillion deficits being unsustainable and the policy of a banana republic.
Comment by ILoveCapitalism — January 8, 2010 @ 12:35 pm - January 8, 2010
Maureen, yes – Obama will proclaim his desire that deficits be reduced (somehow) from $1.5 trillion to $1.4 trillion in the first year, and the media will hail Him as a genius. Rather than acknowledge him as the lying destroyer he is.
Comment by ILoveCapitalism — January 8, 2010 @ 12:37 pm - January 8, 2010
The Popinjay* comes forth, teleprompter loaded, and digs himself into an ever deepening hole. He has to do this. How can he come clean or change course? He is in charge of hopenchange and he can not get off the train.
So, we sit back and watch his dismal, passionless posturing and shake our heads. Meanwhile, people no longer swoon.
(*a person given to vain, pretentious displays and empty chatter; coxcomb; fop.)
Comment by heliotrope — January 8, 2010 @ 12:59 pm - January 8, 2010
I have aprox 250 employees that work for me. I’m not hiring. We can’t tell what the costs are going to be this year. Whether cap n tax raising our energy bills or Obama care costing us 300-$1000 per employee per year. Who would hire?
In Calif. when health care was mandated….shops of my type went from 60 employees per, cut back to 28 -30. Simple. Govenment mandates hurt job creation. It is hard to avoid the fact that this liberal administration is intentionally increasing Americans dependence on the government to survive day to day. Pushing more people to unemployment benefits and more into welfare.
Comment by Gene in Pennsylvania — January 8, 2010 @ 1:17 pm - January 8, 2010
Todays unemployment rate is horrific. Even the liberal Brookings Inst a month ago knew it is worse than the reported figures from the government.
http://www.brookings.edu/opinions/2009/1207_unemployment_gale_harris.aspx
Take another vacation Mr President. That’s what you’ve taught your people to do.
Comment by Gene in Pennsylvania — January 8, 2010 @ 1:24 pm - January 8, 2010
Well at least it didn’t get any worse I guess, maybe things have peaked in terms of unemployment…
Comment by Darkeyedresolve — January 8, 2010 @ 2:00 pm - January 8, 2010
Mark Zandy this morning on CNBC, who councels the WH, said he sees unemployment going to 11% before it falls.
PLUS the people who have been discouraged from looking has gone from 500,000 to 900,000 under the liberal Obama.
Hoax and change oooooooooo.
ROUT THE LIBERALS
2010
Comment by Gene in Pennsylvania — January 8, 2010 @ 2:09 pm - January 8, 2010
So, how’s this for a nefarious plot:
The Obama/Reid/Pelosi Healthcare suppository gets rammed through. Come November, congress becomes Republican again.
State AGs file suit against the newly passed health bill – and with the ensuing ruling that the Federal Government has zero constitutional authority to provide health benefits – and it thereby kills Medicare, wipes out that unfunded liability and frees up cash to be used to balance the budget.
Obama gets credit, and goes on to a 2nd term. . .
Paranoid? Or brilliant?
Comment by jaxdancer — January 8, 2010 @ 2:37 pm - January 8, 2010
Isn’t the unemployment a GOOD sign? I mean, by liberal/progressive/socialist logic, the shedding of jobs is a sign of the recovering economy…just like the colder temps this summer, winter, last summer, in the northern and summer hemisphere, and cooler temps over the last 10 years is proof of AGW! Seriously! If only they had more money, all these problems would be solved!
Comment by AZ Mo — January 8, 2010 @ 3:04 pm - January 8, 2010
Barack Obama and his syncophants Nancy Pelosi and Harry Reid have made it clear that they think businesses are evil and that they will tax and set out to destroy any company that makes a profit.
This is the danger that comes from the Obama Party being a party of trust-fund babies, those who married trust-fund babies, and those who have never worked anywhere but government (or the welfare line). They simply have no concept of what business does, what business creates, or what motivates people to run them. They see them as an inexhaustible supply of money for them to take by legislative fiat and then hand out to those who didn’t earn it in exchange for votes. They have created an entire warped sense of reality in where fools like Tano argue that it is “unfair” and “wrong” for those who work to earn more than those who don’t, and who demand that wealth be “redistributed”, since anyone who has more than anyone else got it unfairly.
Comment by North Dallas Thirty — January 8, 2010 @ 4:08 pm - January 8, 2010
No. The point is that official statistics undercount the unemployed. The 10% rate “held” only because some workers were so totally discouraged that they gave up looking for work. You have to look at ongoing job losses.
Comment by ILoveCapitalism — January 8, 2010 @ 4:28 pm - January 8, 2010
Ed Morrissey has an interesting point: the article quoted by Dan is from the AP, which means the AP did some actual reporting instead of simply regurgitating White House press releases.
Comment by ILoveCapitalism — January 8, 2010 @ 4:54 pm - January 8, 2010
So another 85,000 people lose their jobs and our President says things are gettting better. How cold and out of touch.
ROUT THE LIBERALS
2010
Comment by Gene in Pennsylvania — January 8, 2010 @ 7:41 pm - January 8, 2010
Interesting factoid on Rush’s show today:
Only 80.3 percent of men age 25-54 had jobs in December — the lowest since the Bureau of Labor Statistics started collecting that data in 1948.
I’ve not located the source data for that number but it sounds reasonable given the recession’s impact on construction, manufacturing, and transportation.
This trend dates to before Obama took office but there’s no doubt that he and his cronies are hell-bent on making it worse.
Comment by SoCalRobert — January 8, 2010 @ 8:05 pm - January 8, 2010
http://blogs.reuters.com/james-pethokoukis/2010/01/08/9-reasons-why-the-dec-jobs-report-is-bad-news-for-dems/
Nine more reasons for Democrats to quit.
Comment by Gene in Pennsylvania — January 8, 2010 @ 8:29 pm - January 8, 2010