7.6 Million jobs are not here. Where are they? Ask President Obama.
Total employment in the United States economy now stands at 130.2 million. This is 7.6 million jobs short of where the President promised the economy would be by December 2010 if Congress adopted his economic policies. 9.6% unemployment. A 7.6 million jobs gap. Unemployment is actually higher now than when the recession ended in June. If this is not the definition of failure, then what is?
Ask Conn Carroll (no relation) from the Heritage Foundation asks, “when will Obama Administration admit that their economic policies have been a complete failure?”
Remember, the $816 BILLION stimulus was supposed to keep unemployment at 8.5%. No higher. They promised. They said if Congress DIDN’T pass the Stimulus, things would get much worse. They were both right and wrong. Congress passed the Stimulus and now things have gotten much worse. Quite the pickle for “the most brilliant” President evah, wouldn’t you say?
By contrast, when the 1980s recession ended in December 1982, unemployment stood at 10.8%. Fifteen months into President Ronald Reagan’s economic recovery, and unemployment had already fallen three full points to 7.8%. Why was the Reagan recovery such a success? And why is the Obama recovery such a failure? Well, for starters, President Reagan did not saddle our children with a brand new $1 trillion entitlement. But more urgently, President Reagan also did not threaten the U.S. economy with the largest tax hike in American history.
There still is time for Congress to act to prevent the Obama tax hikes. Tax hikes that include higher rates on individual income, capital gains and dividends. No Americans will escape the damage from the Obama tax hikes including: 1) Destroying an average of 693,000 jobs every year through 2020; 2) Draining $726 billion from disposable income, $38 billion from personal savings and $33 billion from business investments; 3) costing the average non-farm small-business owner $3,500 more in taxes, and much, much more.
This seems a good time to re-pimp the upcoming movie “I Want Your Money” which opens on October 15.