Obama’s Economy A Mess
May 5, 2012 5 Comments
My family just returned from a lovely trip to Chicago. We spent three days eating some of the best food in the midwest and going to baseball games. As I write this I can hear my 5 and 3 year old screech out the Go Cubs Go song.
Being away for three days has put me three days behind in the news. The economic report doesn’t look hot at all. The administration will no doubt tout the 8.1% unemployment number. But does anyone really believe that number is accurate? Throughout April new unemployment claims topped 380,000. In fact, for the last 15 straight weeks the new unemployment number has been revised up. So what essentially happens is that each week we get a big headline about new unemployment claims and a week later, sometimes a month later the number is revised upward. Over 15 weeks the number has been revised up to a tune of over 92,000 new claims. The government claims 522,000 people left the workforce last month. Honestly, who believes the unemployment rate is 8.1%?
Only 115,000 jobs were created last month, a terrible number. We need job growth of 250,000 jobs every month for three years to have employment as high as we had before the recession. April’s numbers just aren’t acceptable. Romney rightfully wonders where the jobs are. The American people should be wondering that as well. Obama has been in office for three years. The economy isn’t any better today than it was when he took office. The unemployment rate is down over the last year, but when the government is removing people from the job market at the rate they did in April, it’s no wonder the unemployment number is down. We could simply say everyone without a job isn’t in the workforce and therefore the unemployment number is 0. That wouldn’t chance reality in the marketplace though.
The truth is Obama’s policies have been a failure. The Stimulus didn’t work. Obamacare has created market uncertainty which has stunted job growth. The regulatory environment created by Obama has created uncertainty. His tax policy has created uncertainty and has stunted job growth. There was a time just a few years ago when the Michigan Avenue stores in Chicago were full of people, even on weekdays in early May. It’s clear the economy hasn’t picked up, the stores weren’t full and people weren’t buying. Restaurant reservations were easy to come by, just a few years ago it could be a battle. True these are anecdotal examples but the economic numbers suggest that the economy is in shambles. Consumer confidence for example is down.
There are plenty of reasons to not have faith in Mitt Romney. But he has a real opening here because the economy isn’t picking up. A simple plan of lowering taxes, repealing Obamacare and backing off of regulations is all Romney needs. Romney has a tendency to complicate matters, just look at his 50+ point economic plan. He doesn’t need to complicate matters, the economy is a mess and he has the chance to convince us he can fix it. The fact though is the only way to fix the economy is to have government step back. No more Solyndra’s, no more economic advice from Jon Corzine, no more political donors reaping financial benefits at taxpayer expense. That’s what Romney must offer us if he wants to win. The only way out of this mess is to shrink the size of government and allow the market to work. The top down socialism of Obama has failed.