Economic Numbers Show Obama Hasn’t Earned Re-Election
September 7, 2012 20 Comments
Last night Obama barely brought up the economy, at least not in any specific terms. He likely knew about the economic numbers released today, which were not very good. Unemployment dropped to 8.1%. While you think that might sound good, only 96,000 jobs were created while 368,000 people left the workforce. In other words, nearly four times the number of people left the workforce as were added to it. That’s why the unemployment rate went down, it only tracks people actually in the workforce. If someone has given up or otherwise doesn’t want to or cannot work, they aren’t counted. That’s how the number dropped, it’s nothing to get excited about.
Nearly 89 million adult Americans are not working. Less than 70% of adult men are working, the lowest since 1948. There are 261,000 fewer American employed today than when Obama took office, there are 822,000 fewer Americans with permanent jobs. June and July’s job count were both cut by around 20,000 jobs. Black unemployment stands at 17% while young black are unemployed at a staggering 47.2% rate. Hispanic unemployment is 11.1%, young Hispanics have a 37.4% rate.
This is an economic report that is simply unacceptable three years after an economic recovery supposedly began. We have economic growth in the last quarter under 2%, we’re heading to another quarter with under 2% growth. Unemployment is down but only because the government has removed people from the workforce. There are fewer people in the workforce today than when Barack Obama took the oath of office despite the fact that population growth sees us adding 150,000 people every month. We lost nearly 9 million jobs during the recession, only 46% have been recovered in a three year recession and we haven’t even begun to chip at the growth in working age adults.
The numbers released today don’t suggest things are getting gradually better. They don’t indicate that prosperity is right around the corner or that President Obama’s policies really are working but just need another year or two to really get going. They indicate a stagnant economy that isn’t growing in any measurable way. We’re seeing flat unemployment and more people giving up and leaving the workforce. We’re seeing an economy that has 90 million adults simply not working and thus dependent on someone else. We need more jobs, it’s becoming painfully obvious that Barack Obama’s policies aren’t creating conditions for job growth.
Yet the White House claims this report is good, that it somehow proves we’re on an upswing. What else are they going to say? Their position is pure fantasy and they know it. The economy isn’t getting better, it’s getting worse compared to last year. We face taxmageddon on January 1st because Obama refuses to extend tax cuts, even though both he and Bill Clinton said we shouldn’t raise taxes during a recession. Most Americans think this is a recession, it sure is for our pocketbooks. During the Obama years household income had dropped by $4,000. We’re paying $1,000 more per year at the pump since Obama took office, inflation has caused food prices to rise substantially. So not only are we earning less money, we’re paying more for basic goods.
We deserve better than this. Obama presented no new ideas last night. He has no plan for the next four years, certainly he has no plan that’s any different than the last four years. Unfortunately his plans have failed. We aren’t better off than we were four years ago, the numbers play that out. Mitt Romney isn’t going to be the great savior of the American economy. But you can’t tell me Romney can’t do better than Obama. Like it or not, Obama hasn’t earned another four years based on economic news like today’s. It’s time to give someone else a shot and if he doesn’t do a good job then we can get rid of him in 2016. But at this point, Obama simply hasn’t earned re-election.