Tuesday, May 12, 2009

Obama Jobs Deficit Grows by Another 563,000

May 8, 2009

by J.D. Foster, Ph.D.

WebMemo #2430

Today's release of the nation's employment figures by the Department of Labor puts the final touches on the "Obama's first 100 days story."[1] Through his first 100 days in office, employment has dropped by about 2 million jobs[2] while the unemployment rate has hit 8.9 percent, the highest in almost 26 years.[3]

Of course, President Obama's policies cannot be blamed for these job losses. They reflect the Global Great Recession, which was well underway before his term in office began. However, the President has repeatedly pledged to create 3.5 million new jobs by 2010. He has also repeatedly emphasized accountability and measuring his presidency by results. The President's jobs promise means total employment should be at least 138.6 million by 2010, leaving him with a deficit to close of about 6.2 million jobs.

Unfortunately, the President's policies will more likely decrease employment than help to reach his target. Policies like higher tax rates on small businesses, sustained massive budget deficits, doubling the national debt (and the consequent upward pressure on interest rates), and the building threats of government meddling in companies are eroding the foundations of the economy today and for the future.


Read the entire article:  http://www.heritage.org/Research/Economy/wm2430.cfm





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