Jun 21 2011
Seems redundant until one tries to quantify the depth of the economic incompetence we have experienced since Reid, Pelosi and Obama implemented their government-trickle down stimulus debacle. I have said many times that the unemployment that has resulted from the misguided deficit spending, mountains of generational debt and endless regulation put in place since President Obama took the helm of this country (see here, here and here) was much, much worse than reported.
Now Mortimer B Zuckerman has basically made the exact same points in terms of how bad this economy really is:
In the face of the most stimulative fiscal and monetary policies in our history, we have experienced the loss of over 7 million jobs, wiping out every job gained since the year 2000. From the moment the Obama administration came into office, there have been no net increases in full-time jobs, only in part-time jobs. This is contrary to all previous recessions. Employers are not recalling the workers they laid off from full-time employment.
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The real job losses are greater than the estimate of 7.5 million. They are closer to 10.5 million, as 3 million people have stopped looking for work. Equally troublesome is the lower labor participation rate; some 5 million jobs have vanished from manufacturing, long America’s greatest strength. Just think: Total payrolls today amount to 131 million, but this figure is lower than it was at the beginning of the year 2000, even though our population has grown by nearly 30 million.
The most recent statistics are unsettling and dismaying, despite the increase of 54,000 jobs in the May numbers. Nonagricultural full-time employment actually fell by 142,000, on top of the 291,000 decline the preceding month. Half of the new jobs created are in temporary help agencies, as firms resist hiring full-time workers.
Government cannot create jobs or economic growth. It can strangle job creation and growth though – which is exactly what has happened in response to the massive deficits, massive new regulations and massive take over of our Health Care system with the broken Obamacare.
If we do not clean house in DC in 2012, there will be no ‘change’ to the current mess, and more than one generation of Americans will see the American dream ripped from them. From the seniors who will lose the safety nets of Medicare and Social Security, to the middle class who lost their savings and home value, to the new grads who cannot get their careers started and lose maybe a decade of career training, the ignorant policies of the left will continue to destroy our economy until we have the will to dismantle the cancer of run away government.