Free Markets, Free People

Jobs for June? Not many

But the “official” unemployment rate stayed at 8.2%.  The broader measure of unemployment – includes job seekers as well as those in part-time jobs – inched up from 14.8% to 14.9%.

GDP?  Predictions have been revised down:

Federal Reserve officials last month lowered their economic-growth projections to between 1.9% and 2.4% this year, and forecast the jobless rate would hold between 8.0% and 8.2%.

That’s not a recovery rate by any means (and given how accurate former predictions have been, I wouldn’t count on the unemployment rate staying as low as 8.2%).  But it is the reality of the situation and one that will definitely have an effect on the election.  That is if people are reminded of some promises made by the administration.  You remember these:

 

juneunemployment

 

Can you say “utter failure”?  Of course you can.  As with ObamaCare, the people were sold a bill of goods about the recovery plan.  In fact it ended up being a huge political payoff plan while our leaders told us they were focused like lasers on recovery.  4 years later, here we are.

We were supposed to be at 5.6% now, with the stimulus plan enacted. 

That was the promise.

Of course, this administration has promised all sorts of things it hasn’t delivered, so I’m sure that their failure here doesn’t necessarily come as a surprise to anyone but the media.

Forward.

~McQ

Twitter: @McQandO

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16 Responses to Jobs for June? Not many

  • I think it is worthwhile to highlight the ‘without stimulus’ estimate (although the WH would just say they were wrong then, and right now).  But without stimulus, we would have been at 5.8%, and they said stimulus would get us to 5.6%, a benefit of 0.2% unemployment.  In fact, it got us from 5.8% to 8.2%, a 2.4% incremental whole. 

    They spent $800 billion dollars and did 12 times as much damage as the ‘good’ they thought they were doing. 

    There was something about where roads paved with good intentions lead. 

    If you want to do some calculus, the area between the with and the without stimulus was the benefit of they tried to buy for $800 billion.  The area between the without and actual is the damage they actually did. 

    • It wasn’t just the $800 billion “stimulus,” budgetary spending spiked in the delayed till after the election FY 2009 budget.
      You have to include about half of the $5 trillion deficits or about $2.5 trillion as the real stimulus. I won’t say it bought nothing, but it sure wasn’t worth it. In fairness to John Maynard Keynes, this was a bad Keynesian stimulus; most of the money didn’t go to quick shock stimulus items, but rather it went to (or diverted money to) ordinary operating expenses. Worse yet, everybody knew that the sector that was hit worse was construction, but only 5% went to infrastructure projects; “investments” like teachers, police and firemen aren’t infrastructure.

      • Bu bu bu buttttt Shovel Ready!  Big ears says that every time he talks about jobs!   SHOVEL READY!!!!   I know we’re giving police armored vehicles, body armor and automatic weapons, I don’t know, are we giving the shovels to the teachers and firemen?

    • Exactly.  According to their own literature, had we done nothing, the unemployment rate would be about 6%.  Instead, it’s above 8.
       
      Any chance the administration will learn from this?
       
      Yeah, right.  Learning is not in their skill set.

  • Heh.  Just wait ’til NEXT month, when the full psychological impact of the ObamaTAX decision kicks in.  Oh, baby…!!!

  • What it will be next week when those numbers are revised,,,,,, downward.
     
    “The private sector is doing fine,”  The Jobs President

  • “Businesses have created 4.4 million new jobs over the past 28 months , including 500,000 new manufacturing jobs,” Obama said. “That’s a step in the right direction.”
    Romney’s reaction was biting.
    . “The president’s policies have not gotten America working again. And the president is going to have to stand up and take responsibility for it,” he said, adding, “This kick in the gut has got to end.”
     
    http://www.charter.net/news/read.php?rip_id=%3CD9VRG4EG3%40news.ap.org%3E&ps=1017

  • The excuse from the Left is that the problem was much larger than they imagined…isn’t that what Hollande just said in France, too?
    Assume this is true, even though I suspect we all knew in 2008 that it was a very serious problem, but let’s assume its true.
    This means that the best economists Obama could find, and they were not too shabby, were unable to gauge the magnitude of the economic crisis.
    And you want to let them have another go at it?
     

    • “The excuse from the Left is that the problem was much larger than they imagined”
       
      Which is probably the excuse they’ll use if we don’t repeal Obamatax and it doesn’t do what they expect.

  • For those of you still invested in the hope of electing Romney, you’ll notice that your candidate is simply not exploiting facts like this.  Why do you think he’s pulling his punches?
    As an outsider to electoral politics, I’m just curious whether those in the Coke camp think they are actually going to defeat Pepsi with this sort of strategy.

    • I have a theory on this.
      Does anyone think that somehow the Republican Party only attracts dimwits who “just cannot get their message across” or is it more likely that the distribution of political skills is the same across both parties, but that one party has some other advantage to “getting its message across” i.e. the media.
      I think when we see some amazing politician like Reagan, he is simply an outlier on the far right of the bell curve, and can OVERCOME the media bias, whereas Romney might merely be decent and thus appears to be incompetent in getting his message across, especially compared to the Democrats who appear to be much better at it, but may in fact have the same bell curve of talent but have it right-shifted 20 points by media bias.
      SEE OBAMA’S SUPPOSED ORATORY OR BRILLIANCE AS ANECDOTE 1.
       

      • Considering the type of things they do when they get into office I think it much more likely that the Republican party is simply made up of a lot of stupid people.

        • For the most part, that is probably true.  It also doesn’t contradict my observation that Democrats are almost universally stupider than Republicans.
          Yes, the country is full of idiots.  That’s the result of decades of indoctrination combined with having a glut of financial superiority over the rest of the world for so long.
           

  • America’s unemployment rate has exceeded 8 percent since February 2009, making this the longest stretch of high unemployment since the Great Depression. To make matters worse, unemployment will remain above 8 percent until 2014. And the level of long-term unemployment — those looking for work for more than six months — is over 40 percent, the highest since at least 1948, when that data was first collected.

    http://blog.heritage.org/2012/02/17/morning-bell-obamanomics-has-failed/
     
    We can’t afford another 4 years of Mr. Obama’s policies and inaction.
    Has Obama fulfilled his promise to cut the deficit in half by the end of his first term?
    Has Obama fulfilled his promise to keep unemployment under 8%?