by Matt Vespa | August 3, 2012 4:25 pm
Unemployment has risen to 8.3%. : Can we safely say that Keynesian economics is dead? : I mean we mention those horrible Bush Tax Cuts that created 8.1 million jobs and 50 straight months of uninterrupted economic growth. No No.
Even though, as Heritage posted in June of 2011:
- GDP grew at an annual rate of just 1.7% in the six quarters before the 2003 tax cuts. In the six quarters following the tax cuts, the growth rate was 4.1%.
- The S&P 500 dropped 18% in the six quarters before the 2003 tax cuts but increased by 32% over the next six quarters.
- The economy lost 267,000 jobs in the six quarters before the 2003 tax cuts. In the next six quarters, it added 307,000 jobs, followed by 5 million jobs in the next seven quarters.
With Obama, we have spent nearly a trillion dollars on the stimulus, which got us nowhere. : All of the net jobs created are part-time. : We also spent a trillion dollars on a new health care entitlement that will still leave 30 million uninsured ten years from now. : Where’s the beef? : This isn’t hope and change. It’s abject failure.
Guy Benson of Townhall.com posted a good analysis of the economic news today: writing that the:
Hairbrained: attacks: and sample-loaded: polls: cannot insulate the president from economic reality.: The “good” news in today’s: breaking jobs report: is that the US economy added 163,000 jobs in July — the most in five months, but still not enough to keep up with population growth.: The bad news:
(1): U3 unemployment ticked: up: to 8.3 percent.: We have now witnessed 42 consecutive months of eight percent-plus unemployment in America, despite the president’s promise that his $825 Billion “stimulus” program would prevent that statistic from eclipsing the eight percent mark.: The White House projected that unemployment would now be at: 5.6 percent, thanks to the stimulus.
(2): 155,000 Americans gave up seeking work and dropped out of the labor force in July, nearly as many as the jobs gained.: Overall, according: to CNBC: “The report showed that: the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments.”
(3): The U-6: “real” unemployment figure: crept up to a full 15 percent.: The U-3 number (8.3 percent) would be: 11 percent: if Obama had maintained the workforce participation rate he inherited.: Instead, it has slipped to a three-decade low, perversely “helping” the unemployment rate.: The U-3 number among Hispanics and African Americans remains in double-digits (10.3 and 14.1 percent, respectively).
(4): June’s paltry ‘jobs added’ number has been revised down from 80,000 to 64,000.
(5): The media and the White House (I repeat myself) will try to spin this as promising jobs data because of the 163,000 number, ignoring everything else you’ve just read.
Quote:: “We tried our plan, and it worked.”
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