Public Forum: Jobless numbers misleading
President Obama's economic policies are abysmal. Two years after predicting 8 percent unemployment the jobless are still waiting.
"In every rank, or great or small, 'tis industry that supports us all" (John Gay). Citing the administration's "economic recovery," the WCCO-TV anchor Amelia Santaniello said, "In the last month the good news is the unemployment figure dropped from 9.7 to 9 percent. The bad news, there were only 36,000 new jobs and it takes 1 million new jobs to decrease the unemployment figure by 1 percent." Blatant contradictory spin. In reality, the government conveniently neglected to report the more than 2 million job market drop-outs who regard job search as a waste of time.
Out of America's 153 million labor force, currently 14 million people are unemployed. Full employment is defined as 5 percent unemployed or 7.7 million, which leaves the excess unemployed at 6.3 million. Full employment by year's end would require 9 million new jobs or 750,000 per month. But through population growth -- new first time job market entrants and immigration - the labor force is increasing by 1.8 million per year. The need is for another 1.8 million jobs per year, or an additional l50,000 jobs per month, just to keep the current unemployment figure static. That totals 900,000 jobs needed per month to reach full employment. If the economy improves, discouraged workers seek employment, and thus drive the 900,000 job creation target higher still. Full employment on 36,000 jobs per month is in a distant millennium when pigs fly.
Obama says the electorate must be patient. He predicts full employment by 2018. In his Super Bowl interview with the President, Bill O'Reilly of Fox News asked if his tax bill compromise with Republicans meant he was moving to the center with his economic policies. The President responded, "No, I'm the same guy." Job creation and reduced deficit spending are top priorities for the electorate. Obama's slogan is that of the ousted British Labor Party, "No compromise with the electorate." Mr. President, we the people know that government does not create jobs, the private sector does, and government stimulus sucks.