President Obama told supporters at a fundraiser in Miami on Monday night that he deserves credit for cleaning up the mess he inherited. The new talking point of the this administration is that Obama has created 2 million new jobs. Let's assume for a minute they are right and then let's examine the new jobs. The quality of the jobs the U.S. is creating right now in terms of pay, benefits, hours, and skills leaves a lot to be desired. Half of last month's new jobs came from a single employer — McDonald's. 90% of the new jobs created in the private sector since Obama's immaculation have been created by temporary job agencies.
According to Rightpundits.com, a new study by Ohio State economists, Timothy Conley and Bill Dupor, concludes that the Barack Obama Stimulus program from 2009 may have saved 450,000 state and local government jobs, but destroyed one million private sector jobs in the process. Known as the American Recovery and Reinvestment Act, the program was promised to stem the rising unemployment rate following the financial crash. The Obama administration trotted out endless officials from the White House saying that the nearly $1 Trillion dollars in Federal stimulus would keep the unemployment rate below 8%. Not only did the rate exceed 10%, combined with the long-term unemployed and under-employed, about one in four adult, working-age Americans either have no job or are barely working just to make ends meet.
Most of the stimulus money went into propping up state and local school systems, as well as help propping up state Medicare outlays. Less than 10% went for building highways, bridges, etc, those much talked about shovel-ready infrastructure. The ARRA was promised to “save or create” some 2 to 3 Million jobs. But according to this latest study, the number is much lower, around 443,000 government jobs, most being just temporary jobs at that. The counter-effect of the ARRA stimulus program was the loss of some 772,000 HELP service jobs. HELP standing for Health, Education, Leisure and Professional. In the area of Goods-producing, the loss was 362,000 jobs. In other words, the Obama stimulus was an utter failure, as others and myself have been saying all along. The economy is still mired in uncertainty and volatility. Today′s housing news on new home starts shows a major decline in the past year of around 25%. The housing sector has always been the bell-ringer for the entire consumer market.
The new study published by the Ohio State economists cuts through the talking points and exposes the real numbers. The number of unemployed Americans at present is 13.9 million and the unemployment rate is a misleading 9.1 percent. The Labor Department's statistics don't include the underemployed and those who have stopped looking for work. This alternative measure creates a much higher number and it hovers around 16%-17%. You want credit for these numbers Mr. President?? I will give you all the credit you deserve, your policies didn't create this financial mess, but they have made it worse. It is your policies sir that are driving our economy into a double-dip recession. If Obama's true record is exposed, he should lose his re-election bid by 10 points.
IN A RELATED ARTICLE BY CNSNEWS.COM--READ THIS. 1.9 Million Fewer Americans Have Jobs Today Than When Obama Signed StimulusSphere: Related Content