Obamanomics Is A Colossal Failure

Employers added no new jobs in August. It was the first time since World War II that the economy had a net zero jobs created for a month. Barack Obama told us the recession was over more than two years ago. The unemployment rate remained at 9.1%.

The weakness in employment was underscored further by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 57,000 fewer jobs added. The downward revisions were all in government jobs.

The report may dampen expectations for the economy to pick up in the second half of the year. With hiring stagnant and wages declining, consumers won’t see much gain in incomes. That will limit their ability to spend, which undercuts economic growth. Consumer spending accounts for about 70 percent of the economy.

The economy needs to add roughly 250,000 jobs a month to rapidly bring down the unemployment rate, which has been above 9 percent in all but two months since May 2009.

The economy expanded at an annual pace of only 0.7% in the first six months of the year. That was the slowest six months of growth since the recession officially ended in June 2009. Most economists forecast that growth may improve to about a 2% annual rate in the July-September quarter. But that’s not fast enough to generate many jobs.

The economy’s weakness was underscored Thursday by the Obama administration, which estimated that unemployment will average about 9% next year, when Barack Obama will run for re-election. The rate was 7.8% when Obama took office.

Obamanomics is a colossal failure. Over $4 trillion dollars of new debt since Obama took office and unemployment is still above 9%. Obama said when he got his stimulus bill that unemployment wouldn't go above 8%.

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