Last Jobs Report Before the Election

Measured by President Obama’s own criteria, his economic initiatives failed. 

The November jobs report was released Friday.  The unemployment rate ticked up slightly to 7.9%.  Compared with the President’s predictions and promises this number represents massive failure.

As Barack Obama assumed office in January 2009 America was suffering from a severe recession.  Rahm Emanuel, his chief of staff revealed in a TV interview what would turn out to be the Administration’s operating premise for the next two years.

Obama enthusiastically adopted the Emanuel Doctrine, presenting the recession as a pretext to justify new legislation for tired old Democratic Party agenda items:

  • Government run health care;
  • Energy rationing through so-called “cap and trade; and
  • Accumulation of power and loyalty through a gusher of government cash to favored voter constituencies and politically connected companies.

Obama’s first initiative was a massive spending bill he called his Recovery Act or stimulus, enacted on his 21st day in office.  The chart above came from a pseudo-academic report, pumped out by Obama’s economic team to embellish his stimulus sales pitch with a patina of intellectual legitimacy.  The Report’s predictions and recommendations were typical of the work of partisan “economists” in Washington who present themselves as wizards, able to create predictable and glorious results through government borrowing, spending and economic intervention.

Based on the chart and the other predictions in the report, and urged on by an exultant media, Congress enacted the trillion dollar stimulus.  Most of the stimulus initiatives were structured to become permanent, annual add-ons to the federal budget “baseline,” adding to Obama’s breathtaking deficits.  The stimulus, while symbolic, was of course only the first step in the Obama agenda of aggressive expansion of the size and cost of government.

Tuesday’s Presidential election should be a major decision point:

  • Will we vote to continue submitting to politicians and their wizards, like the ones who created the chart above, allowing them to assume more and more power over our business and personal lives, to borrow more and more in our names, and to extract and divert more and more of our resources based on nothing but the predictions of “experts?”

Or

  • Will we vote to put the breaks on government’s relentless accumulation of power and squandering of precious resources?  Will we vote to transition back to what has always proven to produce prosperity, that is maximum possible individual liberty, with a government of limited power whose mission is to protect and serve, but not control the people?

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