We can’t afford another so-called economic expansion like the one from the last decade –- what some call the lost decade -– where jobs grew more slowly than during any prior expansion…
Last Friday he addressed the Congressional Black Caucus and regarding jobs and employment he said of Republicans:
Their main strategy is they’re betting you’ll come down with a case of amnesia, that you’ll forget what happened between 2001 and 2009, what that agenda did to this country when they were in charge. And they spent almost a decade driving the economy into the ditch.
Obama and the Democrats speak of the Bush Administration with sneering contempt as if it were the most miserable eight years in all of American history. Certainly there were some policies that were negative for employment and prosperity. But Obama has continued and even expanded the negative policies, including bailouts and excessive spending, while planing to curtail what was positive for the economy, the across-the-board tax rate reductions for all income brackets. Even though Bush and the GOP made some policy mistakes and misjudgments we still had a 51 month period of continuous job growth following the broad-based tax cuts of 2003.
Obama and the Democrats are now saying the onset of recession in Bush’s final year justifies raising top bracket tax rates to their pre-Bush levels. They make no effort to connect the dots, to explain how lower tax rates could have caused the recession.
As we explained here Obama’s plan to raise top tax bracket tax rates starting January 1 is a plan to depress job creation by adding to the tax burden of 2 million of the nation’s most successful small businesses.
The President frequently brags about having created an average of 95 thousand private sector jobs per month since the beginning of 2010. But, as the chart above shows the current rate of job creation lags way behind the rate we experienced after the tax cuts of 2003.
So-called economists in the Obama camp assure us the current recovery will get stronger and will surpass previous recoveries. But to “catch up” with the Bush job creation record in time for the 2012 election would require private sector employers to create more than 6.8 million jobs in two years. This has happened only twice since World War II. The second time was 1984-85, the peak of the Reagan job creation recovery.