Pitiful Jobs Projection From The Obama Team

The Obama Administration’s economic team sent a report to Congress Thursday projecting 96 Thousand new jobs per month for the remaining eleven months of 2010.

Just two weeks ago, in his State of the Union message President Obama sneered:

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…

We would like to quietly remind the President that the “lost decade” expansion, from August, 2003 to December, 2007 averaged 153,358 new jobs per month.

The President should also be reminded of the report called “The Job Impact of The American Recovery And Investment Plan” (JIARIP), published in January of last year by the same economic team.

Citing JIARIP, Obama confidently predicted that with passage of the recovery act there would be 3,675,000 more jobs at the end of 2010 than at the beginning of 2009. Based on this prediction, and assurances it would “jumpstart job creation” Congress passed the Recovery Act one year ago this week.

But, as of last month there were 4,022,000 fewer jobs than in January, 2009.

Thus, to make good on last year’s projection by the Obama economic team, American businesses would have to create a jaw-dropping 698 thousand jobs every month for the rest of 2010.  Never have that many jobs been created in a single month.

This latest projection, which will likely turn out to be too optimistic, would not restore even a third of the jobs lost since the recovery act became law a year ago.