Last January President Obama commented on job losses during December, 2008:
Clearly the situation is dire. It is deteriorating and it demands urgent and immediate action…the jobs report only underscores the need for us to move forward with a sense of urgency and common purpose. Behind each and every one of those millions of jobs lost there are workers and families who are counting on us as they struggle to pay the bills or stay in their homes…
For the sake of our economy and our people, this is the moment to act, and to act without delay.
A month later Congress enacted Obama’s “stimulus” or recovery act, based on his assurance that it would…
…immediately jumpstart job creation and long term growth
Under the recovery act the government is borrowing $787 Billion to spend on pet priorities of the Democrat Party.
Unfortunately for taxpayers and millions of jobless Americans the stimulus is a catastrophic failure.
Eighty-Five Thousand jobs were lost in November. The unemployment rate remained at 10%. October, was the first time the rate spiked to double digits since 1983.
- The manufacturing sector lost 27,000 jobs
- The construction sector lost 52,000 jobs. This was the sector that was supposed to benefit most from Obama’s “stimulus.”
- The Leisure and Hospitality industry shed 25,000 jobs.
- The financial sector, having benefited from about $500 Billion in bailouts added 4,000 jobs.
- Employers have terminated 3,423,000 jobs since the stimulus or Recovery Act was enacted in February.