Stimulus Results Vs Obama Promises

November-UI-rate-chart

Today the President trumpeted the slight down tick in the unemployment rate from October to November as “another hopeful sign” that his $787 Billion “stimulus” program was working.  He said the unemployment statistics released today were the best since 2007.  He called it:

good news, just in time for the Season of Hope

He was correct about one statistic: Eleven thousand jobs were lost in November, less than any month since 2007 when the employers added jobs eleven out of twelve months.  However the unemployment rate cannot be spun as good news.  Last month, October, was the first time the rate was above 10% since 1983.

While “only” eleven thousand jobs were lost, there were some troubling details not disclosed by the President in his cheery remarks:

  • The overall economy lost 11,000 jobs.  But government added seven thousand jobs.  Government jobs are, of course, funded by taxes extracted from the private sector, reducing private sector employment.
  • The manufacturing sector lost 29,000 jobs
  • The construction sector lost 27,000 jobs.  This was the sector that was supposed to benefit most from Obama’s “stimulus.”
  • Employers have terminated 3,337,000 jobs since the stimulus or Recovery Act was enacted in February.

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