The Failure of Obamanomics

The Failure of Obamanomics

Monty
Pelerin

 

The monthly jobs numbers are both tragic and telling.
Each report brings forth spin from the White House asserting how the economy has
turned the corner and the recovery is occurring. Nothing could be further from
the truth! Jobs are not being created, certainly not at the rate which would be
consistent with a recovering economy.

Nor are jobs being created at a
rate sufficient enough to deal with growth in the labor force. As a result,
despite all the political puffery, the unemployment problem is not going away
any time soon. From the Wall Street Journal, with emboldening added, comes a blunt
assessment of job creation:

The latest employment reports have not been encouraging. At the rate
of 36,000 new jobs a month-the number gained in January-we will never
get back to full employment
. Even if we keep adding jobs at the
December rate of 121,000 new jobs, we wouldn’t achieve full employment
in this millennium.

The White House keeps hoping for monthly job
gains of 250,000. But even gains of that magnitude-more than double the average
gain last year- would not get America back to full employment until
2018
.

This assessment of the lack of job creation
is indicative of the failure of the Administration’s economic policy. The policy
has been tragic, producing the following outcomes:

  • A poorer America as a result of a seriously under-performing economy for now
    and apparently well into the future
  • Economic suffering and hardship for those unable to find work
  • Bankruptcies and foreclosures as a result of loss of income
  • Trillions of dollars wasted on useless “stimulus”
  • Trillions of dollars of debt imposed on future generations

One
might hope, probably in vain, that two positive lessons might be gleaned from
this terribly tragic and expensive experience:

  1. Keynesian economics (again!!!!!) does not work!
  2. Never elect an inexperienced unknown to the highest office in the
    land


Monty Pelerin at www.economicnoise.com

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