January 11th, 2010
By Jon Ward, The Daily Caller
Obama has killed jobs, instead of creating them
The bloody-knuckled brawl this year over whether President Obama is bringing back jobs will go a long way toward deciding whether Democrats in Congress retain their hold on power past this year’s midterm elections. At this point, according to economists, it’s a fight that is stacked against the White House.
Even if the economy begins to show modest job growth, as it is expected to soon, the overall unemployment rate is likely to stay at its current level of 10 percent, or continue to rise, according to most economic experts.
“I would expect it to start drifting steadily up to 10.5 percent,” the president of the nonpartisan Economic Policy Institute, Lawrence Mishel, said.
That is a major problem for a White House that promised just a year ago that the unemployment rate would not rise above 8 percent as long as Congress passed the $787 billion stimulus bill.
“To show that the recovery is not a jobless recovery they need to get it back to where they initially projected it, around 8 percent,” the director of the New America Foundation’s economic growth program, Sherle Schwenninger, said.
All evidence suggests that will be an extremely tall order.
The Senate is set to take up a $154 billion jobs bill — the Congressional Budget Office scored it at $180 billion — passed out of the House in December. Mr. Mishel said that even with a $400 billion second stimulus, which he favors, the unemployment rate would likely only come down to 9.7 percent or so by the fall.