Jobs are Job 1
Job one was to create jobs. President Obama was going to use a laser-like focus on this issue. To put Americans back to work. Well, anyone who knows a thing or two about lasers is that they are highly concentrated sources of energy. Someone should probably have warned the president about this. Because the jobs he focused his job-creation laser on have simply disappeared. Poof. Into dust. Now that’s one powerful, metaphorical laser.
The same thing happened with FDR. Though back then the word ‘laser’ hadn’t made it into the American lexicon yet. Of course, not knowing about something never stopped Roosevelt from trying to manage it. He didn’t know anything about economics or job creation and look at what he did. He expanded government control into the private economy like there was no tomorrow. Talk about devastating consequences. The New Deal policies extended a bad recession into the Great Depression. A lost decade. Thanks, FDR. We can never thank you enough for all your efforts in destroying what our Founding Fathers bequeathed us. And giving us the Cold War to boot. But I digress.
Now Obama is pretty much picking up where FDR left off. And taking it up a notch. A man who never had a private sector job. Never ran anything. Never met a payroll. Never produced a good or service anyone was willing to pay for. Completely ignorant about how to create a job. But schooled in Keynesian Big Government theory. Just like FDR. And he, too, is a destroyer. Obama is smashing the economic engine of the United States.
Ten Years Gone
FDR gave us a lost decade. Obama, too. Or he will have in 10 years time. Come to think of it, the 1970s were a lost decade, too. Economically speaking. LBJ’s explosive Great Society spending, NASA and the Vietnam War pushed government spending into the stratosphere. That lost decade culminated in Carter’s stagflation and malaise. To be fair, there were a couple of big-spending Republicans between these two bookends. But it was LBJ who made it all possible. And he was a Democrat.
Democrats seem to have one thing in common. They all seem to be hell-bent to be the next FDR and spend this nation into another lost decade. And where will Obama’s decade end?
Ed Carson writing in Investor’s Business Daily’s Politics and Markets Blog Capital Hill says Obama’s decade will end in 2020 (see U.S. Won’t Recover Lost Jobs Until March 2020 At Current Pace). That’s when the number of U.S. jobs will equal what they did before Obama aimed his job-creation laser at them. Or will it? In a footnote, Carson notes:
The Labor Department said employers may have cut 366,000 jobs more than previously reported in the year through March 2010. A final estimate will be issued in February. That suggests job losses were deeper than expected in 2009 and/or early 2010 hiring was weaker than previously expected. Both would suggest an even-longer return to full employment.
In other words, the Obama administration has been cooking the books. To flaunt their ‘Summer of Recovery’. And to help beleaguered Democrats limping into the midterm election. So, yes, the numbers are bad. But they’re going to be worse.
The bottom line: It’s quite possible that the next recession will hit before the U.S. returns to old employment highs.
2020? If only.
Tags: Americans, back to work, Big Government, cooking the books, create jobs, Economics, expanded government control, FDR, Great Depression, Great Society, job creation, jobs, jobs are job 1, Keynesian, Keynesian Big Government theory, laser-like focus, LBJ, midterm election, New Deal, Obama, President Obama, stagflation and malaise, summer of recovery