Obama On Track To Have Worst Job Record Since WWII…

The government’s report that the economy added just a minuscule 96,000 jobs last month came at the end of the Democrats’ defensive national convention, where the president, Bill Clinton and other party luminaries made extravagant claims that things will get better if Mr. Obama is re-elected to a second term.image

But analysts at the Federal Reserve Board, economists and business leaders say Mr. Obama’s declining economy is not going to get significantly better this year, next year or the year after that, until there are dramatic changes in the nation’s fiscal policies. Changes Obama Democrats refuse to make.

Obama told convention delegates and the nation at large that he had saved the automobile industry and boosted overall manufacturing, too. But auto-industry employment was still 12 percent below pre-recession levels, and employment data show we lost 15,000 manufacturing jobs last month, after a string of previous job losses in that sector.

Unemployment fell last month, from 8.3 percent to 8.1 percent. (It’s been over 8 percent for 43 months.) But that’s because 581,000 workers stopped looking for jobs and thus were not counted among the unemployed.

To put last month’s 96,000 jobs into sharper perspective, the economy must add 377,000 a month, or 13.6 million over the next three years, to shrink unemployment to 6 percent. That will require economic growth rates in the range of 4 percent to 5 percent — levels Mr. Obama’s anti-growth, anti-capital-investment policies cannot produce now or ever.



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