Lower Rate But Fewer Jobs: Project 21's Derryck Green on Obama's New Jobless Report
Apr 5, 2013 at 8:53 AM
David W. Almasi in Economics, Employment, Government, Government Agencies, Government Power, Government Spending, Jobs, Project 21, Race, Spending, White House

Albert Einstein is credited with defining insanity as “doing the same thing over and over again and expecting different results.”

If today’s unemployment report is any indication, the White House must be like an asylum.  All of that regulation, taxation and spending has done so little to get so many the jobs they need.  People want to work — it’s Obama’s economy that’s stopping them.

Yet another lackluster jobs report was dumped on the American people this morning — 7.6 percent for the month of March.  Obama appears to have successfully broken through the eight percent barrier where the unemployment rate lived for most of his first term, but things were supposed to have been a lot better by now if one was to take the President at his word back when he was a candidate.

Behind the much-publicized unemployment figure, the news gets worse.  For blacks, Obama’s most loyal constituency, the rate fell only slightly to a still above-average 13.3 percent.  For the women he claimed to fight in the alleged conservative war against them, 7.6 percent are still looking for work.  Hispanics?  9.2 percent.  Youth?  24.2 percent.

For Project 21 member Derryck Green, who has provided regular commentary on the monthly jobless report, the state of the economy and what it is doing to the American people, the constant reporting on the doom and gloom created by the Obama Administration is getting monotonous.  Having to analyze virtually the same bad news over and over again is driving him… insane.

Derryck says:

The “successes” of President Obama’s economic recovery continue to pour in.

Unemployment in the month of March was officially 7.6 percent.  But only about 88,000 were created, roughly half of the average monthly job creation over the past year.  The U-6 figure — the one that includes all of the people who are unemployed, underemployed and have given up looking — is a much worse 13.8 percent.

And things aren’t really any better for key demographics in the Obama coalition such as minorities, women and youth.  They are still not seeing real hope or change in their prospect.

In addition to the other perpetually abysmal unemployment numbers released by the Labor Department (89 million Americans are out of the workforce), the Congressional Budget Office projects that America will maintain an unemployment rate between six and seven percent under Barack Obama.

Though Americans were told that the recession ended in 2009, consider the following economic successes of this so-called recovery:

This is simply the tip of the economic iceberg.  To celebrate the successes of his economic recovery — and in spite of the automatic sequester — President Obama:

Meanwhile, in an apparent attempt at humor, President Obama declared April “National Financial Capability Month.”  Obama claims that his administration will attempt to help encourage fiscal responsibility to the people.  This claim, as well as his record of economic stewardship, is insulting to the intelligence of many Americans.

Obama also promoted an initiative that would spend — excuse me, “invest” — billions of dollars on “infrastructure programs” in an attempt to create jobs.

I don’t know how Obama does it.  How can one preside over millions of people out of work, the increasing number of people living in poverty and dance around the fact that the economy could be on the verge of contracting in a very big way and still — after five years — not being held responsible.

It’s quite an act.

top photo credit: iStockPhoto

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