"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

Reuters: “Job Growth Grinds To A Halt In August”

September 2nd, 2011 by mopns · No Comments

Reporting on today’s disappointing jobs numbers, Reuters writes, “U.S. employment growth ground to a halt in August as sagging confidence discouraged already skittish businesses from hiring, keeping pressure on the Federal Reserve to provide more stimulus to aid the economy. Nonfarm payrolls were unchanged, the Labor Department said on Friday, the weakest reading since September. Economists had expected a gain of 75,000 jobs. The report underscored the frail economy and kept fears of a recession on investors’ radar. . . . Adding to the weak tenor of the report, nonfarm employment for June and July was revised to show 58,000 fewer jobs.”

And The Wall Street Journal reported yesterday, “The Obama administration now says U.S. unemployment could persist at its current stubbornly high level around 9% well into 2012.” The WSJ noted, “Mr. Obama is scheduled to address a joint session of Congress next Thursday to outline his latest economic proposals. . . . White House press secretary Jay Carney suggested the measures could push the unemployment rate below 9%, but he also sought to avoid making predictions.”

Of course, that brings to mind the prediction President Obama’s economic advisors made about their nearly $1 trillion stimulus bill. They said that unemployment wouldn’t exceed 8% if Congress passed their “recovery plan.” In February 2009 Obama claimed, “It’s a plan that will save or create up to 4 million jobs over the next two years.” And Vice President Biden said the stimulus would create 3.5 million jobs in 18 months and “literally drop-kicks us out of this recession.”

Clearly the dismal employment report today shows those predictions didn’t come to pass. And that would naturally make Americans skeptical about the White House’s predictions for their latest plan.

Related:

Rasmussen Reports: 42% Give Obama Positive Marks on Leadership, 40% Give Poor Rating

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