The President has taken to bragging about the 3.7 million new jobs that have been "created" on his watch, but he conveniently has forgotten to mention that he's still 10.4 million jobs short of getting America back to anything resembling a normal working economy.
For more than three years, the President has blamed his predecessor for the mess that he (Obama) "inherited." These are tired excuses, especially coming from a man who promised that his policies would not only fix the economy but would actually slow the rise of the oceans and "heal" the planet. Obama's finger pointing also ignores the fact that the economy he "inherited" in January 2009 was one given to him from a Democrat controlled House and Senate.
When his party took control of the House and Senate following the 2006 elections, the unemployment was 4.4%. Low unemployment vanished along with the cherry blossoms the next spring; the following year it became a national crisis. So, to the extent that President Obama inherited a bad economy, he inherited it from a Democratic majority in Congress; an economy his party drove into the ground; an economy President Obama essentially inherited from Senator Obama.
Given these realities, it is easy to see how President Obama could both fail to diagnose the cause and extent of the problem, and would be oblivious to see how his proposed "fix" would only serve to prolong and worsen the pain.
Earlier this month an almost jubilant Barack Obama said "the economy is getting stronger, and the recovery is speeding up." Relative to the economic funk that we've been in for three and a half years, there is some truth to what he said. But, what he didn't say is "compared to what?" Nor, did the President expound on the extent of the damage and suffering inflicted on every American household – much of it from which many families and the nation may never fully recover.
For sure, the Labor Department's January report of 227,000 new jobs was encouraging news and it followed good – but not great - new job reports for the two previous months. The President also bragged to a group of business leaders that 3.7 million jobs had been created on his watch.
But, unlike the late Paul Harvey, Barack Obama selectively fails to mention "the rest of the story."
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Thursday April 17th, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 16th, 2014 | John Ransom