John Ransom

“The last time the U.S. had a flat trend for new jobless claims was right before the onset of the so-called "Great Recession" at the end of 2007, says PC. “The only problem is that it's gone flat at a level some 48,000 layoffs per week higher than was typical during the low-unemployment years of the Bush administration.”

In fact, we may be facing a “best-of-times” scenario, in part caused by falling gasoline prices.  

Initial optimism about the economy in 2011 and 2012 died as gas prices spiked up between January and July. The higher prices seem to have taken jobs along with them. 

 Chart

data by YCharts

Note the spike in jobless claims in April of 2011 and November 2012, following peak gasoline prices. 

Forget about the fiscal cliff and “tax reform” and  the debt ceiling.

What’s killing the economy is job creation- or lack thereof. And the data suggests that the lack of a coherent energy policy might be the prime culprit. 

So here’s an idea for the GOP to consider: Rather than just executing a cave in on the debt ceiling debate and raising the ceiling without consequent spending cuts, perhaps it’s time to change the rules of the game.

Instead of the demanding spending cuts on the one hand or tax increases on the other, make Obama do things to help create jobs AND ENERGY like approving the Keystone pipeline

It’s time to expose Obama’s psycho jobs and energy phobias, fearful spending addiction and phony middle-class warfare rhetoric. It’s time to stop letting Obama dictate the pace through ideology rather than jobs.

Because there is no way that this economy is getting better without jobs and energy solutions no matter how high the debt ceiling goes. 


John Ransom

John Ransom is the Finance Editor for Townhall Finance.
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