I have to pause before I put you through this, but here is a video of outgoing Congressman Alan Grayson on the Ed Schultz show. It’s understandably very tough to watch, but stick with me. Just go to just before the 2:00 minute mark when he says that the Democrats need a jobs program in response to what the Democrats did wrong.
At this point you either have to pick your jaw up off the floor or simply can’t stop laughing. With a straight face, he states that the left has no jobs program. Now, to be fair, he is absolutely correct, they do not have one and thus we have a nearly 10% unemployment rate to show for it. But the hypocrisy is stunning. That’s all we’ve been hearing for two years is the millions upon millions of jobs that would be created from all of the spending.
- Remember the 3.5 million jobs saved or created from the $862 billion dollar stimulus program?
- Remember the 4 million jobs that health care reform would create, with 400,000 of them almost immediately at a cost of over one trillion dollars?
- Remember the 5 million “green” jobs that would be created at a cost of $150 billion?
That’s 12.5 million jobs at a cost exceeding $2 trillion dollars. Instead we have seen the unemployment rate rise from 7.6% when Obama took office in January of 2008 to the current 9.8% rate. We have seen millions of jobs lost, some say as high as 11.5 million as depicted below.
As the chart shows, the labor market remains an estimated 8.1 million payroll jobs below where it was at the start of the recession in December 2007. This number includes both the 7.8 million jobs lost in the payroll data as currently published plus the announced preliminary benchmark revision of -366,000 jobs to last March’s employment level. And even this number understates the size of the gap in the labor market by failing to take into account the fact that simply to keep up with the growth in the working-age population, the labor market should have added around 3.4 million jobs since December 2007. This means the labor market is now roughly 11.5 million jobs below the level needed to restore the pre-recession unemployment rate (5.0% in December 2007). To get down to the pre-recession unemployment rate within five years, the labor market would have to add around 300,000 jobs every month for that entire period. In September, excluding changes in temporary Census hiring, the labor market lost 18,000.
You just don’t know whether to laugh or cry with the delusional left. Every year Obama tells us that this will be the year he focuses on jobs. No really, he means it this time. I can’t wait to see it. I mean the real jobs program they’ve been keeping under wraps. Should be a doozy.