We don’t need some overpaid jerk at Bloomberg to tell us that Obama’s policies have failed. And we sure don’t need the same jerk telling people what the Republicans are doing. I mean c’mon people, everyone and their grandmother is seizing on the fact that Obama’s policies are garbage.
Anyway, read it and weep!
Republicans Seize on Jobs as Proof Obama’s Policies Have Failed
Oct. 2 (Bloomberg) — Republicans seized on a jobless report showing mounting losses to criticize President Barack Obama’s policies and shift the blame for U.S. economic woes to his administration rather than his predecessor, George W. Bush.
U.S. payrolls dropped by 263,000 last month and the unemployment rate ticked up to 9.8 percent — its highest level since 1983 — with losses extending from cash-strapped state and local governments to retailers and builders, a Labor Department report showed.
Republicans said today the acceleration of losses is evidence Obama’s $787 billion stimulus plan and the administration’s other economic recovery programs are failing. The jobs numbers put Obama on the defensive after previous economic reports signaled a recovery was gaining traction.
“The handover from the Bush administration is fast becoming a memory,” said Christopher Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “The increasing job losses are going to spread some heat to the corner office if this recession does not finish up soon.”
Obama said the report is “a sobering reminder that progress comes in fits and starts and we’re going to need to grind out this recovery step by step.”
Speaking at the White House after returning from a trip to Copenhagen in what turned out to be a failed bid to bring the 2016 Olympics to Chicago, Obama said he and his advisers would “explore any and all additional options and measures that we might take to promote job creation.”
Within minutes of the release of the government’s report, Republicans began e-mailing statements faulting Obama’s policies.
“President Obama can either acknowledge that his economic experiments have failed and change course, or continue down this path and see even more Americans lose their jobs,” Michael Steele, chairman of the Republican National Committee, said in a statement.
House Republican leader John Boehner, who criticized Obama for traveling to Copenhagen, said Democrats’ pledges that the stimulus package would create jobs are proving false.
“The president himself has said that job creation is the ultimate measure of economic performance,” Boehner said in a statement. “With roughly 3 million private-sector jobs lost since the ‘stimulus’ was enacted, Americans can’t be blamed for asking, ‘Where are the jobs?’”
Jared Bernstein, chief economic adviser to Vice President Joe Biden, defended the administration’s economic policies.
“The recession would be much worse without those interventions,” he said in an interview. Still, he added, the job picture is “worse than anyone thought.”
Obama may soon suffer the political fallout from the recession that began under his Republican predecessor if the losses continue, said political scientist Bruce Buchanan at the University of Texas in Austin. The president and his party would pay a price in next year’s congressional elections if the numbers continue to disappoint.
“There’s no escaping the economy as a drag on the midterms,” Buchanan said.
Democrats at this point aren’t in danger of losing their majorities in Congress, he said. The political damage will be limited “barring some peg to hang repetition on.”
When Obama took office in January, the U.S. unemployment rate was 7.6 percent. September’s unemployment figure would have reached 10.4 percent if hundreds of thousands of Americans hadn’t opted out of the labor force because jobs are so hard to get, Rupkey said.
Before taking office, Obama’s team predicted that passage of the stimulus plan would keep unemployment from rising above 8 percent, said John Pitney, a political-science professor at Claremont McKenna College in Claremont, California.
“As long as the unemployment rate tops that level, the story isn’t ‘hope’ or ‘change’ but disappointment,” he said.
In June, Obama said he expected the unemployment rate to reach 10 percent.
Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York, said it’s too soon to point the finger at Obama, who took office Jan. 20.
The president’s policies and programs need to be in place for a year before they can be fairly judged, he said.
“Regardless of your political stripes, you need to have some patience,” he said. “The question will be: How does the economy look in the first quarter of next year?”
Biden said the unemployment figures show there’s “more work to do” on the economy. The administration “inherited an awful lot of baggage,” he said.
“We knew the recovery would come in fits and starts and job creation would be the last element to come in place,” Biden told reporters at the White House.
Still he said he remains confident in the recovery and defended the stimulus package.
“We are working hard on every front to turn this economy around,” Biden said. “As bad as things are, they would be far worse without the recovery plan,” he said.
House Speaker Nancy Pelosi, a California Democrat, said in a statement that even though the rate of job losses has begun to decline from the final months of the Bush presidency, Democrats “will not be satisfied until we have job growth.”