Obama Jobs Deficit Near 13 Million
(Useful information from Congressman Huelskamp (R-KS)
February was the third anniversary of the passage of the President’s stimulus package, a package with a price tag of more than $1 trillion and a promise that unemployment would never exceed 8 percent. In the three years since the package became law, unemployment has never fallen below 8 percent. The Obama Administration projected that in 2012, the unemployment rate would be around 6 percent as a result of the stimulus. Assuming those projections and assuming the current size of the labor force (154.9 million), then 145.6 million Americans should be working right now. However, according to the February 2012 figures provided by the Bureau of Labor Statistics, the number of non-farm employees in February 2012 was 132.7 million, leaving a difference of 12.9 million jobs.
“A trillion dollars later and the stimulus still has not worked,” Congressman Huelskamp said. “The only thing America has to show for this massive government boondoggle is more debt and an Obama Jobs Deficit of nearly 13 million. The unemployment rate may be holding steady, but it is still more than 30 percent higher (2.3 percentage points) of where the Administration pledged it would be as the result of a trillion-dollar stimulus. Yet, some in Washington believe that the solution to America’s jobs crisis is more government spending when in fact it should be just the opposite. By cutting spending and showing some fiscal restraint, Washington would provide some much needed certainty.”