On Friday, the Wall Street Journal’s James Taranto wrote:
The nationwide unemployment rate dropped to 5.7% in May, as–huh? Oh wait, sorry, that’s wrong. Actually, according to the Bureau of Labor Statistics, “nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was essentially unchanged at 8.2 percent.” By “essentially unchanged” they mean increased from 8.1% in April.
We got the actual unemployment rate mixed up with what the Obama administration promised. As James Pethokoukis notes, 5.7% was the administration’s forecast (or, to be precise, transition team’s forecast) for May 2012 unemployment if Congress had enacted its $831 billion so-called stimulus bill, officially styled the American Recovery and Reinvestment Act of 2009. Congress balked, and here we are stuck with 8.2% unemployment.
He signed the so-called stimulus. They took pictures and everything.
Oops, sorry, wrong again! It turns out Congress did pass the so-called stimulus. The White House website even has video of Obama signing it into law on Feb. 17, 2009.
At a press conference last week, the president disparaged challenger Mitt Romney’s experience as a capitalist. “When you’re president, as opposed to the head of a private equity firm, then your job is not simply to maximize profits,” Obama said. “And so, if your main argument for how to grow the economy is I knew how to make a lot of money for investors, then you’re missing what this job is about. It doesn’t mean you weren’t good at private equity, but that’s not what my job is as president. My job is to take into account everybody, not just some. My job is to make sure that the country is growing not just now, but 10 years from now and 20 years from now.”
Well, true enough. A private investor sets out to make money rather than to create jobs, although when he is successful at the former, the latter is usually a byproduct. But Obama, as president, persuaded Congress to “invest” $831 billion on the promise that doing so would create millions of jobs. That money appears to have been completely wasted, if not to have actually destroyed jobs. Now they tell us, to quote Alan Krueger, chairman of the president’s Council of Economic Advisers, that “problems in the job market were long in the making and will not be solved overnight.”
On Monday, Taranto added:
Please excuse Barack, urged his supporters and operatives, offering one excuse after another. “I hate to ruin your weekend, but let’s be honest: Mitt Romney now has a good chance of being the next President,” wrote The New Yorker’s John Cassidy. “Obama’s policies helped prevent a Great Depression,” he claimed. “If the do-nothing Republicans in Congress had passed the Administration’s American Jobs Act”–that is, Stimulus Jr., which would have cost some $450 billion more, plus interest–“many more Americans would be working.”
In short, Obama’s economic policies are just too good for this lousy economy.
The night before the jobs report came out, Timothy Egan of the New York Times wrote that “the verdict is still out” on the president’s economic record. “Because he got hit with the Bush hangover, his overall job numbers show a net loss of about 850,000, from January 2009 to the present,” Egan writes. “But if you start a year into his presidency, Obama has added almost four million jobs.”
The verdict is also still out on the 2012 Chicago Cubs. Sure, if you count the whole season, they have one of the worst records in the Major Leagues. But if you ignore their losses, they’re an impressive 18-0.
In a news story by Jackie Calmes and Nicholas Kulish, the Times “reports” that Obama “is at the mercy of actors in Europe, China and Congress whose political interests often conflict with his own.”
This parade of broken promises and excuses therefor would never be accepted of a Republican president, of course. The 1992 presidential campaign proves that. More than once I’ve gotten the impression that this is 1980 all over again, with Jimmy Carter blaming American “malaise,” OPEC and any other convenient target.
A president with character would take responsibility for his failings and tell voters how he planned to get the country out of what appears to be the third economic downturn in his presidency.