THE OBAMA RECESSION, NO NEW JOBS IN AUGUST
The new Labor Department report was released and not only did unemployment remain steady at 9.1% which does not take into count those who have simply given up looking for work making the figure much closer to 15%, but for the first time since World War II The United States economy had a net ZERO in new job creation.
Even economists were conservatively looking at a measly 75,000 new jobs created as they anticipated the August report, no one expected to see ZERO. This coming after, according to most economists, the recession technically ended two years ago. Remember, "technically," a recession is when economic growth shows a negative figure and though staying consistently well below two percent the US economy has shown stagnant or little growth in the last two years so, "officially," we have not been in recession.
Setting technical data aside, with unemployment not improving and zero job creation combined with a still very bad economy though extremely minimal economic growth has been experienced the general mood around the country is that we are still in recession and the economic out look is not only not improving but current policy from both Congress and the administration give no immediate hope of anything changing before the 2012 election.
Now a zero jobs report before Obama's touted jobs speech to Congress next Thursday does not bode well for Obama, his speech nor his chances of reelection in 2012. In fact there is not much worse news that he could receive before making his speech which all indications point toward more of the same as far as his big, "plan," to supposedly stimulate the economy and his much touted jobs program which STILL depends of failed infrastructure that even Obama has admitted are not as, "shovel ready," as he thought.
For the millions out of work an economy that is creating zero in new jobs does not provide any comfort especially those who have already given up trying to find work. Another public relations speech covering the same old plans and using the same old blame the previous administration rhetoric is NOT what the American people need now. Tax relief for business as well as decreasing burdensome regulations that have INCREASED dramatically during the Obama reign is what is needed to allow private business to fell comfortable enough to start hiring again and get unemployment down.
When business hears only talk form the White House of the,"need," to increase taxes and reports on new regulation coming from Executive Orders that bypass even a sluggish Congress it is no wonder that the August jobs report show a net gain of ZERO. In this type of economic atmosphere which has been created by Obama policy how can any other result be expected.