Job Recession: The White House has gotten into
the habit of blaming everything on Republicans. Nowhere is that more
evident — or mistaken — than in the debate over the extension of
jobless benefits.
President Obama, for example, leveled an attack Monday at
Republican lawmakers, essentially saying they were denying extended
unemployment benefits for millions of jobless Americans. "It's time
to do what's right, not for the next election, but for the middle
class," he said, implying that the GOP's only concern was politics.
We're not surprised. It's in the grand tradition of political
bad-mouthing to claim the opposition is heartless and hateful. But
the president forgets: It was the Democrats who insisted on a new
system for budgeting, to make sure the deficit didn't grow.
Republicans, in fact, support the $34 billion extension of jobless
benefits; they just want Congress to find an equivalent amount in
cuts, as required by the Democrats' own rules.
Remember last February? Trying to convince Americans they were
the fiscally responsible party — despite pushing the U.S. deficit to
$1.4 trillion, or 10% of GDP, and adding trillions to our nation's
debt — Democrats passed a "Pay-Go" law requiring that any added
spending would be offset with cuts.
They got a lot of political mileage out of that. But before the
ink on the bill was dry, they began ignoring it, spending more on
health care, aid to the states, jobless benefits, expansion of the
child tax credit and government loan programs for small businesses,
among other goodies, with no cuts.
In short, they had it both ways — posing as deficit-cutters while
at the same time spending vast sums of money on various forms of
"stimulus." As we all know, the Keynesian stimulus has been a tragic
failure, denying millions of Americans the right to meaningful work
by killing off the economic growth that is the source of an
expanding work force and rising wages.
Yet, incredibly, Obama's vice president now blames Republicans
for the stimulus' failure. "In order to get what we got passed, we
had to find Republican votes," Joe Biden said Sunday, arguing the
$862 billion stimulus was "too small" because only three Republicans
supported it.
Too small? For the record, Obama's own original estimates saw a
stimulus of $775 billion to $800 billion, with unemployment topping
out at 8%. Well, the stimulus was $862 billion, and today
unemployment is 9.5%. We're still down 3.1 million jobs since the
Democrats gained control of the entire federal government, and 7.5
million since the recession began.
The math behind this isn't pretty. The liberal Brookings
Institution now puts the "job gap" at nearly 11.3 million — its
estimate of "the number of jobs it would take to return to
employment levels from before the Great Recession, while also
accounting for the 125,000 people who enter the labor force."
So far this year, we've added about 100,000 jobs a month. But as
Washington Post columnist Ezra Klein notes, even at 200,000 new jobs
a month, it'll take 12.5 years to just get back to even. So much for
Biden's hokey "Recovery Summer."
The New York Times, in a headline Monday, asks: "Mystery for the
White House: Where Did the Jobs Go?"
What's mysterious about it? The jobs were sucked into a vortex of
expanding regulation, rising taxes, soaring spending, government
takeovers of key industries, and surging deficits and debts that
have created mass uncertainty among businesses and the
entrepreneurial class that does most of the hiring.
Name-calling is no substitute for the ugly truth: The Democrats'
stimulus policies have failed miserably.