July 8, 2011

Recent Comments By A Top Obama Adviser Reveal A White House Out Of Touch With The American People:

On Wednesday, Senior Obama Adviser David Plouffe Said Americans Don’t “View The Economy Through The Prism Of GDP Or Unemployment Rates Or Even Monthly Jobs Numbers.” “The White House’s top political adviser, downplaying the significance of the unemployment rate in the 2012 election … While history has shown the unemployment rate to be a leading indicator of an incumbent’s success, [David] Plouffe said Americans won’t base their votes on it. ‘The average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers,’ Plouffe said.” (Julianna Goldman, “Unemployment Rate Won’t Hobble Obama’s Re-election, White House Aide Says,” Bloomberg, 7/7/11)

The Latest Numbers: 9.2% Unemployment Rate And Job Creation “Ground To A Halt”:

The National Unemployment Rate Increased To 9.2% In June As The Monthly Jobs Report Fell Far Below Expectations. “Nonfarm payroll employment was essentially unchanged in June (+18,000), and the unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major private-sector industries changed little over the month. … The number of unemployed persons (14.1 million) and the unemployment rate (9.2 percent) were essentially unchanged over the month. Since March, the number of unemployed persons has increased by 545,000, and the unemployment rate has risen by 0.4 percentage point.” (Bureau of Labor Statistics, Press Release, 7/8/11)

CNBC: Employment Growth “Ground To A Halt In June … The Report Shattered Expectations That The Economy Was Starting To Accelerate.” “U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dampening hopes the economy was on the cusp of regaining momentum after stumbling in recent months. … The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported. The report shattered expectations that the economy was starting to accelerate after a soft patch in the first half of the year.” “Jobs Picture Gets Even Worse As Rate Swells To 9.2%,” CNBC.com, 7/8/11)

Flashback: President Obama’s Advisers Predicted The Stimulus Would Keep The Unemployment Rate Below 8%:

(Romer and Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

The Unemployment Rate Remains Higher Than Obama Officials Predicted Would Occur Either With Or Without The Stimulus. The Romer-Bernstein analysis projected that by this time – the end of Q2 2011 – unemployment would be less 7% with the stimulus in effect and roughly 8% without the stimulus. (Christina Romer and Jared Bernstein, White Paper, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Under President Obama, Job Creation Is Failing To Keep Up With Population Growth And Is Well Below What Is Needed To Return The Economy To Solid Footing. “Most economists expect a report from the Bureau of Labor Statistics to show that the nation added about 100,000 jobs in June. That’s not enough to keep up with population growth, let alone lower the unemployment rate or make a dent in the 9 million jobs lost during the so called Great Recession. … The economy would have to add 350,000 jobs every month between now and December 2014 to get back to the pre-recession low of 5 percent unemployment, last seen in December 2007, according to the Economic Policy Institute (EPI).” (Ian Swanson, “Top Obama Adviser Says Unemployment Won't Be Key In 2012,” The Hill, 7/7/11)

Then-Senator Obama, In 2008: “I Want To Start Creating Jobs Here In The United States. That's Going To Be My Central Focus When I'm President Of The United States.” (Sen. Barack Obama, Remarks In Duryea, PA, 9/5/08)

President Obama, One Year Ago: “Now, Make No Mistake: We Are Headed In The Right Direction.” (President Barack Obama, Remarks At Joint Base Andrews, MD, 7/2/10)

###