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Obamanomics Fail: Unemployment Rate Rises

by Keith Koffler on June 1, 2012, 9:56 am

The unemployment rate rose from 8.1 percent to 8.2 percent in May, and the economy generated 69,000 new jobs, some 86,000 less than the 155,000 that were expected.

The economy needs to create about 150,000 jobs a month just to keep pace with the expansion of the population and maintain employment at a steady level. In April, the economy created only 77,000 jobs.

The White House can spin this any way it likes.

It can talk about the total number of jobs created over the past half century instead of focusing on this month’s numbers. It can discuss how we are digging out of the worst recession since the Black Death in Europe in 1348. It can say the George W. Bush was discovered under a sofa in the Blue Room still running the economy.

It can blame Europe, oil prices, the Japanese tsunami, the Space Station, sun spots, and Kim Kardashian.

But everyone knows this is Obama’s problem.

I saw a report recently that the Obama team has done enough to vilify anyone who brings up Jeremiah Wright – by shrieking that somehow this has something to do with racism – that they high five each other every time some Republican is heard talking about it.

The Romney team should be high fiving each other every time they hear an Obama campaign attack on Romney’s record at Bain Capital.

Because the public isn’t stupid.

People can see that after three and a half years of Obamanomics, the unemployment rate is going up. And the more they hear that Obama’s opponent was involved in the business sector – and yes, even that he made tough decisions that cost some people their jobs – the more they are going to consider putting someone in charge of the economy who might know what he’s doing.

They understand it is going to require some pain to fix things. And that Obama’s promises to soak the rich to pay for electric vehicles is not a reasonable economic program.

Leave a Comment

{ 56 comments… read them below or add one }

RWC June 1, 2012 at 9:57 am

What time is Carney’s briefing? Are you going to stream it as usual?

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anneinarkansas June 1, 2012 at 10:34 am

Bam is campaigning on Air Force One today so the presser will be from there…a guess on my part, of course.

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Jeff1000 June 1, 2012 at 11:14 am

Yeah, I love seeing Carney squirm too lol.

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Rick June 1, 2012 at 10:07 am

Obviously, bad news for America and thats really all that matters. How can this boob look himself in the mirror spinning this any other way?

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William June 1, 2012 at 10:15 am

On the positive side, Pres. Obama has successfully slashed federal spending. During his administration federal spending has been decreasing…….sorry, I’m laughing to hard to finish this snarky comment.

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Rick June 1, 2012 at 10:19 am

William, did you see the story a few weeks ago about how THE CAMPAIGN was actually taking credit for reduced traffic congestion on the roads? Of course WE know thats a function of gas prices and a lack of business to travel to/from. They seemed to have dropped that “victory” quickly!

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William June 1, 2012 at 10:30 am

Yes. This administration is in full self-parody mode. If a meteor were to smash into the National Mall requiring the repair of all the monuments, they would take credit for creating new construction jobs.

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Joe49 June 1, 2012 at 4:42 pm

Yes during Obama Adm federal spending has been decreasing,while during Bush was increasing.According to P.Krugman to come out of the crisis we need to increase federal spending so the country need to follow Krugman advice and follow GWB policies.Since even Krugman knows that GWB can not be reelected I suspect he suggest for the county to elect Romney or Jeb Bush.
LOL

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Susan June 1, 2012 at 4:53 pm

Huh?

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Shofar June 1, 2012 at 10:16 am

I’d rather be trickled on, than sit here hoping for change.

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Jojo June 5, 2012 at 12:32 pm

That is perfect.

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gracepmc June 1, 2012 at 10:22 am

America is suffering and Obama is making us pay for his fundraising trips. BTW, off topic but, I just saw the Quote of the Day about the Poles and Sudetenland — funny.

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lcsouthern June 1, 2012 at 10:24 am

Pelosi wants Obama to keep the Bush tax cuts or at least let you earn up to a $1,000,000…wonder who’s been talking to her. Some of her “rich” supporters?
Obamanomics does not work, will never work. Everyone I talk to can’t wait for Nov to vote them out.

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langley spook June 1, 2012 at 12:13 pm

wouldnt you like to see what type of “Economics” classes Barack Hussein Obama took at Columbia Univ, since he is such a genius & the bestest President ever… -lol

(Oh, my bad… NO ONE is allowed to see/talk about Barack Hussein Obama’s “college records”…)

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DeniseVB June 1, 2012 at 10:28 am

Judging by his campaign schedule today, Obama doesn’t seem all that concerned ;)

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anneinarkansas June 1, 2012 at 10:33 am

I love your comment in the piece that they could blame George Bush for hiding under the sofa!
No way to spin it. Obama owns this econony.

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KmB June 1, 2012 at 10:34 am

What really is telling about these numbers is the fact that the unemployment percentage growth is despite the large number of individuals who have given up looking for employment and thus are not officially counted as unemployed.

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Girly1 June 1, 2012 at 10:41 am

The WH issued a statement stating (in part) that “The problems of American’s job situation will not be solved over-night. We must continue the President’s policies that will help us dig out of the situation. The President is pushing for the American Jobs Act, (STIMULUS). We must not look at the month-to-month numbers – they are too volatile. Do not put too much faith in monthly numbers.”

“There is much more work to be done to repair the DAMAGE caused by the financial crisis and deep recession that began in 2007.”

BLAME BUSH
MORE STIMULUS $$$
DON’T PAY ATTENTION TO THE NUMBERS

Meanwhile, Barry the Coward, is hiding out on AF One, as usual, Just heard that Bill Clinton will be traveling to Wisconsin to do Obama’s dirty work before the election on Tuesday. The Romney camp must be ecstatic!!!

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sportinlife10 June 1, 2012 at 11:20 am

Nothing to see here. Move on.

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JBH June 1, 2012 at 11:32 am

I know I’ve read the question before, but exactly how do you dig yourself out of a hole? His digging is only making the hole deeper and covering us with more dirt! At least they could use a better analogy. Maybe, “we need to institute policies that help us climb out of the chasm created by George Bush, et.al.” He would probably have to google the definition of chasm and heaven forbid if it were on a teleprompter he would pronounce it with a “ch” sound and not “k”. He should be called LOTUS, not POTUS. Loser of the United States. Enough rambling.

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daybreak June 1, 2012 at 4:30 pm

Obviously, pure irony is lost on this administration. Certainly, if this administration were a republican one instead of Obama’s, the democrats would be all over every one of these monthly jobs reports and hollering from the hills about it.

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Suzie June 1, 2012 at 10:58 am

One Nation Under Obama with Poverty and Unemployment For All.

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Rod June 1, 2012 at 11:10 am

Not to worry – Ubama and his economists will simply find a way to disqualify even more people from the denominator and soon the “unemployment” rate will be well on its way to 7% by Election Day. Of course, the people who don’t have jobs will continue to rise, but Ubama has never really been concerned with people in this country who can’t find work.

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sportinlife10 June 1, 2012 at 11:21 am

Keith, the WHD is a joy. Thanks so much for your reporting. Does anyone else print the o’s daily schedule?

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Sadie June 1, 2012 at 11:24 am

Obama’s “shovel ready” programs has buried the economy.

“..worst recession since the Black Death in Europe in 1348″

2012: It’s the “Barackabonic Plague”.

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Rick June 1, 2012 at 11:56 am

OUTSTANDING! And just think: There IS a cure! Its called voting in November 2012…….

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Wigglesworth June 1, 2012 at 11:37 am

On CNBC this morning Becky Quick asked Eric Kantor if Republicans would be willing to do more ‘stimulus’ to help the economy. ha ha ha.

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Laurie June 1, 2012 at 3:11 pm

Intelligent people learn from their mistakes…..

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Chuck Thomas June 1, 2012 at 11:38 am

“But everyone knows this is Obama’s problem.”

I would not rule out the possiblity that everyone EXCEPT Barry, knows that this is his problem. With the fawning press, fainting fans, the enabling advisors, and the complicit congressional demoncrats, this effeminate and narcissistic Kenyan is probably convinced in his own mind that any and all problems really are attributable to either circumstances beyond his control, or are the result of some concerted effort to make sure a (half) black president is not going to succeed. His unscripted moments combined with the “optics” around the first family and their travel and entertainment choices, betray the suggestion that this man is particularly intelligent in either a practical or political sense.

So, while the facts about the economy and its response to his economic policies are as plain as the mole on the side of his nose, it would not shock me if we were to find out that he really is clueless about how bad things really are and that his administration has done nothing other than to make matters worse.

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Girly1 June 1, 2012 at 11:47 am

JBH
“I know I’ve read the question before, but exactly how do you dig yourself out of a hole? His digging is only making the hole deeper and covering us with more dirt! At least they could use a better analogy”

He’s digging his own grave, JBH. He thinks he’s going to bury us – but we will bury him in Nov. Sorry for the macabre analogy…

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JBH June 1, 2012 at 12:02 pm

I think macabre is appropriate now. That would be another good one to have show up on his teleprompter!

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creeper June 1, 2012 at 12:01 pm

If they’re admitting to 8.2%, what do you suppose it really is?

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Crazy Diamond June 1, 2012 at 4:41 pm

If the work force were the same size as it was at the beginning of 2009, it would be well over 11% today using the same barometer.

Remember, the stimulus was supposed to keep unemployment from spiking above 8% and then steadily bring it back down. Instead, it spiked to over 10% and appears to be settling in above 8%.

Maybe a large stimulus would have worked if it had gone towards real investment in infrastructure. Who knows? As it stands, the word “stimulus” is now borderline taboo because it was largely spent spraying cash around to preferred clientele.

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Lizzy June 1, 2012 at 12:06 pm

‘Because the public isn’t stupid’. As long as the cabal running BO’s re-election
flight schedule keep that thought we should be well rid of both freeloaders come November.
Ironic Romney could blame Obama and it would be true. But first he’s smart
and has business background and he would actually work in the Oval Office
daily. Also he is a gentleman and we might get a leader.

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langley spook June 1, 2012 at 12:08 pm

No Jobs = Not Obama’s Fault.

And that is how the “Media” will report it.

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JeanS June 1, 2012 at 12:21 pm

“George Bush discovered under a sofa in the blue room…”

ROTFLOL. Yes! Thank you. I needed that laugh this morning.

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Descarado June 1, 2012 at 4:00 pm

Three years, and nothing has come of that crackhead shill, “Hope and Change,” so Team Obama’s new mantra is now “Mean and Nasty.”

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Charles June 1, 2012 at 4:18 pm

the public is stupid. they actually think obama is a socialist and they actually allow people as WH reporters that think obama’s policies are drastically different from his predecessors and thus comprise “obamanomics.” I disagree with basically everything obama has done, but that is simply bc he has basically followed everything bush has done, his tax policy and his foreign policy has been identical. like bush he has allowed corporations, top donors, and lobbyists lead the debate. sure he at times has populist rhetoric but he never acts on these threats against corporations and the top 1%, it is why they so actively and eagerly give to him, and why it is reasonable that he will raise 1 billion $. if he actually was “socialist” or a progressive, obama and his team would support the wisconsin gov. recall, and they would actively engage the occupy movement.

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al miller June 1, 2012 at 4:45 pm

The press is starting to slowly turn on the man child. Even his bud
Bubba has the long-knives out, good luck man child

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Crazy Diamond June 1, 2012 at 4:32 pm

“Because the public isn’t stupid.”

Maybe not but they are gullible. Romney would do well to frame the debate in terms of fairness. Free markets are fair; Solyndra, GM, Morgan Stanley, (need I go on?) are not. It’s very simple and it appeals to the large part of the electorate that vote on emotion rather than any logical formulation.

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Scott June 1, 2012 at 4:46 pm

As is the norm, a great post. Cool to see you being picked up on RCP, too.

I agree with your point about Romney having made tough decisions. Most folks (other than the most radical leftists) are ready for a president WITH A PAIR. I’m actually looking forward to hearing some tough news regarding spending cuts and maybe even a few tax increases from the new administration in 2013.

Time for some bitter medicine, America. Go ahead and take it. It’ll make you feel better.

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Joe Schmoe June 1, 2012 at 4:49 pm

The title of this article is utterly misleading. This hasn’t been ‘Obamanomics’.

What we’ve had is an element of the GOP (Tea Party) that has blocked any attempt by the president to apply his true economic policies. In particular as it relates to taxes. They’ve filibustered (first 2 years), and overall blocked any attempt by the administration to pass policies that would create jobs (in line with Obamanomics). Not to mention their aversion to bipartisan legislation in general.

The smart voters will see this. And kick out this extreme element (Tea Party) come November.

It’s so simple. I’m pretty shocked a “Veteran White House reporter” couldn’t see it …

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Susan June 1, 2012 at 5:09 pm

Keep right on sucking on the government teat and we’ll save America in spite of you, Joe.

“If ye love wealth better than liberty, the tranquility of servitude than the animating contest of freedom, — go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that ye were our countrymen!”
~Samuel Adams, Member of the original Tea Party.

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RobLACa June 1, 2012 at 5:16 pm

What about the 2010 well deserved SHELLACKING don’t you and your criminal organization of democrats understand?

Desperate criminals.

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Jojo June 5, 2012 at 12:43 pm

What those of us with a brain see is that had it not been for those damn “obstructionist” Republicans (who were elected to do EXACTLY what they have been doing) the economy would be even worse, our debt would be going on $20 trillion (instead of only $15) and Obama would still be pointing his skinny little finger at Bush in his non stop blame game. I think Schmoe is a fitting name for you Joe (per dictionary: A stupid or obnoxious person.)!

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CrankyFrank June 1, 2012 at 5:42 pm

The Obama administration becomes more and more like the Wizard of Oz scene where Dorothy uncovers the truth that the “Wizard” is a charalatan. Perhaps we are there now!

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Doug Schexnayder June 1, 2012 at 5:53 pm

The enemy of the apostles of utopian socialism is always reality…
they ignore the basic laws of economics…then their toxic policies bring personal pain to tens of millions…
their tactics worldwide are always the same…
distractions, bold lies, demons and smears….
its all they have because their principles have failed for decades in nation after nation…
these are some of the dumbest (bout most arrogant) humans God ever made.

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Rick June 1, 2012 at 6:44 pm

Obamas’ polices do to work its just headwins. He will NOT loose! Your a bigget and your poles are rasist!

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al miller June 1, 2012 at 6:58 pm

my head hurts after trying to read through that post. God help us all!!

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Sadie June 1, 2012 at 7:21 pm

al miller

Rick’s comments are a keeper. LMAO. A true product of the Dept. of Education.

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Scott June 1, 2012 at 7:37 pm

Is your last name “James”? Your post was super freaky, yow.

Go smoke another bowl or light up another rock.

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Jojo June 5, 2012 at 12:47 pm

Can’t help but love a Troll who proves the point…

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csd June 1, 2012 at 7:04 pm

Will the MSM return to “the Presidency is a job too big for one person” topic they tried a couple of years ago to cover up Obama’s failure ?

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Joseph Rene DuPont June 1, 2012 at 11:52 pm

Dear Editor,
Rush Limbaugh once called Liberalism a mental disease. The more I see Liberals continue to ignore the realities of what economic disasters Obama has precipitated on America, the more I am inclined to agree with Rush. How can anyone be surprised at high unemployment rates and climbing debt when Obama continues to sick his governmental agencies on businesses and threaten to increase capital gains taxes! Obama has done more harm to this country by lying his way into power than all the enemies this nation has faced since its inception in 1776! Obama criticizes Romney for being successful while Obama squandered trillions lining the pockets of his friends on unsuccessful solar, algae oil, electric car projects while sabotaging our gas, oil and coal resources!

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Joseph Rene DuPont June 1, 2012 at 11:52 pm

Rush Limbaugh once called Liberalism a mental disease. The more I see Liberals continue to ignore the realities of what economic disasters Obama has precipitated on America, the more I am inclined to agree with Rush. How can anyone be surprised at high unemployment rates and climbing debt when Obama continues to sick his governmental agencies on businesses and threaten to increase capital gains taxes! Obama has done more harm to this country by lying his way into power than all the enemies this nation has faced since its inception in 1776! Obama criticizes Romney for being successful while Obama squandered trillions lining the pockets of his friends on unsuccessful solar, algae oil, electric car projects while sabotaging our gas, oil and coal resources!

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CreditCardEducation.com August 10, 2012 at 10:22 am

Obama also ignores the history of tax cutting:

Every major marginal rate income tax cut of the last 50 years—1964, 1981, 1986 and 2003—was followed by an unexpectedly large increase in tax revenues, a surge in taxes paid by the rich, and a more progressive tax code—i.e., the share of taxes paid by the richest 1% rose.

For example, from 1980 to 2007, three tax rate cuts brought the highest marginal tax rate to 35% from 70%. Congressional Budget Office data show that when the tax rate was 70%, the richest 1% paid 18% of all federal income taxes. With the rate down to 35% in 2008, the share of taxes paid by the rich doubled to 40%.

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