The Media is all agog, kind of like the little green men in Toy Story that follow around Buzz Lightyear going “oooh the chosen one.” In this case they are gushing about President-elect Obama’s plan to add 2.5 Million Jobs by January of 2011. There is only one little problem, 2.5 Million Jobs in two years is NOTHING.
Take a look at history as laid out by Investor’s Business Daily:
Every presidential candidate in recent times has claimed that his policies will lead to the creation of millions of new jobs — often making promises far bolder than Obama’s.
In 1988, George H.W. Bush promised 15 million new jobs. In 1992, Bill Clinton said his economic plan would create 8 million. In 2000, Al Gore promised 10 million new high-tech positions. That same campaign, George W. Bush said his tax cuts would add 5 million to payrolls. In 2004, John Kerry pledged 10 million.
Earlier this year, Hillary Clinton offered up a plan during the primaries that she said would create 3 million jobs just “through increased investments in the nation’s infrastructure.”
Such promises are easy for politicians to make because a growing economy creates enormous numbers of new jobs, no matter who sits in the White House.
Since Eisenhower’s first term, the economy has created an average of 1.5 million new jobs each year. Since Reagan’s first term, the average has been about 2.5 million a year. And Reagan, who inherited an economy as bad if not worse than the current one, saw 6.3 million new jobs created four years after he entered the White House.
Even worse is the fact that if we do add 2.5 million Jobs in the next two years, the percent unemployment will go UP. The Bureau of Labor Statistics estimates that 2.6 million people will join the work force, meaning there will be 100,000 more unemployed Americans after two years of an Obama Presidency.
Once Again The President-Elect is all talk no subtance.
Read the full article here.