Aborting Job Creation, Obama Style!
I made the case recently that we are not better off than we were four years ago. Most economists agree that we need at least 300,000 jobs created a month to significantly reduce unemployment rates and job creation, and the best years of the Obama era has been half of the needed numbers. If you look at past recoveries like the Reagan years, job creation has occurred at more than double the rate of what Obama has created.
The decline of participation rate is a sign of a lack of job creations by the private sector occurring over the past four years. Since 2009, the entire workforce shrunk dramatically, but one can give Obama the benefit of the doubt for the first year of his administration. However, one report from the Heritage Foundation noted that, job creation has not recovered since the recession began in 2007. As I observed in a previous column, unemployment would be in double digits if the labor force participation rate was similar when Obama took his oath. So the question that remains is where are the missing jobs?
While Obama and his accolades brag about 4.5 million jobs, a question that Romney should ask is what happens to those 4.5 million jobs that were not created? If Obama's recovery had matched past recoveries, we should have seen at least 9 million jobs created, not the puny 4.5 million created.
Many Americans have simply quit looking for jobs, for there are no additional jobs being created. The American job creation machine is no longer pumping job after job after job. The failure of Obama’s policy has led to essentially a jobless recovery or as close as one could get to a jobless recovery, and that is not a true recovery. Obama's economic plans have aborted 4 million jobs from being created.