“Remain calm! All is well!”
When Chip Diller was famously trampled by the mob at the parade in the movie Animal House, he was yelling desperately in hopes of saving a Homecoming parade. And that was funny. But when the people supporting our Administration and Congress’s failed fiscal policy continually flail about in denial very much like Chip, as we’ve discussed on my Facebook page, it’s not funny anymore.
Unemployment edged up in August, from 9.5% to 9.6%. Not to worry! President Obama says we’re “headed in the right direction.” Really, sir? There’s a lot of skepticism about that analysis–hardly surprising given that the President cherry-picked snippets of data from the Labor report for his press conference, ignoring that:
- August still saw more jobs lost than created: 54,000 jobs gone, in the third straight month of losses;
- approximately 100,000 people joined the job market simply through population growth, meaning job growth is still falling behind;
- the Labor Department’s “U-6 unemployment” reading, which includes people who can’t find full-time work or have stopped looking altogether, has jumped to 16.7%.
That last metric is really the most jarring. The U-6 rate tells us that fully one in six Americans who are willing and able to work a full-time job can’t, because the work simply isn’t out there.
So, why is nobody hiring one-sixth of the eligible American workforce? The answer is that employers are petrified of what Nancy Pelosi, John Hall, and the rest of the Congressional majority are going to do to them if they try. Americans for Tax Reform is still counting down the days until the coming tsunami of tax hikes starts hitting the beach, including allowing the 2001 and 2003 tax cuts to die, the onset of the Democrats’ health care bureaucracy, and an onslaught of increased expenses and taxes on small businesses.
President Obama (and Speaker Pelosi and Mr. Hall), you won’t get a recovery if you put enormous new burdens on the very people who are needed to power it. If you want to avoid your policies’ being trampled by a massive economic decline, cut the taxes and stop the spending. We have some great ideas for you on our campaign website!