Once upon a time, in a country now barely recognizable, a certain errand boy sent by grocery clerks uttered the words, "This was the moment when the rise of the oceans began to slow and our planet began to heal …"
In that same lofty speech, a warning was given that 52% of the electorate unwisely ignored at their peril: “We are five days away from fundamentally transforming the United States of America.”
Those five days passed and in early 2009, the regime of the errand boy boldly predicted that if Congress passed his $800 billion stimulus plan that by this time the nation’s unemployment rate would be around 5.6%.
This country’s jobless rate has remained perched at above 8% for 41 straight months. The average length of unemployment rose to 39.9 weeks in June. Companies continue to be cautious in their hiring making it harder for those without jobs to find work.
It will take 219,000 net new jobs a month for the unemployment rate to be below 8% on Election Day if the current participation rate holds steady.
James Pethokoukis, writing for American Enterprise Institute, reminds us that, “Job growth during the three-year Obama recovery has averaged just 75,000 a month for a total of 2.7 million. During the first three years of the Reagan Recovery, job growth averaged 273,000 a month for a total of 9.8 million. If you adjust for the larger U.S. population today, the Reagan Recovery averaged 360,000 jobs a month for a three-year total of 13 million jobs.”
Hmmmm…it is reasonable to conclude that the sooner the errand boy sent by grocery clerks is removed from the levers of power the better. Hurry up November.