Friday, September 02, 2011

Obama's Big ZERO Job Creation for August

Who will he blame this on?

First we had a Stimulus Bill that the Obama Administration promised would keep unemployment below 8%. In Spring 2010, Vice President Biden promsied a "Recovery Summer" with hundreds of thousands of new jobs every month. Now we learn that in August 2011 there was ZERO job growth and that the unemployment rate remains at 9.1%.

Obama has pointed the finger of blame at everyone but himself. At what point does he admit that many of his policies are actually hampering job growth?

Republicans in the House of Representatives led by Speaker Boehner have been pursuing an aggressive legislative agenda designed to get government off the backs of job creators and cut the increasing levels of red tape that is choking our economy. Yet nearly every measure put forward by House Republicans has been blocked by Democrats in the U.S. Senate.

Obama will give his big speech next Thursday to a Joint Session of Congress. No doubt we will hear more empty words about how Democrats and Republicans need to work together to solve the jobs crisis. Yet will we hear one word from Obama demanding that his fellow Democrats in the Senate allow legislation from the GOP House to come up for a vote? Don't bet on it.

More Jobs, Lower Gas Prices and Decrease Deficit in One Move NOW!

Forget green jobs. Furthering a green agenda is a recipe for additional decline and hardship. But there is one way to get job growth started immediately by lifting Obama's permit slowdown on new oil and gas development. Think about this:
The Wall Street Journal reports that, thanks to Obama's ban on deep-water drilling and his administration's subsequent slow-walking of permit applications, we are losing out on 375,000 barrels of oil per day. That's just over 2 percent of American consumption that simply vanished -- an amount that is more than enough to affect prices at the pump -- and about one-third of the daily production losses because of Libya's ongoing civil war.

At today's prices, the Obama-induced loss of production represents $40 million per day in lost oil revenue. Spread over a full year, that comes to $14.6 billion that could be supporting thousands of sustainable, good-paying American jobs at no cost to the taxpayer. That is a much better deal than Obama's $800 billion stimulus package, which appears to have added far more to the national debt than it ever will to national employment. It seems clear that ideological and not economic considerations are at work in this administration's energy policy. The same politician who once said that energy prices would "necessarily skyrocket" under his plan seems less intent on job creation or energy security than he is on putting oil producers in a regulatory straitjacket and browbeating Americans into accepting the lower standard of living that inevitably results from energy scarcity.
But anyone who expects Obama to reverse his Administration's clamp down on domestic oil production, regulatory overreach or Keynesian economics will be disappointed. He simply cannot let go of the left wing ideology that has been his soulmate in life. To do so would mean admitting that his policies are an utter failure. Something the rest of us realized a long time ago!

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