As Bernanke prepares to make a decision this coming week about the U.S. monetary policy, the world is watching as if he is going to “save the day.” Can pumping more money into our monetary system really create new jobs? I say No, as many analysts have concurred.
Obama & Bernanke’s economic plan has not worked in four years, why now?
With 59 days until the election, it appears that the normally cool and collect President Obama is getting a bit worried about his chances of getting elected. It looks like he will be campaigning in Ohio, Michigan and Florida to push over his electorate numbers for a win. As I have said in the past, I am an Independent. I voted for Obama. Will I this time? No. He has not turned this economy around and I don’t buy his excuses.
Fed Chairman Ben Bernanke, speaking last month, said the U.S.must create “150,000 to 200,000” jobs a month just to keep the unemployment rate stable. So the latest 96,000 number of new jobs is really an awful number for a “recovery.”
The White House, during its convention, repeatedly claimed to have “created” 4.5 million jobs. Leaving aside the fact that businesses, not government, create jobs, it’s still factually incorrect.
According to Bureau of Labor Statistics data, payroll jobs in August totaled 133.3 million. The month Obama entered office, there were 133.561 million. So the number of jobs has shrunk. “Clearly the economic policies that have been implemented inWashingtonare failing,” said the U.S. Chamber of Commerce, commenting on August’s data.
The National Association of Manufacturers says, “The way to alleviate our economic pain is by enacting pro-growth tax policies, addressing the tough questions on entitlement programs that drive our national debt and putting an end to the regulatory morass that weighs down businesses across the country.”
By the way, the Congressional Budget Office says that “under current law” — that is, budgets passed by a Democrat-dominated Congress and signed by Obama — unemployment will surge to 9.1% next year as the U.S.economy goes over the “fiscal cliff” and into recession.
We as a country can ill-afford another recession. The number of people on food stamps is at its highest in history, the housing market is struggling to return to a reasonable market value and the people who have been unemployed for many months are becoming discouraged.
No matter who you support in this election, I urge you to look at the facts before you vote and then make your decision on who your next President will be. Numbers don’t lie.