Bad news for the U.S. economy and for Barack Obama. We're in the jobs doldrums.
Unemployment for June is stuck at 8.2 percent, the same as in May. And only 80,000 new jobs were added.
Remember, 125,000 news jobs are needed just to keep up with the increase in the population of Americans who need jobs. That means the jobs situation continues to worsen.
The average of 75,000 new jobs created in April, May and June contrasts sharply with the 226,000 new jobs created in January, February and March.
In Ohio yesterday, Obama reiterated that he had inherited the worst economy since the Great Depression. That's true. But the excuse is wearing thin. It's his economy now, and most voters don't care what he inherited.
In fact, a good case can be made that the economy is out of Obama's hands -- that the European debt crisis and the slowdown in China will have far more impact on the U.S. economy over the next four months than anything Obama could come up with, even if he had the votes.
Yet he has to show he understands the depth and breadth of this crisis, and is prepared to do large and bold things to turn the economy around in his second term if and when he does have the votes in Congress. So far, his proposals are policy miniatures relative to the size of the problem.
But the real political test comes after Labor Day. Before Labor Day, Americans aren't really focused on the upcoming election. After Labor Day, they focus like a laser. If the economy is moving in the right direction then -- if unemployment is dropping and jobs are increasing -- Obama has a good chance of being reelected. If the present doldrums continue -- or worse -- he won't be.
ROBERT B. REICH, Chancellor's Professor of Public Policy at the University of California at Berkeley, was Secretary of Labor in the Clinton administration. Time Magazine named him one of the ten most effective cabinet secretaries of the last century. He has written thirteen books, including the best sellers "Aftershock" and "The Work of Nations." His latest is an e-book, "Beyond Outrage." He is also a founding editor of the American Prospect magazine and chairman of Common Cause.
Follow Robert Reich on Twitter: www.twitter.com/RBReich
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 |
|
| Obama | Romney | |
|---|---|---|
| Electoral Votes (270 to win) |
332 | 206 |
| Obama | Romney | |
|---|---|---|
| Total | 65,899,660 | 60,932,152 |
| Percent | 51.1% | 47.2% |
| Democrats* | Republicans | |
|---|---|---|
| Current Senate | 53 | 47 |
| Seats gained or lost | +2 | -2 |
| New Total | 55 | 45 |
| Democrats | Republicans | |
|---|---|---|
| Seats won | 201 | 234 |
Right on Robert!
Reich is right about the need for bold plans. However, much could be done here and now to mitigate unemployment and slow growth. Of course, votes in Congress will be required and most assuredly, that will not happen! After all, the documented, single, nonnegotiable, do-or-die objective of Republicans presently in Congress is to evict Obama from the White House, "at all costs".
Nevertheless, bold plans are needed here and now! For example, immediate measures to return manufacturing jobs to the U.S. are long overdue. Such plans will come with a disclaimer about votes in Congress; but they will not come with the usual stamp of Republican approval, "Made in China". Congress will of course, object and obstruct; but they will do so at risk of voter retaliation.
Reich and Krugman won't lose any sleep if Romney wins, they've seen what happened the last time we had a CEO president (Bush).
Hopefully, in November, this turkey will finally be done.
Mike:
The GOTP wrote some crazyassed unconstitutional à bortion bills that they know don't have a snowball's chance in He||, but will gin up the base and cause campaign donations to flood in and their popularity at home to surge. Which is all they were really trying to accomplish anyway.
How about the over 400 bills the GOTP has filibustered to deà th?
Mike:
Obama was either too weak or too stupid or too aligned with wall street interests to do the work he was elected to do.
Yes, vote progressive in the house and senate races, no don't tell obama that he's done as good a job as we expected.
He hasn't.
Some of his former supporters honestly think he's working for the other side.
He has not done as good a job as anyone expected, primarily because he was propped up so high on expectations on his election that everyone who voted for him seemed to expect all their own personal dreams to come true at his hand.
He's done a heck of a lot better than the last guy. And as for Romney, the only thing you can be sure he believes will help the economy is lowering his own taxes.
I'd love to hear your ideas.
But yes, he could have helped forge a bridge with the opponents, but instead, created many opponests who may have otherwise worked with him to head off the great recession.
Money continues to flow into U.S. Treasury’s, which investors perceive as safer than stocks when the economy is weakening. The yield on the benchmark 10-year U.S. Treasury note fell to 1.54 percent, from 1.59 percent recently, not far from the lowest levels since at least the 1940s.
Please sign the petition to the U.S. Senate Banking and House Financial Services Committee asking for improved oversight of federal banking and market regulators that have proven ineffective at not only detecting inappropriate behavior in the capital markets, but also preventing such behavior from hindering job creation and economic growth.
To read more about what we’re trying to do and to sign the petition, click here:
http://www.change.org/petitions/u-s-senate-banking-and-u-s-house-financial-services-committees-use-technology-to-provide-oversight-of-u-s-banking-and-market-regulators?share_id=HTpDoOQNJgpe=d2e
It'll just take a minute!
http://www.huffingtonpost.com/social/pshakkottai/starbucks-indivisible_b_1634488_165303024.html
to see why the private sector has no debt to repay.
I am an artist so I want double the cash.