( – promoted by Rob “EaBo Clipper” Eno)
This from The Heritage foundation today
What many have speculated for some time is now being confirmed by some of the devote Keynesians.
Last Friday’s Department of Labor jobs report, which showed private sector job creation fell by 190,000 between April and May of this year, jolted markets worldwide including the Dow Jones Industrial Average, which fell 3.2% Friday to its lowest level since early February. In total the U.S. economy has now lost a net of 2.2 million jobs since President Barack Obama signed his stimulus bill, and his administration is now 7.2 million jobs short of what he promised his $862 billion stimulus would help create by 2010. This morning on MSNBC, former Rep. Joe Scarborough (R-FL) pressed prominent Keynesian economist and director of the Earth Institute at Columbia University Jeffrey Sachs on whether it was too early to declare President Obama’s stimulus a failure. Scarborough had to ask the question twice, but Sachs finally relented: “Obama’s stimulus failed.”
The full article is worth the quick read. The author’s analysis is interesting because he takes the angle that unemployment is due mainly to lack of private sector job creation. He points out that in the 2001 we actually lost MORE jobs than recently, but unemployment was lower.