Today it was announced that the unemployment rate is 9.1 percent. The unemployment rate has now been above 9 percent in 25 of the last 27 months.
Yesterday stocks fell 512 points. Consumer confidence has fallen again as has consumer spending. Manufacturing has slowed to the slowest pace in more than two years. GDP growth is a sickly 1.3 percent.
Meanwhile, the national debt has risen to $14.8 trillion. Federal spending has risen to $3.6 trillion — $700 billion more than just three years ago — and continues to rise, despite the fact tax receipts have fallen to $2.2 trillion — $300 billion less than three years ago.
You promised that if Congress passed the $812 billion stimulus bill in 2009, the unemployment rate would be approximately 5.5 percent by November 2012. That would require that between 800,000 and 1,000,000 jobs per month (depending on the labor participation rate) be created between now and election day.
Given that over the last quarter we’ve been running between 750,000 to 950,000 jobs per month short of that goal, what are your plans to boost the employment rate?
You’ve announced you’re going on a Midwest bus tour beginning the week of August 15 to focus on job creation. How many jobs do you expect your bus tour to create?
Isn’t it reasonable for Americans to conclude that your jobs-creation program consists primarily of borrowing money, deficit spending, and giving speeches?