The release yesterday of the monthly jobs report for September brought more of the expected bad news, and politicians rallying support for candidates and themselves immediately jumped to point blame fingers. The report showed that the unemployment rate of 9.6% hasn’t loosened it’s hold. This is due to the fact that the private sector only increased the jobs by 65,000 jobs, but the government offset this increase by laying off more than 95,000. In response to this report, and the anticipation of another fed infusion of cash, the DOW Jones closed at 11,000. This was the first jump the market has taken in over 5 months. This will be the last report released before the election in November.
Yesterday, Sen. Olympia Snowe (R-Maine), railed on the Democrats for their failure in the jobs area. In a prepared statement that encompassed Republican opposition to the tax increases also, she said “Their focus on job-killing tax increases and burdensome federal mandates have only perpetuated record unemployment rates, which are hovering at 9.5 percent or higher.” She says that the tabling of the Bush era tax cuts, and refusing to repeal the 1099 requirements has left businesses unsure, and hesitant to invest in work force expansion.
President Obama touted the private sector job growth over the last few months, and said that the increase has softened the blow of this latest report. He claims that the government lay-offs would have been more widespread if the federal government hadn’t assisted the states in their financial concerns. Rep. Carolyn Maloney, the chairwoman of the Joint Economic Committee, claimed that while we aren’t where we want to be as far as jobs are concerned, the administration responded to this in a “timely and forceful manner to the Great Recession.” She went on to say that “Is it a total success? No, but it’s moving in the right direction.” A catchphrase that seems to be coming out a lot in this election year.
While I’m no economist, politician, or expert in the subject, I noted the Republican opposition to the “Americans Want To Work” bill, refusal to send more stimulus to the “Welfare to Work” programs, and finally, the rich don’t spend their tax savings creating jobs. On the other side is the Democrats driving the deficit in unwise manners, bailing out banks, this led to the foreclosure fiasco, and their health-care laws…we won’t even go there. Come November keep in mind, Obama may have inherited the 600,000 job losses per month, But the Republican agenda created it, and they are ALL only there to line their own pockets.