0% job growth: What didn't work then isn't working now!
If that wasn't bad enough, CNBC reports that Heidi Shierholz, economist at the Economic Policy Institute in Washington, D.C. said, "Though much attention is being paid to ‘zero job growth’ in August, the real news in today’s numbers is that job growth is worse than in recent months, and the nation continues to produce far fewer jobs than needed to meaningfully reduce the unemployment rate. ...In fact, in some ways the report was less than zero in that weekly hours fell, as did hourly earnings." (My emphasis)
This report just reflects the reality many Americans already know: the US economy is in real trouble. Despite the billions of dollars spend on Stimulus, son of Stimulus and any form of Stimulus out there, these spending programs just aren't cutting it!
Perhaps the only American who still doesn't get this is President Obama, who is expected to propose more of his same failed policies in his coming speech on jobs. No doubt he will tout more spending, more Green jobs, more government.
One can't help conclude, 'We're Spending More Than Ever and It Doesn't Work'. That was the title from a Heritage article from January 14th, 2009. It is worth reading in its entirety.
The title is actually a quote from Henry Morgenthau Jr., "close friend" and "loyal secretary of the Treasury to President Franklin D. Roosevelt--and key architect of FDR's New Deal" in 1939!
Here are some more quotes from Morgenthau, “We have tried spending money. We are spending more than we have ever spent before and it does not work.”
“I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot!” (My emphasis)
Sound familiar? What didn't work in FDR's time, isn't working now either.
So I say, after 2 1/2 years of this Obama Administration, we have even more unemployment, and an enormous, unsustainable debt to boot!
It is time for a change.