Friday, June 1, 2012

Obama Still Blames Bush for the High Unemployment

Obama had the nerve to invite former President George W. Bush back to the White House and still talk trash behind Bush's back. As today's report showed a jump in unemployment, Obama still blames Bush for it. Obama stress every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, Obama is stating the importance not to read too much into any one monthly report. In order not to look like an idiot, Obama is asking the public not to take the figures seriously. Actually, Obama really doesn't care. If Obama wanted to fix unemployment, he should not have run for the presidency.

(Whitehouse Blog) Problems in the job market were long in the making and will not be solved overnight. The economy lost jobs for 25 straight months beginning in February 2008, and over 8 million jobs were lost as a result of the Great Recession. We are still fighting back from the worst economic crisis since the Great Depression.

Today we learned that the economy has added private sector jobs for 27 straight months, for a total of 4.3 million payroll jobs over that period. The economy is growing but it is not growing fast enough. BLS’s establishment survey shows that private businesses added 82,000 jobs last month, and overall non-farm payroll employment rose by 69,000. The unemployment rate ticked up from 8.1 percent in April to 8.2 percent in May, according to BLS’s household survey. However, the labor force participation rate increased 0.2 percentage point to 63.8 percent, and employment rose by 422,000 according to the household survey.