Remember in September of 2011 when Obama pushed for passage of his American Jobs Act (AJA)? There was nothing in the AJA that would actually create jobs so the AJA was just a political ploy and I mused that the Republicans should pass it out of spite but fortunately that didn’t happen.
If we were to believe Obama that the AJA was needed to create jobs then let’s take a look at the unemployment rate graph to see if he was right. From the BLS, here is the graph from February 2011 to March 2012:
You can see that at the exact time Obama stated that the AJA was needed to create jobs, the unemployment rate started coming down and Leftists can’t point to a single policy that caused this to happen. There are many reasons why the Unemployment Rate has dropped but I think this also speaks to the power of the Market to overcome even the insanely overzealous regulatory climate that Obama has created.
As another example of Obama’s economic inadequacy, I am reminded of the 2009 Stimulus when Obama’s economic advisors stated that unless we passed the $787 billion monstrosity deficit spending bill, unemployment would rise over 8%. Unlike the AJA, the 2009 Stimulus Bill was passed so how well did Obama’s predictions play out? Not too well as this graphic from the American Enterprise Institute points out:
It’s almost like Obama is living in an alternate universe to our economic reality and the US should do exactly the opposite of anything Obama recommends. It appears that America has had a George Costanza revelation regarding Obama and we should do the direct opposite of every proposal that Obama’s team throws out.
Remember that when Obama says that he needs to be re-elected in November of 2012.