On Aug 148K jobs were created, unemployment dropped to 0.2?8.3?.1? On Sept 114K jobs were created, unemployment dropped to 0.3?8.1?.8?libprogs celebrates. On Oct 171K jobs created, Unemployment rose 0.1?7.8?9?
The incumbent tauts 4.5 Million jobs created but fails to mention 4.3 Million jobs lost 4.5 million added minus 4.3 million lost is only 200k NOT 4.5 million. There's been no surge for new start up, chains, mom & pops business, & expansion in existing industries, textile, manufacturing, retail, struggling USPO, refineries, educations, transportation, even finance & many other struggling along, no replacement for solyndra/abound solar, closed coal plant/mining, & GM dealerships with a number of bankrupt cities such as stockton, prichard, & san bernandino.
The 0.3?rop was base on a house 'SURVEY', the incumbent's supporters acted like he fulfilled his promise, but the promise was that by passing the stimulus bill unemployment will not go above 8.2?it went to 10?and that the rate will drop to 5.6?y the end of the first term. This flawed system only counts those looking for work or still on unemployment benefits, not those who dropped out & gave up. Replacing full timers for seasonal or part timers working 1 - 10 hours a week that the survey deemed as employed doesn't bring about good times to come. May be a USSR or Cuban approach to unemployment & welfare will motivate/pressure those who abuses the system to fill any job they can get is what's needed.
There is no doubt that economic growth in the last 4 years have been very slow with a 1?DP & 2?or the month of oct only. In the mid 80s GDP was 7? climb to 10?ue to real economic growth. Over spending, borrowing & printing over gdp through quantitative easing isn't going to keep the debt from climbing at twice the rate of the former administration. Keep up the Quantitative Easing scheme, it will be another credit down grade, more inflation (tax hike/pay cut) due to a devalued dollar as the feds prints (Quantitative Easing) & buy back what they can't sell to international countries is nothing more than money laundering. More borrowing & spending wont cut the deficit, just as it didn't cut the 9 trillion deficit to 4.5 trillion deficit & ended up with 17 trillion deficit instead. Australia's dollar use to be worth half that of the U.S. now ist worth more & probably 5 - 10 times more if the incumbent gets re-elected & will ultimately require austerity measure.
I may believe on the current rate if the economy really were growing with a surge & expansion in domestic businesses, no cities going bankrupt, GM/GE outsourcing half if not most of their production & labor force in overseas factories, & the dollar growing rather than weakening to having less worth than the Australian Dollar which used to be worth half of the U.S. dollar with fewer people on unearned government assistance (wic, food stamp, SSI 800-1300 monthly allowances) as it was in the 80's where the economic boom was actually felt & seen, which isn't today.
The incumbent's ideas in job creation amounts to loan guarantees, subsidies, waivers, tax exemptions, tax credits, plum jobs & loop holes to Solyndra, Abound Solar, Solar Power, GE paid 0 taxes who outsourced more than half of its labor force to China & India, Unions, donors (imelt/george kaiser) Boundlers, MF Global, Fisker, GM who got bailed out 3 times in the course of 6 months till undergoing structured bankruptcy with bonuses to change its costly habits, got 45.5 Billion tax credits, closed down hundreds of dealerships, boost productions in foreign (china/russia) GM plants (outsourcing ring a bell?) to be imported by the U.S.
You can bet they won't get a tax increase if incumbent gets re-elected
The only thing the incumbent understand about economics is when you borrow money, the more money you can spend & since government can print money legally why not keep printing to fund runaway spending. Its not about making money through trade, materials, goods, manufacturing, entertainment, or service, but making money by exhausting every ones money.