Sunday, February 26, 2012

Obama Lies About Creating 3 Million Jobs: Democrat Policy Since 2007


Once again President Obama and Media Matters have been inundating "popular culture" shows with propaganda that must be corrected. The old saying by the "first television politician" that "a lie repeated enough becomes the truth" has been the core progressive propaganda tactic since the 1930's. The current grand lie is that Obama created 3 million jobs, which we dismanted with raw facts from the U.S. Department of Labor, Bureau of Labor Statistics.

We are adding to our previous discussion by stepping back to the larger economic situation behind the Great Recession. This is a subject that the mainstrem media will not touch.  Democrats took over congress in the November 2006 election. Any Keynesian economist will tell you that policy takes about a year to fully impact the economy, so lets look at how the Democrats crashed the economy to win the oval office and "pass the toxic baton to Barack Obama." Let us not forget that Barack Obama was one of the Democrat senators who passed these policies and killed 10.5 million jobs, destroyed housing, crashed the stock market and inflated gasoline and energy prices.
In November 2006, the Democrats swept congress despite a decent economy and progress in Iraq by villifying George W. Bush. Nancy Pelosi became the Speaker of the House of Representatives. From January 2007 through January 2011, Democrats controlled every aspect of economic policy in America. Bush was a lame duck and politically powerless.

In January 2007, the price of gasoline averaged $2.11 per gallon in the U.S. On February 7, 2007, the Democrats and the 110th Congress began enacting policies. Upon implementation of Democrat economic and political policy the price of gasoline skyrocketed.
By July 2008, the price of gasoline had reached $4.12 and the economy collapsed.
  • The stock market was 12,556.08 in January 2007. It peaked in May 2008 at 13,058.20 and fell to 6,626.94 on March 6, 2009.
  • Unadjusted employment peaked in July 2007 (147.315 million) and seasonally adjusted employment peaked in November 2007 (146.595 million).
  • Unadjusted employment continued at the same level until August 2008 (145.196 million).
  • Housing prices had plateaued in 2005 but the market remained stable until mid 2007 when gas prices began relentlessly reducing disposable income.

After the tea party and Republicans took back the House of Representatives in January 2011, the economy stabilized and improved. At the depths of the recession in January 2010, unadjusted employment fell to 136.809 million.  Unadjusted employment in January 2011 remained down at 137.599 million. This means that Democrats and President Obama can, at best, be credited with the creation of 790 thousand jobs (unadjusted) after destroying nearly 10.5 million jobs (unadjusted) between mid 2007 to January 2010. In January 2012 unadjusted employment improved to 139.944 million. The bulk of jobs (2.3 million) created during the weak Obama recovery occured since Republicans and tea party members have retaken congress and established economic confidence.
So the facts of the matter are as follows:
  • Democrats took control of Congress and the Senate in January 2007.
  • The Housing Bubble, created by Democrats, began crashing in 2007 with the additional pressure from gasoline and energy prices.
  • Democrat policies pushed up gas prices through July 2008.
  • Employment peaked in July 2007 and crashed in September 2008.
  • The stock market peaked in July 2008 and crashed in September 2008 when it became probable that Democrats would add the White House to their list of control.
  • The toxic economy elected Barack Obama who took office in January 2009 and all confidence evaporated.
  • February 2009, tea party protests began due to the economic outlook of adding taxes during a recession. This blog, Doo Doo Economics, began appealing to Democrats for rationality. "Raising taxes in a recession is Doo Doo Economics"
  • While Democrats held the legistaltive and executive branches, the economy suffered the Great Recession.
  • Keynesian economics, which has not worked in 40 years, was used as justification to waste $789 billion in stimulus for "not as shovel ready as we thought" jobs. The short term jobs evaporated by January 2011.
  • The national debt grew by about 33% in 3 years as Chicago cronism made 7 of the 10 richest neighborhoods in America adjacent to Washington D.C.
  • From 2009 through 2011, Democrat policies failed to improve the toxic economy from the loss of 10.5 million jobs.
  • Republicans took back the House of Representatives in November 2010 and the economy began to recover at the new lower production frontier.
  • More than two thirds of job recovery has occured since conservatives took back control of one third of federal government economic policy.

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