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President Zero

- September 2, 2011

Two And A Half Years Of Obamanomics And Nothing To Show For It

The Washington Post’s Chris Cillizza: “Zero Jobs Created In August. President Obama, Call Your Office.” (Chris Cillizza, Twitter Feed, 9/2/11)

THE ECONOMY ADDED ZERO, ZIP, NADA JOBS IN AUGUST AND THE UNEMPLOYMENT RATE REMAINS ABOVE NINE PERCENT

Bureau Of Labor Statistics: “Nonfarm Payroll Employment Was Unchanged (0) In August, And The Unemployment Rate Held At 9.1 Percent, The U.S. Bureau Of Labor Statistics Reported Today.” (Bureau Of Labor Statistics, “The Employment Situation – August 2011,” BLS.gov, 9/2/11)

Politico: The Fact That The Economy Added No Jobs In August Is “A Stunning Development.”  “In a stunning development, the economy added no net jobs in August, despite forecasts predicting roughly 75,000 new jobs would be created - and the unemployment rate remained 9.1 percent.” (Mackenzie Weinger, “August Jobs Report Show No Net Gain,” Politico, 9/2/11)

  • Politico: “The Labor Department’s Announcement Friday Comes As A Major Blow For President Barack Obama …” (Mackenzie Weinger, “August Jobs Report Show No Net Gain,” Politico, 9/2/11)

Diane Swonk, Chief Economist At Mesirow Financial: “Bottom Line, This Is Bad.” (CNBC’s “Squawk Box,” 9/2/11)

  • MSNBC’s Simon Hobbs: “Just to Repeat, No Jobs At All.” (MSNBC’s, “Morning Joe,” 9/2/11)

CNN’s Christine Romans: “This Is A Labor Market That’s Doing Nothing Essentially.” (CNN’s “American Morning,” 9/2/11)

  • CNN Money: “Hiring Slammed To A Complete Halt In August, As Several Fresh Challenges Put The American Economy In Turmoil.” (Annalyn Censy, “No Jobs Added In August,” CNN Money9/2/11)

The Washington Post’s Ezra Klein: “New Jobs? Sorry, We Don't Have Any Of Those.” (Ezra Klein, Twitter Feed, 9/2/11)

  • CNBC: “It Was The First Time Since World War II That The Economy Had A Net Zero Jobs Created For A Month.” (“Economy Gains No Jobs In August, Rate Holds At 9.1%,” CNBC9/2/11)

ABC News: “The Fact That No Net New Jobs Were Added In August Was Another In A String Of Disappointments For The Economy.” (Lyneka Little, “U.S. Employers Add No New Jobs In August,” ABC News, 9/2/11)

  • Peter Morici, Economist At The University Of Maryland: “The Economy Is Absolutely Failing.” “‘The economy is absolutely failing, and it's not likely to turn around with the present policies,’ said Peter Morici, an economist and professor at the University of Maryland. ‘I hold little prospect of hope for what the president will state on Thursday.’” (Lyneka Little, “U.S. Employers Add No New Jobs In August,” ABC News, 9/2/11)

A YEAR AGO, OBAMA SAID THAT THERE WERE BETTER DAYS AHEAD, NOW HIS WHITE HOUSE PROJECTS HIGH UNEMPLOYMENT FOR YEARS TO COME

President Obama After The September 2010 Jobs Report: “But I Want All Americans To Remind Themselves There Are Better Days Ahead.” (President Barack Obama, Remarks By The President On Monthly Unemployment Numbers, WhiteHouse.gov, 9/3/10)

  • Now The White House Predicts That Unemployment Will Remain Above Nine Percent Through 2012. “In an effort to take into consideration changes in the economic climate that have occurred since June (turmoil in Europe, natural disasters domestically, etc....) OMB offers an "alternative economic forecast" along with the Mid-Session Review. Under that model, the unemployment rate takes even longer to decline, going from 9.0 percent in 2012, to 8.5 percent in 2013 to 7.8 percent in 2014. In 2016 it hits 6.1 percent.” (Sam Stein, “White House Report: Unemployment Rate Above 6 Percent Until 2016,” The Huffington Post, 9/1/11)
  • “If Job Growth Does Not Accelerate, It Could Take More Than Four Years To Return To The Pre-Recession Employment Level.” (Lucia Mutikani, “Slumping U.S. Confidence Likely Curbed August Hiring,” Reuters, 9/2/11)

The White House’s Prediction For Economic Growth Was Lowered By A Full Percentage Point Compared To Their Estimate Earlier This Year. “The figures from the White House budget office predict that the economy will grow by just 1.7 percent this year, a full percentage point less than the administration predicted at the beginning of 2011. The economy grew by just 0.7 percent in the first half of the year, the slowest pace since the recession ended two years ago.” (Andrew Taylor, “$1.3T Deficit Projected As Economy Cools,” The Associated Press, 9/1/11)

  • The OMB Says That Growth Has “Not Been Strong Enough To Bring Down The Unemployment Rate To An Acceptable Level.” “In sum, economic growth and job creation, while positive, have not been strong enough to bring down the unemployment rate to an acceptable level.” (“Fiscal Year 2012 Mid-Session Review,”Office Of Management And Budget, 9/1/11)

The Huffington Post’s Sam Stein: “On The Jobs-Front, The News Remains Largely Grim.” (Sam Stein, “White House Report: Unemployment Rate Above 6 Percent Until 2016,” The Huffington Post, 9/1/11)

WITH JOBS SCARCE AND THE ECONOMY STILL SPUTTERING, AMERICANS GROW MORE DISAPPOINTED IN OBAMA

“New White House Budget Projections Indicate A 9 Percent Unemployment Rate Next Year As President Barack Obama Tries To Win A Second Term.” (Andrew Taylor, “$1.3T Deficit Projected As Economy Cools,” The Associated Press, 9/1/11)

  • Nearly 65 Percent Disapprove Of Obama’s Handling Of The Economy. “Nearly two-thirds - 65 percent - of respondents to a CNN/ORD poll released on Thursday said they disapproved of the president’s handling of the economy. Voters also gave thumbs down on other aspects of Obama’s policies as they relate to the economy. CNN found that 66 percent of respondents said they disapproved of the Obama’s handling of the federal deficit, and 62 percent said that they disapproved of his handling of unemployment.” (Tim Mak, “Poll: Obama Approval On Econ Dips,” Politico, 9/1/11)

Number Of American Workers Worried About Losing Jobs Returns To 2009 Record High. “American workers' concerns about various job-related cutbacks have returned to the record highs seen in 2009, after improving slightly in 2010. In terms of the most significant employment risk measured, 3 in 10 workers currently say they are worried they could soon be laid off, similar to the 31% seen in August 2009 but double the level recorded in August 2008 and for several years prior.” (Lydia Saad, “In U.S., Worries About Job Cutbacks Return To Record Highs,” Gallup, 8/31/11)

In August, Consumer Confidence Plunged To Its Lowest Level Since April 2009. “On the economic front, consumer confidence plunged to 44.5 in August, compared to 59.2 in July, its lowest level since Apr. 2009.” (“Stocks Fall After Dismal Consumer Confidence,” CNBC, 8/30/11)

 “A Record Number Of People Exist On The Fringes Of The Workforce.” “A record number of people exist on the fringes of the workforce: part-timers looking for more hours and the self-employed eager for more work. Like Morales, they hang their fate on a turbulent economy, sitting in the car, waiting for a call.” (Eli Saslow, “Virginia House Painter Fights To Keep Business As Recession Becomes A Way Of Life,” The Washington Post, 8/29/11)

Small Businesses Continue To Flounder. “More than 1 million self-employed Americans are no longer in business almost four years after the last recession began, as the economy constrains entrepreneurial activity and small-business job creation.” (Anna-Louise Jackson and Anthony Feld, “U.S. Self-Employed Struggle To See Opportunities,” Bloomberg, 9/1/11)

President Zero


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