By David Stockman
America is better off when President Barack Obama is out on the stump bloviating and boasting rather than in Washington actively doing harm.
But the whoppers he just told the students at the University of Wisconsin are beyond the pale.
Said our spinmeister-in-chief:
And the unemployment rate is now down to 5.3 percent. (Applause.) Keep in mind, when I came into office it was hovering around 10 percent. All told, we’ve now seen 64 straight months of private sector job growth, which is a new record — (applause) — new record — 12.8 million new jobs all told.
We are now 29 quarters from the pre-crisis peak and total non-farm labor hours utilized by the U.S. economy are no higher than they were in Q4 2007.
In other words, if you use a common unit of measure — labor hours rather than job slots which treat coal-miners and part-time pizza delivery boys alike — there have been no new units of employment at all.
When you get right down to it, however, even labor hours do not fully capture the actual jobs disaster happening in America. That’s because we keep shedding high productivity hours in the full-time jobs sector in favor of low-skill, low-pay gigs in bars, restaurants, Wal-Marts and temp agencies.
So notwithstanding another month of 200,000 plus headline job gains, here’s where we actually are. The number of breadwinner jobs full-time positions in energy and mining, construction, manufacturing, the white collar professions, business management and services, information technology, transportation/distribution and finance, insurance and real estate — is still 1.7 million below the level of December 2007; in fact, it is still lower than it was at the turn of the century.
Obama: And after a decade of decline, thanks to some of the steps we took…….we’ve added nearly 900,000 new manufacturing jobs. Manufacturing is actually growing faster than the rest of the economy. (Applause.)
But that one is not even a whopper; it’s a bald-faced lie.
There has not been one “new” manufacturing job created during Obama’s term in office; and, in fact, the 12.3 million manufacturing jobs reported for June was still 10 percent below the level of December 2007, and nearly 30 percent lower than the 17.3 million manufacturing jobs reported in January 2000. (my emphasis)
READ all of David Stockman’s comments from Newsmax here .