Ok, so I realize that I might be the last person to comment on the latest jobs creation figures, but I really feel that this merits some attention. A week ago, the job creation numbers for August were released, showing a meager 96k jobs created. This is generally considered to be a disappointing number, which president Obama hasn’t shied away from affirming. As you might have expected, the GOP, and Mitt Romney in particular, are furious at the president for “destroying the American economy”. But isn’t that the same old song of the GOP? I should think so. I have multiple takes on these numbers.
First of all, no the jobs figures aren’t where they need to be. However, you cannot deny the fact that the economy is moving forward, that jobs are being created and that the economy is in a better condition than it was a month ago. These are facts and cannot be denied. With the current state of the economy, you can rightfully argue that no matter how many jobs you create it’s never enough. But when looking at the president’s record, it isn’t actually that bad, or even bad at all, as around 4m jobs has in fact been created during his presidency.
Sencondly, although the reasons that the economy isn’t moving faster are many and complex, I believe that the main reason can be easily summed up. First of all, there is currently too much uncertainty sorrounding the American economy. A good example of this is the GOPs reluctance to pass an extension of the Bush tax cuts for the middle class – eventhough they say it should be done while claiming that tax cuts are the only way to prosperity. However, the GOP reluctance creates a situation where the middle class doesn’t know whether their average disposable income will decrease with app. $2000 for the entire 2013. Normally when faced with a decreasing disposable income, people will start saving more for the uncertain future while also spending less. This obviously results in a lower consumptions than otherwise possible. Secondly, since the 2010 midterm election, the majority party of the House (GOP) has had one goal – to throw Obama out of the White House. So, when faced with a financial situation of this magnitude, the GOP choses not to focus on job creation, economic growth or simply crafting compromises – yet they still blame president Obama for not doing something about the state of the economy.
I’m not saying all of the blame rests on the shoulder of the GOP, but I really do feel that if they were serious about politics instead of partisan bickering, the state of the economy would undoubtedly be better. But obviously, the number one goal of the GOP is still to get rid of Obama – not to craft good policies for America.