320,000 New Jobs, I Still Don’t Like Him

The Bureau of Labor Statistics announced today that last month the US added 320,000 new jobs. This figure was considerably higher than expected and about 100,000 greater than the previous month. Experience has shown that this figure could be adjusted slightly upward or downward in future months as overall national figures are analyzed. Never the less, the 320,000 figure is an extremely positive statement about the economy.

Also announced today was a poll measuring President Obama’s approval rating. It was his lowest ever. Hmmm.

How is it possible that the President is being rated so poorly when things are going so well in America? Is it that the strong economy is an uneven phenomena and some people are just not feeling that love? Or, are people pretty much done with President Obama and ready for someone new to sit in the White House?

The jobs figures, regardless, represent an important development. When President Obama took office, the Country (along with most of the rest of the world) stood at the edge of a 1929 era depression. The President pushed through a $800 billion stimulus package like first responders might use fresh blood and a tourniquet. Many States, however, offset lower State tax revenues with public sector layoffs. So, while the Federal Government was trying to stimulate employment, State and local governments were stoking the unemployment fires by cutting public service employment.

Most progressives argued for another stimulus package while most conservatives argued that there never should have been a stimulus plan in the first place. Gridlock settled the argument and no further stimulus was enacted.

Oh, how fortunate the US was.

Slowly and out of the way from well intended government intervention (stimulus or tax reductions), the silent hand of capitalism began to reallocate the nation’s resources. This method has prevented the more frequently used economic policy methods where the party in power tends to stimulate the overall economy by either increasing government spending or by reducing taxes (or both).

Except in emergencies such as in 2009, politically driven stimulus policies almost always over stimulate the economy. Over stimulations leads to over production, over consumption, and over borrowing (too much debt). Sooner or later, the free lunch ends and the head ache of readjusting to a more sustainable economy is before us.

The beauty of 320,000 new jobs is that the overall economy can sustain this magnitude of growth much longer than much higher numbers. Also, when there is inevitably a “correction” and the economy contracts, history says the contraction will be less severe that when a “bubble” bursts.

And let us not overlook that the US economy is performing better than any other free economy. Someone must be doing something right, one would think.

Ebola, ISIS, and Feguson have just happened.  These events have been downers for the population in general and they would have happened no matter who was President.

If Americans feel that President Obama has not provided leadership during these events, so be it. If Americans think someone else could lead the Country in a better direction, so be it. IfAmericans think poorly of the President, so be it.

What Americans cannot make true is that the economy is not strong, that American soldiers are not being committed to unnecessary wars, and that healthcare is not more available and at a more affordable prices.

While Americans can use whatever scale they wish when deciding whether they approve of the President, they cannot change the facts.

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One Comment on “320,000 New Jobs, I Still Don’t Like Him”

  1. List of X Says:

    Apparently, plenty of Americans think that Obama should have lowered unemployment to 1%, lowered all taxes, paid off federal debt, ended all wars, and so on, and all that within the first month in the office.
    So, naturally, they’re disappointed.


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