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LAMBRO: Mayday over May unemployment
Desperate Obama eyes Reagan tax cuts to save economy and re-election
Question of the Day
President Obama went to Toledo on Friday to boast about his “economic recovery,” but didn’t say a word about that morning’s grim unemployment report showing only 54,000 jobs were created in May.
The worse-than-anemic jobs number, down sharply from 232,000 jobs in April, increased the unemployment rate to 9.1 percent and left the president speechless about the most politically potent economic statistic the government produces each month.
It was the latest economic body blow his presidency has suffered in recent weeks. Earlier reports showed that home prices continued to decline in nearly every major market in the country, falling to their lowest levels since the spring of 2009; the nation’s economic growth rate slowed to a snail’s pace - 1.8 percent in the first quarter; state and local governments were slashing jobs in the face of huge deficits and sharply declining revenues; and employers from coast to coast were complaining of continued uncertainty in a lackluster economy that prevented them from expanding their work force.
If Mr. Obama’s economic advisers truly believe that a majority of Americans think the economy is doing better under his policies, Tuesday’s Washington Post-ABC News Poll put that notion to rest.
The poll found “a broadly pessimistic mood in the country,” with 57 percent of Americans saying the economic recovery “has not begun.” Even those who believe the economy has improved since the 2008-09 recession complain that it remains weak.
Overall, 6 in 10 give Mr. Obama failing grades on the economy, the budget deficit and the national debt. Notably, nearly two-thirds of political independents said they did not like the way he was handling the economy and a majority expressed strong disapproval.
The poll’s most revealing political finding: Former Massachusetts Gov. Mitt Romney, the GOP front-runner for the 2012 presidential nomination who has made the economy and jobs his top campaign issues, now leads Mr. Obama among registered voters by 49 percent to 46 percent.
While the president seemed unable to face reality and talk openly about the bleak job statistics last week, Democratic strategists were more than eager to lecture him on the No. 1 issue that threatens to topple his presidency.
“No incumbent president since [Franklin D.] Roosevelt has won re-election with greater than 8 percent unemployment,” Democratic pollster Stanley B. Greenberg said in a report for the liberal advocacy group Democracy Corps.
“Current Democratic narratives too often fail to meet voters where they are in how they perceive and experience the economy and, even more important, do not speak to voters’ aspirations and goals when thinking about the economic future. They do not take the voters’ economic understanding seriously when, indeed, they are dead serious.”
During Mr. Obama’s first two years, Democrats “have offered a jumble of messages without a consistent framework that explains why and what Democrats are doing,” Mr. Greenberg writes. The dismal economic realities Democrats now face include “a middle class smashed and struggling, American jobs being lost, the country and the people in debt.”
Even those who worked within the Obama administration were sharply critical of the economy under the president’s policies. “The president is going to be running for re-election in an economy that’s still too weak,” Jared Bernstein, Vice President Joseph R. Biden’s former chief economic adviser, told The Washington Post.
The bleak reality of Mr. Obama’s economic troubles is that the White House has essentially been clueless about what to do next to drive unemployment down to more normal levels in the next year-and-a-half.
More than three-quarters of a trillion dollars in new pump-priming spending didn’t work. An unprecedented wave of costly government regulations of the nation’s businesses through Obamacare and a thicket of new financial reform laws have only raised business costs, paralyzed job growth and curtailed new capital investment.
Mr. Obama has long been hostile to tax-rate cuts to spur economic growth but there is now behind-the-scenes talk in the White House about taking a page out of Republican supply-side tax cuts of the past.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
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