From the mountaintop of the New York Times this week, Treasury Secretary Tim Geithner shouted “Welcome to the Recovery !” The Obama-Geithner-Ellsworth policies, however, injected a dose a reality into the conversation this morning with news that non-farm payroll dipped by 131,000 jobs in July leaving the unemployment rate unchanged at 9.5 percent.
When the recession first began in December 2007, the unemployment rate was 5 percent. Christina Romer, the outgoing Chair of the President’s Council of Economic Advisors (as of last night ) proclaimed the Obama-Pelosi-Ellsworth stimulus would cap unemployment at 8 percent. And yet, here we remain near double-digits.
· The size of the labor force continued to decline in July and is now 1.4 million below its peak level in May 2009
· There were 14.6 million unemployed persons in July, 44.9 percent of which have been without jobs for 27 weeks or longer
More proof positive that the Obama-Pelosi-Ellsworth stimulus has not lived up to its billing as a job creation machine. It’s time to create an atmosphere of certainty where employers feel comfortable adding jobs again by reducing spending, enacting responsible entitlement reform and balancing our budget as Dan Coats has called for in his Plan for America’s Fiscal Health .
Another Double-Digit Lead
The Susan B. Anthony List released a poll this morning show Dan leading the U.S. Senate race 50 percent to 35 percent for incumbent Congressman Brad Ellsworth, consistent with other publicly released polls.
[Disclosure: Pete Seat is the press secretary for the Coats for Senate Campaign.]