President Obama held a press conference on friday, speaking of how the economy was doing.
The president had this to say about Job Creation.
“The truth of the matter is we’ve created 4.3 million jobs over the last 27 months, over 800,000 just this year alone. The private sector is doing fine.”
Of course the Romney Campaign responded to the Presidents Statement.
“The 23 million Americans who are struggling for work are not ‘doing fine.’ Job creators and small businesses are not ‘doing fine.’ The middle class is not ‘doing fine.’ There is no denying that President Obama has been fundamentally hostile to job creators and his policies have prevented our economy from rebounding. America needs a president who understands the economy,”
Here is the current information from the Federal Department of Labor
U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force 4.6%
U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate) 8.2%
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force 14.8%
The U6 Number is a more accurate account of how the economy is producing jobs.
Under George W. Bush the U6 number fluctuated from a low of 7.3% to a high of 10.4%. Under this current
administration, President Obama’s U6 Number has hovered above 14% for 41 Months of his presidency.
Even three year years into the first failed stimulus the President is now offering up stimulus II the sequel.
Stimulus II would cost an additional $447 Billion Dollars. Whats the point? If the Stimulus I was to
keep unemployment down to at last 8%, which it has failed to do, then what makes anyone
think that Stimulus II is going to work?