On Friday, Americans were given another dose of bad economic news as the Bureau of Labor Statistics announced that the economy created only 69,000 jobs in May, far below the consensus of 150,000 jobs. While there is some silver-lining in the report thanks to number of people actively seeking works rising slightly, the news itself is still painful given that the pace of the recovery has been so dreadfully slow and far below predictions given by the White House when the stimulus bill was passed in 2009.
Locked in a increasingly tough bid for re-election with Mitt Romney, President Barack Obama has a leg up in swing states, which are doing better than the rest of the nation. But the bad economic news in the rest of the nation will no doubt carry over to these states if the pace of the recovery remains tepid and job creation doesn’t pick up.
But President Obama also doesn’t seem to quite understand the economic problems facing Americans. During a recent campaign stop, he said that his economic plan is to help them by “thingamajigs”:
Obama’s economic plans, which have been a combination of excessive spending and short-term, gimmicky tax breaks, have done little to spur economic growth because the underlying problems with the economy still remain. Regulation, government debt, and a heavy tax burden are discouraging employers from bringing on new employees. Then we look over at Europe, which provides us with a glimpse into our future, to see the EU falling apart at the seems.
Obama and his apologists can try to blame others for his missteps and bad ideas if they want, but the guy has been president for more than three years now. He owns this economy.