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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe road not taken
The road not taken
By Steve Benen
About a year ago, the job market looked a lot like it does now -- after a strong winter, the economy stumbled badly in May and job growth stalled. Once the Republicans' debt-ceiling crisis was resolved, President Obama shifted gears, refocused his agenda, and unveiled the American Jobs Act.
It seems like ages ago, but it was just last September when the president delivered an address to a joint session of Congress, laying out a detailed plan to boost job creation. It's easy to forget, but it was a credible, serious plan -- the AJA would have prevented thousands of layoffs for teachers, cops, and firefighters; invested heavily in infrastructure; and cut taxes intended to spur hiring.
Independent analysis concluded the plan would have a significant and positive effect. From an AP report in September:
Macroeconomic Advisers wasn't quite as optimistic, but its analysis projected that the White House plan "would give a significant boost to GDP and employment over the near-term." The firm would expect to see the proposal create at least 1.3 million jobs.
Despite public clamoring for action on jobs, congressional Republicans reflexively killed the American Jobs Act, saying it was unnecessary. The House wouldn't bring it up for a vote, and a Republican filibuster killed it in the Senate. For GOP policymakers, this was a time when Washington should stop investing in job creation and start focusing on austerity -- lower the deficit, take capital out of the economy, and everything would work out fine.
- more -
http://maddowblog.msnbc.msn.com/_news/2012/06/01/12007563-the-road-not-taken
By Steve Benen
About a year ago, the job market looked a lot like it does now -- after a strong winter, the economy stumbled badly in May and job growth stalled. Once the Republicans' debt-ceiling crisis was resolved, President Obama shifted gears, refocused his agenda, and unveiled the American Jobs Act.
It seems like ages ago, but it was just last September when the president delivered an address to a joint session of Congress, laying out a detailed plan to boost job creation. It's easy to forget, but it was a credible, serious plan -- the AJA would have prevented thousands of layoffs for teachers, cops, and firefighters; invested heavily in infrastructure; and cut taxes intended to spur hiring.
Independent analysis concluded the plan would have a significant and positive effect. From an AP report in September:
A tentative thumbs-up. That was the assessment Thursday night from economists who offered mainly positive reviews of President Barack Obama's $450 billion plan to stimulate job creation. [...]
Mark Zandi, chief economist at Moody's Analytics, estimated that the president's plan would boost economic growth by 2 percentage points, add 2 million jobs and reduce unemployment by a full percentage point next year compared with existing law.
Mark Zandi, chief economist at Moody's Analytics, estimated that the president's plan would boost economic growth by 2 percentage points, add 2 million jobs and reduce unemployment by a full percentage point next year compared with existing law.
Macroeconomic Advisers wasn't quite as optimistic, but its analysis projected that the White House plan "would give a significant boost to GDP and employment over the near-term." The firm would expect to see the proposal create at least 1.3 million jobs.
Despite public clamoring for action on jobs, congressional Republicans reflexively killed the American Jobs Act, saying it was unnecessary. The House wouldn't bring it up for a vote, and a Republican filibuster killed it in the Senate. For GOP policymakers, this was a time when Washington should stop investing in job creation and start focusing on austerity -- lower the deficit, take capital out of the economy, and everything would work out fine.
- more -
http://maddowblog.msnbc.msn.com/_news/2012/06/01/12007563-the-road-not-taken
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The road not taken (Original Post)
ProSense
Jun 2012
OP
MadHound
(34,179 posts)1. That's nice, so why doesn't he do it again this year
Introduce a true WPA style jobs program, have a big fight over it during the summer, draw out a stark comparison between what he wants, what he's willing to fight for, and what the 'Pugs want.
ProSense
(116,464 posts)5. Doesn't matter
"That's nice, so why doesn't he do it again this year"
Remember the SOTU and budget:
President Obama unveils populist budget
http://www.democraticunderground.com/1002305786
bigtree
(86,024 posts)2. great article
facts which are completely lost on some . . .
SidDithers
(44,228 posts)3. DU rec...nt
Sid
FSogol
(45,599 posts)4. Great article. K & R. n/t
spanone
(135,958 posts)6. k&r...
ProSense
(116,464 posts)7. What could have been:
continued growth.
The economy created an average 174,000 jobs over the last six months.
Dont give in to the jobs report blues
By Jonathan Bernstein
How bad is the May jobs report this morning?
Well, the downside is that how bad is it? is the correct way to frame the question. For the economy, and for Barack Obamas re-election hopes, it certainly is bad news.
For an economic analysis, economist Jared Bernstein has a good summary:
The closest he comes to a silver lining is:
As for the political effects: for now, at least, what we have is additional confirmation that Barack Obama is running for re-election with a stagnant economy not a boom that would make him a heavy favorite, but not a collapse that would make Mitt Romneys victory certain, either. One shouldnt get too caught up in the hype here; this is one bad number in a stream of data that overall appears to point to a close race, and one number is never going to be enough to change the overall picture very much.
- more -
http://www.washingtonpost.com/blogs/plum-line/post/dont-give-in-to-the-jobs-report-blues/2012/06/01/gJQA00uz6U_blog.html
By Jonathan Bernstein
How bad is the May jobs report this morning?
Well, the downside is that how bad is it? is the correct way to frame the question. For the economy, and for Barack Obamas re-election hopes, it certainly is bad news.
For an economic analysis, economist Jared Bernstein has a good summary:
The deceleration in payroll job growth is alarmingly clear
Over the past three months, net job gains have averaged 96,000 per month, compared to 252,000 in the prior three months
This has obvious negative implications for family budgets, but it also threatens the macro-economy. If this pace of job growth sticks, the economy will slow down from a growth rate thats already too slow.
The closest he comes to a silver lining is:
Its always possible with these monthly reports that some statistical anomalies are in play. A candidate in this case is weather effects, as unseasonably warm weather last winter probably moved job growth that might have occurred in May to earlier months. If so, that would imply that taking an average of more months of data would give you a more accurate read on the true underlying pace of growth. Over the last six months, net monthly job gains have been 174,000, so a lot depends on whether the current weak trend persists.
As for the political effects: for now, at least, what we have is additional confirmation that Barack Obama is running for re-election with a stagnant economy not a boom that would make him a heavy favorite, but not a collapse that would make Mitt Romneys victory certain, either. One shouldnt get too caught up in the hype here; this is one bad number in a stream of data that overall appears to point to a close race, and one number is never going to be enough to change the overall picture very much.
- more -
http://www.washingtonpost.com/blogs/plum-line/post/dont-give-in-to-the-jobs-report-blues/2012/06/01/gJQA00uz6U_blog.html
Clearly, the last two months are alarming enough to justify the "blues," which is exactly what Republicans want.