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October 9, 2009

It’s the Unemployment Rate, Stupid

That could be the rallying cry for Republicans in elections next year, and possibly in 2012, as they seek to regain power in Congress and the White House.

Despite signs of improvement in the economy, the unemployment rate keeps climbing — up to a 26-year high of 9.8 percent in September — potentially providing Republicans political ammunition and putting Democrats on the defensive…

The thing is, even if the stimulus worked, it wouldn’t have necessarily created a lot of jobs in the business cycle,” said Kevin Hassett, the director of economic studies at the conservative American Enterprise Institute. “So I think the crowing on both sides in not the most defensible.”

Hassett pointed out the irony of Democrats being on the defensive about the economy after sweeping to power in Congress in 2006 and capturing the White House in 2008 based mainly on blaming Republicans for the economic woes. Now Democrats have adopted economic policies that were not well designed and will extend the economic misery for the next few years, he said.

Just like in 1994 when they retook Congress, Republicans are describing the economy as the worst since President Herbert Hoover presided over the start of the Great Depression, Hassett noted. The only difference? “This time it’s true,” Hassett said.

As usual the Republicans have a sudden loss of memory with their so called facts.

Americans know that President Barack Obama and the Democratic Party INHERITED the worse economy since the Great Depression – that’s a FACT!

I say to the Republicans, you want a debate about the economy and who took it down the tubes – Bring it on people, bring it on!

Remember back in 2000 when President Clinton left office and handed off to the Republican Party and President George W. Bush a $300 billion surplus?

Just eight years later in 2008 we get the news of how American jobs are hemorrhaging with a total loss of jobs being up to 2.6 million and that we had been in two recessions since President Bush took office.  The first recession in 2000 began that spring according to the economists and the latest one began in 2007.

January 9, 2009 – President Bush was still in charge of economy

NEW YORK (CNNMoney.com) — The hemorrhaging of American jobs accelerated at a record pace at the end of 2008, bringing the year’s total job losses to 2.6 million or the highest level in more than six decades.

A sobering U.S. Labor Department jobs report Friday showed the economy lost 524,000 jobs in December and 1.9 million in the year’s final four months, after the credit crisis began in September.

The unemployment rate rose to 7.2% last month from 6.7% in November – its highest rate since January 1993.

The steep annual drop in jobs marked the highest yearly job-loss total since 1945, the year in which World War II ended…

“We’re seeing a complete unraveling of the labor market and are on track for getting beyond 10% unemployment,” said Lawrence Mishel, president of the Economic Policy Institute.

The total number of unemployed Americans rose by 632,000 to 11.1 million.

It was President-elect Barack Obama that begun a push for a massive stimulus plan, aimed at creating or saving 3 million jobs over the next two years.

It was during the Bush administration, that unemployment jumped a full 2% over his 8 years in office.   It was just 5.1% in December of 2000.  By January of 2009 it was 7.2%.  As the previous story points out, it was predicted that unemployment was on track to go as high as 10% this year – even before President Elect Barack Obama took office.

As for what President Obama promised if his Stimulus package passed; he said it would CREATE or SAVE 3 million jobs.  Note the word ‘OR’ people?

So Republicans, go ahead and try to make the election 2010 about jobs and the economy.  I’m sure Democrats and President Obama will enjoy pointing out the true facts to the American people – as if they need to be reminded who it was that really put us in the tank.