Tuesday, July 10, 2012

The Failures of Obamanomics

June brought the perfect encapsulation of the Obama economy: More Americans signed up for disability benefits than got jobs. According to government statistics, 80,000 Americans found work last month, while 85,000 dropped out of the labor force altogether to collect Social Security disability payments.
It is possible that an unusual number of Americans have become disabled during President Obama’s tenure — but if so, what does that say about the virtues of Obamacare? In any case, though Mr. Obama promised that unemployment would not top 8 percent if we passed the stimulus law, and though he predicted that the unemployment rate would be at 5.6 percent today, the private economy itself is quite disabled under this leadership.
There are very few jobs on offer. People are accordingly going where the money is. From the beginning of the recovery in June 2009, more Americans have joined the ranks of the disabled (3.1 million) than have found jobs (2.6 million). Record numbers have also filed for unemployment insurance, welfare benefits, and food stamps (which one in seven Americans now receive).

Read more: http://www.nationalreview.com/articles/305413/failures-obamanomics-mona-charen

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