April 10, 2012

IBD: ‘Slow Jobs Growth Underscores Obamanomics’ Failure’ — As Does One Particular Unemployed Engineer

Of course it does, if you think growing the economy is the administration’s paramount goal. It’s not.

What follows are excerpts from Monday evening’s related Investor’s Business Daily editorial, with a nice follow-up on a specific Obama-related example from January:

Darin Wedel, an out-of-work Texas electronics engineer who more than two months ago sent his resume to the White House at the request of President Obama, is still unemployed. It’s a tale for our times.

Wedel sent his resume to the White House after Obama told Wedel’s wife in a Jan. 30 Internet forum that the U.S. doesn’t have enough home-grown engineers to fill all the opportunities.

Turns out, that’s not exactly true. “Not even recruiting companies are calling anymore,” Jennifer Wedel, a Fort Worth, Texas, mother of two, said of her jobless hubby.

As the Wedel family might tell you — and as April’s mediocre gain of 120,000 new nonfarm payroll jobs shows — the economy’s employment engine isn’t in high gear.

Today, a record 100.5 million Americans older than 16 don’t have jobs, up 34% since 2000. As Eddy Elfenbein, editor of the Crossing Wall Street blog, notes, “If we were to have the same jobs-to-population ratio as 12 years ago, there would have to be 14.6 million more jobs, or 22.6 million fewer people.”

That’s the scale of the damage done to our economy.

It may come as a surprise to Americans who’ve been fed a steady diet of stories claiming a ripping recovery is either here or on the way, but this remains the worst jobs recovery since the Depression.

By miles.

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