This Wednesday in Pittsburgh, President Barack Obama defended his administration’s economic policies telling the audience at Carnegie Mellon University: “Now, I’ve never believed that government has all the answers. Government cannot and should not replace businesses as the true engine of growth and job creation.” But that is exactly what the President’s big government policies are doing. Last week, USA Today reported that in the first quarter of 2010, thanks to President Obama’s failed $862 economic stimulus, paychecks from private business shrank to their smallest share of personal income in U.S. history while government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high.
And now the Labor Department’s Bureau of Labor and Statistics released its monthly jobs report today showing that the economy added 431,000 jobs in May. But don’t let that number fool you. Of those 431,000 jobs, 411,000 jobs were temporary government Census jobs. In fact, private sector job growth actually fell in May, from 231,000 new private sector jobs in April to just 41,000 new private sector jobs in May. Combining the private and public sectors–the nation’s unemployment rate fell to 9.7% as 286,000 workers left the labor force. In total the U.S. economy has now lost a net of 2.2 million jobs since President Barack Obama signed his stimulus bill and his administration is now 7.2 million jobs short of what he promised the American economy would support by 2010.
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