The Obama economic recovery continues to lumber forward with all the momentum of a blind, three-legged elephant. On Friday, the Labor Department revealed that job creation was virtually nonexistent in July, with private employers adding just 71,000 new workers. The unemployment rate remained at 9.5 percent.
At the same time, the department revised its June job numbers, lowering private-sector job gains to 31,000 from the 83,000 originally guesstimated.
The economy lost 8.4 million jobs in 2008 and 2009.
“People have a long worry list they’re looking at,” Ethan Harris, chief economist at Bank of America Merrill Lynch, told The Associated Press.
Indeed, many employers remain reluctant to expand — perhaps either still smarting from the hit of the 2008 economic meltdown or worried about the direction this president has taken the economy. With the Bush tax cuts set to expire at the end of the year, thousands of business owners and potential entrepreneurs face an uncertain future. Mr. Obama’s class warfare rhetoric and desire to expand the regulatory state only exacerbates the problem.
Meantime, one of the president’s top economic advisors has resigned to go back to teaching at Cal-Berkley. Christina Romer — one of the architects of the “stimulus” package who erroneously maintained that unemployment wouldn’t exceed 8 percent if the administration ramped up government spending – announced Thursday she was leaving to spend more time with her family.