Is This What Failure Looks Like?
Republicans today have been quick to use the Dept. of Labor’s new employment numbers as evidence that the Democrats’ efforts to stimulate the economy over the last year have failed.
House Minority Whip Eric Cantor (R-Va.), for example, issued a statement arguing that no long-term recovery can happen until “Washington stops actively impeding economic growth.” And Rep. Tom Price (R-Ga.), who heads the Republican Study Committee, said “we have still yet to see the robust private sector job creation the Obama administration promised would come from its $862 billion failed stimulus.”
It’s a curious tactic, considering that (1) the economy created 162,000 jobs last month — 114,000 when census hiring is excluded; (2) that the “failed stimulus” included more than $300 billion in tax cuts for businesses and individuals, which is the same strategy that GOP leaders have argued would most effectively grow the economy; and (3) that 162,000 is quite an improvement above the 700,000+ jobs that were being shed each month when Obama moved into the White House.
Case in point: this graph from House Speaker Nancy Pelosi (D-Calif.).