How does job creation affect growth? In January of this year 144,000 new jobs were created; in February, 222,000; and in March, 203,000. Yet during that quarter, GDP dropped by 2.9%.
All those new jobs failed to add to our total output of goods and services. The experts explained this by blaming our unusually harsh winter weather for the economic contraction.
So, here we are enjoying excellent summer weather, and last month only 288,000 new jobs were created — not a great deal more than February’s 222,000 when the Polar Vortex was supposedly bringing America’s economy to its knees. And almost all of June’s new jobs were part-time, meaning the new job holders produced only half the goods and services of full-time workers.
Yet Obama and the media are proclaiming a fabulous new era of economic growth throughout the land. That is absurd. To counteract the 2.9% GDP decline of the first quarter, the economy would have had to grow by 2.9% in the second quarter just to get us back to even. But that couldn’t have happened with the relatively modest growth in new jobs we’ve had over the past three months, many of them part-time.
“So, here we are enjoying excellent summer weather, and last month only 288,000 new jobs were created — not a great deal more than February’s 222,000 when the Polar Vortex was supposedly bringing America’s economy to its knees.”
Polar Vortex’s evil younger brother Hurricane Arthur just destroyed the recovery on the East Coast (in two days!).