We are having a ferocious jobs debate, most of it fraudulent. If presidents could easily create jobs, the unemployment rate would rarely exceed 3.5 percent. But all they can usually do is influence the economy through taxes, spending and regulatory decisions -- and hope that job growth follows. In our market system, private employers play the pivotal role. They will add jobs only if: (a) demand justifies new workers; (b) labor costs aren't at unprofitable levels; and (c) they think healthy economic conditions will last. Electing a president based on job creation makes as much sense as selecting a doctor based on palm reading. Facing a weak economy, a government can do three things: cut interest rates; run a budget deficit; and allow -- or cause -- its currency to depreciate. The first two promote borrowing and spending; the last makes a country's exports cheaper and its imports costlier. All these weapons have been deployed. Bush's policies are mostly standard economics; based on past patterns, these policies should have produced stronger job growth. But private employers have resisted hiring. "Economists are scratching their heads," says Randell Moore, editor of the monthly Blue Chip Economic Indicators, which surveys 50 economic forecasters.
Here's a Badger State sample:Madison Capital Times: "In Wisconsin alone, 84,000 manufacturing jobs have been lost since Bush became president."San Francisco Chronicle: "... a state that has lost 80,000 manufacturing jobs since President Bush took office."Chicago Tribune: "The state has lost 90,000 manufacturing jobs since 1999."UPI: "Trade policy and jobs are major issues in Wisconsin, which has lost more than 75,000 manufacturing jobs since 2000."Newsday: "Employment is a major focus in this state where more than 70,000 manufacturing jobs were lost in the past three years."Knight Ridder: " Wisconsin has lost 84,000 manufacturing jobs since 2001.”Charlotte Observer: "Wisconsin has lost 85,000 manufacturing jobs over the last four years."
Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in anyway.