What's Wrong With the Jobs Market?

by Llewellyn H. Rockwell, Jr.



Lew Rockwell

 The terrible job market has vexed an entire generation. It shows no hope of improving anytime soon. Young people are shut out. College students are taking refuge in matriculation without end. Thirty-somethings are zoning out in their parents' basements and attics. Despair for the future has become a theme of American public life.

The question we must ask is: why is unemployment stuck at 10% in the narrowest measure and as high as 30% for some demographics?

The usual answer is that the broad economy is not recovering. That's true but superficial; it explains nothing. We have a problem of a specific kind with the jobs market. To see it as just a symptom of slow growth is an excuse for politicians and central banks to resort to reckless policies in the name of fixing the big problem without addressing the reality on the ground.

Some new data reported by the Wall Street Journal helps get to the core of the problem in greater detail. In the current environment, which the National Bureau of Economic Research (NBER) laughably calls a recovery, business start-ups of job-creating companies have not kept up with closings.

WAYNE ALLYN ROOT: Barack Obama: The great jobs killer

As former President Ronald Reagan might have said, "Obama, there you go again."


The current occupant of the White House claims to know how to create jobs. He claims jobs have been created. But so far the score is Great Obama Depression 2.2 million lost jobs, Obama 0 -- a blowout.


Obama is as hopeless, helpless, clueless and bankrupt of good ideas as the manager of the Chicago Cubs in late September. This "community organizer" knows as much about private-sector jobs as Pamela Anderson knows about nuclear physics.


It's time to call Obama what he is: The Great Jobs Killer. With his massive spending and tax hikes -- rewarding big government and big unions, while punishing taxpayers and business owners -- Obama has killed jobs, he has killed motivation to create new jobs, he has killed the motivation to invest in new businesses, or expand old ones. With all this killing, Obama should be given the top spot on the FBI's Most Wanted List.

Meanwhile, he has kept the union workers of GM and Chrysler employed (with taxpayer money). He has made sure that most government employee union members got their annual raises for sleeping on the job (with taxpayer money). He made sure that his voters got handouts mislabeled as "tax cuts" even though they never paid taxes (with taxpayer money). And he made sure that major campaign contributors collected billions off government stimulus (with taxpayer money). 
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