Tags: Zuckerman | Obama | economic | fail

Mort Zuckerman: Obama's Economic Programs ‘Have Failed’

Wednesday, 25 Apr 2012 10:32 AM

U.S. News and World Report publisher Mort Zuckerman says President Barack Obama's economic programs have failed.

"There is no doubt that the next presidential term will start with a rate of unemployment that is far higher than what President Obama inherited when he took office. The programs that he has put in place have failed,” Zuckerman writes on Usnews.com.

“The U.S. economic recovery is like a person who promises much and doesn't deliver. There are not many months left for Obama to persuade the nation to measure his performance by a different mark.”

Editor's Note: Obama’s Last-Ditch Effort to ‘Fix’ America Will Cause the Unthinkable

"For the 80 percent of Americans born after World War II, this is their Depression," Zuckerman writes. "They have 5.5 million fewer jobs than at the recession's start in 2008, despite the most stimulative fiscal and monetary policy in our history."

Employment has been below the pre-recession peak for over 50 months, Zuckerman notes, and It's the longest time since the Great Depression that payrolls have not made a new high.

“As well as laying waste to work, to the equivalent of losing every job created in the last decade, the Great Recession has visited us with reduced incomes, declining home equity, and a growing contraction in credit,” Zuckerman says.

“Each month more Americans lose hope, permanently alienated from the workplace, their savings exhausted. The gradual expansion of the economy is too little to hope the cavalry is riding to the rescue,” he says. “Real, authentic job creation will not come from Washington. It has to come out of the energy and spirits of the private sector.”

The Associated Press recently reported that fewer U.S. states reported job gains last month, reflecting a slower pace of hiring nationwide. The Labor Department says that 29 states reported job gains in March, while 20 states lost jobs. That's worse than February, when 42 states added jobs.

That dip in hiring, along with recent increases in the number of people seeking unemployment benefits, has raised some concerns that job gains could slow in coming months.

"It's just kind of signaling a weak economy," Bricklin Dwyer, an economist at BNP Paribas in New York, told Reuters.

Editor's Note: Obama’s Last-Ditch Effort to ‘Fix’ America Will Cause the Unthinkable




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