Where has all of America’s labor gone? Following the announcement that the economy added no new jobs in the month of August, President Obama’s Labor Day politicking with GM workers in Detroit was an opportunity for the President to display his grasp of basic economics. And as usual, he failed miserably, blaming America’s economic stagnation on congressional Republican obstructionism.
But the President has a plan, which he coyly referenced without unveiling the particulars (to be revealed later this week, supposedly). Government, he told his audience, must do more to create jobs:
We’re going to see if congressional Republicans will put country before party. We’ll give them a plan, and then we’ll say, do you want to create jobs? Then put our construction workers back to work rebuilding America.
We’ve heard all this before: Spend government money on public works projects like roads and bridges, and the economy will grow. It was FDR’s strategy, and President Obama recycled it in his mammoth stimulus package. And in both instances, it failed miserably, as Americans are now discovering in the case of President Obama’s beloved TARP.
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Photo: AP Images