Stimulus creates 3 million jobs...in China

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September 8, 2010

Stimulus creates 3 million jobs...in China
Posted by Staff

American Thinker reports:

President Obama should be saying, "My economic stimulus plan has preserved or created three million jobs -- in China." He keeps leaving out the words "in China." His plan is stimulating American demand for imports, not demand for American products.

The latest unemployment report (9.6% in August) shows that the U.S. economy is stagnating, not recovering. Unemployment has stayed in the 9.5% to 10.2% range for the past thirteen months. Among the unemployed are many of the two million manufacturing workers who have lost their jobs since January 2008. U.S. manufacturing employment is stagnating at a low level and appears to be turning downward again.

The latest GDP report, released September 4, reveals the cause of the stagnation. Our growing imports turned what would have been 4.7% GDP growth in demand for American products during the second quarter into anemic 1.6% growth. The Bureau of Economic Analysis (BEA), source of the GDP numbers, makes no bones about the cause of the slowed growth. It leads its discussion of the latest numbers with these words: "The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in imports ... "

09/8/10 7:07 AM

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