President Obama’s Weekly Radio Address (5/17/2014) May 21, 2014Posted by geoff in News.
The President’s weekly address last Saturday had a lot of very special moments. He opened with this:
At a time when our businesses have created 9.2 million new jobs in just over four years, and more companies are considering bringing jobs back from overseas, we have a choice to make. We can make it easier for businesses to invest in America – or we can make it harder.
It’s true that businesses have created 9.2 million jobs since his inauguration (though that’s just over 5 years, not 4), but consider this:
Just before the recession, peak private employment in America was 115,862,000 (February 2008). Last month, private employment was 116,383,000. So six years later we’ve netted 521,000 jobs. In fact, it was only in February of this year that private employment exceeded that of six years prior.
Insourcing. After his misleading start, the President continued with a description of some of his activities to enhance our economy:
First, we’re helping more businesses bring jobs to America from overseas. Three years ago, my Administration created SelectUSA – a team of people in embassies abroad and agencies here at home focused on insourcing instead of outsourcing. Today, they’re helping a Belgian company create jobs in Oklahoma. They’re helping a Canadian company create jobs in Kansas. In my State of the Union Address, I asked more businesses to do their part.
First off, that Belgian company in Oklahoma? It’s created 50 jobs so far. Yay.
But how about how SelectUSA is doing overall? Well, in 2011 (the year SelectUSA started) we had $230 billion in investments. It plummeted to $166 billion in 2012, and then recovered to $193 billion last year. Success story? Only in Obamaland.
Tourism.So insourcing has been a bust. What’s next?
Second, on Thursday, I’ll be heading to Cooperstown, New York – home of the Baseball Hall of Fame – to talk about tourism. Because believe it or not, tourism is an export. And if we make it easier for more foreign visitors to visit and spend money at America’s attractions and unparalleled national parks, that helps local businesses and grows the economy for everyone.
Sounds good, save for the fact that tourism is only 8% of our exports, and our exports have been sucking wind for the past three years. So even doubling tourism (hah!) won’t undo the economic damage this administration has already wrought.
Infrastructure. His third approach is to spend, spend, spend. Isn’t it always?
Here’s the problem: If Congress doesn’t act by the end of this summer, federal funding for transportation projects will run out. States might have to put some of their projects on hold. In fact, some already are, because they’re worried Congress won’t clear up its own gridlock. And if Congress fails to act, nearly 700,000 jobs would be at risk over the next year.
That’s why I put forward a plan to rebuild our transportation infrastructure in a more responsible way. It would support millions of jobs across the country. And we’d pay for it without adding to the deficit by closing wasteful tax loopholes for companies that ship jobs overseas.
So the President has proposed spending $300 billion over the next four years to rebuild our infrastructure. That’s $107K/year to keep those 700,000 jobs for four years. A typically low rate of return for the President’s attempts at stimulus.
In short, he’s wasting a lot of money and energy on approaches that are going to have a small benefit to the economy.
Like he’s done for the past 5 years.