Unemployment UP, Romney Hits With New Ad, Bill Clinton Praises Romney’s Business Career

UPDATE! Mitt Romney responds to today’s dismal jobs report:


Today’s weak jobs report is devastating news for American workers and American families. This week has seen a cascade of one bad piece of economic news after another. Slowing GDP growth, plunging consumer confidence, an increase in unemployment claims, and now another dismal jobs report all stand as a harsh indictment of the President’s handling of the economy. It is now clear to everyone that President Obama’s policies have failed to achieve their goals and that the Obama economy is crushing America’s middle class. The President’s re-election slogan may be ‘forward,’ but it seems like we’ve been moving backward. We can do so much better in America. That’s why I’m running for president.” –Mitt Romney

UPDATE 2 - You don’t want to miss Governor Romney’s excellent interview on CNBC this morning. The video also includes traders’ reaction to The Gov’s interview. See video here (article here). More here.

Photo by Justin Sullivan / Getty Images North America

The U.S. Dept. of Labor today released the jobs report for April. Not good, folks.

155,000 jobs were hoped for; only 69,000 jobs were added to the U. S. economy last month. Unemployment has risen to 8.2%. At the first of the year, we were barely breathing at around 200,000 jobs created per month. In April, that number was almost cut in half at around 100,000 jobs created. (Numbers for March and April were revised to reveal unemployment was more prevalent than originally reported.) We are weak and getting weaker. Today’s numbers are almost halved again. Long-term unemployment jumped up by 300,000 last month, as well. Factoring in the UNDER-employed, the real number is at 14.8%. The labor participation rate is clinging to 63.8%, meaning 36.2% are not participating; they’ve given up.

Obama’s economic policies just aren’t cutting the mustard and Americans are not only sick with worry, they’re furious.

Romney for President keeps churning out timely, hard-hitting web ads. Today, they released a new web video using footage from Governor Mitt Romney’s press conference yesterday near Silicon Valley in Fremont, CA. (The image of Romney standing front of bankrupt Solyndra spoke volumes.)

In case you’ve forgotten:

The Obama Administration loaned $535 million to Solyndra – which later went bankrupt and laid Off 1,100 employees. “In a blow to the Obama administration’s efforts to create green jobs, solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy. The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers. Solyndra was the first company to win one of the guarantees, receiving $535 million in 2009 to build its second factory in Fremont less than a mile from the company’s original plant.” (David R. Baker and Carolyn Said, “Solyndra Closes Fremont Plant - Stimulus Hopes Dim,” San Francisco Chronicle, 9/1/11)

Romney’s new video is aptly titled Symbol of Failure:

Two years ago, President Obama went to Solyndra and touted it as an example of his initiative to create jobs. Today, the company is bankrupt and the building stands empty as a symbol of the failure of President Obama’s policies.

Click here and donate to the campaign to help them fund more commercials of events like this one.

Free enterprise to the president means taking money from the taxpayers and giving it freely to his friends. ~ Mitt Romney, press conference May 31, 2022

Did you happen to watch CNN last night? Former President Bill Clinton was speaking with Harvey Weinstein when he kicked the legs out from under Obama’s main campaign strategy to slice and dice Romney’s record as a businessman:

So I don’t think that we ought to get in the position where we say this is bad work, this is good work. I think, however, the real issue ought to be what has Governor Romney advocated in the campaign that he will do as president? What has President Obama done and what does he propose to do? How do these things stack up against each other, that’s the most relevant thing. There’s no question that in terms of getting up and going to the office, and you know, basically performing the essential functions of the office, a man who has been governor and had a sterling business career crosses the qualification threshold.”

Thanks for the straight talk, Bill!

UPDATE - Speaking this afternoon on Your World with Neal Cavuto (FOX News), former Democratic pollster Pat Caddell said “Clinton has just done enormous damage to President Obama. … He has just put a torpedo right into the Obama campaign. This is as bad as it gets.

Townhall’s Mona Charen pretty much summarizes it for me today. She writes about the “straws in the wind” Obama campaign – how bad it’s going. She can add today’s stuck-in-the-mud jobs report to her list.

- Jayde Wyatt

Twitter follow: @YayforSummer

Unemployment Rises to 9%, Romney: “Americans Bearing Brunt of Obama’s Failed Policies”

Unemployment has RISEN to 9%.

The United States Dept of Labor released its unemployment report yesterday showing jobless claims continued to increase by 43,000 for the week ending April 30th, reaching 431,000 claims.

Mitt Romney issued a statement:

Today’s disheartening unemployment increase is another reminder of the failure of President Obama’s economic policies. We are in the third year of unemployment above 8%. This figure is not just a statistic – 20 million Americans are out of work, underemployed, or have stopped looking for work. The cost of the President’s inexperience and failed liberal policies is borne by families across the country. To get people back to work will take experienced economic leadership, a commitment to rein in government, and a credible plan to make America the best place in the world for growth and jobs.

Despite floundering GDP numbers of 1.8% and mounting inflation (many of you know what I’m talking about; that ‘pump panic’ when the car needs to be filled with gas or the ‘drum roll’ feeling while waiting for the cashier to ring up the total on a cart of groceries!) 244,000 jobs were added in April. But… unemployment still rose:

Hiring in the service sector drove the gains, with sizable jumps in retail trade (up 57,000), professional and business services (up 51,000), leisure and hospitality (up 46,000), and health care (up 37,000). Goods-producing sectors showed less of a bump, and construction job levels didn’t budge, a reflection of how depressed the housing market continues to be.
Payroll jobs numbers and the unemployment rate are calculated from two separate surveys, which helps explain the conflicting readings of faster job growth and higher unemployment. The precise reason for the discrepancy isn’t yet clear[…]
Although Friday’s numbers certainly mark an improvement over previous reports, it will take another two and a half years before the economy reaches prerecession employment levels. How long after that it will need to add enough jobs to compensate for population growth will depend on how many people rejoin the labor force. Without question, it would be many more months.

There are some other reasons for caution, says Heather Boushey, a senior economist at the left-leaning Center for American Progress. Average hours of work didn’t increase, and wages, while up nominally, didn’t really rise once adjusted for inflation. “This does give me pause,” she said, adding that “we really need to be seeing job growth above 300,000 to be getting the unemployment rate down

Others estimate that even if 250,000 jobs were added per month it would still take as high as four years before we get back to the job level lost over the last few years.

Here’s Charles Payne’s (FOX Business’ Varney) lightning round with Rep. Kevin Brady (R-TX) today on the unemployment report (unemployment comment ends @:30, gasoline price comment begins @1:12):

A couple of nuggets… The U-6 job rate (the real unemployment rate), rose to a head-shaking, disgraceful 15.9%. And, wages increased by a whopping…………… 3 cents.

Another measure of unemployment rose as well: the so-called “real” unemployment rate, which rose to 15.9 percent, up two-tenths from the prior month. The government calls the rate the U-6, and it measures not just those looking for work and unable to find jobs but also those “marginally” attached to the labor force and those who are working part-time but who want full-time work.
But the average workweek, considered a key barometer of economic activity, also did not move, staying stagnant at 34.3 hours. At the same time, wages actually edged higher, up three cents, or 0.1 percent, to $22.95.

(my emphasis)

In case you haven’t heard, the housing market is officially in a double dip.

This is what Obama’s $826 BILLION stimulus bill has done for us.

UPDATE: Remember when Joe Biden said in April 2010 that the Obama economy would see an increase of 200,000 new U.S. jobs next month (meaning May 2010) with a rise to 250,000 to 500,000 jobs per month soon afterward?

America, it’s time to sign Governor Romney’s Obama Misery Index petition here.

► Jayde Wyatt