The week of 10/1 started out just like any other week that Obama would enjoy. Five weeks before the November election day, Obama was in front of Romney in most important swing states—if you believe in the polls. That was until the debate took place. And Obama’s team believed that he recovered with the September jobs report. Did he? Was the September jobs report really good?
The debate of Oct 3rd
More than 67 million Americans—many of them voters—watched how Romney demonstrated his knowledge of the relationship between high tax policy and jobs growth. In the process of doing so, he exposed the naivety (or complete lack of knowledge) from Obama on this issue.
Many were shocked by the deliveries of messages in the debate:
—Romney was aggressive to make his points. He was certain and confident about his plan. He presented and defended his plan after it was distorted by Obama with clear, business like explanations.
—Obama, on the other hand, seemed nervous and uncertain. He repeated same campaign rhetoric heard so many times before. He was generic with his messages and plan.
Most left-wing media blamed Obama’s failure on the aggressiveness of Romney and moderator’s inability to control the debate—you should not be surprised by now that Obama’s team will blame their own failures on some one’s else. Al Gore blamed it on the altitude—i.e. Obama has a small lung and had troubles breathing at Denver’s mile-high altitude.
I was mostly impressed with the contents of the debate.
Romney explained clearly he would not raise taxes on anyone because the economy is still growing slowly. Romney explained that the top 3% of small business—affected by Obama’s high tax plan—employ about 60 million. These businesses will have troubles expanding their business. Jobs growth will be slowed. Obama had no defense except accusation that Romney’s tax cut would cost $5 trillion. Romney explained this was no more than distortion from Obama.
Obama pulled out the “scare-the-seniors” tactics with Romney-Ryan’s Medicare plan. Romney explained his plan would only affect people younger than 55 year-old. Obama praised the current effectiveness of government’s Medicare program—showing he did not talk to doctors and seniors. Romney explained his plan would create a business like competition between private industries and Medicare—driving both to be better—the main benefactors would be consumers.
The closing statements between the two summed it best the differences between them:
— “…everybody’s getting a fair share…”
—“I’d fight every single day on behalf of the American people and the middle class and all those who are striving to get in the middle class”
— “I’m concerned about America…the direction America has been taking over the last four years…”
— “…if the president were to be re-elected you’ll continue to see a middle-class squeeze with incomes going down and prices going up…”
—Obamacare will drive “…health premiums go up by some $2,500 per family. If I’m elected, we won’t have Obamacare… allow each state to craft (their) its own programs… focus on getting the cost of health care down”
—“I will keep America strong and get America’s middle class working again”
The jobs report
Was September jobs report good enough to convince voters that Obama recovery is finally here?
Should we stay the course?
While the September jobs report showed the addition of 114,000 jobs and the unemployment rate dipped to 7.8% based on the government analysis, the truths behind it are:
—600,000 more people had to take (or switched to) part-time jobs because they could not find full-time positions.
—either most of the 114,000 jobs created were part-time jobs or a net loss of 486,000 full-time jobs. There was no quality behind this jobs report.
—by looking at table A-1 from Bureau of Labor Statistics (click here for details), there are 12.1 million unemployed as counted by the government. But also, there are also 6.7 million unemployed not in the labor force (i.e. not counted by the government) but wanting to work. Total of 18.8 million who are still unemployed in America—a true unemployment rate of 11.6%
Should we stay the course with Obama? Ask any of the 18.8 million unemployed.