What a difference a year makes.
In October 2008, the candidate Barack Obama delivered a major economic speech in Toledo, Ohio. In it he said: “Right now, we face an immediate economic emergency, and that requires urgent action. We can’t wait to help workers and families and communities who are struggling right now — who don’t know if their job or their retirement will be there tomorrow; who don’t know if next week’s paycheck will cover this month’s bills. ... We need to pass an economic rescue plan for the middle-class, and we need to do it not five years from now, not next year, we need to do it right now.
“So today I’m proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners. It’s a plan that begins with one word that’s on everybody’s mind, and it’s easy to spell: J-O-B-S.”
“Right now,” “immediate economic emergency,” “requires urgent action,” “can’t wait.” Wow! He gave the impression that job creation would be his top priority, that action would be swift and effective, that his solutions would not only stanch the hemorrhaging, but reverse the trend.
Fast forward. On Friday, the Bureau of Labor Statistics released unemployment figures for October 2009. The official rate was 10.2 percent, up more than 50 percent from the time Obama gave that speech. Oops, nevermind. (Continues here at NY Times)