Why Obama economy won't improve

Contrary to the assertions of President Obama, the private sector has not produced 2 million jobs since January of 2009 when he was inaugurated. He lied one more time.

In January 2009 the Bureau of Labor Statistics, in its Employment Situation News Release, showed that total employment in the United States was at 142.1 million. Of that number, 22.4 million were employed by governments at all levels. Thus, 119.7 million were in the private sector, and the overall unemployment rate was 7.6 percent.

Fast forward to June of 2011; the Employment Situation News Release for that month revealed that total employment was at 139.3 million (a drop of 2.8 million from January 2009). Within the total employment number were 22.1 million government workers at the federal, state and local levels. In summary, there were 117.2 million employed in the private sector, a decline of 2.5 million. The overall unemployment rate was 9.2 percent.

The reality is 2.5 million jobs in the private sector have been eliminated since President Obama assumed office.

When this is combined with the fact that 2 million new applicants for jobs enter the work force each year, Obama is really behind in the creation of 7.5 million jobs just to maintain the same unemployment percentage he inherited.

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Another 3 million will enter the work force by the end of 2012, so he needs to create 10.5 million jobs by the end of 2012 just to get back to the 7.6 percent unemployment that was in effect when he took office.

Obama needs to create 617,000 new jobs each month just to break even with what he inherited. To date, the average has been more like 50,000 per month – and that is with all of Obama's spending ... a $1.75 trillion federal deficit, $700 billion per year increase to the government budget, QE1, QE2, bank bailouts, auto-union bailouts and the $800 billion stimulus bill. He burned through our money just as the high-tech startups did in the late '90s. And he burned through it for the same reasons as those startups did: He and those young CEOs lacked experience.

So is there anyone who thinks that Obama will be able to create 617,000 new jobs each month from now until the end of 2012? Is there anyone who thinks that Obama knows what he is doing? Is there anyone who thinks that experience is not important? Is there anyone who thinks that Obama tells us the truth?

So what should Obama be doing?

1. Allow private corporations to drill for more oil, mine for more coal and build more nuclear sites with their own money. That will stop the drain of 5 percent of the economy each year to foreign countries for oil, it will employ more people, and it will drive down the price of gasoline and other energy so there is more money in the economy.
2. Cut back on spending for services and government employees (cut their pay by 7 percent), and eliminate all payments to foreign governments. Then use that money to buy products made in the USA with USA components – like tanks and planes and tractors – to leverage the manufacturing multiplier effect on the economy.
3. Eliminate all grants, scholarships and loans for liberal arts, and increase all grants, scholarships and loans for engineering, science and math.
4. Increase tax deductions for dependent children, and offer a $10,000 tax credit for any child born between June 2012 and March 2013 to encourage more child birth.
5. Repeal Obamacare. This will put $2.4 trillion of additional insurance costs and taxes back into the economy.
6. Repeal all the new business regulations by the NLRB and EPA.
7. Eliminate taxes on profits generated by sales in the manufacturing supply chains.

Will Obama do any of this? Of course not. Instead, Obama will request QE3, more revenues (taxes) and more stimulus money for infrastructure and social welfare programs. He will use them as payoffs to his voter base of unions and those who are dependent on government.

Obama did not learn from his mistakes. These seven proposed ideas are all contrary to his political ideology and the wishes of his political base. He would rather use class warfare for political reasons than correct the economic problems he exacerbated.

Therefore, Obama's economic recovery will continue to fail.

Michael Master is the author of "Save America Now" and "Rules for Conservatives." Jack Tymann is a contributor to Red State, a radio pundit in Florida and chairman of an energy company.