Unfortunately – the 69,000 jobs created in May were well below economists’ expectations – and the unemployment rate jumped up to 8.2%. And while Republicans and Fox so-called News will likely rejoice over the poor jobs numbers thinking it will give them a better chance in the November elections – the truth is – they should also be patting themselves on the back for slowing down our economic recovery.
Hell-bent on austerity – Republicans have sucked money out of the economy – cutting off unemployment benefits, and investments in education, healthcare, and transportation. As economist Paul Krugman has pointed out, Republicans during the Reagan administration didn’t cut government and spending during the recession of the 1980’s – they GREW government and increased spending.
And if today’s Republican Party would just let President Obama do what Reagan did – then there would be 1.3 million more Americans today working as school teachers, cops, and firefighters – critical jobs that our nation needs right now. And our unemployment rate would be below 7%. So what’s the difference between today and when Reagan was office? Republicans weren’t trying to crash the economy to make Reagan a one-term President.