July Jobs Report II

In my July Jobs Report Post I promised to update this chart:

Unemployment With and Without Stimulus 8/20/12

But I didn’t have to because Glen Reynolds at PJmedia did it for me. As always, click on the chart for a bigger view.

Just to remind you,  I first saw this graph done by Geoff at Ace of Spades based on forecasts by White House economic advisers Christina Romer and Jared Bernstein on January 10, 2009. Since then the chart has been presented at Innocent Bystanders, updated by the e21 blog and, created a fire storm when James Pethokoukis published it. I added a few data points myself to bring it up to date when I wrote Obamanomics I.

I love Glen’s note on the 11% unemployment rate if we had not changed the calculation to improve the numbers.  Moreover, as reported by Investors Business Daily, fully 44 states saw their unemployment rates climb in July. Here is their chart:

Blue State Unemployment from Investors Business Daily

Finally, just for completeness, let me re-post my other favorite chart from my previous jobs article:

Employment July 2012

President Obama and his supporters have distanced themselves from these statistics by reminding us that Presidents can’t just turn a knob and change the economy. They didn’t make that claim when blaming George Bush for the economy or when bragging how Obama would fix everything. The truth appears to be that Presidents can’t automatically improve the economy by themselves but they sure can ruin it. Recall that we have set a record for the most weeks of 8% or greater unemployment since the Great Depression.

Remember all this when the President asks you to give him a chance to help you even more.


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