EDMOND —
Terrible? Really? I remember terrible and this isn’t it. On Friday the U.S. Bureau of Labor Statistics reported that the U.S. economy added an estimated 115,000 jobs in the month of April. The number, which was well below consensus estimates, was disappointing. Many economists had been hoping that job growth, which averaged 230,000 new jobs monthly during the first quarter, would continue to strengthen as we head into spring. It appears though, that job growth is slowing.
While many economists expressed disappointment at the latest jobs numbers, former Massachusetts governor, and certain Republican Party presidential nominee Mitt Romney called the report “terrible.” I understand that in the midst of a political campaign that political hyperbole often takes over, but “terrible?” Really? I cannot help but think of the line from one of the all-time great movies (The Princess Bride), “You keep using that word. I do not think it means what you think it means.”
In the past three months of the Bush administration, the private sector had shed 2.3 million jobs. That was terrible. In the most recent three months of the Obama administration, the private sector has added 550,000. That is progress. During the eight years of the Bush Administration the private sector actually lost nearly 650,000 jobs. That was terrible. During the Obama Administration the private sector has actually added jobs. This is progress.
In fact, the Obama economy has had 26 consecutive months of private-sector job growth and in that time has added 4.2 million new jobs including more than 2 million in the past year alone. Furthermore, in just the first four months of this year, private-sector job growth already has surpassed five of the eight years from the Bush presidency, and is on pace to log the highest growth since 1999. This is progress.
After all, when it comes to changes in employment positive numbers are better than negative ones.
Yes, it could have been better. We could have seen faster employment growth and declining unemployment. The blame though lies not with the president’s economic policies, but with Congress’ obstinacy. A close look at the data reveals an important fact — Congress failed to do enough to support employment growth during this recovery. While the private-sector has been expanding and creating jobs for 26 months, the public sector has been shrinking — shedding more than 500,000 jobs.
How does this compare to the first 26 months of the last three economic recoveries? In the first 26 months of the recovery from the 1981 recession (which occurred during the Reagan administration) government employment grew by 425,000 (2.7 percent) jobs. During the first 26 months of recovery from the 1991 recession, government employment grew by 562,000 jobs (3.0 percent). Even during the Bush Administration, government employment grew by 257,000 jobs (1.2 percent) during the first 26 months of the recovery from the 2001 recession.
Economics tells us this is what governments should do. During recessions, governments should respond by increasing spending and boosting government employment (which includes local, state and federal workers). This provides additional spending in the economy boosting overall economic activity. And previously, under both Republican and Democratic presidents that is exactly what happened. This time though, Congressional Republicans have stonewalled the president’s efforts to provide additional economic stimulus. If government employment in this recovery had grown at the same pace as the in the Reagan and Clinton recoveries there would be an additional 1.1 million Americans employed right now. As a result of Congress’ stonewalling, we have a slower recovery than we should have.
In politics, politicians too often are willing to sacrifice truth and common sense in order to appeal to voters. However, Romney’s statements blaming his opponent for the failure of his own party’s policies, has taken petty politics to a new heights of hypocrisy.
MICKEY HEPNER is the dean of the College of Business Administration at the University of Central Oklahoma. Hepner serves on the Executive Committee of the Board of Directors for The Oklahoma Academy.
Opinion
Lackluster unemployment numbers still show progress
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Don’t leave Oklahoma!
May is graduation season. As I have done every year as lieutenant governor, I have given multiple commencement speeches. Advice flows freely during this time and it usually runs the gamut. What to do, what not to do, how to do ‘x’, be sure not to do ‘y.’ Too often commencement speakers speak in big generalities. So general, the message is frequently lost or forgotten.
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Last-minute funding proposals not in state’s best interest
All indications point to this being the last week of this year’s legislative session. The Legislature will go home a week early. This is good news for Oklahomans as not only will there be cost savings but all Oklahomans should breathe a sigh of relief when the Legislature stops making new laws a week ahead of schedule.
As usual, the Legislature will take a number of important votes during the last week. Some will be forced due to attempts to introduce and pass far-reaching, new policies that should have been introduced much earlier in the year. -
BY THE NUMBERS: Oklahoma still needs to invest in its economy
After six months of stagnation, the Oklahoma economy finally appears to be expanding again albeit still weakly. Unfortunately, our leaders aren’t making the investments we need to give our economic prospects a boost.
Last week the Oklahoma Office of Management and Enterprise Services reported that in April state General Revenue fund collections were 5.2 percent above the estimate and 14.7 percent higher than last year’s collections. Under normal circumstances, such a report would indicate that the Oklahoma economy was very strong. But this isn’t a normal circumstance, and April isn’t a normal month. -
Americans deserve the truth on Benghazi
Lately, the media has been consumed by the controversies surrounding the White House. Among these controversies is the horrific terrorist attack on the United States’ diplomatic compound in Benghazi that took place Sept. 11, 2012. As more people come forward with additional information regarding the attack on the consulate, many Americans, including myself, are still asking for the truth.
The Obama Administration and the State Department have been less than forthcoming with key information on Benghazi and recent information points toward a major cover-up. -
Seizure of AP phone records insult to independent press
Distrust of government secrecy has been elevated to an exceptional level with the disclosure the Justice Department covertly examined two months of Associated Press phone records to determine who leaked details to the AP about a foiled terrorist plot.
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HEY HINK: Some people just are not cut out for command
Recent headlines cause me to remember an incident that occurred on an army base some years ago. Warning here: I’m taking some liberties with names and details, but the basic outline of events is accurate.
A certain company commander, let’s call him Captain Duntz, had command of a motor pool on a large army base in the continental U.S. -
We’ve become our own worst enemies
The past couple months have been marked by a seeming unprecedented number of man-made tragedies, as distinct from those caused by violent outbursts of the natural world, such as earthquakes, hurricanes and tsunamis.
You don’t want to dwell too long on the negative, but we do have to take notice of horrific human events and we owe it to ourselves to respond to them in some way. We don’t always agree on those responses, however, and that usually exacerbates the problem. -
Let’s reimburse higher ed for remediation costs
The good news: Oklahoma schools are teaching phonics. The bad news: It’s in college.
Students at Tulsa Community College, for example, can take a college English course called “Spelling and Phonics,” which “helps students master basic spelling literacy, principles of phonics and decoding skills.”
This sort of higher education brings to mind former Boston University president John Silber’s quip: “Higher than what?” -
AGAINST THE GRAIN: Department of Commerce highlights Main Street successes
The 24th annual Oklahoma Main Street Awards Banquet was at the National Cowboy & Western Heritage Museum last week. Oklahoma Department of Commerce Secretary Dave Lopez addressed the gathering, and spoke of how the Commerce Department works with Main Street organizations throughout the state that are working to improve their downtown areas. Lopez pointed out that the partnership between his department and those local organizations has brought new life to those communities and that the attendees would see some of that revitalization in a video presentation. Oklahoma Gov. Mary Fallin also addressed the gathering, and said the Main Street program has resulted in more than $1 billion in investments in the state and more than 1 million volunteer hours in its 24 years of operation.
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OUR VIEW: Be Edmond needs your help
BMX star and local legend Mat Hoffman knows what’s it like to fall from great heights and find yourself at one of the worst low points in life. He also knows how to climb back up and tackle life’s problems head on.
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Don’t leave Oklahoma!
