Has Obama “Lowered the Bar” on the Jobs Front?

Are Creating Jobs the Same as Saving Them?

Please listen closely to the Obama administration on the topic of jobs. Why? Very subtly Obama and team are defining their employment efforts not only as ‘creating jobs’ but as ’saving and creating jobs.’ While one may deem this broader definition as a worthy and admirable approach, it is pure politics.

Please tell me what prior administration would have addressed employment in this manner. I mean, taking a counter approach, who would accept a politician as credible if they pronounced, “well, we are looking to create millions in new jobs but we are really not concerned with saving jobs.” What the American public is being fed is pure political pandering and the media will not call Obama on it.

Why has Obama “lowered the bar” on the jobs front? In typical management fashion, Obama is playing the “undersell to overdeliver” game. Why does he feel compelled that he needs to “play this game?” Pure politics on one hand but Obama appreciates real economic peril on the other. What does that peril encompass? The fact that the Brave New World of the Uncle Sam Economy is not going to have meaningful job creation anytime soon.

We see evidence of that this morning. The Wall Street Journal puts forth, Cuts Are Here to Stay, Companies Say,

Many companies that have cut jobs, pay and benefits during the recession may not be quick to restore them.

The Washington Post similarly addresses this topic in writing, Recovery’s Missing Ingredient: New Jobs,

The likelihood of severe unemployment extending into the 2010 midterm elections and beyond poses a significant political hurdle to President Obama and congressional Democrats, who are already under fire for what critics label profligate spending. Continuing high unemployment rates would undercut the fundamental argument behind much of that spending: the promise that it will create new jobs and improve the prospects of working Americans, which Obama has called the ultimate measure of a healthy economy.

Without real stability and improvement on the employment front, our economy will not see meaningful improvement in retail sales and inventory buildup.

Do not be surprized to see renewed talk out of Washington of the need for another Stimulus Package despite the fact that the first one has currently had little to no impact.

Obama and the Democrats are running into a wall of public fatigue in regard to the exploding fiscal deficit. Public opinion polls show the deficit is viewed as much more pressing than Obama’s health-care reform.

Has Barack bitten off more than he can chew? While the media does not keep him honest, the public at large is not totally clueless.

A penny saved may in fact be a penny earned, but in regard to jobs that principle does nothing for our nation’s unemployed.

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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