Email Friend | Print Article | | Share Share  September 6, 2010
Obama Did Create 3 Million Jobs -- in China  By Raymond Richman,
Howard Richman, and Jesse Richman President Obama should be
saying, "My economic stimulus plan has preserved or created
three million jobs -- in China." He keeps leaving out the words
"in China." His plan is stimulating American demand for imports,
not demand for American products.  The latest unemployment
report (9.6% in August) shows that the U.S. economy is
stagnating, not recovering. Unemployment has stayed in the 9.5%
to 10.2% range for the past thirteen months, as shown in the
graph below:  Among the unemployed are many of the two million
manufacturing workers who have lost their jobs since January
2008. U.S. manufacturing employment is stagnating at a low level
and appears to be turning downward again, as shown in the graph
below:  The latest GDP report, released September 4, reveals the
cause of the stagnation. Our growing imports turned what would
have been 4.7% GDP growth