The economy added only 80,000 jobs in June and unemployment stayed at 8.2%. At this point, it is too late for one or two decent months to make plausible the administration’s claim that its policies are moving the economy in the right direction–even if we get one or two decent months between now and November, which looks increasingly unlikely. It must now be obvious to all but the most committed partisans that the Obama administration is a failure, and that only new and very different policies can get the economy moving again.
UPDATE: Dan Mitchell has more. Among other things, he has updated the chart that shows what the Obama administration promised if only Congress would enact the “stimulus” bill, versus what has actually happened:
Has any government policy ever been a more comprehensive failure than the near-trillion-dollar stimulus package? Mitchell also compares the Reagan and Obama recoveries with respect to job growth. This chart is five months old, but if you updated it the contrast would be even more dramatic:
Is Mitt Romney another Ronald Reagan? No, and conditions are different today from 1980 in any number of ways. But Romney’s economic program, which he has spelled out in unusual detail, is entirely Reaganite.