In 1992, Bill Clinton campaigned with the motto “It’s the economy, stupid,” promising to bring the country out of a recession.
He also said “It’s about jobs, stupid!”. The phrase has been oft repeated and paraphrased.
It would have been more accurate if he said: “It’s about the RIGHT jobs stupid!”, but slogans have to be short and to the point.
It’s about private sector jobs stupid! Every job paid for directly by government funding requires at least three private sector jobs to provide the tax revenue necessary to pay the salaries for each government job. Similarly, any job paid for via government contracts (in defense or infrastructure) requires several private sector jobs to provide the tax revenue necessary to pay for the jobs.
Government sector jobs that don’t create private sector jobs are sub worthless because they increase the need for taxes which have the effect of suppressing further job growth. This includes jobs in the defense industry and infrastructure as well as all jobs in federal, state and local governments.
It’s not about mere jobs stupid; it’s about creating private sector jobs and other jobs that decrease the trade deficit. It’s about jobs that create revenue while decreasing government expenditures.
All jobs are not equal. It’s about creating the right jobs.