‘No silver lining in this one’

Barack Obama has long admired Franklin Delano Roosevelt. Now he and the 32nd president share a special distinction.

For the first time since the end of FDR’s time in the White House, the economy in August showed a net job change of zero, fanning more talk of the “R” word.

“Underlying job growth needs to improve immediately in order to avoid a recession,” economist Ryan Wang told The Associated Press.

Unemployment remained at 9.1 percent, while previous job growth figures for June and July were adjusted down to show 58,000 fewer jobs added than previously thought.

“There is no silver lining in this one,” Steve Blitz, senior economist at ITG Investment Research, told the AP. “It is difficult to walk away from these numbers without the conclusion that the economy is simply grinding to a halt.

The question now becomes: At what point — after almost three years in office and billions of debt and “stimulus” — will this administration admit that the policies it has implemented to right the U.S. economy have, to be generous, not fared very well?

Mr. Obama acknowledged as such on Friday, when he told the Environmental Protection Agency to back off proposed new regulations involving smog that would have cost up to $90 billion.

This is a step in the right direction, but must be backed up with a commitment in Washington to creating a low-tax, business friendly economic climate that encourages investment and rewards innovation, creativity and entrepreneurship.

The president will address the nation next week on the subject of employment and the economy. Let’s hope he unveils a new playbook.

Because more of the same won’t get the job done.