Speaker Nancy Pelosi 2/4/09: “Every month that we do not have an economic recovery package 500 million Americans lose their jobs.”
9/3/10: Obama said a recovery is taking place, but not at the speed he’d hope. “That’s why we need to take further steps to create jobs and keep the economy growing, including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest,” Obama said Friday. “In the weeks ahead, I’ll be discussing some of these ideas in more detail.”
Doesn’t the anticipation of more Keynesian economics just make you twitch with excitement? 😦
This is not “better than expected”; it’s worse than expected. This can be gauged not by market expectations for modest job creation, but by long-term experience watching how jobs are created in a normal recovery. By that gauge, we’re in the worst jobs slump since World War II.
Even the normally bland Surveys of Consumers, put out by Thomson Reuters and the University of Michigan, warned Friday that “the probability of a double dip (recession) is high enough for everyone to include such an event in their contingency plans.”
Job data can be misleading. Gallup’s biweekly measure of “underemployment” — the share of workers who are either unemployed or working part-time but want to work full-time — stood at 18.6% in late August, the highest level since June.
“Worse yet,” said Gallup, “(our) job data show that 28% of Americans 18 to 29, 24% of those with no college education, and 22% of women, were underemployed in August.”
For those who have no job but want one, it may be a long wait.
In 2009, President Obama vowed to create 3.5 million jobs, lifting the total by the end of this year to 137.8 million. The actual number as of August was 130.3 million — leaving, as Heritage Foundation economist J.D. Foster puts it, a “jobs deficit” of 7.5 million.
Put differently, at August’s pace of private-sector job creation — 68,000 a month — it would take more than nine years for Obama to reach his goal. And that assumes that there’s no growth in the work force at all.
If it wasn’t clear to everyone by now, it should be: All the actions this government has taken — the $700 billion TARP program, the $862 billion “stimulus,” the health care takeover, financial reform — haven’t “saved or created” 3.8 million jobs, as claimed. Instead, they’ve destroyed millions of jobs — and with them, the hopes and dreams of those who’ve lost the jobs.
But the administration remains clueless, hinting that it may seek another “stimulus” costing billions. This bunch is either willfully doing damage to the U.S. economy, or completely incompetent.
On Friday, the president actually patted himself on the back, saying the employment report was “positive news” that “reflects the steps we’ve already taken to break the back of this recession.”
If there’s one thing that marks this administration as different from others, it’s the steadfast refusal to remove its ideological blinders and learn from its mistakes.
The Democrats’ politicized housing and mortgage policies pushed our economy into its worst downturn since the Great Depression. So, of course, it’s a perfect time for the biggest tax increase in history.
Why is the economy still paralyzed after the president’s much-touted “Recovery Summer”? It may be that private investment, too, has been immobilized.
With unemployment now up to 9.6%, Americans fear that the economy won’t get moving again anytime soon. As a new report from Americans for Tax Reform shows, that fear is completely rational. The report outlines the impact of the largest-ever tax hike that’s coming in just 120 days as the Bush tax cuts expire.
On New Year’s Day, “The top income tax rate will rise from 35% to 39.6% (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10% to 15%. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.”
Of crucial importance to entrepreneurship and job creation, the top capital gains tax rate rises from 15% to 20% next year, while the top rate for taxation of dividends rises from 15% to 39.6%.
And, “These rates will rise another 3.8% in 2013,” ATR points out.
Then there are the 20 new or increased taxes dictated by the ObamaCare government takeover of the health care system. All told, Americans’ taxes will go up by $3.1 trillion, as Heartland Institute economist John Nothdurft noted in IBD last week.
With all that on the horizon for an already-crippled U.S. economy, the Obama administration has saturated the Internet with WhiteHouse.gov propaganda — like an interactive map in which you can “Roll over states to learn how many estimated jobs have been created and saved due to Recovery Act funding.”
Maybe playing with that map of fictional jobs on their computer can give unemployed breadwinners something to do.
The U.S. Chamber of Commerce in July sent an open letter to the president, Congress and the American people, warning: “Through their legislative and regulatory proposals — some passed, some pending, and others simply talked about — the congressional majority and the administration have injected tremendous uncertainty into economic decision making and business planning.”
“This is why banks are reluctant to lend and why American corporations are sitting on well over a trillion dollars,” the Chamber wrote. “It is why America’s small businesses and entrepreneurs, the engines of innovation and job creation, are starving for capital and are either struggling to survive or unable to expand.”
Amid all this, the president is reportedly mulling “emergency” infrastructure spending — another stimulus to throw tens of billions more in good taxpayer money after bad. (IBD)
Though the Democrats won’t call it a “stimulus” anymore. That word is persona non-grata. It’s now a “jobs bill” And how could you be against that? 🙂
But in reality, the Democrats are going into a siege mentality. The villagers are coming for them with pitchforks so they are shoring up their defenses.
It’s not like they can admit to being wrong. After all, they are the morally and intellectually superior Masters of all that they survey.
Eugene Robinson, Mega-Lefist: According to polls, Americans are in a mood to hold their breath until they turn blue. Voters appear to be so fed up with the Democrats that they’re ready to toss them out in favor of the Republicans — for whom, according to those same polls (by Liberals no doubt) , the nation has even greater contempt. This isn’t an “electoral wave,” it’s a temper tantrum.
Maybe the american people just need a time out in the corner to think about how badly they have been treating their Intellectual Superiors. 🙂
But at this point, it’s impossible to ignore the obvious: The American people are acting like a bunch of spoiled brats. (IBD)
It’s just a bunch of ignorant peasants wanting to storm the gates of their castle, after all.
To hold the line against Republicans, the House speaker, Nancy Pelosi, issued an urgent plea for members in safe districts to help their endangered colleagues by contributing money. She called out to Democrats who were delinquent on paying their party dues and instructed members with no re-election worries to tap into a combined $218 million from their campaign accounts to help save their majority.
“We need to know your commitment,” Pelosi wrote to lawmakers last week in a private letter, demanding that they call her within 72 hours to explain how they plan to help.
She added, “The day after the election, we do not want to have any regrets.”
They are circling the wagons. The hostile natives are after them and they have fight them off.
They have the liberal media to use as their ammunition.
So expect an all out nuclear war.
The following headline appeared at Time.com shortly after the release of Friday’s jobs report:
What’s Good About Rising Unemployment
What should jump out at the eagle-eyed reader is that headline didn’t end with a question mark.
Time senior writer Stephen Gandel was actually making the case that the rising unemployment rate was good news.
He also argues a fallacy: What economists know very well, but most of the rest of us do not is that the unemployment rate never hits 0%. It never even gets close.
So why are you worried now? It’s not like we can solve the problem, so just be patient, you’re an ignoramus for being so short-sighted. 🙂
Watch just how far a liberal media member is willing to go today to make economic data look favorable for the Party currently in power, and imagine the unlikelihood of such a thing happening if a Republican was in the White House.(Newbusters)
You mean like, the uptick in unemployment is good because more people are LOOKING for work instead of sitting on their asses waiting for their Mama Government to take care of them?
Orwell would be proud of you my sons.
Not that they will find them. That doesn’t really matter in the end. Just the perception.
And Change. 🙂
And it won’t stop there. Many Democrats are running as “moderates” and “against Washington” and all I have to say to that is, stay tuned to see if voters remember and apply this old adage come Election Day: “Fool me once, shame on you; fool me twice, shame on me.”
So don’t be fooled.
And if the Republicans don’t get it, the same applies.
Cynthia Tucker (AJC): Our long, hot summer needed another ingredient to induce a fever-like madness in the national psyche: demographic change. Over the last year and a half, many Americans have begun to see a deeper message in President Obama’s inauguration — the end of the white majority. For some, especially those who are middle-aged and older, it’s a jarring and unwelcome message.
Then she goes on to say she’s not calling you a racist…sort of. 🙂
While some prognosticators were naïve enough to believe that Obama’s election signaled the beginning of a post-racial era, it prompted something altogether different: a backlash against the browning of America. The winds of resentment would have blown in even if the economy were booming, but an anemic recovery provided the perfect fuel for a summer of discontent.
Timing is everything. Just as many Americans came to understand that the nation they knew was undergoing a dramatic demographic change, the economy collapsed. Unable to account for the disappearance of jobs and financial security, they linked those developments as cause and effect. The backlash is now at gale force.
So we’ve seen a summer of fury over illegal immigration, despite the fact that illegal border-crossings have plunged in the last two or three years, according to a new study by the Pew Hispanic Center. Islamophobia spiked as conservatives made a case against a proposed Islamic center two blocks from Ground Zero, claiming that it would represent a victory for jihadists. It didn’t seem to matter that the imam proposing the center has publicly denounced jihadists.
Just not terrorists, Iran, or Sharia Law. Nothing too big to fail. 🙂
So in the coming months as the Democrats turn up the spin to the point where the Earth should stop rotating because it, just keep it in mind this science fact:
If you raise the middle while trying to crush the top you squash the middle. 🙂