Archive for Barack Herbert Hoover Obama

Black Man Keeping the Young Down

No, that’s not dyslexia or a typo:

In President Obama’s speeches this year, a steady theme has been creating jobs and economic opportunity for Americans. In his State of the Union address in January he said that “what I believe unites the people of this nation . . . is the simple, profound belief in opportunity for all—the notion that if you work hard and take responsibility, you can get ahead.” And in his weekly address on Saturday, he repeated his strong appeal to young people: “As long as I hold this office, I’ll keep fighting to give more young people the chance to earn their own piece of the American Dream.”

Yet during the more than five years Mr. Obama has been in office, young people have been especially hard-hit by the slow and virtually jobless recovery. Given the destructive effect this has on individual initiative and the prospects of a productive and rewarding working life, the continuing struggle of young Americans to find jobs, start building families and contribute to society is no longer simply a matter of politics or policy. On a deeply human level, it’s profoundly sad.

Yeah, but parents’ basements have never been put to more use! Sorry, out of place.

Where are the entry-level jobs?

Five years of 2% average yearly GDP growth simply doesn’t produce enough jobs to absorb the natural increase in the labor force, and over the past eight quarters GDP growth has averaged only 1.7%. Between May 2008 and May 2014, BLS data show that the employable population increased by 14,217,000 while the number of people employed actually decreased by 94,000 and the number of people unemployed increased by 1,404,000. It remains a bad time for young people to be looking for jobs.

We noted the same point yesterday: the media may herald the recovery to the number of jobs pre-recession, but we’re fourteen million people bigger than we were then. Where are their jobs?

Nonetheless, various states and municipalities have increased their minimum wage, thereby increasing the cost of employing inexperienced workers. Minimum-wage jobs have always been a gateway to better opportunities. In making hiring decisions, businesses must weigh the quality and value of work that entry-level employees produce against the cost of employing them. For many businesses in high-minimum-wage states or municipalities—Seattle leads the list, having approved a move to a $15 minimum wage—that trade-off is no longer working.

The bottom line on labor: Make something less expensive and businesses will use more of it. Make something more expensive and businesses will use less of it. The Congressional Budget Office has forecast a loss of 500,000 jobs should the president’s proposal to increase the federal minimum wage to $10.10 an hour become law.

The CBO also forecast that this increase would lift a number of people who already have jobs above the poverty threshold. For 500,000 unemployed people, however, that’s 500,000 opportunities American businesses will never create.

Don’t get this guy started on ObamaCare. Talk about a job killer. In fact, looking at Obama’s policies, you’d almost think he was killing the job market on purpose. Perhaps to capture a permanent class of dependents. He couldn’t be doing a better job (fortunate as he is—and unfortunate for us—to have one).

I think more than a few young people would be happier to graze on ol’ Obama’s farm than work like this:

I’m not speaking primarily as a business CEO. My company will adjust to new laws. I’m speaking as someone from a working-class family. I started work scooping ice cream for the minimum wage at Baskin-Robbins. To put myself through college and law school while supporting my family, I cut lawns, painted houses and busted concrete with a jackhammer. I know how important these jobs are. For one thing, they taught me—as no lectures from my parents ever could—that I needed a good education so I wouldn’t have to settle for low-paying work the rest of my life. Too many young people today are being deprived of even that basic lesson.

For which they give great thanks!

Comments

Party Like It’s 2008!

We’ve “recovered” all the jobs lost in the “Great Recession”! Hooray!!

The U.S. economy has regained all of the jobs lost during the Great Recession. The economy added 217,000 jobs were added in May, with the unemployment rate holding steady at 6.3%. The recovery has been the slowest in U.S. history and most of the new jobs are not paying as much as the jobs that were lost. Still, unemployment in America is at its lowest level since September 2008.

So what if the population has grown by 14,000,000 people in the interim? Most of them are still in short pants. We’ve essentially added the combined population of Maine, New Hampshire, Rhode Island, Montana, Delaware, South Dakota, and Alaska (Obama’s 57 states now makes sense!)—but they’re all on welfare. Let’s celebrate!

Comments

Shove-It-Ready Jobs

How ’bout them employment numbers, huh?

What about ‘em?

Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today.

The number of unemployed persons was unchanged in May at 9.8 million.

Over the year, the unemployment rate and the number of unemployed persons declined by 1.2 percentage points and 1.9 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (5.9 percent), adult women (5.7 percent), teenagers (19.2 percent), whites (5.4 percent), blacks (11.5 percent), and Hispanics (7.7 percent) showed little or no change in May. The jobless rate for Asians was 5.3 percent (not seasonally adjusted), little changed from a year earlier.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.4 million in May.

The civilian labor force participation rate was unchanged in May, at 62.8 percent. The participation rate has shown no clear trend since this past October but is down by 0.6 percentage point over the year. The employment-population ratio, at 58.9 percent, was also unchanged in May and has changed little over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 7.3 million, changed little in May. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

In May, 2.1 million persons were marginally attached to the labor force, essentially unchanged from a year earlier.

Among the marginally attached, there were 697,000 discouraged workers in May, little different from a year earlier.

If there’s one thing government can do, it is to devise myriad ways to say the economy sucks: unchanged, changed little, little changed, little different.

I’ll tell you one number that changed significantly last month: unemployment among black men. That number jumped from 10.8% to 11.5% in May. Yes We Can (Not Find a Job).

Comments

Who Betrayed the Obamabots?

They tweet, they Skype, they text (heck, they even sext)—but they don’t own a home.

Just 36% of Americans under the age of 35 own a home, according to the Census Bureau. That’s down from 42% in 2007 and the lowest level since 1982, when the agency began tracking homeownership by age.

It’s not all their fault.

They want a home, they say, but…

But student loan debt, tight lending standards and stiff competition have made it next to impossible for many of these younger Americans to make the leap.

“When we surveyed Millennials they cited several barriers to homeownership, especially access to financing,” said Steve Deggendorf, a senior director for Fannie Mae.

Many Millennials simply can’t come up with the hefty 20% down payments. Others don’t have good enough credit to qualify for loans.

Student loan debt is one barrier. That sounds like they have themselves to blame (same goes for bad credit). No one forces those loans on you. There are cheaper education options that leave you ready to start your career with little or no debt to drag you down or force you into a job you hate. But no, the allure of a fancy degree that leaves you unemployable and a bad credit risk was too much. That makes for two left-wing institutions—academia and Millennials themselves—responsible for their “homelessness”.

How about the economy, the economy almost five full years into “recovery”? The economy that can’t create well-paying, full-time jobs? The economy that leaves graduates and post-graduates asking if you want your double decaf with cream, milk, low-fat, or skim? The economy from which more people are retiring and going on disability than are finding work? Recovery Summer is a concept so old it’s new again, like sideburns and bell-bottoms. (If only the GDP hadn’t shrunk last quarter.)

The facts of life are conservative, my hipster, metrosexual, pajama-clad friends, just like home-ownership. You can’t expect to live in a tent in an Occupy encampment one week and buy a center-entry Colonial the next. You can’t be the ones you were waiting for and expect anyone to open the door for you when you get there. You can’t build a life or a home on the foundation of Hope and Change.

By the way, the rent is overdue.

Comments (1)

We’re Number Two!

President Obama’s Greatest Achievement:

China is set to overtake the U.S. as the world’s number one economy, while India has jumped into third place ahead of Japan, according to a new study from the world’s leading statistical agencies.

The 2011 International Comparison Program (ICP), which involves the World Bank, assesses economies based on purchasing power parity (PPP), an estimate of the real living costs. The results revealed on Wednesday paint a new and different picture of the global economy compared with the last update in 2005.

The research puts China’s gross domestic product (GDP) at 87 percent of the U.S. in 2011 and says the Chinese and Indian economies have more than doubled relative to that of the U.S. In the 2005 study, the ICP believed China’s economy was less than half the size of the U.S., at 43 percent.

China’s economy grew an annual 7.4 percent in the first quarter of this year, slowing from a 7.7 percent increase in the final quarter of 2013. Still, its economic growth continues to outpace that of developed world economies.

They grew at only 7.4%? Eat our dust, China! Zero-point-one percent and going strong!

Investors know the Rule of 72, which is a handy way of estimating (very accurately) how quickly an investment will grow. Divide the interest rate into 72 and the answer is the time it will take for the the investment to double. For example, $100 invested at 4% will yield $200 in 18 years (72/4 = 18). At China’s average growth (7.whatever), their economy doubles every decade, easily. At 0.1%, ours takes 720 years.

Pocahontas’s wampum would still have 60% purchasing power in today’s economy. (As long as she pays her fair share.)

Comments (1)

It’s Lackluster!™

President Obama is an expert at declaring victory and going home. Never mind the blood spilling through the streets of Kabul and Baghdad and Damascus, our work there is done. Domestically, he has officially declared the debate over ObamaCare at an end.

Can we declare victory in the War on Poverty and go home?

McDowell County, the poorest in West Virginia, has been emblematic of entrenched American poverty for more than a half-century. John F. Kennedy campaigned here in 1960 and was so appalled that he promised to send help if elected president. His first executive order created the modern food stamp program, whose first recipients were McDowell County residents. When President Lyndon B. Johnson declared “unconditional war on poverty” in 1964, it was the squalor of Appalachia he had in mind. The federal programs that followed — Medicare, Medicaid, free school lunches and others — lifted tens of thousands above a subsistence standard of living.

But a half-century later, with the poverty rate again on the rise, hardship seems merely to have taken on a new face in McDowell County. The economy is declining along with the coal industry, towns are hollowed out as people flee, and communities are scarred by family dissolution, prescription drug abuse and a high rate of imprisonment.

Fifty years after the war on poverty began, its anniversary is being observed with academic conferences and ideological sparring — often focused, explicitly or implicitly, on the “culture” of poor urban residents. Almost forgotten is how many ways poverty plays out in America, and how much long-term poverty is a rural problem.

Of the 353 most persistently poor counties in the United States — defined by Washington as having had a poverty rate above 20 percent in each of the past three decades — 85 percent are rural. They are clustered in distinct regions: Indian reservations in the West; Hispanic communities in the Rio Grande Valley of Texas; a band across the Deep South and along the Mississippi Delta with a majority black population; and Appalachia, largely white, which has supplied some of America’s iconic imagery of rural poverty since the Depression-era photos of Walker Evans.

McDowell County is in some ways a place truly left behind, from which the educated few have fled, leaving almost no shreds of prosperity. But in a nation with more than 46 million people living below the poverty line — 15 percent of the population — it is also a sobering reminder of how much remains broken, in drearily familiar ways and utterly unexpected ones, 50 years on.

God, how depressing.

You ain’t read nothing yet:

Fifty years ago today [January 8, 2014], President Lyndon Johnson delivered his first State of the Union address, promising an “unconditional war on poverty in America.” Looking at the wreckage since, it’s not hard to conclude that poverty won.

If we are losing the War on Poverty, it certainly isn’t for lack of effort.

In 2012, the federal government spent $668 billion to fund 126 separate anti-poverty programs. State and local governments kicked in another $284 billion, bringing total anti-poverty spending to nearly $1 trillion. That amounts to $20,610 for every poor person in America, or $61,830 per poor family of three.

Spending on the major anti-poverty programs increased in 2013, pushing the total even higher.

Over, the last 50 years, the government spent more than $16 trillion to fight poverty.

Yet today, 15 percent of Americans still live in poverty. That’s scarcely better than the 19 percent living in poverty at the time of Johnson’s speech. Nearly 22 percent of children live in poverty today. In 1964, it was 23 percent.

Why?

The vast majority of current programs are focused on making poverty more comfortable – giving poor people more food, better shelter, health care, etc. – rather than giving people the tools that will help them escape poverty. As a result, we have been successful in reducing the worst privations of poverty. Few Americans live with out the basic necessities of life, yet neither do they rise out of poverty. Moreover, their children are also likely to be poor.

Hard to argue with the facts.

Such as:

The National Bureau of Economic Research, the semiofficial arbiter of business cycles, judges that the U.S. economy began expanding again in June 2009, just over 58 months ago. That means the current stretch of growth, in terms of duration, is poised to drift past the average for post-World War II recoveries.

Yet after almost five years, the recovery is proving to be one of the most lackluster in modern times. The nation’s 6.7% jobless rate is the highest on record at this stage of recent expansions. Gross domestic product has grown 1.8% a year on average since the recession, half the pace of the previous three expansions.

But there is one flicker of good news:

“Perhaps the very fact we’ve been growing slower means we haven’t burnt out all the fuel,” said Michael Feroli, chief U.S. economist at J.P. Morgan Chase. “By a lot of metrics, the expansion still has quite a bit of room to run.”

Federal Reserve officials forecast growth at least through 2016, which would make the expansion the fourth longest since the Civil War, according to NBER.

Put simply, a sucky recovery is a long recovery, perhaps even the longest. Congratulations Obama, you’re the world’s tallest dwarf.

Comments

Whoop-Di-Frickin’-Do

That’s my summation of the unemployment numbers.

The Bureau of Labor Statistics agrees:

Both the number of unemployed persons (10.5 million) and the unemployment rate (6.7 percent) changed little in February. The jobless rate has shown little movement since December. Over the year, the number of unemployed persons and the unemployment rate were down by 1.6 million and 1.0 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (6.4 percent), adult women (5.9 percent), teenagers (21.4 percent), whites (5.8 percent), blacks (12.0 percent), and Hispanics (8.1 percent) showed little or no change in February. The jobless rate for Asians was 6.0 percent (not seasonally adjusted), about unchanged over the year. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 203,000 in February to 3.8 million; these individuals accounted for 37.0 percent of the unemployed. The number of long-term unemployed was down by 901,000 over the year. (See table A-12.)

Both the civilian labor force participation rate (63.0 percent) and the employment-population ratio (58.8 percent) were unchanged in February. The labor force participation rate was down 0.5 percentage point from a year ago, while the employment-population ratio was little changed over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.2 million in February. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)

In hockey, they say a tie is like kissing your sister. These numbers are like kissing your brother. There’s been improvement over the course of the year, but it’s stalled in the last few months. Disturbingly, unemployment for black men, 20 and over, jumped from 12% to 12.9% (while it fell for women and teens of both sexes).

And it ain’t about the weather:

Everyone agrees that the winter just now winding down (hopefully) has been brutal for most Americans. And while it’s easy to conclude that the Polar Vortex has been responsible for an excess of school shutdowns and ice related traffic snarls, it’s much harder to conclude that it’s responsible for the economic vortex that appears to have swallowed the American economy over the past three months.

But this hasn’t stopped economists, Fed officials, and media analysts from making this unequivocal assertion. In reality the weather is not what’s ailing us. It’s just the latest straw being grasped at by those who believe that the phony recovery engineered by the Fed is real and lasting.

Of course the biggest weakness ascribed to the snow and ice has been the very disappointing employment reports over the last few months. Analysts faced a very difficult task in squaring these reports, which showed fewer than 187,000 new jobs created in December and January combined, with the accepted narrative that the recovery was firmly underway and that the economy was no longer dependent on the Fed’s monetary support.

For these desperate economists the weather was a godsend.

I believe a recovering economy would be expected to create more than 300,000 jobs per month in order to make a real dent in underemployment. Those levels, once routine in past decades, seem untouchable today. But weather-related pessimism had caused economist to ratchet down their predictions to just 150,000 jobs in February. Based on that, today’s numbers were seen as a win.

But economists are ignoring the likelihood that the weather was never a major factor. Take the cold out of the equation and you would be left with a mediocre February number following two consecutive monthly disasters.

A much more plausible explanation to me is that the economy has been weak recently because it is weak fundamentally. The data deterioration corresponds not just to unseasonably low temperatures but also to the diminishment of monthly QE from the Federal Reserve. If you recall the highly anticipated “taper” finally began in mid- December. From my perspective the Quantitative Easing has become the sunshine that drives our phony economy. Diminish that sunshine and the economic winter spreads.

But the sad fact is that QE can push up prices in stocks and real estate, but can do very little to affect positive change in the real economy. That’s why I believe that BMW’s are selling like hotcakes even as Chevies sit on the lot. Our current policies help the wealthy at the expense of everybody else.

Poetry, isn’t it? Lame-brained Democrat policies to “stimulate” the economy end up hurting the “folks” who need help the most. They want jobs, not Facebook at $72 a share. They have neither.

Comments (1)

It’s Less Than Previously Estimated!

By a quarter! [Not a third as previously written.]

Untitled

The economy in the U.S. grew at a slower pace in the fourth quarter than previously estimated, giving the expansion less momentum heading into 2014.

Gross domestic product grew at a 2.4 percent annualized rate from October through December, compared with the 3.2 percent gain issued last month, revised figures from the Commerce Department showed today in Washington.

For all of 2013, the economy expanded 1.9 percent after a 2.8 percent increase in the prior year.

Hate to harsh anyone’s mellow, but aren’t we going backwards? from 4.1 to 2.4, quarter to quarter, 2.8 to 1.9, year to year.

The CBO has noticed:

The Congressional Budget Office has more bad news for President Barack Obama: His economic recovery isn’t working — and is much worse than the previous four recoveries.

“More than four and a half years after the end of the recession, employment has risen sluggishly — much more slowly than it grew, on average, during the four previous recoveries that lasted more than one year,” the report reads. (CBO: Obama’s proposed minimum wage hike would cost 500,000 jobs by 2016)

The CBO also lent credence to Republican insistence that the small declines in unemployment often touted by the White House are largely because of disenchanted and unemployed people dropping out of the labor force and not being counted.

No, silly CBO. They’ve been freed from “job lock”, and that’s a very good thing. Those aren’t “disenchanted” people “dropping out”, they’re poets and composers finally getting around to those Homeric odes and Ring cycles they’ve always wanted to write. Duh.

Comments

Employment Improves—Unless You’re Black

You would think that a lukewarm jobs report (four and a half years into “recovery”) would like a baby seal caught between a couple of hungry Inuits. You would be right—but only up to a point:

While 113,000 new jobs is pathetic, other metrics aren’t so bad (or could be worse). Forget the 6.6% unemployment rate; that’s a statistical lie. But my favorite diagnostic number—labor force participation rate—ticked up from a historic low to a only slightly less crappy 63%. The employment-population ratio also inched up from last month. Even the U6 un- and underemployed improved slightly.

So, how does a week jobs report jibe with unemployment numbers that could be worse? I looked through the subcategories and found one category—only one—that slumped last month: black men. Their unemployment rate jumped from 11.5% to 12%.

Their labor force participation rate and the employment-population ratio improved slightly, but theirs was the only unemployment rate that worsened. This was especially pronounced among black people, aged 16-19—their unemployment rate spiked from 35.5% to 38%, as their labor force and employment ratio numbers plummeted.

Simply put, whatever good news is implied by these numbers ignores the continued economic genocide on the African American community, especially its youth. Numbers can lie, but I don’t see how these do. America black people wouldn’t be worse off if that Exalted Cyclops, Robert Byrd (D-WV), were running the country.

Comments

The Mouse That Roared

The title refers to a movie (based on a novel) in which the Grand Duchy of Fenwick (whence comes our formal name, Grand Duchy of Bloodthirstan) declares war on the United States. Expecting certain and immediate defeat, the Duchy expects to receive generous American largesse, a la the Marshall Plan. Defeat will never have been so profitable.

Barack Obama: the louse that roared.

With a record 20 percent of households on food stamps, former Florida Rep. Allen West says it’s time to stop saying President Barack Obama’s policies are failing.

They may be performing exactly as intended, he says.

West, a Republican, said he recently reread the Cloward-Piven strategy, proposed by two sociologists and political activists in 1966. The purpose of the strategy, offered to Democrats at the time, was to overload the welfare system so that people could be given “a guaranteed annual income and thus an end to poverty.”

Obama’s economic policies may be intended to do something similar, West hinted during a Wednesday appearance on Fox News Channel’s “On the Record with Greta Van Susteren.”

“We’re seeing an incredible growth of the welfare nanny state; we’re seeing the poverty rolls explode; we’re seeing the food stamp rolls explode; we’re seeing more dependency on government largesse and programs,” he said. “We’re seeing a desperation and a despondency out there that’s being created by this administration.”

Other Republicans have said Obama’s Affordable Care Act is intended not to work properly, but rather to fail so a single-payer, government-run system can be installed.

Untitled

Mission Accomplished

As President Obama starts his sixth year in office, his job ratings remain near record lows and more voters think his policies have hurt rather than helped the economy. And even as voters continue to hold mostly negative views on the economy and the direction of the country, a new Fox News poll finds they see some improvement.

A third of voters say they like both Obama and his policies — a dramatic drop from 47 percent who felt that way in October 2012. In addition, 62 percent now say they dislike the president’s policies, up from 51 percent the month before his re-election.

The recession ended less than six months into his term; we’ve enjoyed four and a half years of recovery; things seem no better, even if the unemployment rate has fallen steadily; Obama won reelection. I’m sorry, where has he failed?

Ninety-two million Americans aren’t working; one-fifth of families are on food stamps; the “47 percent” is probably now closer to 52 percent; private health care is kaput; our once-great nation has been turned into a population of paupers. In baseball that’s what you call a five-tool player.

Or just a tool.

PS: Like I was saying.

While the administration publicly expresses full confidence in its health care law, privately it fears one part of the system is so flawed it could bankrupt insurance companies and cripple ObamaCare itself.

All going according to plan:

“I happen to be a proponent of a single-payer health care plan. The United States of America–the wealthiest country in the history of the world, spending 14 percent–14 percent of its gross national product on health care and cannot provide basic health insurance to everybody….

A single payer health care credit–universal healthcare credit. That’s what I’d like to see, but as all of you know, we may not get there immediately. Because first we have to take back the White House and we’ve got to take back the Senate and we’ve got to take back the House.”

“[I]t’s not just politically but economically it is better for us to start getting a system in place–a universal healthcare system signed into law by the end of my first term as president and build off that system to further to make it more rational…”

“By the way, Canada did not start immediately with a single payer system. They had a similar transition step.”

The George Washington of USA-SSR.

Comments

Unemployment Falls to 6.7%; Blacks, Employed Hardest Hit

Sorry to be such a Debbie Downer here, but not everything’s coming up roses (no matter how much BS they sling at it):

The number of unemployed persons declined by 490,000 to 10.4 million in December, and the unemployment rate declined by 0.3 percentage point to 6.7 percent. Over the year, the number of unemployed persons and the unemployment rate were down by 1.9 million and 1.2 percentage points, respectively.

Woo-hoo! High five! I’m buying!

Ooooh, sorry black people for being so insensitive (but what else is new, right?):

The rates for adult women (6.0 percent), teenagers (20.2 percent), blacks (11.9 percent), and Hispanics (8.3 percent) showed little change.

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.9 million, showed little change; these individuals accounted for 37.7 percent of the unemployed.

The civilian labor force participation rate declined by 0.2 percentage point to 62.8 percent in December, offsetting a change of the same magnitude in November. In December, the employment-population ratio was unchanged at 58.6 percent.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 7.8 million in December. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work.

In December, 2.4 million persons were marginally attached to the labor force little changed from a year earlier.

Admittedly, I cherry-picked the unimpressive news—but you have to admit that’s a pie’s worth of cherries, Billy Boy. And where else are you going to read it?

Actual workers aren’t increasing (74,000 new jobs is about half of population growth); they’re just disappearing from the work force. Whether you measure by labor force participation rate (it fell to another historic low) or employment-population ratio (flat), the news is tepid at best.

Watch the Democrats claim victory on unemployment, while demanding a year’s worth unemployment benefits be added on. You know I’m not kidding.

PS: “Unchanged”, “showed little change”, etc.—like the Eskimos with “snow”, have you ever seen so many synonyms for “sucked”?

Comments

Bloviating Gasbag

I haven’t seen this much hot air since the Hindenburg disaster:

“Voting for unemployment insurance helps people and creates jobs and voting against it does not,” Obama said in remarks at the White House.

In his first public appearance since returning from a two-week vacation, Obama excoriated the argument — put forward by some conservatives — that offering insurance to the long-term unemployed “saps their motivation to get a new job.”

“That really sells the American people short,” he said.

And we all know that’s your job, Mr. President.

Ask any independent economist (we’ve reported on enough over the years), and they’ll tell you to a man, woman, and transgendered person that subsidizing unemployment encourages (at least a little but) unemployment.

We did so not ten days ago:

Economists expect that the end of the emergency jobless benefits will, surprisingly, lead to a sharp drop in the unemployment rate, by as much as 0.5 percentage points.

I guessed that to be around 1.3 million people. Sorry, Barack.

Now, there are many analogies one could use to describe Barack’s behavior, but I like the one Rush employed today:

RUSH: Folks, you’ve heard the old saying, “Nero fiddled while Rome burned.” That is true. Rome was literally burning, and he could not have cared less. What people have forgotten about it is that Nero, he didn’t just fiddle while Rome burned; he started the fire. Nero wanted to burn down Rome in order to rebuild it in his own image. But to cover it up he blamed the Christians, who were then subsequently thrown to the lions.

Now, if you ask me, the story of Nero fiddled while Rome burned and then adding to it he started the fire sounds familiar to me.

Barack Obama has, for five years, had control over the US economy. His policies, his specific economic policies are the reason this country is in dire economic straits. Obama’s policies are the reason why there is no recovery — and if you want to call it a recovery, go ahead. If you do, it’s the worst recovery in the history of this country. So there is an analogy, I think, to Nero here.

Obama’s economic policies are destroying the US economy in order for him to rebuild it in his own socialist image.

Meanwhile, he blames all of this on the Republicans and is throwing them to the lions.

If you have any questions about whether Obama’s policies are destroying the economy, I would call your attention to Obamacare. Obamacare is destroying greatest health care system the world has ever known. If you doubt me that Obama’s policies are destructive, just look at Obamacare. His “signature achievement” is going so well that he has to distract people’s attention away from it with this razzmatazz, rigmarole, gobbledygook today at the White House on extending unemployment benefits.

Bread and circuses.

Only Barack (and a slavish media) could turn his singular failure—the economy—into a campaign for more failure.

And on the heels of a two-week-plus vacation in Hawaii, no less!

Comments

« Previous entries Next Page » Next Page »