America, You Asked For It!

Political News and Commentary from the Right

How many jobs did Obama’s stimulus create or save last month?

Answer: None.

Reuter’s headline today:

Employers unexpectedly cut jobs in December

Unexpectedly? Really?

The only people who didn’t expect job losses were likely the Marxist, Socialist, oblivious-to-reality Liberal politicians, bureaucrats, and operatives in control who believe the best way to stimulate the economy is to destroy motivation and initiative by confiscating the fruits of producers’ labor and redistributing them to those who don’t produce.

“U.S. employers unexpectedly cut 85,000 jobs in December, cooling optimism on the labor market’s recovery and keeping pressure on President Barack Obama to find ways to spur job growth.”

Though the hard left will likely cling to the fact the unemployment rate held steady at 10%, the whole picture shows there’s little to be optimistic about in the job market. President Obama’s policies have led 661,000 to give up looking for work. That means they’re not even counted in the official 10% figure!

“If they were still looking for work and counted as the unemployed, the unemployment rate would have been 10.5 percent. This clearly isn’t your father’s recession. It is looking more like your great-grandfathers. Brother, can you spare a dime?”–Chris Rupkey, an economist with Bank of Tokyo-Mitsubishi

Taking the real unemployment number and combining it with the number of workers underemployed (working part-time but seeking full time employment), the bleak picture appears even more disastrous. Would be workers fitting these criteria make up 17.3% of America’s workforce, and actually rose from 17.2% last month.

During the height of the Christmas shopping season (that’s holiday shopping center to those who don’t believe freedom of religion applies to Christians), when more goods are purchased and shipped than at any other time of the year, real actually increased!

Even after all Obama’s “stimulus” programs!

Our Democrat Congress and White House quadrupled the deficit, set record budgets and national debt, and took over private corporations to save the economy and American jobs. But after nearly a year of suffering under Obamanomics, those saved and created jobs remain to be seen.

It may surprise many to discover which employment sectors are bearing the brunt of the damage inflicted by our Democrat leaders who so often proclaim they represent the “working people.” Those who believe such Leninist rhetoric might expect the “working class” to fare better than their white collar counterparts in the Obamaconomy. Given the President’s affinity for unions and their cozy involvement in setting Presidential policy these days, one might also expect sectors of the economy with a disproportionate number of union workers to fare better than less unionized sectors.

Au contraire!

In 2005, blue collar workers were almost twice as likely to be unionized than white collar workers. But last month, the US economy added 50,000 jobs in the white collar professional and business services sector but lost a combined 80,000 jobs in the disproportionately unionized manufacturing and construction sectors.

Blue collar workers are suffering worse under Obamanomics than their white collar neighbors!

It’s been asked before, but with the release of this latest evidence of the failure of Obamanomics the time has come yet again to ask.

Where are the jobs Mr. President?

January 8, 2010 Posted by | Economy | , , , , , , | 2 Comments

Wealth Redistribution, Halloween Style!

This one’s been around a while, but ’tis the season again so it’s appropriate.

Halloween in a Socialist system!

October 11, 2009 Posted by | Obama | , , , , , , | Leave a comment

This is recovery?

The US unemployment rate has now reached a 26-year high of 9.7% under Obamanomics.  According to Bloomberg, “The jobless rate rose to 9.7 percent; the so- called underemployment rate — which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking — reached a record 16.8 percent.”

Last month the libs leaped for joy when the July unemployment rate dropped to 9.4% from the previous month’s 9.5%. They proudly proclaimed the success of Obama’s so-called “stimulus” package and the turning of the tide of recession that had been washing across the land.  The mainstream media (MSM) fell all over themselves proclaiming the success of Obamanomics and the inevitable, impending period of peace, love, and happiness in the US.

Obama, his administration, and even the press seemed to forget that 9.4% was 120% of what he promised would be the peak unemployment rate if his “stimulus” was passed.  And they blocked from their minds that the President had predicted a maximum unemployment rate of 9% if he wasn’t allowed to “rescue” the economy with his $787 billion payoff to left-wing special interest groups.  Suddenly, 9.4% unemployment was deemed a blessing by the pens and keyboards of left-leaning journalists.  Utopia was approaching, or…at least…that’s what they claimed.

Next week, President Obama will place VP Joe Biden before the microphone to propagate his lies.  Biden is set to report on the number of jobs “saved or created” by the “stimulus.”   The “stimulus” bill was intended to “create or save” 3.5 million jobs by the time it was finally passed.  Instead, our economy has shed 3.1 million jobs since the inception of Obamanomics.   Still, the VP will take the stage to lie and claim the administration saved us from inevitable destruction.  The graph above gives evidence the effect of the “stimulus” was a huge waste of money accompanied by a net loss of jobs.

In fact, the only two sectors in which employment has been steadily growing since the “stimulus” was passed have been government and health care.  Of course growth in government does little to actually improve the economy since the money to fund these jobs must first be taken from the economy.  We can liken Obamanomics’ theory on economic growth to trying to fill a swimming pool by dipping bucketfuls of water out of one end, walking around to the other end, and dumping the buckets back in.  According to liberal economic theory, the pool will miraculously become full!

So for now, there’s only one segment of the economy functioning in a healthy manner.  And we all know the plans Obama has for the health care industry.  If the President has his way, the entire industry will be an arm of government.  Libs probably think that will certainly cure it’s disease of remaining healthy while all around it become ill.  The reality is Obama now wants to put the last remaining health economic sector under the knife.  Not an exploratory surgery to discover why it’s still healthy, but a surgery to “fix” it so it functions like all of its sickly siblings.

Luckily, Americans aren’t as stupid as the President thinks.  More and more of those who voted for him are losing faith, standing up, and shouting this isn’t the change we wanted.

September 5, 2009 Posted by | Obama | , , , , , , , | Leave a comment

Obamanomics Supporters – Cracks in the Dike

by Larry Elder at Townhall.com

While the media stopped to cover Michael Jackson’s death, several tremors rocked the foundation of something that actually affects us all — Obamanomics.

First, former Secretary of State Colin Powell, who supported the President over his Republican rival, criticized Obama’s spending, saying “we can’t pay for it all.” Powell said: “I’m concerned at the number of programs that are being presented, the bills associated with these programs and the additional government that will be needed to execute them. … One of the cautions that has to be given to the President — and I’ve talked to some of his people about this — is that you can’t have so many things on the table that you can’t absorb it all.”

Second, a few days ago, respected British economist Tim Congdon dusted off a 2003 paper — written pre-Obama spending — by the Federal Reserve’s senior economist. It warned of the nation’s growing debt and deficit, calculating their impact on long-term interest rates. The Fed’s conclusion? “A percentage point increase in the projected deficit-to-GDP ratio raises the 10-year bond rate expected to prevail five years into the future by 20 to 40 basis points. … Similarly, a percentage point increase in the projected debt-to-GDP ratio raises future interest rates by about 4 to 5 basis points.” In plain English, this means, as Congdon puts it, a “debt explosion.” Applying the 2003 paper’s calculations and assumptions to our debt and deficit numbers under Obama, Congdon sees the “horrifying” consequences of bank bailouts and increased public spending.

Third, billionaire/Obama supporter Warren Buffett warned of impending inflation caused by increased government spending.

More

July 9, 2009 Posted by | Economy | , , , , , , | 1 Comment

The Triumph of Crony Capitalism

by Fred Barnes at The Weekly Standard

First President Bush, then President Obama poured billions into General Motors and Chrysler to keep the companies alive but barely breathing. That was just for starters. Next came Obama’s creation of an Auto Task Force to oversee the auto companies. To head the task force, the president picked Steve Rattner, a Wall Street investor with no experience in automaking but lots in raising campaign money for Obama and Democrats.

GM and Chrysler were quickly restructured, mostly to the benefit of the United Auto Workers, the union which spent millions in 2008 to elect Obama and Democrats. The UAW now owns 17.5 percent of GM and 55 percent of Chrysler–quite a return on an investment of zero dollars. Obama said all parties should “sacrifice,” but only bondholders did. They got a fraction of what they were legally entitled to receive. UAW retirees, in contrast, got a gift of $9.5 billion at GM and $14.2 billion at Chrysler.

There’s an epilogue. Delphi, the auto parts manufacturer once owned by GM and still its biggest supplier, has been in bankruptcy for four years. To acquire its assets and run the company, Delphi and Obama’s Auto Task Force picked an affiliate of the private equity firm Platinum Equity. There was no auction or competitive bidding, though Platinum stands to make millions in the deal. Why Platinum? The UAW favored it, sources said.

There’s a name for all this: crony capitalism. Obama insists he believes in capitalism, but it’s not the free market variety that he’s been promoting since he became president. Obamanomics is a different strain entirely.

More

July 7, 2009 Posted by | Bailout | , , , , , , , , | 2 Comments