Diary

Obama’s magical math

While Michelle Obama lounges on Spanish beaches and dines in the company of Royalty together with 40 of her closest friends, President Barack Obama is busy traveling around the nation attempting to convince Americans that the U.S. economy is in a state of recovery. Today he flew a grand total of six miles from the White House, by helicopter aboard Marine 1, to the Gelberg Signs Company also located in Washington D.C. While visiting, the President touted 7 months of job growth this year versus seven months of losses from last year. Mr. Obama, in his best serious face, stated that there had been 71,000 private sector jobs created last month which pointed to a growing economy. No word yet from the White House if the helicopter flight, at taxpayer expense, was factored in the “saved or created” job statistics.

The Wall Street Journal is reporting that the Department of Labor may have a different reality from the President’s viewpoint:

“Nonfarm payrolls fell by 131,000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost, the U.S. Labor Department said Friday. Only 71,000 private-sector jobs were added last month while 143,000 temporary workers on the 2010 census were let go. Economists polled by Dow Jones Newswires were expecting total nonfarm payrolls to drop by a smaller 60,000 in July. The June data were revised down significantly. Payrolls fell 221,000 that month, more than the 125,000 drop previously reported, as only 31,000 jobs were added in the private sector. Taking into account revisions to prior months this year, the U.S. economy added an average of less than 100,000 jobs a month in the first seven months of 2010, a level that isn’t strong enough to bring unemployment down. The jobless rate, which is calculated using a separate household survey, held steady at 9.5% in July. Economists were expecting it to edge higher to 9.6%.”

 CNBC News is reporting:

 “We’re seeing an economy that’s moving ahead slowly but not creating net on balance a lot of new jobs, and it points to continued expectations the economic slowdown we’ve seen will probably extend another two to three months, if not longer,” said Fred Dickson, chief market strategist at The Davidson Cos. in Lake Oswego, Ore.

Mr. Obama can attempt magical math but the simple fact remains. Most Americans do not need a financial analyst to tell them what they already know. Nor do they need a fancy Harvard-educated mouthpiece to tell them lies. The U.S. Economy is not getting better, it is getting worse. Consumer confidence in the economy has fallen dramatically. This recession has lasted already for 2.5 years with no end in sight. It is longer than either of the recessions of the 1970’s and the 1980’s which were approximately 16 months each. The recession of 2001, during the Bush Administration, was 8 months.  The Great Depression itself lasted officially 3.5 years.  Why such a lengthy recession now? The blame rests squarely on the shoulders of President Obama and the Democrat Party. Mr. Obama has enjoyed for the past two years a super-majority in both houses of Congress. He can, and has been able to get through whatever legislation he desired. The Democrat Party itself has controlled both houses of Congress exclusively since January of 2007 with Nancy Pelosi and Harry Reid at the helm.

Nothing that Mr. Obama and his party has accomplished over the past 18 months during his Presidency has anything to do with actually helping the economy recover and create jobs. The incompetent economists at the White House continue to point to Wall Street as a sign of recovery, but that is a glossy oversimplification according to many experts. American business has simply streamlined their operations to better reflect current market conditions. Meaning, they cut all the jobs and costs they had to in order to survive. Now they are profitable and earning money, but they are not about to re-hire those lost jobs. But President Obama and his drones in Congress have yet another plan to build up the American Economy. The plan consists of letting the Bush Tax Cuts expire, so as to dump a huge tax burden not only on business but on every working individual in the United States. Such a great plan will surely get the economy going. (Insert sarcasm here)