The American economy added jobs at the slowest pace in nine months in June, with the unemployment rate rising to 9.2%. Employers added a measly 18,000 jobs while the group of economists surveyed by Bloomberg News had called for, on average, an increase of 105,000 jobs.
Normally after a steep recession, growth rebounds heartily. But decades of Democrat policies are throttling the economic engine.
Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said he was, “Stunned… This number will really turn your hair gray, that’s for sure. The economy remains mired in its soft patch, which is looking more like a deep bog.”
These are frightening words coming from real financiers in the real world, particularly at a time when Obama is seeking deals on debt spending including tax increases that will draw more wealth out of the private economy and cause further declines.
Lockheed Martin Corp., the world’s largest defense contractor said it plans to cut 1,500 jobs while Gannett Co., the publisher of 82 newspapers including USA Today, is chopping 700 employees.
But Warren Buffett, America’s wealthiest investor and a 2008 Obama supporter said he does not expect a double-dip recession. “I would bet very heavily against that. How fast the recovery will come, I don’t know. I see nothing that indicates any kind of a double dip.”
Even if this is not what Buffett really believes, it is good that he is saying it. Because the economy needs all the optimism it can get. Because more pessimism can only harm the outlook.
But meanwhile Ian Swanson of a liberal site, thehill.com, reported that:
‘President Obama’s senior political adviser David Plouffe said Wednesday that people won’t vote in 2012 based on the unemployment rate.’ (end of excerpt)
Wow. There’s a bit of politicking. Whatever happened to the old adage, repeated by the media since Bill Clinton’s campaign in 1992, “It’s the economy, stupid.”
‘It’s looking more and more like Obama will have to do something no president has done since Franklin Roosevelt: Win reelection with unemployment around 8 percent.’ (end of excerpt)
This is more pro-Obama media cheerleading and bias. Who says unemployment will be “around 8 percent” by November 2012? Because 9.2% is not “around 8 percent”. The rate may be 10% by then. Or 12%.
Wrote Swanson: ‘Ronald Reagan, another president Obama is sometimes compared with, was reelected in 1984 when unemployment was 7.2 percent. Obama isn’t likely to see a number that low.’ (end of excerpt)
How can Swanson compare Obama with Reagan? He should compare Obama to Jimmy Carter, should he not? The Reagan economy was growing rapidly at the time of his re-election in 1984. Because the private sector was not being attacked by the decades of liberal policies that have been building since that time, including increasingly rabid environmental regs, ‘green energy’ mandates, spiraling health-care costs, relentless tax increases, labor union agitation and trial lawyer attacks on private business.
‘The economy would have to add 350,000 jobs every month between now and December 2014 to get back to the pre-recession low of 5 percent unemployment, last seen in December 2007, according to the Economic Policy Institute.’ (end of excerpt)
And who was president in December 2007?
George W. Bush, a fact that Swanson conveniently omits. And if you recall, even when the economy had only 5% unemployment, the Democrats were attacking Bush every single day with five words over and over – “tax cuts for the rich”.
‘Reagan saw that kind of growth after the recession of the early 1980s, and it helped him win reelection by a comfortable 18 points. He also faced Walter Mondale, a weak opponent, from the opposing party — a bit of history Obama hopes to repeat in 2012.’ (end of excerpt)
Look at Swanson’s editorial commentary in a news story, that the Republican candidate in 2012 will be “weak”. Who says? In fact it is Obama who is “weak” is it not? If Obama were a Republican, he would be called a sure loser in 2012.
But finally the Republican candidates are getting some spine. Mitt Romney said “Today’s abysmal jobs report confirms what we all know — that President Obama has failed to get this economy moving again… With their cavalier attitude about the economy, the White House has turned the audacity of hope into the audacity of indifference.”
Tea Party-backed Republican congresswoman and 2012 presidential candidate Michele Bachmann said that the economy is in “a freefall”.
It’s about time that these Republicans started to take on Obama. This president will lose by a landslide if the Republicans will show some courage, just as Jimmy Carter lost.
Please visit my website at www.nikitas3.com for more. You can read excerpts from my book ‘Right Is Right’ which explains why only conservatism can maintain our freedom and prosperity.