Obama: "We have rescued our economy from catastrophe"

There is the predictable woofing coming from the White House on the heels of the Commerce Department report that joblessness has stagnated in the 9+% range. Most wouldn’t think that is a great accomplishment but I guess you have to look for the good news where you can find it.

“This morning, we received additional signs that the worst may be behind us,” Obama said.

“We are losing jobs at less than half the rate we were when I took office. We have pulled the financial system back from the brink.

“While we have rescued our economy from catastrophe, we have also begun to build a new foundation for growth,” Obama said, but he also warned that tough times lay ahead before the economy would be restored to full prosperity.

The facts speak for themselves. There has been a loss of 2.87 million private sector jobs on Mr. Obama’s watch. The number of Americans who have been without work for at least 27 weeks, and are still bothering to look, has increased by a bonejarring 88%. The number not bothering to look stands at 796,000, oddly enough roughly the same as the population of Indianapolis, reflecting an 8.4% increase since January.

Or in the words of Robert Reich:

The economy is getting worse more slowly. That’s just about the only clear reading that’s coming from the economic reports, including this morning’s important one on employment.

This kind of cheap hucksterism is going to come back to haunt Obama. We’re shedding private sector jobs at an alarming rate and the only reason the current month’s unemployment rate dropped was because the public sector added some jobs, the auto industry had shuttered factories earlier in the summer, and some 2.3 million Americans have simply been deleted from the rolls of job seekers. None of these events are sustainable. Nothing here represents a viable economic policy. No catastrophe has been averted. As my old man would say in response to a statement like this, “don’t feed me baby**** and tell me it’s butterscotch.”

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