What happened to all of the doom and gloom economic threads?

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BEYOND “BLAME BUSH:” Obama Adds Bill Clinton To List of Those to Blame for Lousy Economy.



All Obama’s trying to do here is give himself a bigger excuse for the fact that his own policies have completely failed. After all, how can anyone expect him to produce strong growth after decades of economic mismanagement?

“I’ve always believed that this was a long-term project,” Obama told CBS’s Steve Kroft, and that it “was gonna take more than a year. It was gonna take more than two years.”

The problem is that, once upon a time, Obama was saying pretty much the exact opposite. Examples:

• On Feb. 2, 2009, Obama told the “Today Show” that “a year from now I think people are gonna see that we’re starting to make some progress,” and that “if I don’t have this done in three years, then there’s going to be a one-term proposition.”

On Feb. 12, 2009, he predicted that his $830 billion stimulus would “ignite spending by businesses and consumers” and unleash “a new wave of innovation, activity and construction … all across America.”

• On Feb. 26, 2009, Obama’s first budget projected that by 2011 the economy would be cooking ahead at 4% real GDP growth, with unemployment at 7.1% and falling fast.

• On Feb. 7, 2010, he said “we are seeing the corner turn and the economy growing again.”

• On June 4, 2010, Obama claimed the “economy is getting stronger by the day” and later that month said the recovery was “well under way.”

It was only when the agonizingly slow pace of the recovery became obvious to everyone that Obama started pleading for patience and looking for someone or something else to blame.

President It’s-not-my-fault!
 
Obama's bullshit notwithstanding:

Wonkbook: The real unemployment rate is 11 percent
Posted by Ezra Klein

Typically, I try to tie the beginning of Wonkbook to the news. But today, the most important sentence isn't a report on something that just happened, but a fresh look at something that's been happening for the last three years. In particular, it's this sentence by the Financial Times' Ed Luce, who writes, "According to government statistics, if the same number of people were seeking work today as in 2007, the jobless rate would be 11 percent."

Remember that the unemployment rate is not "how many people don't have jobs?", but "how many people don't have jobs and are actively looking for them?" Let's say you've been looking fruitlessly for five months and realize you've exhausted every job listing in your area. Discouraged, you stop looking, at least for the moment. According to the government, you're no longer unemployed. Congratulations?

Since 2007, the percent of the population that either has a job or is actively looking for one has fallen from 62.7 percent to 58.5 percent. That's millions of workers leaving the workforce, and it's not because they've become sick or old or infirm. It's because they can't find a job, and so they've stopped trying. That's where Luce's calculation comes from. If 62.7 percent of the country was still counted as in the workforce, unemployment would be 11 percent. In that sense, the real unemployment rate -- the apples-to-apples unemployment rate -- is probably 11 percent. And the real un- and underemployed rate -- the so-called "U6" -- is near 20 percent.

There were some celebrations when the unemployment rate dropped last month. But much of that drop was people leaving the labor force. The surprising truth is that when the labor market really recovers, the unemployment rate will actually rise, albeit only temporarily, as discouraged workers start searching for jobs again.

http://www.washingtonpost.com/blogs...is-11-percent/2011/12/12/gIQAuctPpO_blog.html

I know you posted this article because you thought it reflected poorly on President Obama, but it was a good read nonetheless.

Aren't you one of these "statistics", Vetteman? You've given up looking for employment if I recall....
 
If what Hazlett sez is correct about Quantitative Easing and other stimuli destroying real jobs, it looks to me like Owebama is living on borrowed time before the unemployment number does a job on his election prospects.
 
Stocks retreat as confidence in Europe wanes
German Chancellor Angela Merkel rejects the plan to expand the newly proposed bailout fund. US retail sales climb less than expected. Best Buy shares drop after the retailer reports disappointing earnings.
 
Stock rally fades on European, oil jitters
The Dow sees a 126-point gain cut in half after reports say Germany opposes boosting a bailout fund's size. Oil rises on Iranian threats to close the Strait of Hormuz. The Fed is likely to leave rates alone. Best Buy shares sag on weak results.
By Charley Blaine on Tue, Dec 13, 2011 12:38 PM
 
Stocks hold gains after Fed leaves rates alone

chrtsrv.dll
 
If what Hazlett sez is correct about Quantitative Easing and other stimuli destroying real jobs, it looks to me like Owebama is living on borrowed time before the unemployment number does a job on his election prospects.

It's not about his election now...



I adopted a Chinese girl to give her a better shot at life and all I got was his lousy campaign slogan...



And, oh yeah, today might be the day that we cross that miracle marker of 12K!
 
Great, dig this:

Realtors: We Overcounted Home Sales for Five Years

http://www.cnbc.com/id/45659547

Good news!


Like decreasing the universe of jobs, this correction can only help with the next campaign slogan,

WE CAN'T WAIT!

;) ;)

The real story is in the interviews, this will turn around in one year or I'm a one-term prospect to I knew all along that turning this around would take two terms, maybe even another president...

We assume he was talking up Hillary.

Corzine???
 
Stocks retreat as confidence in Europe wanes
German Chancellor Angela Merkel rejects the plan to expand the newly proposed bailout fund. US retail sales climb less than expected. Best Buy shares drop after the retailer reports disappointing earnings.

I don't understand how stupid people can be to have confidence in Europe unless it's government education...



:(
 
What else can it be? That and the Hollywood belief that all is well in the end.

I was rereading some Hazlitt on price controls and he nailed it...


Every program begins with "This time..."

;) ;)






... will be the last time,
That we will fight like this...

INXS
 
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