Posts Tagged ‘4.1 million jobs’

This Just In: Obama May Have Lost 824,000 More Jobs Than Previously Reported

February 3, 2010

Whenever numbers look bad for Democrats, the media invariably reports them as “unexpected.” Well, report THIS, mainstream media:

Barry Hussein just broke his own record for failure.

Previously, it had been reported that Obama had lost 4.1 million jobs – presiding over the greatest number of job losses under any president in any year since the Bureau of Labor Statistics started reporting jobless numbers in 1940.

But now we’re finding out that Obama pointed to the center field wall, took a radical swing, and sent unemployment soaring to nearly FIVE MILLION jobs lost with his disastrous failed policies.

There’s not much being reported about this yet, but what there is is BAD for Barry:

Feb. 3 (Bloomberg Multimedia) — The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.

The Drudge Report filed this story under the headline, “MANIPULATE: FEDS MAY LOSE 824,000 JOBS IN ‘REVISION’.”  Which creates the sense that something very suspicious was going on to “manipulate” job numbers to make them look less awful than they actually were.

We have this found via Zero Hedge:

From the BLS:In accordance with usual practice, the U.S. Bureau of Labor Statistics is announcing its preliminary estimates of the upcoming annual benchmark revision to the establishment survey employment series. The final benchmark revision will be issued on February 5, 2010, with the publication of the January 2010 Employment Situation news release.

Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance tax records that nearly all employers are required to file. For national CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus two-tenths of one percent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates a downward adjustment to March 2009 total nonfarm employment of 824,000 (0.6 percent).

If you read the conclusion of the Zero Hedge article, you will see an example as to how extreme the disconnect between the actual state of the economy and the stock market has become.

In any event, we find that normally the error that requires correction/revision is .02; but for some reason under Obama the error is .06 — which is 300% larger than the previous ten year average.

Rush Limbaugh said that he had previously stated that he thought unemployment was higher, and that the Obama White House was monkeying with the numbers to make it appear that unemployment was at or under 10%.

Having watched Obama create a category of “created or saved jobs” out of thin air that no economist had ever seen before, and watching the mainstream media report that made-up statistic as if it were gospel; having watched Obama’s “created or saved” job numbers being based on such asinine data that a single $1000 lawnmower was recorded to have saved 50 jobs; having watched the White House engage in rampantly dishonest reporting on its job numbers; having discovered that those bogus job numbers were reported as having been “created or saved” in phony congressional districts and in phony zip code regions, well, let’s just say that I have every reason to believe that this incredibly dishonest White House is capable of anything.

I’m not one iota surprised that the BLS is dumping this news on the typical government bad-news dumping day of Friday.

In any event, you can bet that our 10% unemployment rate is about to take a monster hit.

From a quick calculation, the unemployment rate could all of a sudden be as high as 12%.

It was only yesterday that I wrote this without knowing how right I was:

I continue to believe that unemployment will continue to get worse in agreement with famed analyst Meredith Whitney:

Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry, analyst Meredith Whitney told CNBC.

I just didn’t know that I would literally have my instincts proven right within a matter of three days.

Obama’s Train Wreck Town Hall In Ohio Reveals Angry Man Determined to Fight To The Last Democrat

January 24, 2010

Going back to Ohio had to be extremely awkward for Barack Obama.  And if it wasn’t, the man should literally be impeached.

Consider that

Obama’s last visit to Lorain County was during the presidential campaign in 2008. Then, he visited a drywall plant in an event where he promised that if elected he follow a “job-creation agenda.” Since his visit that plant has closed and unemployement for the area went from 6.9% under President Bush to around 10% under Obama.

That’s just bad.  Obama had to go to a different plant to pitch his bogus jobs bullcrap because the last plant he said he’d save had gone totally bust.

That said, Obama should be ashamed of talking about his record on jobs anywhere in the nation, given that he’s lost 4.1 million of them last year — the most any president has lost in any year since 1940.

So how did Barry Hussein do in Ohio this time?

Friday, January 22, 2010
Obama’s Train Wreck of a Town Hall in Ohio

Earlier this week, during a radio interview, I had said that Obama’s appearance for Martha Coakley on Sunday was one of the least effective stump appearances I had seen from a president. A lot of factors contributed to that – Coakley’s literally yawn-inducing speech, the decision to use the president as an attack dog in the race, the president (or his speechwriter’s) odd fixation on Scott Brown’s truck, and so on.

But perhaps Obama is in a “stump slump.” Maybe it’s me; maybe I can’t see any Obama speech as a good one these days. But today in Ohio, it seemed like the president was way off his game. I thought he was defensive, prickly, almost indignant that he’s found himself in the tough spot that he’s in.

He began by talking about how much he didn’t like being in Washington, and apparently said something about the job being stifling. Sir, you spent two years trying to get this job.

One of his rallying cries as, “This is not about me!” Yes, Mr. President, but it’s about the decisions you make and the policies you’re trying to enact.

He made a reference to bankers who “click their heels and watch their stocks skyrocket.” Was he going with a Dorothy in Oz metaphor? Do bankers click their heels?

“I won’t stop fighting to bring back jobs here,” worked as an applause line, but I wondered how it worked outside the venue. That insinuates he’s been doing it for the first year, as unemployment has steadily increased. He’s calling on Congress to “pass a jobs bill.” I thought the stimulus was supposed to do that.

As Caleb Howe noticed, he said “I won’t stop fighting to open up government” while breaking the promise about health care bill negotiations being on C-SPAN.

I realize he’s using it to justify a new tax on banks, but I think “we want our money back” is a dangerous chant for a man who so steadily expands government spending.

UPDATE: A very out-of-rhythm speech was followed by some of the most obscure and unhelpful questions ever uttered at a town-hall meeting. I was left with a bit of sympathy for President Obama, as questioner after questioner asked about their own specific concerns, often way out of the president’s duties, responsibilities, and  realm of expertise: One guy was an inventor who wanted to give him a sales pitch, one woman lamented the impatience of the American people before complaining about a slow response from the state environmental agency over her toddler’s lead poisoning, one guy wanted to read the president a poem; there was a woman who talked about the problem of finding students for her truck-driving school, an old lady who was upset that her Social Security didn’t have a cost-of-living increase, and a guy who had the patent for some wind-turbine issue that he was in a fight with some company about. One poor soul raised his hand and just wanted to shake Obama’s hand.

Obama was a visibly angry man throughout the extremely partisan speech he gave.  Rather than understand that the American people are simply not behind his fanatically liberal agenda and promise to finally show a little bipartisanship, Obama used the word “fight” 20 times.

He is going to fight to the last Democrat for his Marxist vision of “God damn Amerikkka”:

It appears that the only way America has a chance to win is if Obama loses, and loses big.

Obama Administration Sacrifices All Credibility Re: Failed Stimulus

January 14, 2010

The Obama administration, after every false promise that didn’t come to pass, every false measurement that included phony congressional districts and bogus zip codes, and repeated humiliations, finally dropped it’s fraudulent and never-before-used-in-history “created or saved” jobs.

From the AP:

WASHINGTON – The White House has abandoned its controversial method of counting jobs under President Barack Obama’s economic stimulus, making it impossible to track the number of jobs saved or created with the $787 billion in recovery money.

Despite mounting a vigorous defense of its earlier count of more than 640,000 jobs credited to the stimulus, even after numerous errors were identified, the Obama administration now is making it easier to give the stimulus credit for hiring. It’s no longer about counting a job as saved or created; now it’s a matter of counting jobs funded by the stimulus.

That means that any stimulus money used to cover payroll will be included in the jobs credited to the program, including pay raises for existing employees and pay for people who never were in jeopardy of losing their positions.

The new rules, quietly published last month in a memorandum to federal agencies, mark the White House’s latest response to criticism about the way it counts jobs credited to the stimulus. When The Associated Press first reported flaws in the job counts in October, the White House said errors were being corrected and future counts would provide a full and correct accounting of just how many stimulus jobs were saved or created.

So they’re supposedly not pulling that bogus crap any longer.

Only they still are.  It’s amazing how quickly the most dishonest administration in the last century violates its own statements.

Britt Hume took apart the new version of of the same old bogus crap they’re trying to pull now:

“One day after it came out that the administration had decided to stop trying to count the number of jobs created or saved by that $787 billion spending bill the president signed last year, the White House was back doing it again.

Christina Romer, the president’s top economic adviser, announced Tuesday that the spending had resulted in 2 million jobs created or saved. Romer called that a, “truly stunning and important effect,” adding that the spending, “had done exactly what we have anticipated it would do.”

No it hasn’t.

Romer herself said a year ago that the stimulus spending would hold the unemployment rate below eight percent. It’s now at 10 and counting. More than 4 million jobs were lost last year
. What’s more, an analysis by the Associated Press has found that the outlays on roads, bridges and other infrastructure, had no discernible effect on local employment and had barely helped the construction industry.

The lesson here is a very old one: Government spending is a poor antidote to recession because the money has to be taxed or borrowed from one part of the economy to be spent in another. Not only that, it’s slow medicine. Even Romer said in her glowing report that only about a third of the money had been spent.

On second thought, given the effect the spend-fest has had on the deficit, maybe that’s the good news.”

— Brit Hume is the senior political analyst for Fox News Channel.

Christina Romer has sacrificed all personal and professional credibility to protect and defend the failed policies of Barack Obama.

She was the White House official who assured the nation that unemployment would not go over 8% if Obama’s stimulus passed.

She was the White House official who told us that the stimulus would have its greatest impact in the 2nd and 3rd quarter of 2009, which means it has already basically run its course.

Now she’s saying the stimulus which she herself claimed would prevent unemployment from going above 8% – and which ran its course last year after unemployment went up above 10% – fulfilled the Obama White House’s predictions?  Seriously?

Does this mean that Obama PLANNED to lose more jobs during his first year as president than any president has EVER lost – over 4 MILLION – since 1940?

This is Obama doing GOOD?  O.M.G.

I suppose businesses paralyzed by uncertainty due to Obama’s policies and the harm that they will do to the economy, which is frightening away new hiring, must be REALLY good.

All I can say is this: if this is the Obama administration’s idea of doing good (at least a good, solid B+ anyway), may God have mercy on our doomed souls if they ever actually screw up.