Posts Tagged ‘congressional districts’

Obama Job Numbers, And Why Won’t The NBA Believe Me When I Say I’m 25 Feet Tall?

February 21, 2010

Obama keeps saying he’s created 2 million jobs.  And I keep filling up barf buckets.

One of the biggest Big Lies of the Obama administration was the invention of the never-before-seen category of “saved or created” jobs.  Simply put, it is a giant load of rotting baloney.  Harvard economics Professor Gregory Mankiw has said, “There is no way to measure how many jobs are saved.” Allan Meltzer, professor of political economy at Carnegie Mellon University has said “One can search economic textbooks forever without finding a concept called ‘jobs saved.’ It doesn’t exist for good reason: how can anyone know that his or her job has been saved?” If George Bush had EVER tried to use this same “saved or created” shenanigan, he would have been simultaneously mocked as a complete moron and attacked as a criminal who was trying to deliberately deceive the American people.  But a liberal Democrat did it, so the mainstream media has merely duly reported the totally-made-up and self-serving “statistic” as though it weren’t a complete fabrication.

Why does Obama keep lying to the American people about jobs?

A couple of weeks ago, his three senior advisers trotted out with wildly disparate job numbers that Obama had ostensibly “saved or created.” On the very same day, David Axelrod said we had saved or created more than 2 million jobs.  Robert Gibbs said we’d saved 1.5 million jobs.  And Valerie Jarrett said we’d saved thousands and thousands of jobs.

Valerie Jarret would have to say, “thousands and thousands” a thousand times to get to Axelrod’s “2 million.”

The numbers are arbitrary bullcrap.  The Obama administration has “saved or created” as many jobs as they think they can get away with before they think the American people will realize they are liars.

We can go back and look at how shockingly deceitful Obama’s job claim numbers have been.  I never thought an American president could get away with so many shockingly transparent lies.  You have to be a hard-core lie ADDICT to tell these kind of lies.

We can go back and look at all the bogus congressional districts and phony zip codes that have been “saving or creating” job after job.

Why, you can almost believe Obama’s claims when just one lawnmower was all it took to “save or create” a whopping 50 jobs (and that as reported by the New York Times).  I mean, if we produce just 6 million lawnmowers, we can have total employment of every single man, woman, and child in America.

And even given Obama’s OWN INFORMATION, he has only “saved or created” 595,263 jobs as of February 20, 2010.  Which amounts to $456,941 per job given how much of the porkulus slush fund otherwise known as stimulus dollars have been paid out.

595,263 can become more than 2 million if it’s stretched long enough.

I tried Obama’s tactic.  I called up every single team in the NBA and told them I was 25 feet tall.  Only nobody believed me.  I really hoped my six foot body could be out there on the floor with Shaquille O’Neal, and I could simply tell any skeptic who doubts my 25-foot status that “they just aren’t looking at the full picture” or something similar.

Senator Evan Bayh, in announcing that he would not run again as a Democrat for the U.S. Senate, had this to say to convey the truth:

“[I]f I could create one job in the private sector by helping to grow a business, that would be one more than Congress has created in the last six months.”

[link] [Youtube]

That’s an awfully far cry from 2 million, isn’t it?

According to a recent New York Times/CBS poll, a whopping 94% of the American people agree with Bayh. Only 6% of Americans believe Obama’s massive porkulus has created jobs a full year after going into effect.

Only SIX PERCENT of Americans believe that Obama’s porkulus has created any jobs at all.  That means more Americans believe that space aliens have anally probed them than believe in the stimulus.  It also means that 94% think Obama and his entire administration and the entire Democrat congressional leadership are completely full of crap.

So why does the mainstream media keep reporting that Obama has saved or created 2 million jobs, when 94% of the American people – even according to CBS and the New York Times!!! – don’t think he’s created ANY jobs?

I have an even better question for you: why on earth do you keep watching or reading the mainstream media when they keep reporting flagrant lies as if they were facts?

Do you like being lied to?  Were you told so many lies as a child that you now need a constant stream of lies to stay in your little happy place?

Meanwhile, even as Obama falsely tells us that he gave us 2 million jobs this year, and that we are “clearly” emerging from the recession – which means even MORE job growth in future years – his own numbers are telling him that he will leave office in 2012 with unemployment higher than it was when he came in.

If you’re willing to believe that Obama saved or created 2 million jobs, please send me $99.99 for my miraculous elixir that is guaranteed to make you 25 feet tall.  And for an extra $99.99, I will send you a ruler that will prove that you have grown fourfold.

And please ignore the fact that the contents of the bottle look and taste rather like urine.

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Why Does Obama Keep Lying To Us About Jobs?

February 12, 2010

A few weeks ago, three inner-sanctum Obama circlers came out and provided three different numbers as to how many jobs they thought that Obama had created:

David Axelrod: Axelrod, on CNN’s State of the Union: “But understand that, in this recession that began at the beginning of 2007, we’ve lost 7 million jobs. Now, the Recovery Act the president passed has created more than — or saved more than 2 million jobs. But against 7 million, you know, that — that is — it is cold comfort to those who still are looking.”

Valerie Jarrett: Jarrett, on NBC’s Meet the Press: “The Recovery Act saved thousands and thousands of jobs. There are schoolteachers and firemen and— and— teachers all across our country, policemen, who have jobs today because of that recovery act. We’re investing in infrastructure. We’re investing in public education so that our kids can compete going forth into the next— generation.”

Robert Gibbs: Gibbs, on “Fox News Sunday”: “Well, Chris, let’s take for instance the example you just used of the stimulus package. We had four quarters of economic regression in terms of growth, right? Just last quarter, we finally saw the first positive economic job growth in more than a year. Largely as a result of the recovery plan that’s put money back into our economy, that saved or created 1.5 million jobs.”

You get the sense that 1) these people have no idea what they are talking about; and 2) they are pulling numbers right out of their butts.

Barry Hussein has repeatedly used the 2 million number.  After all, it’s bigger and sounds better.  Why should he care about reality?

But let’s look at reality for just one second:

Jobs Saved: PR or Fact?
While the unemployment rate continues to rise–to 10.2 percent in October–the debate over the “jobs saved” concept also continues, most recently on last Sunday’s Meet the Press with host David Gregory asking Treasury Secretary Timothy Geithner whether the concept is PR or Fact. Gregory first quotes Allan Meltzer saying “One can search economic textbooks forever without finding a concept called ‘jobs saved.’ It doesn’t exist for good reason: how can anyone know that his or her job has been saved?” Gregory then pops the question to Secretary Geithner. Watch this short video clip for his answer, and then search your textbook as Professor Meltzer suggests.

And you will search in vain.

Had George Bush tried this crap talking about all the jobs his administration had “saved,” the mainstream media would have been tearing into him like pit bulls tearing into red meat.  Because it is a giant fabrication created for the sake of pure political posturing.

Obama hasn’t “created or saved” anywhere NEAR 2 million jobs.  And his own numbers prove it.

Here’s a screenshot from Obama’s Recovery.gov site, accessed Thursday, February 11, 2010:

Let’s see: 595,263 jobs versus 2 million: Obama is a big fat liar.  And a transparent liar at that.

We find that the government has spent $272 billion in stimulus funds so far.  And $272 billion divided by 595,263 jobs comes out to $456,941 per job.

Obama has created his own Pyrrhic victory.  For the sake of argument, suppose Obama has created jobs with his stimulus, contrary to the bogus zip codes, nonexistent congressional districts, and the claims that a single lawnmower “saved” 50 jobs as evidence to the contrary.  Damn, we’ll go bankrupt if we create many more.

Which is to say it is every big as gigantic of a boondoggle and failure as every single House Republican who voted against the stimulus said it would be.

You’ve got to do your own research to see what a stinking pile of lies Obama’s jobs figures have truly been, with billions of stimulus dollars disappearing into bogus zip codes and nonexistent congressional districts.  You can be certain that the Obama administration and the sycophantic mainstream media will tell you the truth.

Now we’re hearing that the White House is forecasting that the economy will expand by 95,000 jobs a month.  But we should believe one word they’re saying WHY???  All they’re doing is taking a demonstrated dishonest metric and pointing it at the future.

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 Administration Admits It Will Leave Unemployment Higher Than It Found It

February 2, 2010

Get ready for three more years of blaming Bush.

It was George Bush’s fault that Obama lost more jobs than any president in any year since records began being kept in 1940, of course.  Everyone who takes their propaganda seriously knows that.

And it will ALWAYS be George Bush’s fault.  George Bush is Obama’s Emmanuel Goldstein – the scapegoat that Big Brother eternally blames for all the woes of Oceania.

From ABC:

At a subsequent briefing with reporters, Christina Romer said that the administration believes the unemployment rate will continue to hover around 10-percent throughout 2010.  She projects that 2010 will end with the unemployment rate at 9.8%, 2011 at 8.9% and 2012 at 7.9%.

Christina Romer, who heads Obama’s Council of Economic Advisers, forecasts that unemployment will be at 7.9% by the end of Obama’s term in 2012.  The thing is, it was 7.6% when he took office from George Bush.

So the people who assured us that unemployment would never get over 8% if their pork-laden liberal slush fund otherwise known as the American Recovery and Reinvestment Act of 2009 was passed are now forecasting that they might actually get unemployment below what they said it wouldn’t ever get to by the end of Obama’s presidency.

And that, of course, is looking on the very, very bright side.

Both the Congressional Budget Office and  Goldman Sachs predict that unemployment will be considerably worse than the Obama administration figures.

The Obama administration continued to pimp its porkulus and – use utterly bogus methodology and utter bogus statistics to do so – even long after the lie became obvious.  A year after using the purely invented criteria of “created or saved jobs,” and after being caught again and again creating phony job numbers complete with phony zip codes and phony congressional districts, the Obama administration finally said that it would abandon its “controversial method of counting jobs” (to quote the AP).  But that was just another lie: they went right back to rolling in their own feces again.

The White House’s “created or saved” job numbers are so pulled-out-of-thin-air that three different Obama officials actually gave three different bogus “created jobs” numbers on the very same day.

The only thing you can trust the Obama administration to do is lie to you.

And since they always lie to favor themselves and make themselves look better, you have to wonder how bad things will actually get for Obama to make such a stunning acknowledgment (that unemployment will remain higher than it was when Obama took office throughout his entire presidency).

There’s a dirty little secret about our unemployment that Obama and the lamestream media aren’t telling us.

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 have never heard the kind of demagoguery and blame from any president in my lifetime that I have routinely heard from Barack Obama.  He has spread every imaginable species of bull crap to explain his failures.

Now that we find out that – by Obama’s very own numbers – his unemployment rate will continue to remain higher than it was than when he assumed the presidency from George Bush,  we can safely assume that blame, excuses, and demagoguery will be the constant pattern for the final three years of Obama’s failed presidency.

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.

The Dirty Secret About Our Unemployment Rate

January 9, 2010

First of all, did Obama’s stimulus create jobs and help the economy?  I put it this way the other day, while writing an article about how ObamaCare amounts to a profoundly dishonest and secretive scheme to hijack one-sixth of the economy:

It’s rather like the stimulus.  Obama fearmongered the economy to get his $3.27 trillion stimulus-porkulus through Congress.  Obama falsely promised that unemployment wouldn’t go above 8% if it passed.  The legislation was raced through so quickly that no one could have even possibly read it.  Obama has said it was a success, citing the never-before-in-history-seen category of “created or saved jobs.”  But even then, he had to resort to a series of galling lies to sell his giant failed stimulus.  Not only were jobs created out of thin air (Obama claimed that a single lawnmower created 50 jobs through his website!!!) to fraudulently make a failed stimulus appear successful, but phantom congressional districts and even zip codes that don’t exist began to collect huge sums of stimulus money.  Meanwhile, the thoroughly dishonest Obama administration transformed their stimulus into a gigantic Democrat slush fund, with double the money going to Democrat districts and with no regard to unemployment.

The answer is readily obvious.  No, the stimulus didn’t help the economy.  As a solid plurality of Americans now rightly believe, the stimulus HURT the economy.

And they are right.  What we find out when we look at the economies of countries that either had or did not have stimulus packages is that the countries with huge stimulus packages (like the U.S.) had much more unemployment than the countries that didn’t:

As President Obama and other Democrats have correctly pointed out many times, this has been a worldwide recession. But if Summers and Biden are right in their assessment of the stimulus measures, one would think that the U.S. economy should be recovering better the many other countries, countries not wise enough to follow Obama’s lead of an extraordinary $787 billion increase in government spending.  It is also particularly timely to evaluate the spending since Christina Romer, the chairwoman of President Obama’s Council of Economic Advisers, told Congress today that the stimulus had already had most of its impact on the economy. […]

But it is not just Canada where the unemployed are faring better. Other countries, too, decided against a massive stimulus plan. In March, with German Chancellor Angela Merkel nodding in agreement at his side, French President Nicolas Sarkozy declared: “the problem is not about spending more.” Later that month, the president of the European Union, Prime Minister Mirek Topolanek of the Czech Republic, castigated the Obama administration’s deficit spending and bank bailouts as “a road to hell.” The Washington Post wrote that there was a “fundamental divide that persists between the United States and many European countries over the best way to respond to the global financial crisis.”

The unemployment rate in the European Union was higher than in the United States to begin with even before the Obama administration’s spending. By January, the EU unemployment rate stood at 8.5 percent — almost a whole percentage point higher than ours.  So what has happened since the big U.S. stimulus spending spree was passed? We more than caught up with the EU’s high unemployment rate.  By August, the last month data is available for the EU, the U.S.’s unemployment rate slightly exceeded the EU’s — 9.7 versus 9.6 percent.

Germany has particularly been out front resisting the call for more public spending.  Yet, from January through September, the German unemployment rate only rose slightly, from 7.9 to 8.2 percent.

Data on unemployment rates from 27 countries from Japan and South Korea to Brazil and other South American countries to Europe shows that from January to August display the same consistent pattern.  Even in the EU it isn’t just a few countries that are driving the relatively small increase they have experienced.  The U.S. had a larger increase in unemployment than 22 countries — that is, 81 percent of the countries had a smaller increase in unemployment this year than the United States. Unemployment in some major countries such as Brazil and Russia has actually fallen since January (see Table here).  Other countries, from France to Mexico to Australia to Switzerland, have seen unemployment increase by only about half the amount of the U.S. rate. Indeed, the average increase in unemployment for the 27 countries is slightly less than half the US increase.

The article should be read in its entirety to see just how powerful the evidence is that the stimulus failed.

In other words, to the extent that there has been any improvement in the economy, it has been in spite of – and VERY CLEARLY NOT because of – the stimulus.

And one of the most frightening things we have in the wake of the failed Obama stimulus is shockingly high unemployment levels.  The Obama White House said that if Obama’s stimulus wasn’t passed unemployment would rise to 9% (it was 7.6% when Obama took office; and the Obama White house said it would remain under 8% if the stimulus was passed).  But it didn’t, did it?

Thus we come to Obama’s dirty little secret of unemployment:

Unemployment: The Dirty Little Secret Everyone’s Ignoring

By John Lott – FOXNews.com

The problem of people getting discouraged and giving up looking for work is ballooning.

The unemployment rate might be stuck at 10 percent, but the more detailed numbers in the Department of Labor’s Household survey data paint a more dire picture. The number of people with a job fell by 589,000 in December. Even worse, the number of people not in the labor force grew by an astounding 843,000 during just the last month. The Household survey data is what is used to measure the unemployment rate.

To get an idea of the size of this increase in the number of people not in the labor force, since February, when the stimulus package was passed, I repeat, the number of people not in the labor force has grown by 3.2 million. But the number for December represents 26 percent of the entire increase over that period of time. The problem of people getting discouraged and giving up looking for work is ballooning. Of course, they have had good reasons to be discouraged. Similarly since February, the total number of people employed has fallen by 4 million.

In September, Larry Summers, President Obama’s top economic adviser, claimed: “We have walked a substantial distance back from the economic abyss and are on the path toward economic recovery. Most importantly, we have seen a substantial change in the trend of job loss.” Christina Romer, the chair of President Obama’s Council of Economic Advisers, made a similar statement today. While conceding that the December numbers were a “slight setback,” she argued: “In a broad sense the trend toward moderating job loss is continuing, consistent with the gradual labor market stabilization we have been seeing over the last several months.”

The growth in the U.S. unemployment rate has continued to outpace the rest of the world. Since February, the average unemployment rate for the European Union has grown by 1.2 percentage points. By contrast, the US unemployment rate has grown by 1.9 percentage points — a 58 percent greater increase. Nor does the rate look particularly strong compared to what economists were predicting at the beginning of the year. Back in mid-January, business economists and forecasters surveyed by The Wall Street Journal expected the December unemployment rate to be at 8.6 percent.

Unemployment should start to improve, but the numbers indicate that the improvement in unemployment that economists and forecasters were predicting has occurred much more slowly than was expected at the beginning of 2009. By moving huge amounts of money from one industry to another, the stimulus as well as all the regulatory changes have caused a lot of churning in the labor market — movement of people from one job to another than has caused temporary unemployment. Unfortunately, the huge number of people who have withdrawn from the labor force represent a big hangover that will make reducing unemployment a slow process.

The “unexpected” (the lamestream media always naively expects good news when Democrats are in charge) and disappointing December job numbers released yesterday have more economists worrying about a double-dip recession.  We lost jobs even during the Christmas temp hiring frenzy, which will force the federal reserve to keep interest rates artificially low, which will have a negative impact on our economy down the road.

Obama could care less about the millions of workers who have despaired of finding a job to the point where they don’t even bother to look for work any more, because those people fall off out of the measurement categories.  If you consider them, unemployment is now at 17.3%.

Let me introduce you to an economist who – unlike so many others – was correct in her prediction of the economic meltdown: 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. […]

“We underestimate how much the whole economy is dependent on the mortgage industry, and that has to change,” Whitney said. “This is what happens when you delay the inevitable. We’re buying time here, but we’re not restructuring the economy.”

Not only has Obama failed to improve the mortgage industry, but what he has done has actually made the system WORSE, even according to the left.  I mean, even the New York Times has said Obama’s solutions are adding to the housing woes.  The first paragraph of their article said:

The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

To serve as an ironic reminder of Obama’s message of “hope and change,” here’s a recent Business Insider article entitled, “How Obama’s Mortgage Modifications Are Making Things Worse By Giving Desperate Homeowners A False Sense Of Hope.”

Well, Obama promised hope.  If you were dumb enough to believe his promises had any reality, then doom on you.

And it isn’t any better for residential mortgages:

(June 9) – Commercial real estate mortgage defaults are at a 15-year high and will more than double by the end of 2010, according to a new report from research firm Real Estate Econometrics (REE).

And again:

NEW YORK, Jan 7 (Reuters) – U.S. commercial mortgage-backed bond defaults may more than double this year as the economic recession hurts office building, retail store and multifamily housing assets, Fitch Ratings said on Wednesday.

It was the mortgage industry – imploded by Democrats – that caused the economic implosion of 2008.  And our failure-in-chief hasn’t done a damned thing to make that industry better.  All he’s given, characteristic of his entire presidency, is false hope.

And now we’re looking at a double dip for the housing and mortgage industries, as well.

One day, years from now, an honest Obama administration official (if there is one) will be saying something similar to FDR’s Treasury Secretary:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong… somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises… I say after eight years of this Administration we have just as much unemployment as when we started… And an enormous debt to boot!” – Henry Morganthau, FDR’s Treasury Secretary, May 1939

In April 1939, six years after FDR rolled out his failed New Deal, unemployment was still at 20.7%.

We are now only 3.4 percentage points away from Treasury Secretary Henry Morganthau’s moment of clarity.