Posts Tagged ‘The private sector’s doing fine’

Remember Obama’s ‘The Private Sector’s Doing Fine’ Remark? Manufacturing Just Crashed To Pre-‘Recovery’ Levels

July 3, 2012

The stink of a double-dip recession is heavy in the air and this time it’s going to take a whole lot more Kool-Aid to blame it on Bush.

But this is getting really wearisome to our messiah.  No matter what you hear, just remember: “The private sector’s doing fine.”

So if you hear something like, oh, say:

The trade group of purchasing managers said its index of manufacturing activity fell to 49.7. That’s down from 53.5 in May. And it’s the lowest reading since July 2009, a month after the Great Recession officially ended. Readings below 50 indicate contraction

and it occurs to you to think, “holy crap.  That sounds like the double-dip recession that conservatives predicted as a result of Obama’s stimulus being a sugar high that ultimately sucked money out of the private sector and then pissed it away on politically-connected government boondoggles.”

You just remember that your messiah said everything is “fine” and you just keep mindlessly supporting Obama.  Oh, and say a dozen “blame Bushes” before you go to bed tonight.

Jul 2, 5:05 PM EDT
US manufacturing shrinks for first time in 3 years
By CHRISTOPHER S. RUGABER
AP Economics Writer

WASHINGTON (AP) — U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening.

Production and exports declined, and the number of new orders plunged, according to a monthly report released Monday by the Institute for Supply Management.

The slowdown comes as U.S. employers have scaled back hiring, consumers have turned more cautious, Europe faces a recession and manufacturing has slowed in big countries like China.

“This is not good,” said Dan Greenhaus, chief economic strategist at BTIG, an institutional brokerage. Though the report “does not mean recession for the broader economy, it is still a terribly weak number.”

The trade group of purchasing managers said its index of manufacturing activity fell to 49.7. That’s down from 53.5 in May. And it’s the lowest reading since July 2009, a month after the Great Recession officially ended. Readings below 50 indicate contraction.

Economists said the manufacturing figures were consistent with growth at an annual rate of 1.5 percent or less. That would be down from the January-March quarter’s already tepid annual pace of 1.9 percent.

“Our forecast that the U.S. will grow by around 2 percent this year is now looking a bit optimistic,” said Paul Dales, an economist at Capital Economics.

Stocks fell sharply after the report was released at 10 a.m. But investors appeared to shake off the bad manufacturing news by the end of the day. The Dow Jones industrial average recovered most of its early losses to close down just 8.7 points at 12,871. And broader indexes ended the day up.

Most economists aren’t yet predicting another recession. Though the ISM report suggests manufacturing is contracting, it typically takes a sustained reading below 43 to signal the economy isn’t growing.

Still, U.S. manufacturing, which has helped drive growth since the recession ended, is faltering at a precarious time.

Americans have pulled back on spending, which drives roughly 70 percent of growth. Europe’s economy is likely in recession, which has hurt U.S. exports.

And China’s manufacturing sector grew in June at its slowest pace in seven months, according to a survey released Sunday by the state-affiliated China Federation of Logistics and Purchasing.

Manufacturing will likely stay weak for the next few months. The ISM’s gauge of new orders, a measure of future activity, plunged from 60.1 to 47.8. That’s the first time it has fallen below 50 since April 2009, when the economy was still in recession.

Fewer new orders reflect growing concerns of businesses. In addition to slower global growth and less spending by U.S. consumers, many companies worry that U.S. lawmakers won’t extend a package of tax cuts at the end of the year.

Bricklin Dwyer, an economist at BNP Paribas, said the uncertainty “has left businesses unwilling to invest.”

A gauge of production in the ISM’s survey fell to its lowest level in more than three years.

U.S. factories are also reporting less overseas demand. A measure of exports dropped to 47.5, its lowest level since April 2009.

A gauge of employment edged down but remained at a healthy level of 56.6. That suggests factories may still be adding jobs. Manufacturers have reported job gains for eight straight months.

Overall hiring has slowed sharply this spring. Employers added an average of only 73,000 jobs per month in April and May. That’s much lower than the average of 226,000 added in the first three months of this year. The unemployment rate rose in May to 8.2 percent from 8.1 percent, the first increase in a year.

Worries about slowing job growth are outweighing the benefits of lower gas prices. A measure of consumer confidence fell in June for the fourth straight month.

Slower job growth and falling confidence are weighing on consumers’ willingness to spend. Americans cut back on purchases of autos and other long-lasting factory goods in May, the government said Friday.

The sharp drop in U.S. factory activity overshadowed more positive news on housing.

Construction spending rose 0.9 percent in May from April, the Commerce Department said in a separate report Monday. It was the second straight monthly increase, even though the level of spending still isn’t healthy.

The increase was driven by a surge in residential construction. Home sales are up from the same month last year. Mortgage rates are at the lowest levels in history. And prices have begun to stabilize in most markets.

The economy could also get a boost this summer from lower gas prices, which have tumbled more than 60 cents per gallon since peaking in April. The result is that consumers have more money to spend on other goods, from autos and furniture to electronics and vacations, that fuel economic growth.

The article twice mentioned “lower gas prices.”  But why are gas prices lower?  Because the economy sucks which drives down demand.

“Demand is down, which ought to help drive up demand.” 

Just you remember that at least we don’t have that awful George W. Bush.  The unemployment rate was a terrible 5.3 percent:

Thank God those grim days are behind us.

Obama will probably talk about his 27 consecutive months of job growth.  Which is much better than George Bush’s pathetic 52 consecutive months of job growth.

I don’t doubt that Obama is going to blame Europe.  What’s funny, of course, is that Europe is blaming America.  But the bottom line is both Obama and the Europeans want to pile on more debt on top of their already utterly unsustainable debt.

One thing is for sure; Obama will NOT be talking about his shrinking labor participation rate, which has shrunk every year of his presidency and is now the worst its been in over thirty-one years.  Obama won’t talk about the fact that if the same labor participation rate that he inherited from Bush – 65.76 percent – were applied to Obama today, unemployment would actually be about 11.6 percent now.  He won’t talk about the fact that 88 million Americans of working age are out of the work force under his presidency.

He won’t mention any of that because the private sector’s doing fine.

That is an article of faith and if you don’t believe it, you’re a heretic.

And a racist, too.

Advertisements

‘The Other Side Will Tell You’ (The Truth): The Worst President EVER Tries To Inoculate His Followers Against Reality

June 15, 2012

As carried by Yahoo News:

In an Ohio campaign event, President Barack Obama described the kind of ads he foresees the GOP running against him during the election cycle.

“From now until then, both sides will spend tons of money on TV commercials. The other side will spend over a billion dollars on ads that tell you the economy is bad, that it’s all my fault; that I can’t fix it because I think government is always the answer, or because I didn’t make a lot of money in the private sector and don’t understand it, or because I’m in over my head, or because I think everything and everybody is doing just fine,” Obama said at Cuyahoga Community College Metropolitan Campus in Ohio on Thursday.

Notably, Obama did not refute the hypothetical accusations.

“That’s what the scary voice in the ads will say; that’s what Mr. Romney will say; that’s what the Republicans in Congress will say. Well, you know, that may be their plan to win the election. But it’s not a plan to create jobs. It’s not a plan to grow the economy. It’s not a plan to pay down the debt. And it’s sure not a plan to revive the middle class and secure our future.”

It’s interesting.  Obama first says, “The other side will spend over a billion dollars…”  Do you know which side first brought up the real possibility that it would be able to raise over a billion dollars?

Obama’s side.

Let’s consider a few facts.  Barack Obama became the first politician – as young and as inexperienced as he is – to raise over a billion dollars in the entire history of the human race.  Obama’s favorite source of money was the very Wall Street financiers he demonized as greedy and cynical fat catsObama is the slick pathological political weasel who has now held more fundraisers than the last five presidents COMBINED. As of March 27, Obama had attended 191 fundraisers – FAR EXCEEDING ANY PRESIDENT EVER RECORDED IN HISTORY.  In 2008, Obama outspent John McCain by at least 3-1 and by as much as 5-1 after breaking his promise to accept the public campaign matching funds that every previous party nominee had accepted until Obama.

Now this pathological weasel is following the liberal script to whine about the huge sums of money that HE HIMSELF OPENED THE DOORS TO HELL IN RAISING.  There never would have BEEN a Citizens United case that the left so demonizes had Obama accepted the same matching funds that every major party candidate for president had accepted before him.  Obama is the pathological weasel who started a war over campaign money and used that war chest to annihilate the other side and then actually complained that the other side was actually fighting back.

Obama says they’re going to tell you “that tell you the economy is bad, that it’s all my fault.”  Well, that’s a shocker.  We thought Obama knew that he’d been the president for the last four years and that the president was responsible for his economy.  That’s been true in the past, but not in this case, because Obama is a pathological weasel and a malignant narcissist to boot.  So Obama has never once accepted so much as a scintilla of blame for ANY of his four years of failure.  Rather, he’s literally still blaming Bush – and if you want four more years of failure along with four more years of excuses and four more years of blaming Bush, you know who to vote for.  Rather, he’s blaming the Republican Party for “obstructionism” – as if the two years of utter Democrat obstructionism in which Democrats controlled both the House AND the Senate during the period between 2006 and 2008 when the economy went to crap, during which a Senator named Barack Obama and a Senator named Joe Biden participated in obstructing absolutely everything George Bush tried to do while personally demonizing him on a constant basis, and the first two years of the Obama administration when he had total control of the White House, the House and the Senate but got NOTHING done to help the economy, mattered.

I ask you:

Further, Obama and the Democrats – in trying to demonize Republicans for their “obstructionism” – are demanding that Republicans vote for what is essentially the son of the son of Obama’s first massive and massively failed stimulus. Remember that first massive stimulus that was officially $862 billion but which the CBO said would actually cost $3.27 TRILLION when it was all said and done? Remember that second stimulus program for $447 billion that will likewise cost far more than that? How many more stimulus programs should Obama get? How many trillions of dollars in government spending is enough?

But that’s exactly what Obama is doing: demanding more of what he has already done and which has already failed.  Obama demands that America bash its head against a reinforced brick wall until it is a brainless collectivist socialist state like Europe.  Nothing will stop him from turning America into a failed state except an election.

So yeah, Barry Hussein, we DO blame you for your four years of mess.  Consider this summary of Obama’s record:

Few things are more difficult in politics than confronting failure and learning from it. It is especially difficult when a leader you have championed, and in whom you have placed your highest hopes, turns out to be less than he seemed.

Such is the dilemma facing liberals in the age of Obama. Barack Obama entered the presidency with his sights and standards very high, and many liberals believed he could be the transformative figure they had been awaiting for generations. But by now it is clear that, by any reasonable measure (including those set out by Obama himself at the beginning of his term), his presidency has been a failure.

Consider the economy. President Obama has overseen the weakest recovery on record. He is on track to have the worst jobs record of any president in the modern era. The standard of living for Americans has fallen more dramatically during his presidency than during any since the government began recording it five decades ago. As of this writing, unemployment has been above 8 percent for 38 consecutive months, the longest such stretch since the Great Depression. Home values are nearly 35 percent lower than they were five years ago. A record 46 million Americans are now living in poverty.

The economist Michael Boskin has listed some of the post–World War II records set during the Obama years: among them, federal spending as a percentage of GDP at 25 percent, the federal debt as a percentage of GDP at 67 percent, and the budget deficit as a percentage of GDP at 10 percent. The United States has amassed more than $5 trillion in debt since January 2009, with the president having submitted four budgets with trillion-dollar-plus deficits. (Prior to Obama, no president had submitted even a single budget with deficits in excess of a trillion dollars.) In addition, government dependency, defined as the percentage of persons receiving one or more federal benefit payments, is the highest in American history.

Add to this the fact that the president’s signature domestic achievement, the Affordable Care Act, is among the most unpopular major domestic policies passed in the last century; and that the $787 billion American Recovery and Reinvestment Act, widely known as Obama’s stimulus package, is so unpopular that his aides have virtually expelled the word stimulus from their lexicon.

And yeah, add to that the fact that Obama keeps trying to same trick under different names – it’s no longer a “stimulus,” it’s an investment  The “S” word is a dirty word, so Obama has to use another dirty word to sucker the American people into doing the same fool thing all over again.  It’s no longer “shovel-ready jobs,” it’s “construction workers ready to get dirty”.  And, you see, the fact that Obama is not talking about construction workers ready to get dirty “right now” means we can’t consider his infamous confession that “Shovel-ready was not as … uh .. shovel-ready as we expected.”

Obama most certainly cannot run claiming that the American people are better off under his presidency than they were.  We just found out that the average American household lost a whopping forty percent of their wealth.  Liberals want to blame some of that loss on Bush, but guess what: the median household income is down more after Obama’s first three years of failure (down $4,300 since assuming office)  than it was under the entire Bush presidency (down $2,000 over eight years):

Barack Obama campaigned four years ago assailing President George W. Bush for wage losses suffered by the middle class. More than three years into Obama’s own presidency, those declines have only deepened.

The rebound from the worst recession since the 1930s has generated relatively few of the moderately skilled jobs that once supported the middle class, tightening the financial squeeze on many Americans, even those who are employed.

[…]

As a candidate in 2008, Obama blamed the reversals largely on the policies of Bush and other Republicans. He cited census figures showing that median income for working-age households — those headed by someone younger than 65 — had dropped more than $2,000 after inflation during the first seven years of Bush’s time in office.

Yet real median household income in March was down $4,300 since Obama took office in January 2009 and down $2,900 since the June 2009 start of the economic recovery, according to an analysis of census data by Sentier Research, an economic- consulting firm in Annapolis, Maryland.

One of the interesting things that comes from these facts is that Americans have actually lost more in household income SINCE “the recession officially ended” ($2,900) than they had during the recession ($4,300 – $2,900 = $1,400).  Obama’s “recovery” is a “wreckovery” – which is the term conservatives like Michelle Malkin coined in predicting that Obamanomics would be a colossal and wildly expensive failure.  It is literally true to state that Obama’s “recovery” has been harder on American families economically than the recession that he keeps claiming he inherited was for those families.

There are more Americans living in poverty under Obama than any time during the 52 years the government has been publishing figures for that statistic.  There are more grown-ups living with their parents than any time during the last sixty years.

Pardon us for telling the world about what a profound failure you are, Barry Hussein.  Sorry it bothers you.  Truly sorry you are a pathetic and inadequate man in a job that is clearly way over your abilities to perform.

Obama says the Republicans are going to say “that it’s all my fault; that I can’t fix it.”

Obama himself once talked about “If I can’t fix the economy”:

Obama in 2009: If I can’t fix the economy in three years, you can call me former President Obama
by editor on June 16, 2011

Don’t you hate it when your own words come back to bite you in the butt? Back in February 2009 President Obama told Today Show host Matt Lauer that he’d be a one-term president if he didn’t fix the economy in three years.

“I will be held accountable,” Obama said. “I’ve got four years and … A year form now, I think people are going to see that we’re starting to make some progress, but there’s still going to be some pain out there … If I don’t have this done in three years, then there’s going to be a one-term proposition.”

Obama at the time he made that remark clearly believed that his Obamanomics held the answer, and that he could turn the economy around with his Obamanomics.  His was the administration that predicted that if his stimulus was passed – by which I mean the first $862 billion one, not the second $447 billion dollar one that he demanded follow it – unemployment would not go above 8% and that in fact unemployment would be less than 6% by now.  And he was saying if I’m wrong I’ve got no business holding this job and I should be voted out of office.

Question: DID OBAMA FIX THE ECONOMY? Please consider the above section on the economy before you provide an asinine answer, liberal.

Obama predicts we’ll going to say that “the economy is bad, that it’s all my fault; that I can’t fix it because I think government is always the answer.”

As Dinesh D’Souza points out:

Barack Obama is the most antibusiness president in a generation, perhaps in American history. Thanks to him the era of big government is back. Obama runs up taxpayer debt not in the billions but in the trillions. He has expanded the federal government’s control over home mortgages, investment banking, health care, autos and energy. The Weekly Standard summarizes Obama’s approach as omnipotence at home, impotence abroad.

Not only has Obama enacted spending that DWARFS anything ever before seen in the entire history of the human race, and not only is Obama literally spending $2.52 in bucks seized from taxpayers or borrowed from the Chinese for every $1 he gets in bang, not only are Obama’s budgets so insane than not even one single DEMOCRAT would vote for them for the last two years in a row, but the actual Obama spending is even worse than the official numbers:

Real federal deficit dwarfs official tally
By Dennis Cauchon, USA TODAY

The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds.

Under those accounting practices, the government ran red ink last year equal to $42,054 per household — nearly four times the official number reported under unique rules set by Congress.

A U.S. household’s median income is $49,445, the Census reports.

The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits. Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules.

The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government’s books.

America’s real debt is not the on-its-face massive $16 trillion; it is well over $211 trillion.  And virtually every penny of that debt is due to Democrat policies.  And what we are looking at now is a coming $600 trillion collapse.  Again, mostly created by liberals and liberal policies.

Yeah, Barry Hussein, you believe that government is God, and you are as determined as any true believer to force all Americans to bow down before you as the god of your Government and render you sacrifices and offerings otherwise known as “taxes.”  You DO believe “government is always the answer.”

And as was pointed out, in your demagogic attack that masqueraded as a “major policy speech” and yet offered nothing, NOTHING, you “did not refute the hypothetical accusations” that you literally levied against yourself. 

Rather, you state them as a rhetorical device to suggest that they now somehow can’t be used against you – no matter how true they are and no matter what a failure you are.  And when we do in fact say the facts that you predicted we’d say – and why wouldn’t we? – you want your worshipers to disconnect the logical side of their brains and instead say, “Obama was right!  Scary voice man said exactly what Obama predicted!”

Obama says that the GOP will go after him “because I didn’t make a lot of money in the private sector.”  That isn’t true, and if you claim it is, find me a major conservative source that argues that Obama didn’t make enough money to be deemed a fit candidate for president.  It’s a straw man demagogic argument like most all of his other arguments that doesn’t have a scintilla of truth to it.

Our argument isn’t that Obama isn’t “rich” and so he shouldn’t be president (Obama IS rich, by the way: his books made him so); our argument is that Obama has basically NEVER had a real job in the private sector and has absolutely no idea whatsoever how the private sector works.  In fact, when Obama came the closest he ever would in his career to having such a job, he was so radical and so anti-business that he wrote, “I felt like a spy behind enemy lines.”  Obama’s real love was for socialist community agitating and undermining the private sector.  Our argument is also the fact that Obama has an administration that is almost as clueless in actual world business experience as he is:

The Obama administration is truly one of the blind leading the blind.

Obama predicts his opponents will say he should not be president “because I think everything and everybody is doing just fine.”  Again, Obama demagogues his opponents by offering a straw man.  Unlike Obama, we don’t have to invent false statements to demonize our opponentWE CAN RELY ON OBAMA’S VERY OWN WORDS:

“The private sector is doing fine. Where we’re seeing weaknesses in our economy have to do with state and local government,” President Obama claimed on Friday. His solution to fix the public sector was more government spending.

Nobody is arguing that Obama says “everybody and everything is doing just fine.”  That is simply typical lying demagoguery from a lying demagogue weasel.  Obama wants to slander and demonize the truth so that when his followers hear it, they will be inoculated against it and turn their brains off.  The fact is that Obama said that the private sector is doing just fine, and that ought to be quite a surprise to the vast majority of Americans.  According to US News and World Report, about 22 million people work in the American public sector.  The OTHER 291 million Americans are in the private sector.  And let me assure you that things aren’t nearly so rosy for those 291 million Americans as Barack Obama claims they are.

I document that the labor participation rate clearly proves that Barack Obama has destroyed jobs at a terrifying rate.  For men, the labor participation rate is now 70% – the lowest it has EVER been since records started being kept in 1948.  The American work force has massively evaporated during the Obama years, with millions of jobs simply vanishing, and if the U.S. unemployment rate were calculated using the labor participation rate that Barack Obama inherited from George W. Bush, the official unemployment rate would be on the order of 11.6%.  I also document that a whopping 88 million working age Americans are completely out of the labor force under Obama’s regime.

“The private sector’s doing fine” is a lie from a genuinely evil man.

Many people have admired Obama’s speaking ability.  Allow me to point something out: the gift of great public speaking can be a blessing or a curse.  In the case of Winston Churchill, it was a blessing, as his courage and clarity of speech rallied the free world to fight and to keep fighting.  In the case of Adolf Hitler, it was a curse as an demon-possessed man used the power of lies to ignite the unholy passions of a nation that had succumbed to a spirit of deception.  I’m not trying to claim that Barack Obama is Adolf Hitler; I’m merely pointing out the fact that the gift of speech can be used not to illuminate the truth, but to deceive, not to reveal reality, but to distort it, not to untangle the truth, but to tangle it up into knots.  Barack Obama does the latter on a constant basis.

When the revelations came out about Rev. Jeremiah Wright – Obama’s self-acknowledged spiritual leader and mentor for over 20 years – I realized that this man was an order of magnitude more evil than any president who had ever sat in the Oval Office, and that America would suffer terribly under him.  History documents that I have not been wrong.

So when Obama says, “They’re going to say this about me,” what he’s really saying is, “They’re going to tell you the truth about me.  Don’t believe it.  Believe my lies instead.”