Obama of Sunnybrook Farm
Subtitle to this post: "The Pollyannites."
We're used to spin from all White Houses so it is not surprising that Obama would try to put lipstick on a pig and gussy up the spectacularly bad jobs numbers from yesterday.
But the way they've gone about doing it insults the intelligence of the American people, as this IDB editorial points out:
Two years into the Obama era, when the U.S. should be enjoying a booming recovery from the 2007-08 meltdown, with millions of new jobs and higher incomes for all, all we see is economic wreckage from the unbelievably foolish policies pursued by the White House and the Democrat-controlled Congress.
Whether it's the $862 billion "stimulus" that turned into a welfare program for bankrupt states and public unions, or the $700 billion TARP program that became a giant dish of pork for Democrats and their supporters, or the job-killing duo of health care and financial reform, Obama, Pelosi, Reid et al. seem oblivious to the deep and lasting damage they're doing to America's economy.
Solis also repeated - with the stock market selling off 100 points as she spoke - the bogus claim made by the White House and uncritically parroted by its media pals that timely action "saved or created more than 2.5 million American jobs."
As we've said, this is utter nonsense. Completely made up. And, by the way, the official who made it up - Council of Economic Advisers chairwoman Christina Romer - quit on Friday to return to academia, her reputation for accuracy in tatters.
Here's the real record: America has lost 4.1 million jobs since Obama took office and 7.7 million since the recession began in December 2007. So most of the jobs lost have been under this administration. Whatever else you might call Obamanomics, "successful" isn't it.
The economy is not even creating jobs at a rate that would soak up those who are entering the job market for the first time every month. Economists believe we need to create between 120,000 and 150,000 jobs for that to happen. Coupled with the loss of 8 million jobs since 2007 and you can see why liberal economists are throwing up their hands and admitting defeat, telling us it will be a decade before we see that number of jobs restored to the economy.
Surely, many of those 8 million jobs lost are gone for good. But government stimulus isn't going to create the new businesses and perhaps even new industries that will presage the next great economic revolution. At this point, we can either play catch up or lead that revolution.
Obama and his advisors, despite their rosy scenarios, haven't a clue how to do that.
Hat Tip: Ed Lasky