How Will They Spin This?
Despite millions of jobs lost, Vice President Biden recently said that the stimulus bill was working better than he could’ve imagined. Now that another 263,000 jobs have been lost, how will the White House spin this news?
U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery.
The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.
Analysts polled by Reuters had expected non-farm payrolls to drop 180,000 in September and the unemployment rate to rise to 9.8 percent from 9.7 percent the prior month. The poll was conducted before reports, including regional manufacturing surveys, showed some deterioration in employment measures.
At this rate, the U.S. can’t afford much more good news from the Obama administration. Let’s remember that President Obama said that the stimulus was working as planned earlier this summer when he was in political trouble even though the stimulus wasn’t working.
At this point, there’s nothing that says that the Obama administration is trustworthy. Their stimulus bill hasn’t improved the economy, though it’s added tons of money to FY2009’s record-shattering deficit.
During his address to the recent joint session of Congress, President Obama said that the health care reform bill he hoped to sign wouldn’t add a single penny to the deficit. Nobody believed that, either.
At some point, the American people will be forced to ask whether they trust him with their economic future. At some point during a presidential debate, it wouldn’t surprise me if the Republican nominee repeated Reagan’s old line of “There you go again.” At that point, it wouldn’t surprise me if they’d answer with an emphatic no.
Technorati Tags: Economy, President Obama, Joe Biden, Unemployment Rate, Presidential Debate, Stimulus, Elections, Elections 2010
Cross-posted at LetFreedomRingBlog
October 2nd, 2009 at 8:38 am
Lying to the voters is a pretty bad policy move - except if you are a Democrat. Look for Biden and Obama Himself to spin this yet again as proof that the Stimulus is helping. Lefties have gotten away with this for the better part of a generation because the schools don’t teach anything about finance or economics. Obama is killing jobs directly because of the Stimulus. By competing on financial markets for capital, Obama has driven the cost of capital upwards. He has also driven the value of the dollar to a new low. Bush didn’t do this!! Obama can’t blame this on someone else - although the media will cover it all up for him.
In short, this is yet another reason why Americans are so angry ( http://www.conservativeblog.thewebinfocenter.com/conservative-blog/three-reasons-america-is-angry ) Without the possibility of reasonably priced capital available in the future, there will be no jobs recovery. Remember Jimmy Carter?
October 2nd, 2009 at 9:15 am
Look for Froggy and Toady to explain to us in very condescending tones this next week that “his” “stimulus” package has obviously “saved or created” about 4 million jobs because that’s how bad the economy would have been without the stimulus package, and then the week after explain to us, again in very condescending tones, how bad the economy was when he inherited it from his predecessor and how proud he is that recovery is on the way because of HIS actions.
Ya know, Duh-1, Biden and Congress would be in prison if they ran their household finances on the same immoral, unethical and illegal premises they run the country’s on.
October 2nd, 2009 at 2:15 pm
And they sure as hell wouldn’t be in any kind of competitive business very long.
October 2nd, 2009 at 6:00 pm
Oh, my, USN, Duh-1 is very familiar with the concept of cutting out the competition, what with being from Chicago and The Machine and all.
And of course, that’s the only real business model he has to learn from, since that was his earliest and most defining model, and socialism seems to fit the concept very well. If it doesn’t fit his ideology, he doesn’t want to be confused by the facts.