Patterico's Pontifications

6/25/2010

About Those Jobs …

Filed under: Economics,Obama — DRJ @ 5:26 pm



[Guest post by DRJ]

It’s Friday afternoon. Time for President Obama to further inflate the deficit by signing the Doc Fix and for Honest Joe Biden to tell the truth — the Obama Administration’s plans won’t save or create America’s jobs:

“Vice President Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, “there’s no possibility to restore 8 million jobs lost in the Great Recession.”

Obama and Biden took hundreds of thousands of unemployed and turned it into 8 million jobs lost. And Biden should know whether or not these jobs are gone since President Obama put him in charge of overseeing implementation of the Recovery Act.

Guess that didn’t work out. It would be funny if it weren’t so sad.

MORE — Ron Blackwell, the AFL-CIO’s chief economist explains the problem to Neal Cavuto:

— DRJ

17 Responses to “About Those Jobs …”

  1. Obama hasn’t a clue. It is ironic to see European leaders plead with him to stop spending and institute the austerity programs they are doing. These are his models yet he spends and recommends they do likewise. Court jester Krugman eggs him on. Nobody in the social welfare democracies of western Europe believes his policies can be successful. He ignores them.

    Mike K (82f374)

  2. what so Great Joe?
    eight million unemployed
    think it not so great

    ColonelHaiku (181d1a)

  3. When Democrats took control of Congress in 2007, unemployment was under 5%.

    ROA (e2e9ec)

  4. I added a Neal Cavuto interview of Ken Ron Blackwell regarding job creation.

    DRJ (d43dcd)

  5. Saw that interview, didn’t watch this version. Did they catch Ken calling Neal an “assh0le”?

    [Same one, and I goofed Blackwell’s name — it’s Ron, not Ken. My apologies. — DRJ]

    Have Blue (854a6e)

  6. The desperation is pretty disconcerting. It doesn’t instill confidence, and that lack of confidence is a big reason for the doubling of Unemployment and the decline of the stock market by over 50%.

    My explanation, in part, is that the impending election of Obama and his knowns (unfriendly to business and a tax raiser) and unknowns (what is this going to mean for value of goods and services?) was a demonstrated crisis of confidence in all markets.

    Employment and stock markets reacted to future taxation, government spending, healthcare impacts, trade and defense uncertainties. The corresponding charts are shocking, and the only defense lefties have for this evidence is “coincidence.” But let the reader decide…
    The stock market is a forward-looking indicator of economic activity and expectation. Obama was elected in early November 2008, with plenty of talk about some big changes that were going to cost a lot of money. You can see the market fall off a cliff, by looking at this chart of the S&P 500.
    Unemployment is also forward-looking, as employers won’t cut or hire until resource requirements can be predicted. Unemployment averaged about 5% for the decade, until just before the November 2008 elections as this wallclimbing chart shows.

    My own bottom line is that blame is only helpful politically. Real people are hurting. Every statistic represents a real person with hopes and dreams and a stake in our future. DRJ, I enjoy your posts and analysis, so thank you very much.

    TimesDisliker (c5d59c)

  7. Blackwell is brilliant – even though we didn’t create any net jobs I can show you through the Stimulus Bill, I’ve got this handy dandy model that shows things would have been a whole lot worse without it. That means we need to spend even more money to not create any net jobs to avoid things being worse, right Neal.

    Not buying it.

    daleyrocks (1d0d98)

  8. “the Obama Administration’s plans won’t save or create America’s jobs:”

    Well, they could do what Roosevelt did.

    Bungle the United States into a gigantic war, and then draft millions of guys into the armed forces.

    That plan reduced unemployment in a big way.

    Dave Surls (a7de8b)

  9. “We inherited a godawful mess,” he said,…

    Don’t these guys ever get tired of pointing fingers somewhere else?

    Blacque Jacques Shellacque (b7066f)

  10. What actions, if any, do you think Republicans will take after they take back the HOuse in November?

    Patricia (160852)

  11. what do you say to this? Did you see what the presidouche said today?

    brb you will heart this muchly

    happyfeet (19c1da)

  12. After showing strong solidarity during the height of the financial crisis, the leaders are divided now over whether to stimulate economic growth with more spending — as Obama wants — or to rein in budget deficits in light of debt crises in Greece and other heavily indebted nations.

    Obama made the point that stimulus to keep the recovery going and austerity are not exclusive.*

    wow. That’s so far beyond parody it won’t translate to french.

    happyfeet (19c1da)

  13. What I hope Republicans will do next year (although knowing the GOP I’m not too hopeful) is to repeal everything that the Democrats have done.

    Mike K (82f374)

  14. Barry and Biden told anyone who listened during the election that not only did they both understand what was needed for the Nation but they were capable of repairing all the damage done by Bush Now they both seem to be saying that they had no idea of what was damaged but none of their plans have worked.Next they will be telling us just let us keep doing what is not working because they have no other plan. Biden and Barry are the lying every time they speak.

    highpockets (14ebae)

  15. Mike K,

    I hope so too. Obamacare, 2000 pages, Financial overhaul, 2,000…it’s going to take a while.

    Patricia (160852)

  16. Jim Cramer has written an interesting piece on the ennui of the country. You can find it here. Some thoughts you might find of interest, including…

    Malaise. The recognition that things are out of control and there is no getting better. The recognition that the president and Congress can’t create jobs and that we can’t stop the spill. The recognition that things are out of our hands.

    I think it has to end at the top with a recognition from the president that jobs have to be created, uncertainty removed, the agenda shelved. He obviously has no intention WHATSOEVER of doing that. And I am not saying this as someone who favors or is opposed to Obama, I am saying it from the litmus I always use: Is something or someone good for stocks or bad?

    Obama’s bad.

    TimesDisliker (677abf)

  17. Honestly, Cramer’ ‘splunge’ did Stewart really neuter you so badly, that you can’t tell the truth
    sbout the “Emperor’s wardrobe’

    ian cormac (7bb4f2)


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