( 0 Votes )
Perhaps the most mind-boggling thing about all of this is that President Obama is trying to put a positive spin on this. Obama said today that the economy [is] "getting stronger by the day," There is nothing positive to spin on this jobs report Mr. President. Your $787 billion stimulus, paid for by our friends in China and elsewhere around the globe, has failed royally. Look at the chart to the right; private job creation fell to a measly 41,000 in May, a dramatic drop from the 218,000 we saw in April. Considering 70% of our GDP comes from consumer spending, that drastic decline is something I would not want to be touting right now.
There are two more things that should really worry the Obama Administration right now.
1. Although 431,000 jobs were created last month, some 411,000 were Census jobs that will expire in the coming months. In due time, those 411,000 people will be looking for yet another job; and most of which will have a hard time finding one.
2. With stimulus spending set to decline sharply in the final two quarters of 2010, it will be up to private job creation to sustain this so-called economic recovery that we have seen signs of in the past half-year. As we saw in today's job report, private job creation is a long ways away from getting our economy back to where it needs to be.
Something that I predicted early last year (February 5th), just by looking back at history from the 1930s with the New Deal, was that the stimulus would lead us right back into another recession in a few years. Well apparently my prediction was not so far fetched after all. Sung Won Sohn, an economics professor with California State University Channel Islands said, "There is growing concern about a double-dip recession."
And before I hear anyone say I am cheering about bad economic numbers, I am not. I am simply pointing out the economy is not in as good as shape as many of you claim. I go to bed each night praying for our economy, because in two and a half short years, I will be out there looking for a job. By the way it is looking now, it may be in my best interest to start looking now!
What say you? (this one is for you Tim)
| June 04, 2010
I know it's been quiet here recently, but that is only because there has not been too much to talk about. The race between Tim Ryan and Jim Traficant is awful quiet right now and I am not going to touch the BP oil mess either. Anyways I figured I would make a few comments on this job report that came out yesterday. I am going to cut to the chase, it was bad. The DailyKos said that it, "fell far short of expectations, once again raising serious questions about the sustainability of the recovery that began in the third quarter of 2009." The Huffington Post called the jobs report "bleak." I personally would call this jobs report lousy and something that should be very worrisome to most Americans.Perhaps the most mind-boggling thing about all of this is that President Obama is trying to put a positive spin on this. Obama said today that the economy [is] "getting stronger by the day," There is nothing positive to spin on this jobs report Mr. President. Your $787 billion stimulus, paid for by our friends in China and elsewhere around the globe, has failed royally. Look at the chart to the right; private job creation fell to a measly 41,000 in May, a dramatic drop from the 218,000 we saw in April. Considering 70% of our GDP comes from consumer spending, that drastic decline is something I would not want to be touting right now.
There are two more things that should really worry the Obama Administration right now.
1. Although 431,000 jobs were created last month, some 411,000 were Census jobs that will expire in the coming months. In due time, those 411,000 people will be looking for yet another job; and most of which will have a hard time finding one.
2. With stimulus spending set to decline sharply in the final two quarters of 2010, it will be up to private job creation to sustain this so-called economic recovery that we have seen signs of in the past half-year. As we saw in today's job report, private job creation is a long ways away from getting our economy back to where it needs to be.
Something that I predicted early last year (February 5th), just by looking back at history from the 1930s with the New Deal, was that the stimulus would lead us right back into another recession in a few years. Well apparently my prediction was not so far fetched after all. Sung Won Sohn, an economics professor with California State University Channel Islands said, "There is growing concern about a double-dip recession."
And before I hear anyone say I am cheering about bad economic numbers, I am not. I am simply pointing out the economy is not in as good as shape as many of you claim. I go to bed each night praying for our economy, because in two and a half short years, I will be out there looking for a job. By the way it is looking now, it may be in my best interest to start looking now!
What say you? (this one is for you Tim)
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Yeah, things are not good. But to blame Obama is just not right. EVERY president inherits the last guy's stuff. GWB got a balanced budget and strong economy from Clinton. He 'screwed the pooch.' Handing Obama 2 WARS, a deficit and the most unstable economy since Hoover!
Go GOP. (Straight to Hell!)