Obama To Middle America: The Economy Is Doing Great

Geaux4it

Intensity Factor 4-Fold
May 31, 2009
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Wow.. Obama is starting to go off the reservation here

-Geaux
--

If Shakespeare were around today, he’d probably say that “the president doth protest too much, methinks.”

How else to describe Barack Obama’s hour-long harangue to an audience in Elkhart, Ind., about how the economy is doing fabulously well, and that the only reason people don’t believe it is because of Fox News and Rush Limbaugh?

Obama’s pique is understandable. After all, presidential candidates from both parties are currently running around the country bashing the economy — the one that Obama promised eight years ago would be going gangbusters by now.

“People are anxious and uncertain about the economy,” Obama said in the opening of his speech, to which his basic message was, “How dare they?”

Don’t people know about how Obama saved the country from the second Great Depression, or how he single-handedly saved the auto industry, or how his “investments” in clean energy and roads created so many jobs?

“By almost every economic measure,” he declared, “America is better off than when I came here at the beginning of my presidency.”

Sure there are problems, Obama admitted, but they are either the fault of Republicans in Congress who “opposed pretty much everything that we’ve tried to do” or of “longer-term trends in the economy that started long before I was elected.”

But Obama’s speech really went off the rails when he tried to do some “myth busting” about the crazy story that Republicans are telling the public about the economy: that big government, massive regulations and higher taxes have suffocated what should have been a blisteringly fast recovery since 2009. That’s when his own wild tales started.

Obama To Middle America: The Economy Is Doing Great, And If You Don’t Think So, You’re Dumb
 
One can praise the U.S. economy's performance over the past eight years. One can find reasons to complain about aspects of the U.S. economy's performance. One cannot credibly argue that overall, it's not doing well, most especially given where it was eight years ago.



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Other selected charts from the CBO and Treasury Department

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Source of the above charts: The U.S. Economy in Charts
 
May jobs report worst in 5 years: Only 38,000 jobs added, labor force declines 458K

Talk about laying an egg. The Bureau of Labor Statistics issued its worst jobs report in more than five years as the US economy barely added any jobs at all in May. Only 38,000 jobs got added last month, while the civilian workforce participation rate hit its lowest mark in almost a year:

The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and nonfarm payroll employment changed little (+38,000), the U.S. Bureau of Labor Statistics reported today. Employment increased in health care. Mining continued to lose jobs, and employment in information decreased due to a strike.

In May, the unemployment rate declined by 0.3 percentage point to 4.7 percent, and the number of unemployed persons declined by 484,000 to 7.4 million. Both measures had shown little movement from August to April. (See table A-1.) Among the major worker groups, the unemployment rates for adult men (4.3 percent), adult women (4.2 percent), Whites (4.1 percent), and Hispanics (5.6 percent) declined in May. The rates for teenagers (16.0 percent), Blacks (8.2 percent), and Asians (4.1 percent) showed little or no change. (See tables A-1, A-2, and A-3.)

The U-3 unemployment rate dropped from 5% to 4.7%, but that’s not because of a boom in job creation. The civilian workforce declined in May by 458,000 people, lowering the denominator used in the calculation for U-3. The U-6 measure, which provides a more complete look at joblessness in the US economy (but not entirely so), remained steady at 9.7%.

May jobs report worst in 5 years: Only 38,000 jobs added, labor force declines 458K - Hot Air
 
The economy sucks. No one is confident about our current economic direction.
 

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