Skip to comments.Obama's Dismal Jobs Number
Posted on 07/06/2012 5:46:53 PM PDT by tselatysr
By Mr. Curmudgeon
Here we are, at the midpoint of 2012, and unemployment - thanks to stimulus spending (and borrowed Chinese money) - stands at 5.6%. No, wait a minute, it's not! That was the rosy prediction by the smartest man on the planet back in 2009 - Barack Obama.
Friday's jobs report failed to move U.S. unemployment below its three-month 8.2% level. Of course, that Department of Labor Statistics' figure (classified U-3) does not include Americans who have run through their unemployment benefits and still cannot find work. The more accurate U-6 figure puts real U.S joblessness at 14.8%.
The smartest man on the planet greeted the news with upbeat enthusiasm, describing Friday's jobs number as a "step in the right direction." Needless to say, his remarks dovetail nicely with his previous statement declaring that the "private sector is doing fine."
That "fine" private sector produced a measly 80,000 jobs in May. To support Americas' growing population, our economy would have to produce around 250,000 jobs a month.
"This was kind of disastrous," Jeff Savage, officer for Wells Fargo Private Bank, told CNBC, "We're not even keeping up with demographics at this point. This is not going to be liked in the markets.
The Dow Jones Industrials dropped 124 points.
At a campaign stop in Ohio, the smartest man in the world said that when he was elected back in 2008, he "didn't realize we were going to get hit by the worst economic crisis in most of our lifetimes ... for all the progress we've made, we've still got a long way to go."
The president's re-election organ, the New York Times, was uncharacteristically glum, "It is increasingly apparent what the economy will look like when President Obama faces voters in November: pretty much what it looks like today."
The Times is operating under the assumption that the smartest man in the world can't make things any worse than they are already.
They underestimate him.
Article shared using the Free Republish tool on Tea Party Tribune.
It could be worse, he could have the worse numbers since Hoobert Heever.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.