Posted on 08/07/2010 7:48:18 AM PDT by NormsRevenge
WASHINGTON (AFP) – The latest grim data on unemployment has dealt a new blow to President Barack Obama as he struggles to maintain his party's majority in Congress in November elections.
Obama, who has been hurt by the Gulf of Mexico oil disaster, has been scrambling to highlight his economic management in helping lift the US economy out of its worst slump in decades.
But the latest data released Friday showed the recovery is sputtering: A Labor Department report showed 131,000 jobs were lost in July and the unemployment rate remained stuck at 9.5 percent, ..
The private sector created a modest 71,000 jobs for the month, which was not enough to offset the massive government layoff of 143,000 census-takers.
Overall economic growth slowed to a pace of 2.4 percent ..
The White House has dismissed the likelihood of a double-dip recession but some economists warm of a Japanese-style economic stagnation.
Obama tried to put the best face on the most recent employment figures.
"Climbing out of any recession, much less a hole as deep as this one takes some time. The road to recovery doesn't follow a straight line. Some sectors bounce back faster than others," Obama said.
Obama said the data showed jobs growing in the private sector for seven consecutive months.
...
Obama said the latest figures underscored the need for final passage of a bill aimed at saving 160,000 teaching jobs, which has cleared the Senate, and for other measures favoring small business.
"We need to decide whether we're willing to do what it takes to keep this economy moving in the right direction... but also to secure a clean energy future and accelerate our recovery and rebuild our economy around three simple words, 'made in America.'"
(Excerpt) Read more at news.yahoo.com ...
“Climbing out of any recession, much less a hole as deep as this one takes some time. The road to recovery doesn’t follow a straight line. Some sectors bounce back faster than others,” Obama said.
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You didn’t have to keep digging and make the hole 10 times deeper than it was , oBama.
You could have set the shovels down,, but Noooo.. you brought in the dozers and excavators..
See ya the next couple Novembers.
If you want to know why obamanomics isn't getting anywhere, here is your answer. These people are not serious about fixing things.
I think some economists actually do warm to that idea.
I am so sick and tired of his blathering on and on about “our clean energy future”.
I like oil. I need oil. We have oil. We need to get it and sell it and buy it and get this destroyer and all his congressional lackeys out of power NOW.
This is all about communism being sneaked in through the back door. Communism has changed its guise into “clean energy future” and its corollary, “green jobs”.
Shut up.
Just shut up and get out of the way of the American Way.
Or you will be swept out in a political sunami.
Obama believes that we are all robots that need re-programming to succeed. All he has to do is give a great speech and we will accept his programming and self-actualize to restore the economy.
What we need is a 5-year extension of the 91 and 93 tax cuts and a further reduction of corporate taxes.
Bottom line: He does not know how capitalism works and he has been taught from birth (?) to hate it. He does know what to do next. Clueless.
We cannot remain unemployment at 9.5 and still lose more jobs each month. Something is screwed up.
So...the bottom line here is that states, which paid their public employees more than they could afford, are going to get bailed out by states who were frugal.
Some social justice.
Yeah right. Pull the other one. He's doing everything he can to destroy America.
“Obama, who has been hurt by the Gulf of Mexico oil disaster...”
According to Rasmussen, Obama has not been hurt by the oil spill.
Mr. President, you had best be worrying about having a future with any affordable energy at all, clean or otherwise. The Chevy Volt is not going to do it. Wind farms and solar panels are not going to do it. We have to do three things all together: 1) achieve much greater energy efficiency, particularly in transportation, using more electricity and depending much more on rail than in internal combustion engines, 2) obtain sufficient reserves of crude oil that can be processed at an efficiency ratio greater than 10, 3) begin an orderly reorganization of land use patterns to minimize vehicle miles of travel.
Beyond the obvious issues of a housing bubble, a stock market bubble, corruption on Wall Street and in D.C., and an aging population, our economy is impacted by the steady increase in the price of crude oil. The "clean" part of this is an unaffordable distraction.
Obamao hasn’t done anything to encourage job growth in America, though he and his union goons seem to be assisting China. Government jobs are wasteful debt makers, sucking the life out of working families with real jobs, and choking business to death. Every time our caliphate grows government, he plunders our wealth.
IMHO you are partly correct. I take exception at the phrase “5-year extension”, all that does is just the issue 5-years, plus or minus a few months down the road.
If the 5-year extension is to buy us, the voters, time to redo the tax code then yes; you have it right. The tax code has become a quid pro quo scheme for politicians - you give me money and I will give you a tax break. It was supposed to be a method of raising money for the government; it is now a method of ensuring the reelection of corrupt Congress Critters.
I much prefer a consumption tax to replace an income tax. That way we, the people/voters, can control (more than we currently can) what our taxes to the cesspool inside the Beltway are going to be.
Imagine the problems BHOI would have today with all of the reduced consumer spending if we had a consumption tax as the Federal Government's major (85%) source of income.
Foreget all this extension carp. Thats why we have this expiration date of the Bush tax cuts looming in 2011.
Rotten politicians just playing games with us. Cut the taxes and make them permanent!
I wonder how many of those 131,000 jobs lost were caused by Obama’s moratorium on drilling in the Gulf of Mexico.
No one on teevee has asked this question.
those oil rig boyz probably vote rep
Baraq’s worry for jobs is union and public emps
I said “5 years” because that is how long most businesses extend their planning and depreciation cycles. It would allow for businesses to plan their capital expenditures and hiring forecasts. The cuts would expire during the 3rd year of a Republican presidency with us holding both houses. And, yes, this would be the moment to overhaul the entire system.
My preference is a flat tax, a la Steve Forbes, and not a potentially a regressive consumption tax. IMHO.
There's going to be some serious buyer's remorse when Volt owners see their electric bills skyrocket. It's going to take some serious wattage to recharge those batteries.
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