Posted on 06/03/2011 5:48:29 AM PDT by Free Vulcan
WASHINGTON (MarketWatch) -- Job growth decelerated sharply in May, the Labor Department said Friday. Total nonfarm payrolls increased by 54,000, much lower than the 125,000 gain expected by Wall Street economists. This is the smallest increase in nonfarm payroll since September. The unemployment rate ticked higher 9.1% in May from 9.0% in the previous month.
(Excerpt) Read more at marketwatch.com ...
You are mistaken. FDR won a 4th term; he died during it.
ROFL. Thanks, I needed a good laugh! Can’t say I don’t have sick senses of humor. ;-)
Oh no. Another “Recovery Summer” on it’s way.
Thanx. Just proves my point, though.
I fear we will have another term of the zerO.
... do i know you ??? uncanny similar word choices ???
Just today, Obama boasted that Chrysler paid off what they owed to the government. Well, we forgave a few billion when they went broke, stole the bondholders money, gave it to the unions, then we bought shares in the new company and all told they owed us about $7 billion. So to pay off the loan, Fiat borrowed some billions( I'm not sure how many) and paid the government with taxpayer money. So Chrysler paid off what they owed the government with taxpayer money. Obama wants you to believe that a bankrupt company paid off $7 billion in one year by selling cars. Not true. I'm told the beauty of the deal is they paid $7 billion for a $5 billion company. (We still own Chrysler and will eventually sell stock to get our money) What are the odds we will sell $7 billion worth of stock for a $5 billion company? As you can see, GM is $29 a share and was sold to the public for $33. We will sell 1/3 more in stock at a loss this summer. We are still forgiving loan money and forgiving tax liabilities for GM even when the deal is completely over. Multiply this by AIG, a dozen banks( Citi was the largest bank in the world), Fannie and Freddie, and a half dozen other lesser known companies, and you see the problem that is being kicked down the road. Hundreds of billions of dollars are being thrown down a toilet and no one is impeached or going to jail. To add insult to injury, the Dems will swear it was a good deal to save all those union jobs with tax money and no one lost a thing. This is basically what QE2 was. The FED printed $600billion to buy Treasuries that no one else would buy. We loaned ourselves money we didn't have and couldn't borrow. Now we wonder why it didn't work and we owe more money and everything is inflated.
Eventually, the pain will have to be endured. We borrowed too much and spent too much. We are just adding pain on top of pain to endure. It is to the point now the USA may collapse. It's sorta like guessing which straw will finally be too much for the camel and she collapses and dies. We can't know exactly which one it will be, but we know the camel is doomed if we keep heaping on the load. At some point panic will ensue and the jig will be up so fast you won't even know what the hell is going on before it's too late. Obama, being a socialist, believes that all we have to do is spend more and keep spending until things get better. Right now every man woman and child owes $40k, so a family of 4 needs to pony up $160k right now. The only problem is many people today don't have $400 or maybe even $40. So Obama thinks we can just demand that Warren Buffet and those like him pony up for a few thousand of the people that can't pay. If you do the math, we can't take ALL the money from everybody and pay off our debt. There are even unfunded debts that are coming up that aren't even covered in the $14 trillion we already owe. If you look at the promises we have made on Social Security and Medicare and Fannie and Freddie( plus Sally Mae) and retirements, and other guarantee's, there literally isn't enough money in the world to pay our debts. If you took all the money from every country in the world and put it in a pile it would be around $65 trillion. We have promised to pay $100 trillion plus. This is why the Tea Party is so upset with government pensions. When we hire someone to file papers and play solitaire on their computer, we promise to pay their retirement and health care till they die. For some that means millions. For some that means they work 20 years and retire to draw more money than they made working. The math doesn't work.
People keep telling me Obama is smart. If that's true, then he is a traitor because he knows exactly what he is doing to the country. I preferred to pass it off as he is just a dummy from the ghetto, but people call me racist and insist he is smart. If it's on purpose, then he has destroyed America and Bin Laden couldn't do what he did attacking Wall Street and fighting for decades. Obama did it in a couple of years. Even the Soviets with nukes couldn't do it in 60 years.
IMHO, we won't last another 2 years until the next guy gets a chance, but if we do we have no more bullets with the FED. Obama could let us drill for oil and stimulate a couple of hundred thousand jobs and give us a break in gas prices, but he won't. He could deregulate what he has regulated and stimulate more private sector jobs. He could lower taxes on business and repatriate over seas money to stimulate jobs. There are a dozen things he could do to stimulate private sector jobs that wouldn't even require the Fed or borrowed money, but alas, he is a socialist commie. He has to do what is "fair" even if the country looks like Detroit when it's over. For him, Detroit and Cuba are more desirable than a mean, unfair capitalist country.
Democrats are now basically saying “We tried cutting taxes under Bush and then we tried cutting taxes under Obama as Republicans insisted, but it didnt work so now we need to raise taxes like Clinton did so we can have the same economic prosperity.”
He is also bragging about the GM bailout.
The key point to notice is Obama is talking about how he cut taxes and how taxes are low under him apparently to point out how they didnt work under him, unlike the bailouts and stimulus. Imagine if Republicans tried an argument like that over Bush era spending.
I also hear some Democrats claiming the economy is tanking because the debt limit hasnt been raised.
I think that number is skewed as well...
Of course the Dems can't raise taxes with the GOP controlling the House. Even if they could, they would wait until after 2012, because a tax hike would just about kill what hope they have left of a real recovery. But the economy is a funny thing. Sometimes it heals (or at least seems to heal) itself despite government interference, so who knows.
I also hear some Democrats claiming the economy is tanking because the debt limit hasn't been raised.
Did they forget that Clinton (the last Dem POTUS with a decent economy) took steps to balance the budget?
Yes, that was pretty much my line of thinking as well. I thought, if we give 1 trillion in a one time payoff to all the student fed loans, then yes, those people would probably spend more money on other things in lieu of loans, however that 1 trillion would still have to be paid back by *someone*. And isnt that what we paid to the UNIONS with porkulus? And what did that get us? Certainly no meaningful addition of private sector jobs. And any rate it is just robbing peter to pay paul, like so many other federal programs (Fannie Mae, Freddie, Sallie Mae). It is quite easy to see it as axiomatic that any thing govt gets involved in at the federal level...eventually becomes parasitic.
If there really is NO way to pay off our gargantuan debt/steer clear of the iceberg (not enough money/time), why are we still on the ship? Even rats have enough sense to know when too late is simply too late, and abandon ship.
I always say, if there is another place that speaks English and will let me bring my guns, I might consider leaving. There is a list of one. Argentina has gone broke several times and there is a list as long as my arm that have done the same. What makes America different? It will be bloody for awhile, but some of us will survive. I just hope there is a few that still remember freedom and capitalism to start over. It almost always takes a dictator to stop the killing and robbing though. Then we have to overthrow the dictator and it all starts again.
George Washington was no dictator.
No, but King George was. Think about it.
“And your post just indicates the magnitude of defective palates out there.”
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Some of them are so deranged it is as if a man lying in traction in an intensive care unit following a car crash at sixty miles an hour is saying, “I would be doing fine if I had been driving a hundred and twenty.”
I don’t care how bad someone says George W. Bush was as president, to believe Obama is better indicates insanity.
I’m wondering how we could have lost well over 420,000 jobs a week during the month and still had any net gain.
I absolutely favor redistribution of wealth from the rich--in the form of new jobs, investments, and just plain spending their money on whatever they want to spend it on. The rich are actually really good at redistributing their own wealth, as long as they are given the freedom to do it and are not buried under oppressive tax rates!
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