Obama Talks Up Rosy Jobs Numbers and ‘Economic Patriotism’

ABC News ^ | 7/3/14 | Jon Garcia

[Nachum]

President Obama made an unscheduled trip to a D.C.-based tech start-up to cheer about the rosy jobs numbers released this morning and promote his economic strategy. “We have made enormous strides, thanks to the incredible hard work of the American people and American businesses that have been out there competing, getting smarter, getting more effective. And it’s making a difference all across the country,” Obama told workers at “1776,” which the White House describes as a “global hub” to help start-up companies. The government reported today that 288,000 jobs were created last month and that the unemployment rate dropped to 6.1%

[4Liberty]

[4Liberty]

[4Liberty]

[GeronL]

“rosy job numbers”

???

[Bluestocking]

Last month, millions of young people graduated from high school and college and went looking for jobs, only to find that only 288,000 new jobs were available for them, most of them part time.

The new graduates also had the problem of having to compete with the many long-term unemployed graduates from previous Obama years who still haven’t found jobs.

Expect to see an increasing number of headlines reporting, ‘’More Young Adults Being Supported by Their Parents.’’

[Hoodat]

Because the Fed continues to dump $80 billion per month of newly invented money into the US Treasury. The same forces that are driving up stock prices (i.e. the devaluation of the dollar) are also driving up food prices, gas prices, etc. And on top of that, we have a massive trade deficit which means that dollars flow out of this country. And since the current cadre of Bolsheviks running this country make it nearly impossible for anyone outside of the US to invest in US start-ups, the only place those dollars can go is into the stock market. And thanks to the internet, it is now so much easier for anyone in the world holding on to dollars to invest in the US Stock market. And now you know the secret of the stock market rise during the Clinton presidency. The internet increases the number of buyers, thus shifting demand upward.

[running_dog_lackey]

“a sort of economic patriotism.”

This is the guy guy who said Bush was unpatriotic for adding $4 trillion to the debt.

[Fightin Whitey]

Yes, I thought you were talking primarily about the Q.E. Eternal Infinity Enrichment Etc. Etc. project...

Have never trusted the stock market in my life and am not about to now as the rally/riot ramps itself up.

I have to figure that once all the false confidence is finally shaken the bottom will fall out like never before.

I appreciate your thoughts, thanks much.

[Hoodat]

The thing to keep in mind is that the price of a particular stock has nothing at all to do with the economy or the profitability of that company, and has everything to do with the popularity of that particular stock. It’s all strictly supply and demand. At some point, there will be an adjustment. But for the long term, it is the best deal going.

[Fightin Whitey]

That’s a really clear-eyed way of looking at it.

And again, I appreciate it.

Still, it seems to me what we are saying is that we are not investing at all, but rather placing bets on or against (as the book says) extraordinary popular delusions and the madness of crowds.

I don’t have the nerve for it, nor the background.

But your description puts into words for me what I’ve seen while watching and reading the financial news.

Thanks once more.

[griswold3]

And 6 months ago, Obama said that ending the extension for long term unemployment would kill the economy.

[dalebert]

welcome to the third world country known as the USA

[TexasCajun]

Black Privilege!

[Nachum]

ABC, NBC, CBS, The AP = Democrat Rapid Response Team

[khelus]

Great example hoodat!

In addition there have been changes to the 'official' definition of recession:

The NBER which determines the beginning and ending of a recession no longer uses the classic 2 quarter definition.

Per the NBER:

"The committee's procedure for identifying turning points differs from the two-quarter rule in a number of ways.

First, we do not identify economic activity solely with real GDP and real GDI, but use a range of other indicators as well.

Second, we place considerable emphasis on monthly indicators in arriving at a monthly chronology.

Third, we consider the depth of the decline in economic activity. Recall that our definition includes the phrase, "a significant decline in activity."

Fourth, in examining the behavior of domestic production, we consider not only the conventional product-side GDP estimates, but also the conceptually equivalent income-side GDI estimates. The differences between these two sets of estimates were particularly evident in the recessions of 2001 and 2007-2009."

The new definition contains a lot of fuzzy metrics which are open to political manipulation.