Cooking the books on job claims [With a 'recovery' like this, who needs a recession?]

Washington Times ^ | 8/26/10 | House Editorial

[JohnHuang2]

Administration officials passed around the champagne Tuesday as the Congressional Budget Office reported that the $814 billion spent on the first stimulus bill created between 1.4 million and 3.3 million new jobs. President Obama's policies "put the country on a path to recovery by getting Americans back to work quickly," Vice President Joseph R. Biden Jr. crowed. "We've created 3 million jobs, and we're adding jobs every month." Continues...

---

I quote, you decide

"Sales of new homes declined unexpectedly in July," falling "12.4 percent from June, to a seasonally adjusted annual rate of 276,000. That was the lowest level in July since the government began keeping track in 1963." -- New York Times

We're turning this great ship of state around that was wandering out to sea and it's headed back to port. -- Joe Biden

Existing "housing sales in July plunged 25.5 percent below the level a year ago . . . the steep descent surprised nearly every analyst and put the volume of single-family home sales at the lowest level since 1995 . . . the turmoil in housing, which is likely to lead to further price declines this winter, could send growth in the second half of the year below 1 percent . . . " -- New York Times

There isn't any doubt that we're moving in the right direction. -- Joe Biden

"The U.S. economy lost momentum in the second quarter as consumers remained frugal and a cycle of restocking by businesses . . . showed signs of petering out," with GDP growing only "at a 2.4% annual rate in the period . . . the growth slowdown bodes poorly for the rest of the year . . . " -- WSJ

Government has launched entire industries, [created] hundreds of thousands of jobs, and [sparked] new forms of commerce that were once unimaginable, allowing us to dominate the 21st century like we did in the 20th. -- Joe Biden

"New applications for unemployment benefits hit a nine-month high last week -- a spike that suggests private employers may shed jobs this month for the first time this year. Workers are losing construction jobs in Georgia and manufacturing jobs in Indiana . . . without more jobs, consumers will not feel secure enough to spend much money, further slowing the economy." -- Associated Press

We're making progress. We've created 3 million jobs, and we're adding jobs every month . . . we're turning this around. -- Joe Biden

"The average interest rate on credit cards is rising as banks wrestle with high delinquencies and new regulations. The average rate on existing credit cards hit 14.7% in the second quarter, compared to 13.1% a year earlier." -- Dailyfinance.com

Today, I'm proud to report on how the down payment [of $1 trillion] we have made to entrepreneurs and innovators through the Recovery Act are transforming the American economy. -- Joe Biden

"The Labor Department said compensation costs rose 1.8% for civilian workers in the second quarter compared with a year ago, a sluggish pace about half the rise in the early stages of the recession." -- WSJ

Our Recovery Act's investments in innovation are creating jobs, creating new industries, making existing industries more competitive . . . -- Joe Biden

"Business investment is often followed by hiring, but that hasn't been the case in this recovery. One reason is that much of the investment is being used to maintain or upgrade existing equipment, not to produce more products . . . " -- WSJ

Entire new American industries are being born -- the very industries that are going to allow us to lead the world in the 21st century. -- Joe Biden

"The U.S. Commerce Department said July durable goods orders rose [an anemic] 0.3%, significantly below forecast by economists surveyed by MarketWatch." -- MarketWatch

"Welcome to the Recovery" -- Timothy Geithner

"The nation's trade deficit widened sparkly in June . . . casting fresh doubt over the strength of the U.S. recovery. The deficit expanded by 18.8% in June, reaching $49.9 billion from $42.0 billion in May . . . The wider trade gap could lead to downward revisions to [GDP growth] for the second quarter." -- MarketWatch

That's how we've led the world in the past. And that's how we'll dominate again in the future. Looking at all of you, I know that we're already on our way. -- Joe Biden

Christian Science Monitor: "GDP growth figures are being revised downward. Consumers aren't spending. Banks aren't lending -- except to the federal government. Mortgage payments are falling further behind -- even with fixed mortgage rates at record lows."

I think we're going to get a fair amount of credit by November -- Joe Biden

"JohnHuang2"

[JohnHuang2]

Thursday-mornin’ ping! Have a great day, y’all!

[stilloftyhenight]

Vice President Joseph R. Biden Jr. crowed. “We’ve created 3 million jobs, and we’re adding jobs every month.”

They probably have, in places like China and India.

If anyone wonders where to find the American Dream, they’ll find it offshore.

[dixiechick2000]

Most excellent post, as always! Thank you so much!

Is it just me...or does every day life seem very surreal?

I hope we begin to right this ship in November. Otherwise....

[TheThinker]

They don’t call him SlowJoe for nothing.

[DB]

“the Congressional Budget Office reported that the $814 billion spent on the first stimulus bill created between 1.4 million and 3.3 million new jobs”

Well lets look at that.

That’s $246,667 a job at 3.3 million jobs. Higher for fewer jobs.

And they claim that is some sort of victory. That is insanity. Government efficiency at work... And most of those “jobs” will run out as the money runs out.

We indebted our children and grandchildren so that 1% of the population could have a winter make work job.

Just insanity.

[Never A Dull Moment]

“We’re turning this great ship of state around that was wandering out to sea and it’s headed back to port. — Joe Biden”

Well....

~~~ What do you say to a drunken sailor? ~~~ What do you say to a drunken sailor? .......What do you say to a drunken sailor... early in the morning? ~~.

[Mad_Tom_Rackham]

These charlatans have been lying about everything for so long they are totally disconnected from reality.

[AlexW]

“If anyone wonders where to find the American Dream, they’ll find it offshore.”

Yes, and it is why I left.
As for Joe bite me, it is the typical lie after lie after lie.

[genghis]

biden is a genius. He said the country is moving in the right direction and he is correct...
in about two months.

[bmwcyle]

Since Clinton the government has been mostly making up their reports.

[Jimmy Valentine's brother]

I think we're going to get a fair amount of credit by November -- Joe Biden

One can only hope. Nice job JH2.

[Bean Counter]

Good Lord! I lost count of the number of cliches that came out of Bite Me’s mouth on that one. The contrast between what he is out there saying, and what is actually going on out here is stunning and stark.

If this is where we are now, stand the hell by this winter...

[Lonesome in Massachussets]

We're turning this great ship of state around that was wandering out to sea and it's headed back to port. -- Joe Biden

What an idiotic metaphor! Joe, ships are built to go out to sea, they are worthless in port. No one builds a ship to keep it safely in port. The. Man. Is. A. Dunce. Worse than anything President Bush or Vice President Quayle ever said.

[Son House]

FlashBack 2006: Are the Bush Tax Cuts Working?[1.4 million Jobs the Nine Months After August 2003]

http://www.freerepublic.com/focus/f-news/2364667/posts

GDP Growth [Charts at link]

After the recession in 2001 and the first round of tax cuts, economic growth speeded up and is expected to pickup even faster in 2004.

The real annual GDP growth rate increased from 0.3 percent in 2001 to 2.5 percent in 2002. In the third quarter of 2003, GDP grew at a 7.2 percent annual rate. Forecasters are expecting GDP to grow by 4.6 percent in 2004, the highest in 20 years.

2003 and 2004 economic growth levels surpassed Congressional Budget Office (CBO) estimates by 150 basis combined, resulting in $300 billion of additional growth, which is roughly $2,500 per household.

[Son House]

What happened 3rd quarter 2003 before GDP grew at 7.2%:

May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress—Thank you Republicans

^
Next, to credit the regression of the GDP and irresponsible budgeting, Thanks Democrats;

110th United States Congress

http://www.freebase.com/view/en/110th_united_states_congress

between January 3, 2007, and January 3, 2009, during the last two years of the second term of President George W. Bush. The Democratic Party controlled a majority in both chambers

^
https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

GDP - real growth rate:

2.8% (2006 est.)

2% (2007 est.)

1.1% (2008 est.)

[Son House]

Economic Illiteracy Quiz:

After what legislation was there the largest spike up in the Real GDP?
a. February 17, 2009: American Recovery and Reinvestment Act = 111th United States Congress
b. October 3, 2008 — Emergency Economic Stabilization Act of 2008 = 110th United States Congress
c. February 13, 2008 — Economic Stimulus Act of 2008 = 110th United States Congress
d. May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress

( Ignore the green forecast, it was wishful thinking)


Failure Qualifies any Participants
to be an Economic Advisor to Democrats(EconoList), Vice President,
or Replace a current sitting Democrat Congressional member
Correct Answer is: d.
Apply Now

[SkyPilot]

Sales of new homes declined unexpectedly in July," - New York Times

There's that word again.

[Kaslin]

Thanks for another great essay ping

[combat_boots]

And ‘you ain’t seen nothin’ yet.’