Wednesday, August 25, 2010

Obama: The Era of Flimflam Economics, Part III

Transformation

Jobs Inheritance Mantra

By: Larry Walker, Jr.

Every time I turn on the news I hear the same sob story, whether it’s Obama, Geithner, Biden, Pelosi, Reid, a left-wing congressperson, or some low level administration official, they all repeat the same Democrat mantra (give or take a few thousand Americans), “We inherited an economy that was losing 700,000 jobs a month.” “We inherited an economy that was losing 750,000 jobs a month.” “We inherited an economy that was losing 800,000 jobs a month.” "Aum – Bush bad, Obama good". I’m so sick of it that I decided to pull the Bureau of Labor Statistics historical archive to see for myself. Where did they come up with these numbers? Why does it keep growing? Does anyone ever refute the bull..., excuse me, lies? And better still, who cares?

Based on the facts, unemployment didn’t really fall off a cliff until Obama won the election, in November of 2008. That’s when everything went to hell in a hand basket. And where are we today? Other than a few gains in March, April and May of 2010, in large part due to the hiring of around 500,000 temporary census workers, there’s not much to be proud of. The unemployment rate stood at 9.5%, last month, essentially the same as it was in May of 2009. So much for the "Recovery Summer".

The truth is that in September of 2008 the economy lost (-159,000) jobs which was 89% worse than the previous month's loss of (-84,000). Then in October of 2008 we lost (-240,000) jobs which was 51% worse than September. Then once Obama was elected, in November 2008, we lost (-533,000) jobs, an increase of 122% over October, and then we lost another (-524,000) in December. Was it just a coincidence that the economy fell off a cliff as soon as Obama won the election? I think not.

The greatest declines in employment occurred as soon as Obama won the election (and really as soon as took the lead in the polls).

August 2008 -84,000

September 2008 -159,000

October 2008 -240,000

----------------------------

November 2008 -533,000

December 2008 -524,000

January 2009 -598,000

February 2009 -651,000

March 2009 -663,000

April 2009 -539,000

May 2009 -345,000

June 2009 -467,000

I'm sorry, but I don’t see where Obama inherited an economy that was losing 700,000 to 800,000 jobs per month. Sorry, but the facts don't support the mantra. The sad truth is that once Obama won the election it was his questionable - identity, qualifications, philosophy, intentions and relations that did the greatest harm to the economy. And even if it turns out to be true, who cares. Who needs a leader who's constantly making excuses?

I don’t remember President G. W. Bush, or President R. W. Reagan ever complaining about what they inherited from the previous administration, they just did their jobs, gave us some relief through tax cuts, and then things turned around. Somebody needs to stop whining, chanting, and making up numbers - and just do their jobs. Cut taxes, cut spending, then sit down and shut up. If you can’t handle that, then resign.

You may review the archived Employment Situation Reports available from the Bureau of Labor Statistics and decide for yourself.

If you're not part of the solution, you're part of the problem. And if all you can do is make excuses, then you're not part of the solution.

[Revised on 9/5/2010 - Chopped down to emphasize the point about: Who cares? Stop making excuses and deal with reality. Obama was a threat to the economy long before his official election date, and people simply cut their losses and fled as he came into power. Things will get better the day he leaves office.]

4 comments:
  1. Larry:

    You could do the same with the number of Bank Failures,... The Pension Crisis,.. and it's to bad there are no stats for the number of small business owners (those who don't get to file unemployment) that have failed.

    Anyway Obama's inheritance is now our inheritance, put another way "we the people will get to blame Obama now for the next -what- 30 to 40 years?" As if 'blaming' will help ones situation for advancing Liberty and justice. But then what does this administration know about Liberty and Justice?

    Which leads me to this conclusion: You all might have heard of Japan's "Lost Decade", well for America it will be called the "Lost Generation". And I do mean literally and figuratively. Lost; without God's will of Liberty and Justice, where justice means love serving God only.

    Pass Capital Homesteading Now! Do it for the 'just' third way(next)generation.

    Guy C. Stevenson

    PS. Again well written. I'm certian you will have something to say about the GDP numbers that come out on Friday August 27, 2010.

    Whom Should I Fear? -10/20/2008-

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  2. You're right - I've done 3 or 4 posts on the bank failures since Obama, and 1.2 Million Entrepreneur Job Creators Vanished has a graph on the 1.2 million self-employed who have "vanished" since 2007.

    "Lost Generation" - I'm trying to save my 3 who are in college (and anyone else who will listen). I'm hoping they catch on to some of this.

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  3. You post numbers clearly proving that 651,000 - 663,000 jobs were being lost by the time Obama was sworn in, and then you conclude that "I'm sorry, but I don’t see where Obama inherited an economy that was losing 700,000 to 800,000 jobs per month." I'm sorry you don't know how to round up. This type of error negates your entire article.

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  4. "Based on the facts, unemployment didn’t really fall off a cliff until Obama won the election, in November of 2008. That’s when everything went to hell in a hand basket. And where are we today? Other than a few gains in March, April and May of 2010, in large part due to the hiring of around 500,000 temporary census workers, there’s not much to be proud of. The unemployment rate stood at 9.5%, last month, essentially the same as it was in May of 2009. So much for the "Recovery Summer"."

    ReplyDelete