Consti here with the skinny on the Obama Summer Recovery Tour 2010. You’ll have to speak up over the noise of the “recovery” B.S. being blared through the MSM speakers. As you may have heard there is this lovely show coming to your town to praise the benefits of the stimulus Obama and his band have crammed down our throat. 50 states, 50 days, and a whole lot of partying down! (WOOT!) Let’s take a look at some of the highlights of this show now playing across America today shall we?
Headlining the tour – Jobs, Jobs, Jobs
We have this from our Vice President Joe “Bite Me” Biden and his one man band: “there’s no possibility to restore 8 million jobs lost in the Great Recession.” Last week the White House put out a Recovery and Reinvestment Act update claiming that between 2.2 million and 2.8 million jobs were either saved or created because of the stimulus as of March 2010. The only problem is THER IS NO WAY TO CALCULATE JOBS SAVED!! So it’s a red herring to say that jobs were saved by the stimulus. While the GDP is growing at a miserably slow rate only 40 thousand private sector jobs were created last month. 90% of the jobs created as a whole were CENSUS jobs! So the government sector jobs increased. But come November when the Census ends jobless claims will skyrocket! (Just in time for mid-terms!) This is despite claims that census numbers are inflated and several whistleblowers have claimed shenanigans in hiring and firing. “New claims for jobless benefits unexpectedly rose last week, while manufacturing activity slowed in June, heightening fears the country’s economic recovery was stalling.” So much for Obama’s “Laser” like focus on job creation eh?”
httpv://www.youtube.com/watch?v=WUAG3Fqz56s&feature=player_embedded
Also on tour – The Home sales 5
“Contracts for pending sales of previously owned homes plunged a record 30 percent in May, far more than expected, after a popular tax credit expired at the end of the prior month, a survey from the National Association of Realtors showed on Thursday.” Many have forgotten that the cause of this fiscal crisis was the COMPLETE TANKING OF THE HOME LENDING INDUSTRY. Keep in mind Fanny Mae and Freddie Mac encouraged banks to make risky loans based upon the promise that the Federal Government would back them. Now of course Fannie and Freddie (the largest loaners of money for home mortgages) are going BANKRUPT. Not only are they delisting themselves from the NYSE they are clamoring for 8.4 Billion in aid after legendary 1st quarter losses. Which of course will add to an already insurmountable debt crisis. (Paging Rahm Emanuel there is a crisis call on the white courtesy phone!)
httpv://www.youtube.com/watch?v=1yeA_kHHLow
Of course there is no mention of the FBI investigating FRAUD at either two entities. Or that Obama took $105,849 from them for his campaign.
Closing out the tour – The national debt experience
“The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.” So what does this actually mean for America? It means that ANY growth in GDP goes right to paying for the debt being incurred for MASSIVE entitlement programs! That’s right kids! The more the country makes the less it earns as a result of Uncle Sam’s credit card spending. Take a look at the G20 conference that just happened. (Obama’s first words when landing at the summit were “I heard you have a lot of golf courses here?”) World leaders are talking about how they are decreasing their debt load by cutting entitlements schooling the community organizer about how to grow an economy properly. (Which he has NO experience in doing!) What’s the Spender-n-chiefs answer? More stimuli! That’s right more spending to prop up the reckless excuse of his first stimulus package! Then there is the “scary Obama” talking about cutting the Deficit they inherited (1.3 trillion) while failing to mention that they TRIPPLED the debt in 1 YEAR!! You didn’t inherit the current deficit Mr. President. You created it!
httpv://www.youtube.com/watch?v=rk_egp-tHjk
Earlier, a report showed initial claims for unemployment benefits expectedly rose by 13,000 last week. Separate reports showed planned layoffs rose in June and private companies added just 13,000 jobs. Causing investors to SELL, SELL, And SELL! Meanwhile welfare recipients were barred in California from using their welfare cards at casinos, but not strip clubs!
So when the “Obama Summer Recovery Tour 2010” comes to your town save yourself the $35 concert ticket.
You’ll need it to pay for the hope and don’t expect any change.
Consti.
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{ 9 comments… read them below or add one }
Oh lookie here… The Fed’s new forecast made only minor changes to its outlook for growth, unemployment and inflation. But those changes underscored a view that economic prospects were slightly weaker.
Told you the summer recovery tour was a sham… here that? Sounds like stimulus just fizzled out.
http://news.yahoo.com/s/ap/20100714/ap_on_bi_ge/us_fed_forecast
Dough Boy,
Sarchaism = The gulf between sarcastic wit and the moron who doesn’t get it.
If the definition fits….
That’s a really nice thought, but national economies don’t work like your families checking account. Yes, government employment costs money. What it also does but spending the money to create those jobs is creat an income for people who normally wouldn’t have one. They in turn, buy groceries, and gasoline for the car, and cloths for their kids, and pay rent, and taxes, in short, they do all the things people employed in the private sector do with their pay. That intern drives the private sector because you’re created revenue streams that would not have otherwise been there. The Federal funds spent in the recession are then recouped in the economic upswing that follows.
Take the Great Depression for example. Roosevelt’s New Deal involved spending on a huge scale, and the economy expanded from its low point in every year save one when he pulled back on new deal spending. Once WWII hits you basically get The New Deal on steroids, depression era unemployment erased and a hugely expanded GDP because of war production. After the War, you get the largest economic boom in American History. Government spending in downturns is simulative when it gets money directly to the people who then spend it. My problem with the stimulus is that far too much of it went to tax cuts and was given to banks. If it was used to create building projects and thus jobs, you would see a much larger recovery then we are.
I certainly didn’t read that as a cheer for unemployment. Rather a cynical laugh in the face of this administration, which claims that jobs are their #1 focus. It’s fine for them to create 100,000 jobs for census takers, as long as the hiring in the private sector is in the neighborhood of 500,000 or so in order to pay for those gov’t sector jobs.
The fact of the matter is that the private sector simply isn’t hiring, hence there is no way to pay for the jobs “created” without borrowing even more money. The entire slant of this article to highlight the idiocy of creating even MORE debt in order to pay your way OUT of debt.
A response to the comment left by J Festa was submitted 24-48 hours ago. It went to “Under Moderation”. I’m told it’s a system glitch. It really breaks the flow of ideas and the exchange of debate.
Unfortunately, there is no chance of economic recovery while Barack Obama is still in office. His economic policies are simply too destructive, not to mention the practical effect of his constant bashing of the free enterprise system. That means no recovery before 2012 (elections do have consequences). Even then, assuming that the GOP can find someone of the stature of Ronald Reagan, it would take another four years to clean up Obama’s mess. This suggest we’ll have to wait until 2016 for recovery.
See: http://www.capital-flow-watch.net/bfnrb
JF,
Im not following you, it’s just that where I go, I see you have left signs of your intelligence, and sometimes I accidently step in it.
I think (if you are so inclined to stretch yourself) you could discern he has a point to make regarding the unfit and undermining economic direction our President is taking us. Should he just Obey Obama, Trust in The One, and watch as our country is raped of her life blood.
GOOD FOR YOU CONSTI. Good Article – indisputable facts! Our local union thug supporter must attack you personally.
Cheering for higher unemployment. Way to root against the country. Do you cheer when Team USA loses at the Olympics? Do a little high five when we take casualties overseas? You thump your chest about patriotism then laugh about higher unemployment that hurts your country. Real classy. Why don’t you get an I heart China T-Shirt while you’re at it.
HAHAHAHAHAHA!!!
U.S. employment fell for the first this year in June as thousands of temporary census jobs ended and private hiring grew less than expected, dealing a blow to President Barack Obama who has identified job creation as a key priority.
http://www.cnbc.com/id/38054214