Tag Archives: unemployment

Obamunism: Women, Minorities Hardest Hit

From CNS News:

Government unemployment numbers for December showed that while the general unemployment rate remained flat at 7.8 percent, unemployment for women and African-Americans rose despite an economy that created 155,000 jobs.

Unemployment for women rose to 7.3 percent in December from 7.0 percent while the rate for African-Americans rose sharply to 14.0 percent from 13.2 percent in November…

Still astounds me that Obama managed to win – there is not a single metric you can bring in which shows genuine improvement since January 20th, 2009.

UPDATE:  And the Obama “my praise is a kiss of death” curse continues to work.

Unemployment at 8.3%

So, how is that hopey-changey thing working out for ya?  41 months at 8% or higher unemployment.  And with 150,000 dropping out of the labor force, you know that the real unemployment rate is much, much higher than the official number.

The BLS, apparently working hard for Obama’s re-election, decided that with unemployment rising they’d better give the MSM something else to talk about – certainly don’t want them talking about the massive number of people out of work.  Better to have them talk about the number of jobs being created!  So, they just made up some numbers to make it look like the number of jobs went up.  From Zero Hedge:

Happy (about) the headline establishment survey print of 133,245 which says that the US “added” 163,000 jobs in July from 133,082 last month? Consider this: the number was based on a non seasonally adjusted July number of 132,868. This was a 1.248 million drop from the June print. So how did the smoothing work out to make a real plunge into an “adjusted” rise? Simple: the BLS “added” 377K jobs for seasonal purposes. This was the largest seasonal addition … for a July NFP print in the past decade…But wait, there’s more: the Birth Death adjustment, which adds to the NSA Print to get to the final number, was +52k. How does this compare to July 2011? It is about 1000% higher: the last B/D adjustment was a tiny +5K! In other words, of the 163,000 jobs “added”, 429,000 was based on purely statistical fudging.

I’m a little bit surprised at this much brass on the part of the Bureau of Labor Statistics – all economic indicators in July were lousy:  there wasn’t the slightest indicator that we were actually adding jobs…and here they come up, straight faced, and try to tell us not only that the economy created jobs, but created them faster than in June, when things were better than in July.  But putting out that number – even with 16 million people out of work – allows Obama and his Democrats to keep up the meme of “jobs are being created” thanks to the stimulus.  That meme – which is the only positive thing Obama has – would be permanently finished if we had a jobs print in negative territory.  Now we know:  until after November 6th, no matter what is really happening, the BLS will not put out a negative number…even if actual jobs losses will be in the 200,000 range, they’ll just fudge it until they get a positive number.

Fine and dandy – we know that Obama’s hope for re-election revolves around lying about himself and lying about Romney.  The jobs report is the “lie about Obama” part, the latest fracas over Romney’s tax returns (set aloft by Harry Reid, who also seems to have some unanswered questions about his own past which have been floated just as credibly as the tax charge) is the “lie about Romney” part of it.  We’ll see if it works – the idea is to turn off independents, depress Republicans and fire up Democrats as Obama’s only hope is a narrow win in a low-turnout race which allows him to cobble together 270 electoral votes.  If it works, then it works – but it only works if Obama can fool the people.  He managed it in 2008; I don’t think he’ll be able to do it in 2012 (much harder to fool people by scaring them than to fool them by making nice).

In the end, I expect that reality will defeat Obama – he and his minions can lie all they want but the people know what they are going through.  I don’t know about you out there – maybe you’re all rich – but as for me it has been quite a lot of cutting back.  My shirts, for instance, are bought at Goodwill these days…and I’ve found in conversation that I’m not remotely alone among my friends determined to bargain shop or do without.  Things are rough; people fear the future; and for me and mine we’re actually far better off than many millions of people who were suckered by Obama in 2008 and now know the reality.  After all the hype and lies I think that on November 6th the real people of the United States who have been living in the Obama Recession will show up to vote – and we’ll have a new President on January 20th.

News Flash: Economy is Really Lousy

When the Ruling Class starts to admit it, you know we’re in a world of hurt – from the Washington Times:

Vice Chair of the Federal Reserve Board of Governors Sarah Bloom Raskin said today that unemployment numbers present too positive a view of the economy, adding that the Federal Reserve might need to take more action to stabilize the economy.

Nonetheless, as many families know,” said Raskin, an appointee of President Obama’s, “the headline unemployment numbers don’t fully capture the weakness in labor market conditions.”…

Later, though, she returned to Ruling Class type and asserted that she and the rest of the people running our economy are just wise, old owls and are carefully doing what needs to be done.  And, hey, if we hadn’t done all that money printing, it would have been worse!  She failed to explain how all the wisdom deployed so far has led to such a lousy economy.  You’d think that with a multi-trillion dollar price tag, we’d get more than a “it could have been worse” statement.

These people don’t really know what to do because they are working from a false theory – a theory that has it being consumption which makes the economy go ’round, rather than production.  It is the wealth we make which makes us rich, not the money we spend…especially not borrowed or printed money.  Until we start making money again (creating wealth via making, mining and growing things) we simply will not improve.  People like Ms. Raskin, I suspect, haven’t the foggiest notion of this.  How did the Chinese build up a couple trillion dollars of our money in their vaults?  Not by spending, but by making, mining and growing things.  Amazing that more people can’t see this (though being Ruling Class types, themselves, the Chinese leadership has also embarked upon a bonanza of printing and borrowing since 2008…and that will tip China in to recession in the by and by…even with their own example right in front of them, the Chinese leadership couldn’t see it).

Team Obama: Dumber by the Day

From Investors.com:

The 48-year-old Brent Spence Bridge spanning the Ohio River near Cincinnati isn’t much to look at. But for President Obama, it’s become a rallying cry for his $477 billion jobs plan.

He referred to it in his Sept. 8 speech to Congress, saying “there’s a bridge that needs repair between Ohio and Kentucky that’s on one of the busiest trucking routes in North America.” …

…Although some press accounts have described Brent Spence as “crumbling,” and the White House says it’s an example of “urgently needed” repairs, the bridge isn’t falling apart. In fact, it’s designed to last for decades more…

The bridge does have a problem – its too small for the amount of traffic crossing it.  So, the plan is to build an additional bridge next to it…but that isn’t scheduled to start for three for four years, putting it outside the Obama timetable of two years for the projects in his jobs bill.  In other words, the bridge doesn’t in any way relate to the things Obama wants to do…only a bonehead would go there as an example of “crumbling infrastructure” that you want to repair right away.  This is right up there with using a company that is outsourcing jobs as a backdrop for your bill to create more jobs.

Its like the Obama people just don’t care – they just want their photo ops and sound bites and are expecting that the MSM, as it did in 2008, will keep a lid on any criticism.  Trouble is, the New Media has grown exponentially since then and Obama no longer has the ability to be a “stealth candidate”.  We know all about him – and we’re tired of him.

2012 can’t get here fast enough…and I’m really looking forward to it.

 

The Results of Obamunism!

From Gallup:

Three years after bankruptcy of Lehman Brothers jolted the U.S. economy into economic turmoil, job creation has rebounded from post-collapse lows, but economic confidence and consumer spending remain within the ranges seen in 2009. Gallup finds underemployment and unemployment essentially where they were a year ago…

All the trillions of borrowed and printed dollars – what did they get us?  Nowhere – in the larger sense, we’ve just marked time since 2008.  Oh, sure – we did “stop” the crash.  But we stopped it in mid-air; the crash still has to finish.  And now after devaluing our currency and piling up $4 trillion in additional debt, we’re going to get the rest of the crash we should have had three years ago.

Congratulations, Keynsians!  Heck of a job there, Barry!  All you’ve managed to do is make things worse.

Obamunism! Unemployment Claims Jump

First time claims for unemployment came in at 428,000 against the “experts” expectation of 410,000; continuing claims are at 3,726,000 against an expectation of 3,700,000.  What I really want to know – in both first time and continuing claims, the expectation was that they would decline.  Who expected this?  Why?  What bit of information out there would lead any financial prognosticator to expect a decline in unemployment?

I think we’ve simply got a bunch of idiots – public and private sector – running the economy.  People who don’t know how things are made, mined and grown and can only predict things based upon assumptions on borrowed and printed money.  For crying out loud, things are lousy out there…you’d at least expect some caution and have the prediction be for things to remain as lousy as they were last week, not get better.

Aside from that, we are seeing more and more indicators of a double dip recession here in the United States while Europe shows ever more signs of financial implosion (day by day there is a new rumor floated of some miracle money to come through to bail out Europe…eventually, they’ll run out of rumors).  Obama’s jobs bill will do nothing to get us back to work but even if we manage to make things improve, the coming crash of Europe will be a huge hit to our economy.  Only a complete re-working of our economic life to make all taxation and regulation geared towards wealth creation will get us permanently out of this mess…and that can’t happen as long as any liberal, anywhere, has a say in what goes on.

Obamunism! Unemployment Claims Surge

From Reuters:

The number of Americans filing new claims for jobless benefits rose unexpectedly last week, further evidence of a weak labor market just hours before President Barack Obama unveils a plan on job creation in a major address to Congress…

…Applications for unemployment benefits rose to 414,000 in the week ending September 3 from an upwardly revised 412,000 the prior week, the Labor Department said on Thursday. Wall Street analysts had been looking for a dip to 405,000…

Why would analysts be look for a dip?  Over at FinViz, they report the expected number not a 405,000, but 400,000…and here it goes, again, with an “unexpectedly” higher number.  Are the analysts working on the “magic” theory in which an increasingly bankrupt nation will create jobs “just because”?  Are they just guessing?

That is what I figure – after all, how can you really analyze such a thing?  Not like you can call all the businesses in America on Monday and ask them how many they will lay off on Friday.  What this shows is that a great deal of the data we’re using to make decisions on is bogus…meaningless numbers put out by people who (a) think they have to put them out and (b) figure that any number is better than no number.

Better to just wait for the number – and until it drops below 250,000 a week, we’re not getting anywhere.

President Zero

From MSNBC:

…Nonfarm payrolls were unchanged last month, the Labor Department said Friday. It was the first time since 1945 that the government has reported a net monthly job change of zero. The August payrolls report was the worst since September 2010, while nonfarm employment for June and July was revised to show 58,000 fewer jobs…

…Despite the lack of employment growth, the jobless rate held steady at 9.1 percent in August…

He promised us that his stimulus would keep unemployment below 8%.  That, really, is all that needs be said – by his own standards, he has failed.

Will Unemployment Increase?

Lance Roberts over at Zero Hedge thinks so:

Unemployment is potentially set to rise sharply in the coming months.  That is a pretty bold claim on the surface and one that flies in the face of both mainstream economists, and the White House which is about to unveil a new “jobs plan”.

Let’s take a quick look at some numbers:  8, 160, 400, 350, 12 and 5.  There have only been 8 weeks out of last 160 weeks that unemployment claims have been below 400 thousand claims.   In normal circumstances we are worried about recessions when claims are rising above 350 thousand claims.   Furthermore, jobless claims tend to plunge below 350 thousand a week within 12 months after the end of a recession.  Currently we are still holding above 400 thousand claims after more than two full years since the recession statistically ended…

But what about “5”?  He gets to that – the STA Composite Employment Index.  When it gets to “5” or less, it is a solid indicator of a recession.  Right now, it is at “5”.

But even without that, anyone with eyes to see knows that the economy is in bad shape – the mere fact that we’re sitting on 400,000+ plus claims for unemployment week after week after week shows that we are, at best, treading water…and more likely we’re slowly losing ground, in spite of all the new jobs the Bureau of Labor Statistics claims we’re creating (of course, it must be noted that then the BLS says “X” jobs were created in month “Y” it is really no more than a guess…and it will be about a year before we know how many really were created in month “Y”…and if BLS guesses wrong…).  Along with the jobs picture, every metric of economic activity has been pathetic for a “recovery” period…and they are all trending towards worse.  Even when some statistic comes in higher than expected, it is not high enough to indicate a robust economy.

It remains to be seen whether or not Bernanke will print up a bag of money to keep us out of official recession through the 2012 election – I think it would be disastrous, and may not even give us fake “growth”.  But he may try it – the Ruling Class is worried about a political revolution in the United States next year and will pull out all the stops to ensure that Obama is re-elected.  Or, failing that, that the eventual GOPer is wedded to the current system.  These people don’t care if America is going to heck in a handbasket…all they care is that they remain rich and in charge.

Brace yourselves – we’re going to have to deal from now through election day with a bad economy and an exceptionally nasty, political fight.  We will win – and win rather big, I think – but it will take every last ounce of effort we can muster.  As for me, I’m excited about the prospect and looking forward to the battle…it will be honorable, it will be fun and it will change America.

 

His Majesty is Not Amused

Seems like His Majesty, Barry I, isn’t all that happy his speech on jobs was postponed – from Politico:

It seemed like a trivial matter: On Wednesday, House Republicans forced the president to delay his speech to a joint session of Congress by one day.

Who cares? The White House cares. Very much.

“It is a big deal that the House said ‘no’ to the president from our end,” a White House source with intimate knowledge of what took place between the House and the president told me Thursday. “This confirms what we all know: They will do anything in the House to muck us up.”

On Wednesday, the White House staff did not know exactly what President Barack Obama was going to say in his major jobs speech, but it knew exactly where and when he was going to say it…

This is a sign of a floundering White House…they are not only mad about something as trivial as this, but they are letting people know they are mad.  The White House cooked up a plan and, darn it, Congress didn’t meekly go along with it!  The nerve!

Leaving aside the fact that the Congress is not at the beck and call of the President, it speaks volumes about the Obama Administration that they didn’t clear the date in advance with Speaker Boehner.  This shows that they just presume that obedience is automatic…that at the end of the day everyone will defer to The One.  While Obama has lost his luster with the public, it seems that for himself and his closest advisers, the rules of 2008 still apply…and when it is time for the Prophet to speak, everyone else is supposed to tremble and obey.

I’ve got one piece of advice to Obama and his crew – get used to this.  Its not that we disrespect the office of the President, but that we’re not about to follow the Obama script.  Obama is one player among many – certainly an important piece of the puzzle, but in no way does he rule the roost.  And, as an aside, if Obama and his cronies hadn’t so continually insulted us and lied about us, things would be different.