Obamanomics Fail: Unemployment Rate Rises | The Blog on Obama: White House Dossier

Obamanomics Fail: Unemployment Rate Rises | The Blog on Obama: White House Dossier

by KEITH KOFFLER on JUNE 1, 2012, 9:56 AM

The unemployment rate rose from 8.1 percent to 8.2 percent in May, and the economy generated 69,000 new jobs, some 85,000 less than the 155,000 that were expected.

The economy needs to create about 150,000 jobs a month just to keep pace with the expansion of the population and maintain employment at a steady level. In April, the economy created only 77,000 jobs.

The White House can spin this any way it likes.

It can talk about the total number of jobs created over the past half century instead of focusing on this month’s numbers. It can discuss how we are digging out of the worst recession since the Black Death in Europe in 1348. It can say the George W. Bush was discovered under a sofa in the Blue Room still running the economy.

It can blame Europe, oil prices, the Japanese tsunami, the Space Station, sun spots, and Kim Kardashian.

But everyone knows this is Obama’s problem.

I saw a report recently that the Obama team has done enough to vilify anyone who brings up Jeremiah Wright – by shrieking that somehow this has something to do with racism – that they high five each other every time some Republican is heard talking about it.

The Romney team should be high fiving each other every time they hear an Obama campaign attack on Romney’s record at Bain Capital.

Because the public isn’t stupid.

People can see that after three and a half years of Obamanomics, the unemployment rate is going up. And the more they hear that Obama’s opponent was involved in the business sector – and yes, even that he made tough decisions that cost some people their jobs – the more they are going to consider putting someone in charge of the economy who might know what he’s doing.

They understand it is going to require some pain to fix things. And that Obama’s promises to soak the rich to pay for electric vehicles is not a reasonable economic program.

Holder's Racial Incitement - WSJ.com

Review & Outlook: Holder's Racial Incitement - WSJ.com

The United States of America has a black President whose chief law enforcement officer, Attorney General Eric Holder, is also black. They have a lot of political power. So how are they using it? Well, one way is to assert to black audiences that voter ID laws are really attempts to disenfranchise black Americans. And liberals think Donald Trump's birther fantasies are offensive?

"In my travels across this country, I've heard a consistent drumbeat of concern from citizens, who—often for the first time in their lives—now have reason to believe that we are failing to live up to one of our nation's most noble ideals," Mr. Holder said Wednesday in a speech to the Council of Black Churches. Voter ID laws and white discrimination, he added, mean that "some of the achievements that defined the civil rights movement now hang in the balance."

That's right. The two most powerful men in America are black, two of the last three Secretaries of State were black, numerous corporate CEOs and other executives are black, and minorities of many races now win state-wide elections in states that belonged to the Confederacy, but the AG implies that Jim Crow is on the cusp of a comeback.

It's demeaning to have to dignify this argument with facts, but here goes. Voter ID laws have been found by the courts not to be an undue burden under the Voting Rights Act and the Constitution. The landmark Supreme Court opinion, upholding an Indiana law in 2008, was written for a six-member majority by that noted right-winger, John Paul Stevens.

The Corzine Rule

The Corzine Rule

Why is John Corzine Not In Jail?

Came across this article on May 29 that talks about the continuing saga of MF Global and Jon Corzine. It’s amazing that this epic financial scandal gets no consistent main stream media coverage. Over a billion was stolen. Corzine is in Madoff territory.

Here is the proposed rule,

Futures brokers would need to get approval from a top executive before making big withdrawals from customer accounts under a rule now pending and referred to in the industry as the “Corzine rule”, after MF Global’s former CEO Jon Corzine.

Why is this stupid? Because it wasn’t a lack of rules that allowed Corzine to steal from customer accounts. It was a lack of ethics on the part of one person. Corzine stole the money to margin bad trades he made through his MF account. He invested in European bonds, chasing yield and seeking to make big proprietary profits for MF Global. Their earnings were under huge pressure because the operations of the company weren’t particularly efficient, and the yields on US Treasury debt are so low that they weren’t able to earn a projected return on excess deposits.

The MF Global fraud is just another blip in the continuous waterfall of events that further erodes the general public’s confidence in the public markets. Nothing that government, regulators, the Fed, or exchanges have done since the crash of 2008 has done anything to shore up the spirits of the public.

Enron, Worldcom, Fannie and Freddie, Madoff, Flash Crash, Corzine and MF Global, the Facebook ($FB) IPO. It doesn’t end and I am sure I am forgetting a few. It’s no wonder the public considers a mason jar as an acceptable place to put money. The ultimate risk off trade!

The real war on women -Sex-Selection Abortion The Washington Post

The real war on women - The Washington Post

It is a sad day in America when the president of the United States endorses sex-selection abortion by opposing the Prenatal Nondiscrimination Act. It is no less sad that this bill did not pass the House — although a significant majority, 246 members, did vote for it — given its laudable aim of outlawing this egregious assault on baby girls.

Sex-selection abortion is cruel, it’s discriminatory and it’s legal. It is violence against women. Most people in government are unaware that it is part of a deliberate plan of population control. This is the real war on women.

766,000 More Women Unemployed Today Than When Obama Took Office | CNSNews.com

766,000 More Women Unemployed Today Than When Obama Took Office | CNSNews.com

CNSNews.com) - The number of American women who are unemployed was 766,000 individuals greater in May 2012 than in January 2009, when President Barack Obama took office, according to data released today by the Bureau of Labor Statistics.

In January 2009, there were approximately 5,005,000 unemployed women in the United States,according to BLS. In May 2012, there were 5,771,000.

The BLS derives its employment statistics from an overall number it calls the civilian non-institutional population. This includes all Americans 16 or over who are not on active duty in the military and who are not in an institution such as a prison, mental hospital or nursing home. From this civilian non-institutional population, BLS determines a subset it calls the civilian labor force, which includes all members of the civilian non-institutional population who are either employed or have made specific efforts to find work in the past four weeks. People who are not employed and who have not sought work in the past four weeks are considered by the BLS to have dropped out of the labor force.

The Employment Situation in May | Obama Blames Bush

The Employment Situation in May | The White House

Problems in the job market were long in the making and will not be solved overnight. The economy lost jobs for 25 straight months beginning in February 2008, and over 8 million jobs were lost as a result of the Great Recession.  We are still fighting back from the worst economic crisis since the Great Depression. 

Today we learned that the economy has added private sector jobs for 27 straight months, for a total of 4.3 million payroll jobs over that period. The economy is growing but it is not growing fast enough. BLS’s establishment survey shows that private businesses added 82,000 jobs last month, and overall non-farm payroll employment rose by 69,000. The unemployment rate ticked up from 8.1 percent in April to 8.2 percent in May, according to BLS’s household survey. However, the labor force participation rate increased 0.2 percentage point to 63.8 percent, and employment rose by 422,000 according to the household survey. 

There is much more work that remains to be done to repair the damage caused by the financial crisis and deep recession that began at the end of 2007. Just like last year at this time, our economy is facing serious headwinds, including the crisis in Europe and a spike in gas prices that hit American families’ finances over the past months.  It is critical that we continue the President’s economic policies that are helping us dig our way out of the deep hole that was caused by the severe recession. 

Obamanomics

Economy added only 69,000 jobs in May, far less than the 150,000 economists expected. Unemployment rate rises from 8.1% to 8.2%. The unemployment rate has been above 8% for Obama's entire presidency!