I've finally figured the President out. He has multiple personality disorder. The proof is below.
President Barak Working to Defeat President Obama’s Stimulus
President Barak, who acquired and took over management of GM and Chrysler in March, is working hard to defeat his arch nemesis President Obama by destroying jobs even as his opponent President Obama creates and saves them. According to recent news, GM plans to close 2,000 dealerships while Chrysler will close 789 dealerships. The average number of employees in a dealership is 62. This means that the government controlled auto makers will cut 172,918 jobs. This just tops out over President Obama’s self proclaimed 150,000 jobs created statistic. Meanwhile, the unemployment rate has reached 8.9% and GDP shrinks. Stay tuned to this blog to see who will ascend to victory.
Speaking of the battle between President Barak and President Obama…
President Obama Warns that President Barak’s Policies Will Wreck the Economy
Bloomberg reported the following from a town hall President Obama held last night:
“President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt." Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.””
I’ve been saying this for months (the borrowers have already stopped buying our debt. It would be nice for President Obama to notice this since he’s trying to run the economy). President Barak’s policies and budget which includes a $1.8 trillion deficit are completely unsustainable and I couldn’t agree more. What is worse is that President Barak is trying to convince the people of the US, that fixing health care is the answer to his devastating deficit spending. What’s the problem with this argument? Although health care does need reform the government spent $427 billion in 2007 on healthcare, even if we wiped out all government health care costs (which we won’t, we’ll increase them. I know this because it’s what happened in Mass when they tried the same thing), we are still left with unsustainable spending in the amount of $1.4 trillion. This also happens to be the same amount of deficit that President Barak originally predicted two months earlier and then realized his numbers were rosy.
President Obama has this blogger's full support in defeating President Barak’s poor policies.
Speaking of President Obama thwarting President Barak…
President Obama Nixes President Barak’s Plan to Release Detention Photos
This headline has nothing to do with economics, nor will I really comment. I just like to see headlines where President Obama is winning the battle against President Barak. The paradox of the political battle between President Obama and President Barak seems to have infected the media as well.
Speaking of media press paradox…
Media!!! So which is it? Is the economy turning around or getting flushed down the toilet?
If you thought the President seemed schizophrenic these days, it’s nothing compared to the articles in the news about the economy lately. Either Rham has been having communication problems regarding Obama’s talking points in his daily meeting with the press, or the media is just as confused over the Obama-Barak infighting as I am.
Below is an article from the AP regarding the economy (To cut down on reading time, I gave you the judge’s decision regarding who won the paragraph; Obama or Barak):
Fresh reminders that the recession likely has passed its peak, but hasn't ended, emerged Thursday in reports that first-time claims for jobless aid and wholesale prices rose more than expected. Economy is in bad shape. 1 point Barak
Economists said the jumps, while bitter reminders of the country's weak economy, were not cause for great concern. Jobless claims should ease after layoffs in the automobile industry are complete, while inflation remains under control. Economy is turning around. 1 point Obama
The Labor Department said the number of new jobless claims rose to a seasonally adjusted 637,000, from a revised 605,000 the previous week. That's above analysts' expectations of 610,000. Economy is in bad shape. 1 point Barak
Economists focused on the fact that initial claims remain below the peak reached in late March, a sign that the wave of mass layoffs announced earlier this year has crested. Economy is turning around. 1 point Obama
"This is yet more evidence that we are now past the worst," Paul Dales, U.S. economist at Capital Economics, wrote in a research note. Economy is turning around. 1 point Obama
Separately, the department said wholesale prices climbed 0.3 percent last month, larger than the 0.1 percent gain economists had expected. The biggest jump in food costs in more than a year offset a second monthly decline in the price of energy products. Economy is confused. Tie! .5 points to Obama and .5 points to Barak
Even with the larger-than-expected gain in the Producer Price Index last month, wholesale prices over the past year have fallen 3.7 percent, the biggest 12-month decline since 1950. While falling prices can raise fears about deflation, economists believe the efforts by the Federal Reserve to combat the recession will prevent a dangerous bout of falling prices. A little more print on bad economy than good. 1 point Barak
Wall Street brushed off the reports and stocks rose modestly. The Dow Jones industrial average added about 40 points in midday trading, while broader indices also increased. Economy is turning around. 1 point Obama
Most of the increase in jobless claims was due to auto layoffs, a department analyst said. Economists estimate Chrysler LLC has laid off 27,000 workers in the wake of its April 30 bankruptcy filing. Chrysler on Thursday told a bankruptcy court it plans to eliminate 789 of its dealers — or about 25 percent of them — nationwide as part of its restructuring process. And General Motors Corp. has said it will temporarily shut 13 factories beginning later this month through July, potentially affecting 25,000 workers. Economy is bad. 1 Point Barak
Still, many economists expect the downward trend in jobless claims to return once the impact of the auto industry's job cuts has passed. Economy is turning around. 1 point Obama
In another sign of labor market weakness, the tally of people continuing to receive benefits increased to 6.56 million from 6.36 million, setting a record for the 15th straight week and worse than analysts expected. The continuing claims data lags initial claims by one week. Economy is bad. 1 point Barak
Abiel Reinhart, an economist at JPMorgan Chase & Co., said the increase implies that the unemployment rate, which reached 8.9 percent in April, is continuing to rise. Many economists expect it to reach 10 percent by year's end. Economy is bad. 1 point Barak
The large number of people on the jobless benefit rolls is a sign that unemployed workers are having difficulty finding new positions. Economy is bad. 1 point Barak
Economists are closely watching the health of the labor market. If layoffs continue at a rapid pace, consumers could cut back further on spending and prolong the recession. Economy is bad. 1 point Barak
New applications for jobless benefits have declined since reaching 674,000 in late March, the highest level in the current recession. But claims remain elevated. Weekly initial claims were 375,000 a year ago. Economy is confused again. Tie! .5 points Obama and .5 points Barak
The four-week average of claims, which smooths out volatility, rose to 630,500, after falling for four straight weeks. Still, the average remains nearly 30,000 below its high in early April, a drop that economists at Goldman Sachs and JPMorgan Chase & Co. have said indicates that the economic downturn is bottoming out. Economy is turning around. 1 point Obama
There have been other signs the pace of job cuts is moderating, though still brutal. Employers eliminated 539,000 jobs in April, the fewest in six months and below the average of 700,000 in the first quarter of this year. Economy is turning around. 1 point Obama
Still, more than 5.7 million jobs have been lost since the recession began in December 2007. Economy is bad. 1 point Barak
More job cuts have been announced recently. Steel giant ArcelorMittal said Wednesday it will eliminate nearly 1,000 positions at an Indiana steel plant in July, while DuPont said last week it will cut 2,000 jobs. Economy is bad. 1 point Barak
Among the states, Illinois reported the largest increase in initial claims, which it attributed to layoffs in the construction and manufacturing industries. The next biggest increases were in Kansas, Puerto Rico, Indiana and Ohio. Economy is bad. 1 point Barak
New York reported the largest drop in claims of 13,386, which it said was due to fewer layoffs in the transportation and service industries. The next largest drops were in Michigan, North Carolina, Massachusetts and Connecticut. The state data is for the week ending May 2, one week behind the initial claims data. Economy is turning around. 1 point Obama
Final score: 11 points Barak to 9 points Obama. Perhaps this is why Obama has come out so strongly against Barak this week? I just hope Obama can somehow make up the ground Barak has gained. Thanks to schizophrenia, both progressives and conservatives now have a President we can support.