Still Losing Jobs; So What’s Your Excuse Now?

Thursday, July 2, 2009

I can’t wait to hear the White House explanation for June’s unemployment numbers. I assure you whatever the response, it will be laughable. Today the BLS released that unemployment climbed higher than expected in the month June. That was only part of the jagged pill that the administration must swallow, the numbers also put a torch to all of Obama’s “green shoot” arguments like an ant under a magnifying glass.

We lost 467,000 jobs in June even as Obama “hopes” to mathematically create and save 600,000 by the end of August. The increased stimulus spending has done such an excellent job, that the rate at which jobs has been lost increased from May to June. This puts to bed Obama’s long held argument of “green shoots” in the economy because although we were losing a ton of jobs every month, at least this month’s ton wasn’t as big as last month’s ton. Taken together with the fact that consumer confidence has taken an unexpected dive, I can’t conceive what the Obama spin can possibly be on this one. My guess is that he won’t address it or try to move onto some other crisis.

I’m also wondering with consumer confidence in the tank, why are we still pushing a stimulus that requires consumers to spend in order to work? We could “hope” that people will change their minds, but I’d much rather try policies that work.

If you are wondering about Obama’s jobs bill, cap and trade. Right Klik had an excellent post today on the economics of cap and trade. I’m reposting his graph showing how much money will bleed to other countries once cap and trade has started.

Good thing we rushed that cap and trade bill, we’re in the middle of an economic crisis. Quick, let’s pass health care as quickly as possible. It's like being shot in one foot and treating the wound by shooting the other one.
Obama just commented on the news. He called the news sobering and asked people to be patient for his economic policies to continue to devistate the economy...I mean work. He also stated that the rate of unemployment is slowing, which is a lie. The rate just increased.

Update #2:
AP reports that including people who have given up looking for work and part-time employees that unemployment rate would be at 16.5%. The part I love most about articles like this is quotes like the following:

"Even with higher pace of job cuts in June, the report indicates that the worst of the layoffs have passed."

Then they follow up this great news with this:

"Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back."

So you see...the worst is over.


Andrew33 said...

Who gives out the info that tells us what the jobless rate is? It is the White House...Thank goodness we have such honest people in the White House. We know we can trust their numbers, not like those scumbags from the other party, right? The White House would not dare lie about jobless rates especially given that they know all their stimulus worked and they promised that unemployment would not go above 8%. This regime has such a history of being honest and transparent, that there is no way on God's green Earth that the White House would lie about the jobless rate...except that this regime follows Allah not God, and "green" is really a code word for "red" as in communism....

July 2, 2009 at 4:39 PM


Are you trying to say that the White House is in some way dishonest? The problem is that there is no unemployment czar.

July 2, 2009 at 8:01 PM
Andrew33 said...

No the problem is no unemployed CZARS!!!!

Check out my latest post. It shows my life and how capitalism influences several aspects of my life. ålso has some decent pics of where I live.

July 2, 2009 at 11:02 PM
blackandgoldfan said...

Sorry c-gen, but that pic makes them look like Siamese twins joined at the head. Either that or Barry's going in for a big ol' smooch.

Great post! :-D

July 2, 2009 at 11:55 PM
Andrew33 said...

By the way C-Gen, Kook and I did 2 posts where you get to see how we live and how capitalism plays a role in our lives I think they are two of the most interesting posts we have done. I don't go around "hyping" posts often so that when we do a special one and I do so, it means something.

July 3, 2009 at 9:47 AM

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