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Miss R. Scenario’s Blandishments & Obama’s Credibility on Economy

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With the Dow reaching–and remaining above–the 10,000 benchmark, there are signs of a “fledgling economic recovery.”  Inflation remains low meaning consumption to tick up.  Not just that, new “jobless claims [have] dropped to the lowest level since January.”  Still, “the drop isn’t yet steep enough to signal new hiring”.

Now, I’m sure the Administration is spinning this news as success for its “so-called stimulus.”  Even an AP reporter covering the economy echoes its talking points:  “businesses that received federal contracts under the administration’s $787 billion economic stimulus are reporting more than 30,000 jobs saved or created in the first months of the program.”  Emphasis added.  It’s the Obema team who came up with that impossible-to-prove assertion about jobs created or saved.

Perhaps, had the Administration not fallen for a Miss R. Scenario, they might have more credibility today.  Recall, the promises they made about what would happen if the “stimulus” were defeated.  We’d see unemployment rise to the level of the lighter blue line.

Well, the “stimulus” passed.  And unemployment has exceeded even that level.

Had the Preident lowered its expectations, not promising a quick reduction in unemployment and counseled patience, he might have more credibility  today on the economy.   There are, to be sure, clear sings of recovery.  But, even a news report, giving the Administration’s policies a favorable spin can’t find any real evidence of new jobs being created.

And with its assurances that unemployment would start declining this fall, that’s just what President promised.

(H/t for chart:  Gateway Pundit)

Comments

  1. No doubt he’ll take credit for his brilliance in tossing out the increase on overseas profits.

    http://online.wsj.com/article/SB10001424052748704107204574471380380216244.html

    Brilliant point of the day:

    The proposal was featured in the President’s budget in February and was the focus of a May speech in which he said that corporations were “shirking” their responsibility to support his huge increases in federal spending through higher tax payments.

    Emphasis mine.

  2. The idea that our economy is “recovering” is a joke. At the same time the Dow has just reached a new high for the year, the dollar has reached a new low for the year (75 on the dollar index), and oil has reached a new high (with WTIC breaking $75/barrel). The three events are connected.

    The Dow is rising basically because the government is depreciating the currency, with its policy of $1.4 trillion annual deficits and 0-1% interest rates. Depreciation of the currency means that any individual or corporation who holds the currency (i.e., cash and/or bonds) is f*cked in the ass. Depreciation is a massive, semi-hidden tax on people’s savings to fund the “boom” in Washington. Today’s government is a parasite and a cancer on what remains of the productive economy, as never before in U.S. history. Leftists, who instinctively hate human success and productivity and want to punish oops, “redistribute” them, are in hog heaven.

    One of the current myths is that there is “no inflation”, or even a threat of “deflation”. Sorry, leftists: When the dollar depreciates by 20% in global purchasing power, resulting in a DOUBLING of oil prices that were already high compared to 5-10 years ago, that *is* inflation. And your Dear Leader’s policies only promise more of the same, in the future. But, continue to deny that, by all means. Continue to praise the Dear Reader, by all means. Praise Him and praise Him until the American people rise up to spit in your face and kick you out of office for a generation to come and you haven’t the slightest clue what just happened.

  3. P.S. To continue my point about the Dow: With oil doubling this year, Dow 10000 is actually pretty low. It will buy you way less oil than Dow 9000 would have bought you, at the beginning of the year. That’s my point. Dow 10000 masks all the bad news that is happening in the real economy, due to Obama’s massive U.S. currency depreciation.

    Go to http://www.stockcharts.com, type in “$indu:$wtic”, adjust the chart to Weekly, and weep over how much LESS Dow 10000 will buy you, than Dow 9000 bought only ten months ago.

  6. Everything ILC said, plus Q3 foreclosure rates are at record highs, the real world unemployment rates are actually closer to 17%, and of those that are still employed. many have had to take severe pay cuts to keep their jobs (this also produces an inflated productivity rate). Auto sale are at a virtual stand still, and mass commercial foreclosures loom.

    Yeah, what a great recovery. Get ready for the next wave of economic suckyness.

  7. TGC – Cavuto’s logic is right, except of course that Dow 10000 is really a sign of currency depreciation and a mask on a continuing disaster. Bush, who started some of the Big Government and anti-business policies that Obama has since taken and intensified, deserves part of the blame.

    sf – Can’t believe you agreed with me. What I said is pure small-government, hard-currrency agitation 😉

  8. (Sorta Off Topic) Dig it, ILC:

    Some clown on another site tried to convince me that increasing the minimum wage would be good for the economy. He said (paraphrasing) “How many of those people will turn around and spend that extra money at Wal-Mart & McDonald’s?”

    I replied “None, if we consider the excuse liberals use to oppose tax cuts is that the people wouldn’t spend it and save it instead”.

  9. Silly leftist. People won’t spend a dime once the higher MW costs them their job. Otherwise we should raise it to, say, $1000/hr. And since printing money is also the road to prosperity, let’s raise the deficit to $1 quadrillion.