Obamanomics is killing us. The New York Times is finally forced to deal with the data but doesn’t want to admit any connection. But try to imagine them reporting on, “Hiring in U.S. Tapers Off as Economy Fails to Gain Speed” during a Republican presidency without mentioning the Administration even once. Even when force to admit how bad the economy is, they still try to cover for the President.
Many people still blame Bush for the economic meltdown of 2007. I don’t blame them. Bush worked with Greenspan and then Bernanke to maintain incredibly bad monetary policy that resulted in malinvestment and fake wealth that could only vaporize when the inevitable collapse came. Furthermore, even though some Republicans saw problems ahead with the sub-prime mortgages, Bush did all he could to promote them as part of his “ownership society.”
But Obama is continuing the same policies to the point of self-caricature. Furthermore, he has taken credit for the “recovery” which means he must be admitting responsibility for the unprecedented problems involved in it:
“Relatively low-wage sectors like food services and retail have accounted for a large share of the job growth in the last few years; a report in August from the National Employment Law Project, a liberal advocacy group, found that a majority of jobs lost during the downturn were in the middle range of wages, and a majority of those added during the recovery have been low paying.”
That’s not a recovery. That’s a permanent demotion. Welcome to the Obamanomy.
The Times also reported,
“The unemployment rate, which comes from a different survey, ticked down to 7.6 percent from 7.7 percent, but primarily because more people dropped out of the labor force, not because more people got jobs.”
I was impressed that they pointed out that the downtick in unemployment is pretty much meaningless, but I think they are still trying to hide how bad it is. “More people dropped out of the labor force”? How many more? Almost a half million people gave up looking for a job! As Mish writes, “The unemployment rate edged lower by .1% because a whopping 496,000 people dropped out of the labor force.”
Despite many admissions that the wise might find value in contemplating, the Time article is fundamentally a lie. The heart of the lie comes from an expert they quote: “The general tenor of the report underscores what our overall data have been indicating — a growing but not accelerating economy.”
That statement implies that the economy is something that is needs strengthening by government agents so that it can gain size and momentum. But that is not what is happening. Rather, people are constantly trying by their efforts to rebuild the economy, but the government/banking complex, with its taxes and Quantitative Easing and debt increases and other interferences, is constantly wrecking the plans of the people and making many of them despair.
The economy is not “growing but not accelerating.” Rather it is attempting to heal but being wounded over and over again. Obamanomics is like going to the doctor to get a broken leg set and being restrained to a bed with a morphine drip because resetting the bone would hurt too much.