Obama’s Economy
Jobs Actual vs. Obama Prediction
Press Secretary Robert Gibbs proclaimed on July 1, 2009, that it is time for us to now to consider whether Obama’s stimulus plan (i.e. Los Porkulus), and Obama’s economic plan in general, is a success or a failure.
By any methodology you choose to use, the Obama Stimulus plan has not worked.
Obama, in a Rose Garden conference on Wednesday, said the jobs numbers were ’sobering‘. Then, he stated that unemployment and job losses were slowing…without any evidence. In fact, the evidence is to the contrary. Unemploment appears to be worsening, with the loss of an addition 467,000 jobs in June. That means that we are now at a 26 year high of 9.5%.
Now, you may ask, is this the fault of the previous administration (which the White House continues to blame) or the failure of the Obama stimulus? Well, using the Obama Administration’s own predictions, we can come to an answer:
The dark blue line proclaim’s Obama’s projections. He promised to keep unemployment below 8% if the stimulus passed, as you can see above. Instead, unemployment continues to skyrocket, and will almost surely pass over 10%. In the four months of the Obama Administration, the economy has lost 2.5 million jobs. What is worse is that Obama’s economists made prediction of the worst case scenario if the Obama Stimulus didn’t pass; that is the light blue line in the middle. So, after passing the Obama stimulus, the job numbers are worse than if the stimulus had not passed!
Paul Krugman, liberal economist and moron, has been attacking the Obama Administration…for not being more aggressive in the socialistic plans. He expects a jobless recovery. It is a bad sign when a liberal economists expects a jobless recovery from the largest liberal stimulus plan in history. Of course, Krugman’s answer? More stimulus! Hooray! Again, Krugman is the all-time dumbest Nobel laureate, period.
This is finally affecting Obama’s ratings. Rasmussen’s Approval Index has had him at zero to -2 for the past two weeks. Rasmussen reports that 42% give the President good or excellent marks for handling the economy. And his approval ratings are the lowest yet, with 53% approve of the President’s performance, while 46% disapprove. So, we are back to the popularity numbers equivalent of election day…the honeymoon is officially over.
What is really hurting him is the budget deficit. His numbers on confidence of handling the budget deficit have plummeted, and are now in the Bush range. And remember, the Obama stimulus and his huge budget deficit is costing us approximately $5 trillion over the next 5 years. And the benefit for that big borrowing, and mortgaging our children’s future, appears quite minimal at this point.
The opposition is growing. Earlier in the year, when hundreds of thousands of people came out for the Tea Party movement. The movement continues to grow, and is primarily based on the ever growing size of government, not to mention the inevitable taxes that will follow. This doesn’t even beging to talk about boondoggles such as the Cap-and-trade bill, as well as the proposed Democratic Health care plan. It is starting to affect Democratic plans. The health care plan was to cost $1.2-$1.5 trillion, and the Democrats freaked. Why? I mean, a few months ago they spent multiple times that without blinking. No, the public’s anxiousness forced the Democrats to push the cost downwards. The unfortunate part is that the decreased costs are an illusion…they are purely using accounting methods to push the calculations downward, to about $650 billion. There were no real cost cutting measures in the new bill.
Obama is also heading toward a steep cliff on his biggest campaign promise: not raising taxes on anyone making less than $250,000 a year. Well, he already broke that promise in less apparent ways, but not it looks like he will blatantly have to break his promise. Cap-and-trade and health care reform are both very likely to assess taxes on many people making as low as $40,000 a year.
This duplicity is catching up with the Democrats. You can fool people in the short term, but facts catch up to reality.
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