Hat Tip: BB
Hat Tip: BB
By: Jeffrey Klein
Political Buzz Examiner
President Barack Obama began his campaign bus tour through the swing states of Ohio and Pennsylvania, which are part of the manufacturing heartland of the United States that has seen 599,000 of those jobs disappear during his first term–and the official June jobs report indicates that new job creation has been on a backslide for three months straight, according to a FOXNews article today.
The Labor Department was the barer of bad news today, as they reported an anemic 80,000 private sector jobs were added in June, marking the third straight month of weak hiring and raising concern that the economy has taken a turn for the worse–as we had been predicting.
To put it in perspective, during the first quarter of the year an average of 226,000 were created in the private sector, whereas in the second quarter the average was a paltry 75,000 jobs.
More disturbing is that about one-third of the jobs gained in June were in temporary services, and although manufacturing accounted for 11,000 jobs–its ninth straight month of gains–the rate of growth in factory jobs slowed sharply in the second quarter compared to the first.
Also, last month the Fed downgraded its economic outlook for 2012, predicting growth of just 1.9 percent to 2.4 percent for the year and little change in the unemployment rate.
And finally, the jobless rate remained frozen at 8.2 percent–capping a crummy second quarter for job seekers.
Once again, the facts are already flying in the face of the ‘we’ve been going in the right direction’ rhetoric the president has been barking on the trail–as he tries to woo desperately needed blue color workers back to his camp.
And a quick look back at job growth and corresponding unemployment rate graphs and data for the 1990 and 2001 recessions, as provided in Bill McBride’s June 7, 2009 article in his blog “Calculated Risk,” are pretty grim for the president at this stage of the game too.
McBride describes the 1990 Recession and Recovery as being “jobless” also…
The unemployment rate continued to rise for 15 months (corrected) after the recession ended … because the working age population continued to grow, [thereby] increasing the unemployment even with no net job losses.
Also, discouraged workers usually start to return to the workforce as the economy recoveries–increasing the labor force and pushing up the unemployment rate–if there are insufficient job gains.
President George H.W. Bush lost reelection after just one term to Bill Clinton, entirely based on the single line…”it’s about the economy stupid,” because the unemployment rate hit 7%.
President Bill Clinton held court over the country when the “dot.com” stock market boom launched the recovery from the 1990 recession, providing America with an unprecedented 6 year run of prosperity.
But, as with everything else, it reached the end of its life cycle and began to disintegrate during 1999, culminating in a market meltdown, the aftermath of which was handed over, along with the presidency, to George W. Bush in January 2001; on September 11th of that year the terrorist attacks on our nation hammered near term recovery hopes.
McBride also used the word “jobless” to describe the 2001 Recession and Recovery:
This is similar to the 1990 recession in that the unemployment rate continued to rise for 19 months (corrected) following the end of the recession.
However, following the 2001 recession, the labor market remained very weak with several months of substantial job losses … [while] the [labor] ‘participation rate’ declined sharply–suggesting a large number of discouraged workers.
The graph of the data clearly show that the 2001 Recession was less severe than 1990 in terms of the rise in unemployment, where it began at 4.5%, then averaging 5.75% during the job growth “neutral” period between month 13 and 33, then falling to 5.3% in the 48th months after 14 months of substantially consistent job creation.
The recovery from the 2001 recession was ignited by the “Real Estate Boom,” which began in 2002, where “easy money” allowed nearly anyone who was over 18 and could “fog a mirror” to get a nothing down mortgage.
This sent property values rising so fast that “real estate trading” took the place of “day trading,” born during the aforementioned dot.com boom.
Unfortunately for President Barack Obama, there will be no “green energy” boom to launch our recovery from the economic and emotional doldrums imposed by he and the Democrats litany of anti-capitalism and pro-socialism policies.
Any president should realize that if they need to go on tour to “tell” the people that things are getting better–there is no savior for them on the horizon.
BREAKING: heck, smashing, from Iowahawk…
WASHINGTON DC – Jubilant scientists at the DNC’s High Speed Word Collider (HSWC) announced today they have conclusively disproven the existence of Roberts’ Taxon, the theoretical radioactive Facton particle that some had worried would lead to the implosion of the entire Universal Health Care System.
“I think it’s time to pop the champagne corks,” said HSWC Director David Plouffe. “Then blaze some choom.”
Gulag Note: Still pondering what must seriously be explored concerning the Chief Justice.
Hat Tip: Nancy Jacques
By: Andrea Shea King
The Radio Patriot
I’ve gotten word that our friend and my show producer Dave “ThirdWaveDave” Logan is having a pretty rough go of it. He’s been in the hospital for the past couple of weeks, dealing with serious complications from the bone marrow transplant he underwent on May 10th to eradicate the leukemia he’s battled for the past five years.
I’m not certain if his body is rejecting the new marrow cells, or if it is other complications or both, but he’s in the toughest battle of his life and is a pretty sick guy right now. His oncologists are trying to pinpoint the problem and treat it, but in the meantime our Dave is struggling to stay alive. Please keep a good thought for him, and a prayer in your heart for his comfort and survival, if God wills it.
Today I thought it would be good to remind ourselves of some advice Dave contributed in an email thread to the ConReCo crowd, a group of Conservative thinkers and patriots in which we both participate. Dave wrote this on June 9th, when he was still feeling well enough to sit at his computer.
It would appear to even the marginally intelligent person on the street that the progressives and their policies are in trouble. They know better than anyone on this thread. It’s a good place to be, but it’s no time to sit back and rest on the knowledge that we have the ring cut off.
As I’ve said a thousand times: The communists did not come this far to lose. They will do whatever it takes to bring this election in for a win. Many things can be manipulated–think back to the later parts of ’08, even back to late ’07. And do not forget the MSM. The dumb clucks out there in couch and cable land think they’re savvy, informed voters by reading headlines and listening to sound bites from a reader of news or a pol who’s quick on the one-line delivery during a “so-called” debate or presser with no Q&A. Obama is the master… well, his handlers are masterful.
So don’t go thinking so early in the game that it’s a done deal. Not even close–not by a country mile. Think CRISIS. It could be we do win this thing, but I’d prefer doing it by putting more pressure on now and thru November. Relentless pressure. Breitbart type pressure. Everyone should be involved in a tea party–volunteer, send cash and be a cheerleader for those within their circles of influence to do the same. We first have to calculate the % of probable voter fraud in those close races, overcome it by that much plus some, then pour it on in the remaining voting areas, be it rural or urban.
Now that our opposition has seen the likes of ’10 and Wisconsin (2), they know exactly where their forces will be placed: Sun Tzu named that ground clearly in his strategic writings: Death ground. Politically, that is what they’ll be facing if they lose a majority to the conservative movement.
Of less importance but something that pisses me off to no end: If we win, Rove, and those like him, will certainly claim credit while not once mentioning the Tea Party or any of the hardest working folks at CTDO, TPX or other right leaning, anti-progressive orgs. So, one more point–we have two enemies and they usually have us surrounded come election time. But you military guys and gals can take heart because you know the old saying about being surrounded during battle…
Good luck to us!!
Yes, good luck to us. And good luck to you too, Dave. I’m praying for you.
Note: I’m praying for Dave as well. He is my friend and I know how much Andrea must be hurting right now. He’s one of the strongest, bravest souls I know. If it’s beatable, Dave will do it. If not, God will call him home. I’ve lost too many people this year and it breaks my heart.