Obama Administration Created 400,000 Jobs.
At least, in Nancy Pelosi's dream journal. Here's her idiotic and feverish premonition from last year:
Here's what's really happening with employment, from the Economist:
This morning, the Bureau of Labour Statistics released a dismal economic report. After producing job gains averaging 220,000 per month in the three months to April, the economy added just 54,000 in May, below expectations. The private sector did a bit better, adding 83,000 jobs, but that was well off the healthy rate of hiring enjoyed earlier in the year. The unemployment rate rose to 9.1%, from 9.0% in April.
Here's how James Pethokoukis sums it up in his excellent Reuters blog (and if you're not reading him regularly, start. I'd love to have him on Ricochet....):
I don’t think the terrible May jobs report means the Obama presidency is doomed anymore than I thought the killing of OBL meant re-election was in the bag. But another 18 months of economic muddling through – high unemployment, stagnant wages, dead housing, slow GDP growth – would certainly make the GOP nomination one worth winning. Like REALLY worth winning – let’s put it that way. And the history of economies after bank crises show the “muddling though” scenario is a common one.
If job growth continues to be slow, and the GDP growth lags, we're talking about a potential double-dip recession. If I was betting, I'd say that we're in one right now, and we'll get confirmation of that over the summer. Think how different this would all seem if President Genius has simply favored pro-growth policies instead of over-regulation, over spending, and pro-big union boondoggles. How different would it all be with a tax cut instead of a stimulus package? With education reform rather than Obamacare?
And if we truly are about to slip into a double dip recession, Obama is over. Done. Finished. Washed up and sent packing to the faculty of the Kennedy School of Government at Harvard, where he'll putter around Cambridge for the rest of his days muttering bitterly about how unfair this all was.
And it all started with Nancy Pelosi's delusional nonsense about 400,000 new jobs. What's clear, especially with today's awful job numbers, is that they really believed it.
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May '10
Re: Obama Administration Created 400,000 Jobs.
I suggest Pethokoukis for the Ricochet broadcast, too. He's on Bennett's program early in the morning about once a week and he'd fit right in with the regular Rico broadcast crowd.
Nancy Pelosi's dream journal... that would be a great regular column in National Review.
Re: Obama Administration Created 400,000 Jobs.
I have said it more than once. I will say it again. Only the Republican Party can save Barack Obama.
Jun '10
Re: Obama Administration Created 400,000 Jobs.
Question: If the bad job numbers continue and the economy does slip into double-dip, does Obama heed the call to "drill, baby, drill!" Or does he throw himself on his ideological sword?
Aug '10
Re: Obama Administration Created 400,000 Jobs.
Rob Long:
And if we truly are about to slip into a double dip recession, Obama is over. Done. Finished. Washed up and sent packing to the faculty of the Kennedy School of Government at Harvard, where he'll putter around Cambridge for the rest of his days muttering bitterly about how unfair this all was.
Oh, I wouldn't be so sure. Remember FDR?
How many times was he re-elected?
Re: Obama Administration Created 400,000 Jobs.
I'm starting to agree with Professor Rahe: I don't think Barack Obama can do anything to save his presidency. It's up to Mitt Romney.
(And don't you wish that you had a Professor Rahe in college? I certainly do. Though I have a feeling he's kind of a tough grader.)
Oct '10
Re: Obama Administration Created 400,000 Jobs.
Pelosi is either a blatant liar, or will only accept the numbers on the pages from their own slanted studies. Seen more than my share of this...As in Our Studies Say....
Usually by those without any clue or grasp of reality.
Did enjoy poking big holes and stopping some these events in ones career...
Truth never sells well...
May '10
Re: Obama Administration Created 400,000 Jobs.
Agreed. It all depends on what Republicans fail to do.
... and by "do" I mean "say", because all they have to do is take control of the public conversation.
Dec '10
Re: Obama Administration Created 400,000 Jobs.
Oh, Pelosi believes none of it. That's why she has so much trouble spouting her memorized "facts". Listening to her on such a subject is like watching an errant volcano burst out from the side.
Dec '10
Re: Obama Administration Created 400,000 Jobs.
I'm not sure if this is what Professor Rahe meant by "only the GOP can save Obama," but I disagree that Republican failure to act is Obama's only hope. If the debt limit negotiation results in 1 to 2 trillion in real spending cuts, it may be just what investors, lenders and the private sector are waiting for... some sign that fiscal sanity will be restored. The GOP could really help the economy by reducing uncertainty and improving sentiment, which, quite predictably, the DNC will spin as Obama's success. And if the GOP plays to type, it will fail to correct the propaganda.
Aug '10
Re: Obama Administration Created 400,000 Jobs.
I think the current leaders of the Democratic Party really believe that government intervention into the market place is the impetus behind all economic activity. If they weren't true believers they'd have jump ship by now out of sheer political expediency.
Pelosi is awfully poor spoken though considering her level of influence.
Dec '10
Re: Obama Administration Created 400,000 Jobs.
I also believe Obama and Pelosi truly believe jobs, innovation and economic growth come from government investment. Leftism is a religion. It is an article of faith that all good things come from government, as long as the right people are running it.
If Buckley believed in "the end of history," it might be the worst idea he ever had. The biggest surprise of my adult political life was learning we'd have to fight the Left over the merits of capitalism. Again.
Jan '11
Re: Obama Administration Created 400,000 Jobs.
Yes they do believe it, past the point where any contrary fact could possibly dissuade them.
I wasn't a big fan of Bill Clinton. but give the man credit. He knew when he had to change. When it ain't workin', friend, it ain't workin'.