Obama claimed in his State of the Union speech that his focus would be on jobs. Really?
President Barack Hussein Obama had the audacity last week when the new jobs report was released that we are headed in the right direction. Some one in the MSM might have wanted to ask Obama, just what direction he considers the right direction, a recession?
With all the signs leading to a double dip recession,President Barack Hussin Obama is partying like it’s 1932.
- “Home sales are down. Retail sales are down. Factory orders in May suffered their biggest tumble since March of last year. So what are we doing about it? Less than nothing,” he said.
- California is tightening faster than Greece. State workers have seen a 14pc fall in earnings this year due to forced furloughs. Governor Arnold Schwarzenegger is cutting pay for 200,000 state workers to the minimum wage of $7.25 an hour to cover his $19bn (£15bn) deficit. Can Illinois be far behind?
- Roughly a million Americans have dropped out of the jobs market altogether over the past two months. That is the only reason why the headline unemployment rate is not exploding to a post-war high.
- The US is still trapped in depression a full 18 months into zero interest rates, quantitative easing (QE), and fiscal stimulus that has pushed the budget deficit above 10pc of GDP.
- The average time needed to find a job has risen to a record 35.2 weeks. Nothing like this has been seen before in the post-war era. Jeff Weninger, of Harris Private Bank, said this compares with a peak of 21.2 weeks in the Volcker recession of the early 1980s.
If that is not enough grim nes, one only needs to look at tghe US National Debt clock.
But with all this terrible economic news, we are not even referencing the Obamacare boondoogle and increase to the debt, his handling of the two wars and the disaster of leadership that is the BP oil crisis. Will Obama ever be up to the job or is it just over his head?
With all this, it still does not prevent Obama from playing golf on your dime.