Earlier this season, Team Obama launched a PR offensive designed to convince Americans that a real economic recovery was underway. They called it “Recovery Summer!” Note the exclamation point. They wanted you to really, really get that they believed we were in “recovery.” It wasn’t just a “recovery.” It was “Recovery Summer!”
We should have known it was all illusory quackery when they wheeled out Joe Biden to talk it up.
Today we learn that the “recovering” economy shed 131,000 jobs last month, the second straight month of falling employment. More and more temporary census jobs ended, and the private sector added a paltry 71,000 jobs, far fewer than most expected. In more bad news, the government revised payrolls for May and June to show 97,000 FEWER jobs than originally reported.
All of the arrows are down.
For the $1 trillion-plus that the Democrats have spent trying to “create jobs” and “stimulate the economy,” this is where we are: job losses, not job creation; a formal 9.5% unemployment rate with the real unemployment rate at 18%; stagnant growth; and an exploding deficit and national debt.
Heckuva job, Obama, Pelosi, and Reid.
Obama’s top economic adviser, Christina Romer, announced Thursday that she’s checking out. She’s out the door on September 3, to return to her academic life in Berkeley, CA. Several years ago, she co-authored an economic paper with her husband arguing that tax increases kill economic growth and job creation. Duh. But she likely stepped down now because not only did she infamously predict that unemployment would not sail above 8% with the “stimulus,” but she sees job-killing tax hikes coming soon.
Romer is the second top economic adviser to leave in the past few weeks. The first one to go was Office of Management and Budget Director Peter Orszag, who reportedly was upset over the administration’s unwillingness to deal with the growing deficit.
Again I say: duh. We’ll see many more people leave this administration. They are the token “responsible thinkers” Obama amassed in the early days of his term to show how “even-keeled” and “thoughtful” he was. These tokens are now realizing that he’s on a Far-Left, progressive joyride. He’s out to remake America in the wealth-redistribution model, and he doesn’t give a flying whit about the deficit, spending, higher taxes, or the unemployment rate. He’s on an ideological bender, and people like Romer and Orszag now see it.
They also now know that he’s so determined to transform America, he cannot be dissuaded.
But he can be stopped. It’s called Election Day.
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