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Saturday, October 6, 2012

How The Obama Admin. Is Trying To Deceive You On The Economy


The Rumor Mill News Reading Room 

How The Obama Admin. Is Trying To Deceive You On The Economy
Posted By: LetFreedomRing
Date: Saturday, 6-Oct-2012 04:57:47

http://spectator.org/archives/2012/08/01/obamas-calculated-deception
((snip))
Calculated Deception. That is the central theme of the Obama campaign. Calculated Deception is the term I use for Obama's rhetorical practice of trying to take advantage of what he calculates the average person does not know, and his party-controlled, so-called mainstream media won't report. And that can be seen over and over in the Obama campaign.
Obscuring the Worst Recovery Since the Great Depression
In Monday's Wall Street Journal, Edward Lazear, former Bush chairman of the President's Council of Economic Advisors, notes, "A graph titled 'Private Sector Job Creation' on the Obama-Biden campaign website… announces proudly that 4.4 million private sector jobs have been created over the past 28 months." But that factoid is meaningless out of any context, more like a pediatrician boasting to you that under his care your 16-year-old son has grown to 4 feet 4 inches. At the same point during the Reagan recovery, the economy had created 9.5 million new jobs.
Moreover, Lazear correctly adds, "there hasn't been one day during the entire Obama presidency when as many Americans were working as on the day President Bush left office." That's right, contrary to the Obama campaign's misleading claim of 4.4 million new jobs created, total jobs today are still half a million less than in January 2009 when Obama entered office.
Lazear continues, "Moreover, the unemployment rate, which we were told would not exceed 8% if we enacted Mr. Obama's stimulus package…has never fallen below 8% during his presidency. The rate has averaged 9.2% since February 2009." In sharp contrast, after Bush's tax rate cuts were all fully implemented in 2003, the economy created 7.8 million new jobs over the next 4 years and the unemployment rate fell from over 6% to 4.4%. We won't see that again until Obama is out of office.
President Obama and his chairman of the Council of Economic Advisors, Alan Krueger, brag that private sector jobs have now grown for "28 straight months." Obama and Krueger apparently think most Americans do not know that job growth is the norm and not the exception for the American economy. In the 62 years from January 1946, after World War II, until January 2008, jobs grew in 86% of the months, or 640 out of 744. Reagan's recovery produced job growth in 81 out of its first 82 months, with 20 million new jobs created over those 7 years, increasing the civilian workforce at the time by 20%. Even George W. Bush oversaw 52 consecutive months of job growth, including nearly 8 million new jobs created after his 2003 capital gains and dividends tax rate cuts became effective (which Obama is dedicated to reversing).
The relevant streak of Obamanomics was extended in the June jobs report. That report established that under President Obama America has suffered 41 straight months of unemployment over 8%, which the Joint Economic Committee of Congress confirms is the worst recovery from a recession since the Great Depression almost 75 years ago. Indeed, the last time before Obama unemployment was even over 8% was December 1983, when Reaganomics was bringing it down from the Keynesian fiasco of the 1970s. It didn't climb back above that level for 25 years, a generation, which is a measure of the spectacular success of Reaganomics.
But Krueger tells us about that June jobs report, "It is important not to read too much into any one monthly report." The Obama Administration, however, has said the exact same thing for each of the last 30 months, as documented July 6 by Bryan Preston for PJMedia.
How Stupid Does He Think We Are?
President Obama keeps telling us his economic program should be judged by comparison to the worst of the recession. Look, we have turned the corner, he says, and the economy has started growing again, just like your teenage son. But the correct comparison is to prior recoveries from past recessions. As Lazear explained, "Yet we know that all recessions end and that labor markets recover eventually. What distinguishes this labor-market recovery is not that jobs are finally being created but rather the growth rate is so slow that it will be 2016 before we return to pre-recession employment levels." Obama is campaigning as if he were certain that a majority of Americans do not know that all recessions end and that labor markets recover eventually.
American recessions since the Great Depression previously have lasted an average of 10 months, with the longest at 16 months

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