Obama's Smoke and Mirrors Economyby Gerri Willis
More bad news on the economy today.
Business hiring is stalling, according to a private sector employment report.
We gained just 119,000 private-sector jobs last month. That's far short of estimates. And far short of what the economy needs despite what the Administration says.
The President has really only had one successful jobs program: Convincing people they can't find a job.
Adults dropping out of the labor force account for 80% of the unemployment rate's dropping from 10% to 8.2% today.
People actually working or looking for work is near a 30-year low.
And in spite of this, after weeks, months, years of failing economic policies, today Barack Obama leads or is tied with his opponent in the polls.
How can he pull this off?
Deception and distraction.
We'll start with deceptive statistics.
As you know, every week the government tells us how many people filed for unemployment benefits for the first time.
By looking at where that number goes week to week, we can get an idea of whether we're gaining or losing jobs.
The number is critical. The markets move on the data. Bad news can turn the day into a disaster for your 401k.
In its wisdom, the government actually reported the numbers twice: First an estimate, then the revised,
This year, we've had 15 straight revisions higher on the numbers. Of the last 59 weeks, 58 weeks have been revised higher.
Seems to me like in a perfect world the revisions down and up would even out, but that's not the case.
And, it's raising serious questions about the credibility of the government's numbers.
Some serious analysts are asking whether the Department is wearing rose-colored glasses.
But the President's favorite way to win in the polls while losing control of the economy: Distraction.
Like yesterday, while protesters are in the streets, rallying against economic issues like household income dropping over four thousand dollars on the President's watch, he makes a surprise visit to Afghanistan.
And, oh yeah, lots of ads taking credit for killing Bin Laden, like this:
“But he reasoned ‘I cannot in good conscience do nothing.’ He took the harder and the more honorable path, and the one that produced in my opinion the best result.”
All this hoopla despite the fact jobs and the economy are voters' number one issues.
By a margin of ten to one, economic issues trump security and foreign policy.
Afghanistan is the latest distraction. Watch for Obama to resurrect more of his top hits as we near the election.
Issues that don't even make this list: The so-called "war on women." Whether his opponent is a caring dog-owner. Or how many years of tax returns he releases.
This November, don't get deceived, and don't be distracted. If you do, you'll have one more "D" in store for you. Debt.
Five trillion added on the President's watch so far.