IT'S OFFICIAL: Barack Obama Is Worst Jobs President Since Great Depression
Posted by Jim Hoft on Tuesday, August 3, 2010, 9:24 AM
Thanks Barack – Thanks Nancy – Thanks Harry
(Source: US Misery Index)
And, it only took him 18 months… Another record!
Barack Obama is the worst jobs president since the Great Depression and possibly is the worst jobs president in US History. The US unemployment rate has not fallen below 10.8 percent in the last 12 months. This is unprecedented.
Common Dreams reported:
As the nation contends with a long and sustained labor market recession, a new study from the Center for Economic and Policy Research demonstrates that the current unemployment rate is higher than the conventional measure shows.”An unemployment rate that has hovered above 9 percent for several months is striking, but the jobs picture is even worse than it looks,” said report author and CEPR Economist David Rosnick.
The study, “The Adult Recession: Age-Adjusted Unemployment at Post-War Highs,” adjusts the current unemployment rate to account for demographic differences and finds that the unemployment rate has not fallen below 10.8 percent in the last 12 months. During the worst episode of the recession of the 1980s — the second half of 1982 and the first half of 1983 — unemployment passed 10 percent for 7 months.
Don’t expect to see this on the nightly news.
Today Treasury Secretary Timothy Geithner announced that the U.S. unemployment rate could rise for two months before it drops.
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Published May 17, 2012 at 1:26 pm - 149 Comments
Kevin P commented:
The Job Assassin (credited to Jamie Allman)
He was already an a$$hat, now he’s an assassin as well.
Khan Krum commented:
What did people expect electing Mister Peanut as president? What were they thinking?!
Brooklyn commented:
Hoooraaaaay !
Thanks Democratic Party !
No more reason for a vacation visit to FRANCE,
we have the failed collectivist disaster right here.
Democrats – Obama – Pelosi – Reid – Clinton have failed on all, whether it be North Korea, transparency, earmarks, signing statements, tax increases, GITMO, executive orders, uniting the Country, draining the swamp, “smart power”, Iran, border security, etc.
The other day, Obama was so cheap, he could not even offer some decency in regards to the success in Iraq created by the prior Bush Administration’s leadership. A major achievement of liberation created by the Allies in the Free World, and Obama is willing to cede it all away, because it is a product of his Domestic Political opposition. How childish and foolish can one be?
S. Wolf commented:
Must be why he looks terrified..
http://www.daylife.com/photo/07oxaJP5X3aYO?q=obama
bill-tb commented:
socialism, epic fail. How many times do you have to repeat before you know.
Betsy Ross commented:
Complaining about the current state of affairs is futile….these people are happy that everything is turning to crap….it’s by design and they have a plan….it’s very depressing but that’s the way it is…
…and BTW my depressed response is also what they want and that really annoys me…
…however, I still have a strong streak of optomism that in the end these nuts will go away, eventually…
mike commented:
let’s see Clinton 8yrs in office, Bush 8yrs in office…..Obama 18 months in office. Well that seals it for me. I think you might have to wait the full 8yr term before you can make that statement. But who cares about fairness when you can rail on the Socialist, Marxist, Racist, Hitlerist oh yea and don’t forget the boogey man President. Well, I was reading the Wall Street Journal last week sometime and it had the rundown of job creation by each President and don’t you know in dead last for job creation was good ol’ W with a grand total of 3 million jobs created in 8 years of his administration. Clinton created 21 million new jobs under his REGIME . Even poor old Jimmy carter created more jobs than Bushy did and he was in office for only one term. I think we’re getting tricked on.
kato commented:
The worst possible government at the worst possible time. One couldn’t ask for a stupider set of policies than what we’ve gotten over the past 18 months.
Every time Jivemaster opens his mouth, he betrays his economic ignorance. But it’s not about fixing the economy. It’s all about the looting of America’s wealth and handing it to the Jivemaster’s parasites.
garrett commented:
It is the Congress that wields financial power, not the President. The President is an executive who leads by setting policy, executes Congressional laws and (hopefully) acts a brake on congressional excesses. Democrate control of Congress has existed since 2006. Before that a bunch of spend happy Republicans controlled Congress. You learned all this in your high school government class.
Stuart commented:
Let me guess Mike. You are employed, by the government perhaps, or some union?
Am I getting warm?
So I guess that as far as the doubters of our great Lord Obama are concerned, we heretics can all just go to hell.
We simply are not worthy of Him.
Besides, everything is George Bush’s fault, everything.
kato commented:
Garrett:
A president can have significant influence on legislation via pressure on congressional leaders, the public popularity of his policy objectives, and, ultimately, with his veto pen.
The Obama administration has let Congress run wild with one piece of legislation after another. Some have criticized the president for not having a more hands-on approach, but I suspect the president agrees with most of the inane legislation that this Congress has produced.
As I’ve written elsewhere, never in my 35 years of following financial markets have investors, business owners, and just average citizens had so much to fear from stupid and heavyhanded intrusions by the federal government.
Chkn Fryd commented:
Mike: rock on. Stuart: lighten up, man.
Anybody recall how this is the worst economic downturn since the great depression? What do you THINK employment looks like during one of these? And all of you “I can make it on my own, if the government stays out of the way” folks are now asking “where, oh where is the government with my job?” SOCIALISM? Really? Does that include private sector job creation for DoD projects which the uniformed military has vehemently stated they do-not-need? But I thought you hated big government spending? Especailly big government deficit spending? Even if those deficits create jobs? Hmmmm.
Think about it.
Chisum commented:
The Lost Decade
http://www.americanthinker.com/2010/02/the_lost_decade_1.html
kato commented:
Stuart:
I didn’t even give a thought to responding to Mike’s comment. His numbers are useless and likely phony. Just like the phony numbers that routinely show up on Obama’s teleprompter.
Americans should be very concerned that each $30-60K job being trumpeted as “created” by Obama comes at a price of hundreds of thousands of dollars to the taxpayers. In addition, many of the jobs are in new “pet” projects that make liberals feel good, but that are unlikely to be economically viable. We already saw some of this under Bush, specifically with his signing on to the ethanol craze.
The administration has declared a crisis, and a la Rahm Emmanuel, is using it for its own purposes. The day of reckoning — and it will reckon — is again being kicked into the future. One doesn’t need to be Milton Friedman to figure out the consequences of this smoke-and-mirrors policymaking.
John commented:
This is the official unemployment rate, I believe, and is calculated by counting people on unemployment. Am I right about that? I think the unofficial “actual” rate is much higher.
Chisum commented:
Thanks for the memories, Barack: Or, how to bankrupt a country in three easy steps
http://pajamasmedia.com/rogerkimball/2010/07/26/how-to-bankrupt-a-country/
Stuart commented:
Chkn Fryd:
No. We are not asking the government where our jobs are. We are asking the government to GET THE HELL OUT OF OUR WAY. I had a job. It was a good one. But at my age, in this economy, I can probably expect to never have another. Were this economy ever to return to normal, I might work again, but given the damage that this administration has done I doubt that the economy will ever return to normal in my lifetime.
If you doubt this just wait till January when the tax hikes hit. Can you say “depression”?
Another thought: how many small businesses will be willing to continue operating when the have to fill out another form 1099 for every $600 purchase. Have you any idea the blizzard of paperwork this is going to cause? How many thousands of IRS employees will it take to file and record them? Or is it as I expect just another useless exercise in jumping through hoops for the sake of jumping through hoops.
As for your advice that I “lighten up”; America has lightened up for decades and this is where it has gotten us.
Chkn Fryd commented:
But didn’t Cheney say “Reagan proved deficits don’t matter?” Debt skyrocketed under Reagan; this should make the President more Reaganesque, more Conservative than most of you all.
Think about it.
Chisum commented:
What If Revenue From The Rich Dries Up?
How much of the tax burden can these upper-income earners be expected to sit still and bear?
For capital gains alone, every tax increase over the last 40 years has produced less revenue rather than more. Due to the counterproductive economic effects of all these rate increases, revenues overall are likely to fall substantially short of budget projections.
Even with the above tax increases, CBO projects that by 2012 the national debt will have doubled in only four years, to $11.5 trillion. By 2020, it will have almost quadrupled since 2008 to $20.3 trillion. By the end of this year, CBO projects the national debt will reach 62% of GDP, higher than at any time in our history except for World War II and shortly thereafter.
Indeed, as Brian Riedl of the Heritage Foundation reports, under his proposed budget, “President Obama would run up more debt over his eight years than all other Presidents in American history — from George Washington to George Bush — combined.”
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=542408
donabernathy commented:
Barry should be getting a Nobel for economics any moment now
roflmao
Chkn Fryd commented:
Stuart:
I hear you. I do. So create a company that helps people deal with the IRS. You’re obviously thoughtful and entreprenurial. Make a plan, hire some talent, and keep saying what you’re saying. But IRS bureaucracy is no more evil than AT&T bureaucracy — and that’s a plus for your business. If a tiny portion of the population makes most of the income, then that’s where most of the income tax needs to come from, don’t ya think? This means the target market for your services is a small, concentrated group — another plus for your business.
Take heart; opportunity is all around you.
David commented:
This is due to the oil spill. Republicans blocked a full investigation and apologized to BP for how the company was being treated y the public. Now republicans can point at “the boogey man” (as mike on August 3rd wrote) and blame him. Who will you blame when Jeb Bush is president? Oh yeah, you’ll still blame Obama.
Steve commented:
It is truly staggering how every criticism repeated over-and-over-again by the Democrats during the Bush Administration is actually true about President Obama. I remember the constant drumbeat of ‘worst unemployment since the Great Depression’, which wasn’t true then, but is certainly true now. How about when the Patriot Act was widely compared to Big Brother from Brave New World, and then the Democrats reauthorize it quietly during the Obama Administration. ‘No blood for oil’….unless liberals are in power, and then don’t expect to hear this slogan ever again-down the memory hole you go. Even with illegal immigration, there are news stories that could be written about the number of illegal immigrants in California prisons or illegal immigrants murdering and raping citizens, but the journalists are mum. It is amazing how different reality becomes when a liberal Democrat is President.
mike commented:
Stew baby….don’t even want to know if the figures are accurate? Don’t you care about the truth?…..Typical of the right….Just as long as you can just keep chanting in your own mind. It’s the boogey man, it’s the boogey man, it’s the boogey man then you feel safe. Being frieghtened of something that is different from you is a direct result of ignorance. And as they say ignorance is bliss.
Kevin P commented:
Chkn Fryd # 24 “But IRS bureaucracy is no more evil than AT&T bureaucracy…”
Seriously??? You really believe that?
Riiiiight.
Last I checked AT&T didn’t have the power to audit you – make laws to take your money for services you don’t use – imprison you – or FORCEFULLY enter your home or business.
When was the last time AT&T purchased assault shotguns?
Your new name is Gumby (damnit) because you must be very flexible tying yourself in those twisted knots of “logic” you spew.
mike commented:
you know Stew, that’s what I like about the right. All you have to do is say something and if it fits in with the right winged ideaology then they go with it whether its true, false or indifferent. That’s why fox noise, along with Beck, Hannity and Limbaugh the drugster are so beloved by the right. They just spew out half-truths and disinformation and you eat it up like a lap dog. The truth is unimportant, but the ideaology is what you hold on to.
Chkn Fryd commented:
Kevin P @ 31: Every private business you do business with has the power to “audit” you — it’s called a “credit profile” and as Ron White said, “profiling is wrong.” Try posting without an internet connection. Who do you call about it if you can’t call or e/mail? You’re telling me that since you pay your phone bill you use every service available? Otherwise you would be forced to “pay money for services you don’t use.” By implication this means you have visited every web site ever made because to not do so while paying for internet access would, by your definition, be a waste of money. And if you didn’t pay what you owe them, wouldn’t they be right to come after you? Bureaucracy is bureaucracy whether it supports big capitalism or big government; it’s not wrong, it’s not efficient, but it’s very effective.
I can’t hear you. I – I just can’t hear you. Get back to me when they restore your connection.
Slappy commented:
Chkn Fryd
August 3rd, 2010 | 11:11 am | #21
But didn’t Cheney say “Reagan proved deficits don’t matter?” Debt skyrocketed under Reagan; this should make the President more Reaganesque, more Conservative than most of you all.
Think about it.
Your interpretation of that statement is disingenuous at best. Deficits didn’t matter as much under Reagan and the Bush 43 as they do now because they were still a small percentage of GDP and the economy was growing, but under Obama, they dwarf the Reagan and Bush years and are taking up an increasing and higher percentage of GDP. The same is true of the debt. Take a look for yourself:
http://www.usgovernmentspending.com/federal_deficit_chart.html
http://en.wikipedia.org/wiki/United_States_public_debt#History
Plus, there is the health care plan and increasing Social Security and Medicare payments due to the retiring Baby Boomers that will add substantially to the deficit and debt over the long term beyond the forecasts listed at the second link above. Of course, you find it easier to have everyone discuss Reagan and Cheney than to defend the abysmal spending record of Obama and the Democrats the past couple of years. I’m not surprised since defending Obama in regards to spending, deficits, and the debt is a losing proposition.
Face it, there were problems with government spending under all recent administrations of both parties — the dot-com and housing bubbles under Clinton and Bush 43 brought in temporary revenues that masked the excessive spending that took place under both — but Obama has taken it to new levels and doesn’t have a strong economy to mask it. It’s also why Obama is going to increase taxes, which will ensure a sluggish Japan-like economy for the foreseeable future. But you keep digging up excerpts from comments by Cheney and other Republicans instead of acknowledging the horrible spending habits and fiscal policies of Obama & Co. Talk about putting your head in the sand.
Slappy commented:
David
August 3rd, 2010 | 11:22 am | #25
This is due to the oil spill. Republicans blocked a full investigation and apologized to BP for how the company was being treated y the public. Now republicans can point at “the boogey man” (as mike on August 3rd wrote) and blame him. Who will you blame when Jeb Bush is president? Oh yeah, you’ll still blame Obama.
Is this post for real? It doesn’t even make sense. BP is ultimately to blame for the oil spill but to blame the GOP for supposedly blocking a full investigation is beyond stupid considering the Obama Administration’s Minerals Management Service (MMS) was the one inspecting BP’s Deepwater Horizon drilling rig and could have helped prevent the spill from ever happening. Plus, what’s the point of a full investigation at this point anyway considering that BP has already pledged a boatload of money for the clean-up and has released records which show they were derelict in their duties. A full investigation isn’t going to add much to the public knowledge considering the vast majority of the public holds BP accountable for the spill and the company has basically acknowledged many of its mistakes.
BTW, your attempt at acting like the GOP has invented the art of blaming the president for all ills considering your sides behavior during Bush 43′s presidency — as well as the 18 months Obama has been in office — is laughable. Like a coward who lacks leadership skills, Obama himself is still blaming Bush. It’s pathetic.
Cal commented:
Looks like some real fuzzy math to me.
Robert commented:
We don’t need to get all specific when the deficit and debt are in $Trillions and rising rapidly. This is not good, percentage of whatever be damned.
A federal government spending that amount of money is too big, too intrusive, too overbearing, just too much.
We don’t need it, don’t want it, and we can’t afford it.
Simple as that.
Brooklyn commented:
LOL !
Some Democrat named “MIKE” got on this fine blog to repeat the same vapid sophistry about Clintonia yet again.
Bill and Hillary gave us one of the biggest tax increases in US History, that, coupled with many other embarrassments – like the Clintons giving MASSIVE FED LOAN GUARANTEES TO ENRON, ended up giving the USA a Recession in 2000.
Nobel Award Winner Edward Prescott won the 2004 Nobel Economics Prize, and famously rebuked the Clinton Tax Increases of 1993 (one of the largest in US History), which he stated helped create the Clinton Recession of 2000.
The Clinton Legacy would have been far much worse, if the American Public did not give the US House to Republicans after 40 years of Democratic Partisan control – because the Clintons were so radical, incompetent, corrupt, even trying to Nationalize US Health Care.
So GW Bush takes Office after this folly, and even the terrible offering of the Clintons on National Security, making the USA terribly vulnerable by ignoring the rise of Islamic Terrorism even after it bombed the WTC in 1993 – with insanity like the “Gorelick Wall”. Thus we were completely an easy target for 9-11.
So many disasters created, encouraged, enabled by the Clinton Malfeasance, including the appeasement of North Korea, Yassir Arafat, the Taliban, etc. Even the Clinton led nightmare in Mogadishu, Somalia empowered the likes of Bin Laden, which Billy the Slick Willy failed to take into US Custody on 2 separate occasions.
It is only natural, after all the insanity provided by the Clinton Negligence, that the USA would be slow to many things. YET, with all of the sophistry, GW Bush led before and after 9-11 with great strength and decency, cutting taxation, and growing an economy which had history Low Unemployment levels nearly 4%, historic high Stock Market Records, healthy GDP growth, and even admirable inflation levels, etc.
The reality of the Clinton Disaster, which would have been just as bad as Carter’s Malaise, or the Obama Trainwreck, was the fact that Republicans held so much in check during the 1990′s. They are the one’s who stopped the Clinton calls for Deficit Spending on mindless levels.
Mike seems to think, because Obama only has had ONE YEAR, that he will turn it around in time. The problem with this denial, is the stunning failure to study the basis. Mike fails to even reflect upon the actual substance of the offering, for example: comparing Clinton’s high taxation vs. the success of the Bush tax reduction.
But then again, Democrats never seem to study basis, facts, reality. They are lost in the fashion of image, nothing more.
kgd commented:
Democrats: “Because You never want to waste an opportunity to create a good crisis”
mnrobot commented:
Linked.
http://mindnumbedrobot.com/2010/08/04/long/2254
mike commented:
Brooklyn you really need to think about what you’re saying. “The success of the Bush Tax cuts” That must be the reason the guy had a 25% approval rating at the end of his Presidency. Bush and his policies were an absolute disaster and you know it. You just won’t admit to it because that would mean that you were wrong. It’s ok to admit that something doesn’t work. It doesn’t mean you’re a bad person. You should just come clean and say; You know you’re right the Bush era really wasn’t that good. Go ahead do it. I’ll bet you’ll feel a whole lot better. Don’t keep living in the fantasy world of the right. Hey, I think the President is doing a good job, but I wouldn’t defend everything he’s done. That would silly and immature.
Bob commented:
Ronald Reagan presided over 10.8 percent unemployment in December 1982. THAT’S official.