September 2, 2011

Ø.Ø

..well, he's finally done it! Obama's finally lived up to (one of) his nicknames: Zero.


He and his merry band of shit-wits and his cronies in the congress have beaten this economy into the ground so badly that it's faint pulse has ceased. The August jobs report is a big fat zero.

I am too dispirited to write. Here are some quotes from the underlying article:
o The government also reported that the unemployment rate remained at 9.1 percent. It was the weakest jobs report since September 2010.

o The weakness in employment was underscored by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 58,000 fewer jobs added. The downward revisions were all in government jobs.

o The average work week also declined and hourly earnings fell by 3 cents to $23.09.

o Weak growth, Standard&Poor's downgrade of long-term U.S. debt in early August and a sell-off on Wall Street likely kept some businesses from hiring.

o With job creation stalled and wages declining, consumers won't see much gain in incomes. That will limit their ability to spend, which undercuts growth. Consumer spending accounts for about 70 percent of the economy.

o "The stagnation in U.S. payroll employment is an ominous sign," said Paul Ashworth, an economist at Capital Economics. "The broad message is that even if the US economy doesn't start to contract again, any expansion is going to be very, very modest and fall well short of what would be needed to drive the still elevated unemployment rate lower."

o No growth in hiring puts more pressure on President Barack Obama, who will deliver a rare address to a joint session of Congress next week to introduce a plan for creating jobs.

o The Obama administration has estimated that unemployment will average about 9 percent next year, when Obama will run for re-election. The rate was 7.8 percent when Obama took office.

o The White House Office of Management and Budget projects overall growth of only 1.7 percent this year.

o The economy needs to add roughly 250,000 jobs a month to rapidly bring down the unemployment rate, which has been above 9 percent in all but two months since May 2009.

o In August, the private sector added 17,000 jobs, the fewest since February 2010. That compares with 156,000 in July and 75,000 in June.

o Hiring fell across many different sectors. Manufacturers cut 3,000 jobs, its first decline since October 2010. Construction companies, retailers, and transportation firms also cut workers.

o The health care industry added 30,000 jobs last month.

o The economy expanded at an annual pace of only 0.7 percent in the first six months of the year. That was the slowest six months of growth since the recession officially ended in June 2009.

o In August, consumer confidence fell to its lowest level since April 2009, according to the Conference Board.

o Most economists forecast that growth may improve to about a 2 percent annual rate in the July-September quarter. But that's not fast enough to generate many jobs.
Shall I pass the cyanide and Nembutal now, or do you want to wait a bit?

PRESIDENTIAL LASER-LIKE PIVOT ON JOBS NUMBERS: So, The Chicago Jesus, faced with this latest bump-in-the-road and these newest blasts of headwinds is going to buckle down and get to work on crafting his jobs plan/outline/speech, right?

Wrong, rhinoceros breath!

After 10 days in Martha's Vineyard and an aborted attempt to schedule a joint session of Congress to try to upstage the GOP debate, he's thrown in the towel for the week and is headed out of town for a relaxing weekend:

-30-

4 comments:

innominatus said...

President Flounder

The War Planner said...

"Fat, drunk, and stupid is no way to go through life, son!"

..Good one! I love it!

LibertyAtStake said...

President Downgrade ... President Zero ... President Double Dip.

Just the natural progression for the Empty Suit.

d(^_^)b
http://libertyatstake.blogspot.com/
“Because the Only Good Progressive is a Failed Progressive”

B.C. said...

Apparently the O'Bungles WH tech staff hasn't gotten around to installing SpeelChek® for their press release page... "Daily Guidence"?