Wednesday, September 22, 2010

Where's Waldo's Job?

"Who needs a job when the Government gives me free money?"

As reported in the New York Times,
The United States economy has lost more jobs than it has added since the recovery began over a year ago. Yes, you read that correctly.

The downturn officially ended, and the recovery officially began, in June 2009, according to an announcement Monday by the official arbiter of economic turning points.

If the recession ended in June 2009, where are the jobs? Lagging indicator, no doubt.

Here is the salient point from the article:
The declaration of the recession’s end confirms what many suspected: The 2007-9 recession [when both houses of congress were controlled by Democrats, including then-Senator Obama] was not only the longest post-World War II recession, but also the deepest, in terms of both job losses and at least one measure of output declines.

The announcement also implies that any contraction that might lie ahead would be a separate and distinct recession, and one that the Obama administration could not claim to have inherited... [emphasis mine].

Our economy still has some life left, despite Dear Leader's efforts to crush it underfoot [NB to Larry Summers: Dont' let the door hit you in the ass]. His claim of inheriting a poor economy was BS, and it will be entertaining to watch Chairman Maobama's stammering and stuttering divestment of executive responsibility should the economy "double-dip."

The ball is in your court, Mr. President.

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