Speaking at a trucking company just outside the beltway, President Barack Obama pointed to the addition of 431,000 new jobs in May and crowed "the economy is getting stronger by the day."The President, a fellow who doesn't even have the character to quit cigarettes, doesn't have the character to quit blowin' smoke in our faces either.
He doggone well knows that these figures are hyped up phonies. And to his great chagrin, the press who used to fawn over him and assist him in his dissembling, are starting to report that Obama Math turns out to be a very different thing than real math.
For instance, the AP today boldly countered the President's lies.
Job creation by private companies grew at the slowest pace of the year in May, even while the hiring of temporary census workers drove overall payrolls up 431,000. The unemployment rate dipped to 9.7 percent as many people gave up searching for work.
The Labor Department's new employment snapshot released Friday suggested that outside of the burst of hiring of temporary census workers by the federal government many private employers are wary of bulking up their work forces...
Virtually all the job creation in May came from the hiring of 411,000 census workers. Such hiring peaked in May and will begin tailing off in June. By contrast, hiring by private employers, the backbone of the economy, slowed sharply.
Yipes. That won't be welcome in the White House. And that glum report didn't even come from Fox News!
Well, Fox did report the true figures but, acting like good investigative journalists, the kind that the mainstream media used to applaud, Fox went another step and reported that a great percentage even of those census worker numbers are bogus. I posted about this last week in Obama's Census Circus, exposing the problem of how a single part-time, temporary census worker is routinely hired, laid off, hired again, laid off again, and hired again -- with each new hire being counted by Team Obama as a new job created!
It's fraud, folks. Plain and simple fraud. And the Fox item was a provocative interview with someone on the inside who well knows what's going on.
So who is really buying the President's line nowadays? Certainly not investors.
Stocks declined and Treasuries surged on expectations a slowing in the labor market will restrain consumer spending, the biggest part of the economy. Federal Reserve Chairman Ben S. Bernanke said yesterday that unemployment was exacting a heavy toll, showing why economists forecast interest rates will remain low.
“Hiring looks soft,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York. “It does raise some red flags that businesses are still pretty cautious...
“Job growth is going to be anemic,” said Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co. in Newport Beach, California. “Remember, it requires 150,000 to 200,000 jobs in order to reduce that unemployment rate, which is a key focus for the administration”...
“One particularly difficult issue is the continued high rate of unemployment,” Bernanke said at a forum at the Chicago Fed’s Detroit office. “High unemployment imposes heavy costs on workers and their families, as well as on our society as a whole.”
Hewlett-Packard Co., the world’s largest personal-computer maker based in Palo Alto, California, this week said it’ll slash about 3,000 jobs over several years. Citigroup Inc. plans to close 376 branches and reduce as many as 720 jobs in the U.S. and Canada...
Soft hiring? That's those on again, off again census workers who will have to be laid off for good some time this summer. But, as shown above, they've only provided false security to the few dolts who still believe Obama and the Democrats. The real economy is still in very desperate trouble.
And that's not even mentioning the inevitable layoffs and business failures sure to come because of the environmental disaster washing up on the Gulf shores.
No, even Obama Math can't keep Americans happy for long.
