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EDITOR OF REDSTATE

Shobhana Chandra is in danger of re-education

By: Erick Erickson (Diary)  |  July 2nd, 2009 at 10:30 AM  | 

RESIZE: AAA

Why? For writing this.

Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market.

The payroll decline was more than forecast and followed a 322,000 drop in May, according to Labor Department figures released today in Washington. The jobless rate jumped to 9.5 percent, the highest since August 1983, from 9.4 percent.

Unemployment is projected to keep rising for the rest of the year just as the income boost from the stimulus package fades, undermining prospects for a sustained rebound in household purchases, analysts said. As companies from General Motors Corp. to Kimberly-Clark Corp. cut costs, the lack of jobs will limit any recovery.

Most media outlets have started engaging in pro-Obama “it’s not that bad” spin. But this is a harsh reality. Unemployment will keep going up. Wages will stagnate. The Obama stimulus plan is not working.

Sadly, we all knew that before the stimulus passed Congress. But it still passed and now we’ve added trillions of dollars to the deficit for nothing.

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COMMENTS

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  • bk

    Via CNBC

    Ford reported its U.S. sales fell 10.9 percent in June, near the top of expectations, and surpassed Toyota as the No. 2 automaker.

    General Motors reported its sales dropped 33.6 percent, while Chrysler’s plunged 44.2 percent. Toyota and Honda both logged declines of about 30 percent.

    So GM is tanking worse than anyone except Chrysler, who is going completely down the toilet. At this rate we’ll need another bailout to repay the UAW since we gave them two worthless companies.

    AIG will again be in focus. Shares tumbled more than 20 percent Wednesday after a notice of the stock’s suspension and delisting was erroneously posted for three hours on the NYSE site.

    Given the manipulations of George Soros in the past, anything “accidental” certainly looks suspicious to me – especially when you know a LOT of money changed hands as a result.

  • Ann_W

    It’s unsettling how bad this could get. The thing is that with some good conservative policies this thing could be rounding a corner by now. But the whole thing will be blamed on Bush because it started under him.

    I hope Repub candidates know how to use the fear mongering predictions used to pass the stimulus and use it in ads to show that the Democrats are incompetent on the economy.

  • Ann_W

    nt

  • johnt

    blurb, the kind that even liberal media hacks smirk at when pimping for this disastrous administration. It’s getting tougher to do.

    Meanwhile The O runs town hall meetings stuffed with Dem supporters, those that are sane enough to leave the house, meant to influence both Congress and the rest of the nation.
    And the Soviets thought that their Potemkin Villages were good. Obama has learned and improved on his inspiring predecessors.

  • The_Gadfly

    and actually showed more thought and frugality than they were capable of. Something about imagination I suppose.

  • johnt

    I had in mind the journalistic use of the phrase as applied to the 20th Century, soviet application of an old ruse.
    Thanks for the clarification.
    Then again, it it’s bad The O will steal from anybody.

  • Flagstaff

    At least twice today, on ABC radio news, I heard the news-chick announce that we had reached 9.5% unemployment, approaching the 10% rate that “President Obama had predicted.” (Not an exact quote.)

    The man is a phenomenon.

    And here I thought that he had predicted that unemployment could reach 9% without the stimulus package, which if passed would save us all and keep unemployment below 8%.

    Dang! There go my lying ears again.

  • http://cannedjam.com cannedjam

    he can never lose an argument because he gets to change the facts as time dictates, with an assist from MSM, and if he is called out he can simply say “hey image how bad things would be if we didn’t pass the stimulus, this is only proof it is working”.

    The only hope is the American public is not that stupid, and the media reaches deep and finds their collective “set”.

  • Flagstaff

    “Climate Change,” no matter what happens, it’s proof that the lefties were right.

  • tanstaafl1019

    I hesitated to say it because it’s not really part of the thread, but I remember thinking exactly that same thing when the movie “The Day After Tomorrow” came out. Suddenly global warming (it wasn’t climate change yet, I don’t think) could cause not only hot weather, but also blizzards, hurricanes, ice-locked cities–you name it, it could all be traced back.

    But back on thread, it’s true that with the MSM’s assistance, the rules of Obama’s game are always changing in his favor.

    BTW, I have a lefty friend who refers to the mainstream media as corporate media (with scorn), and actually believes they’re shills for the right. Can you believe it?