<<<<<< The DoL is reporting a rise in unemployment from 8.1% to 8.2% and a rise in "under-employment" from 14.5% to 14.8%. Jobs creation has fallen each month since January, from 275,000 jobs in January to 77,000 in April and 69,000 in May.
The White House is saying, "Don't put too much faith in the monthly reports - we continue to deal with a recession that began in 2007," while Nancy Pelosi tells anyone who is still listening to her, that "it is time for the Republicans to listen to the American people." The financial geniuses with the Marxist Media are blaming more than 600,000 Americans who decided to start looking for work, again, in the month of May, driving up the unemployment number.
In addition to the fact that the stock market just finished its worst month in two years, we have the following:
Obama's Childish Declaration
What is missing in all this is a single negative review directed at the Obama Administration and its miserable failure with jobs creation. "They" want you to forget about the Administration's gleeful 2010 announcement of "the Summer of Recovery" and Obama's declaration, "We have broken the back of the recession." What was "childish" about these announcements was the fact that Obama/Biden clearly thought the mere proclamation of "good times" would play a role in advancing the recovery.
Who is to blame? We - the American People - are the ones at fault
In the end, the blame for all of this is found in the fact that the American people fell in love with a man (B Obama) who was grossly unqualified to run this county, a man with no diplomatic experience, no background in finance whatsoever, a man whose Utopian world view is nothing other than an extension of the childish game we used to call "playing make-believe.
Jobs Creation is a five month downward trend
Here are some very discouraging facts: job creation was at a two year high, in January with 275,000 jobs "created." In February, that number fell to 259,000, March came in at 143,000 (adjust down from 154,000), April recorded 77,000 jobs created (after an original and false report of 115,000), and, now, May records a disturbing low of 69,000 jobs created by our economy.
GDP numbers revised down, again
In addition, the original report of 2.2% for First Quarter growth with our Gross Domestic Product, was revised downward to 1.9%. Obama's GDP (or are they calling it "Bush's GDP") has average less than 2 percent for 2010, 2011 and, now, 2012.
LaborForce participation rate lowest in history
Since the "Summer of Recovery" (2010), four million Americans have quit the workforce, driving that total to 88 million folks now longer participating in the American workforce. The participation rate, the percentage of the total available workforce, is down to 63.3% , the lowest in history, even lower than during the Great Recession.
Update
Consumer Confidence is a new low
When times are good, "consumer confidence" runs near 90%. Today, that number is near 64%, indicating a shocking lack of confidence (by the American people) . If this particular number, remains at historic lows, Obama's re-election hopes are gone. Understand that I am saying -- as a long time observer -- that this "confidence" measurement is a direct reflection on confidence in the [any] Administration. This number is a more consistent predictor of election outcomes than [even] the unemployment percentages.
Another bad indicator - T-Bills
Treasury Bills are selling at historic lows. For example, 10 year T-Bills are offering 1.47% interest on your investment, as of this morning (June 1). The big question is this: why would anyone put their money in T-Bills if, 10 years from now, your investment gain is $14.70 on a $1000 investment? Sounds crazy, but, if you are afraid of losing your money in this economy, you put some of your money in these accounts. . . . . . . another indicator of lack of confidence in the supposed "recovery."
All this negative information is a harsh reminder of the foolishness found in the term "jobless recovery."
Update #2
James Pethokoukis / The Enterprise Blog:
Update #2
Obama's Stimulus cost the nation 4.1 million jobs.
James Pethokoukis / The Enterprise Blog:
CBO: Obama stimulus may have cost as much as $4.1 million a job — The Congressional Budget Office in a new report: … OK, so without the stimulus, there would be anywhere from 200,000 to 1.5 million fewer people employed right now? That means the current cost-per-job created is somewhere between $4.1 million and $540,000. . . . .