Obama ignores worsening jobs crisis

http://www.wsws.org/articles/2011/jun2011/obam-j08.shtml

Obama ignores worsening jobs crisis
By Jerry White
8 June 2011

<edit>

The president suggested the figures―which showed an increase in the national jobless rate rising 9.0 to 9.1 percent in May and the average length of unemployment reaching a record high of nearly 40 weeks―were an anomaly. “Economic data which in better times would go without comment now makes people wonder are we going to go back to a terrible crisis,” he complained.

“We are going to have some days when things aren’t going as well as we like,” he said, but claimed the country nonetheless was in a “recovery,” pointing to the creation of two million jobs by the private sector and the rebound of the US auto industry.

Looking at Merkel―whose government is currently demanding brutal austerity from Greek workers in return for a EU bailout―the president acknowledged, “People on both sides of the Atlantic are understandably frustrated with the ups and downs of the world economy. But we try not to look at the day-to-day markets and headlines. Our task is not to panic. Not to overreact.”

By “overreacting” the president means taking emergency measures to deal with the jobs crisis. The administration has rejected any further stimulus packages, let alone, direct government hiring of the unemployed, and has insisted that the private sector is the only genuine “job creator.” Far from hiring large numbers of workers, however, US corporations―which have a cash hoard of $2 trillion―are chiefly sitting on the sidelines until wages fall to a sufficiently low level.

more...

the world would panic....Either way, no matter what Obama says, it is wrong or bad for America...

As to another stimilus package, direct hire of unemployed, etc., his hands are pretty well tied by the Senate GOP that filibusters everything and now the House GOP majority passing crap bills.

I'm so disgusted with the whole mess....

It's a lot easier to be blasé about a problem when it doesn't have an effect on anyone you actually know.

The guy is also a product of private schools and colleges. Kinda explains his indifference and disregard for public school teachers.

how can he create jobs?

The New Democrat Centrist Party star....Blanche Lincoln.
Both Obama and The Old Dog loved the virulently Anti-LABOR, Anti-HealthCare Blue Dog.


"I have always depended on the kindness of Large Corporations."---Blanche


"By their works you will know them."

had stood up to them on the tax breaks. Those tax breaks are money that will be invested in China or India rather then spent here providing jobs for Americans.

If you're not fighting against them then you're part of the problem.

They will be taken out as profit, instead. With tax rates the lowest in 80 years, scheduled to increase in 2, and a growing debt that will eventually force us to raise taxes even higher, *now* is the time to take profits.

If you reinvest when taxes are higher, a higher portion of that reinvestment is money that would have gone to the gov't had the company not reinvested it.

really, what do you expect him to do? It's a recession. People are going to be out of jobs for awhile but President Obama can't just create jobs. That isn't how an economy works.

where are the jobs?

that "trickle down" has NEVER worked. It's a failed policy. But he won't. He owes too much to his corporate masters and he was hired to do their bidding.

things will never change.....

100% correct.

Like "Free Trade", Trickle Down was a SCAM designed by the RICH and sold to a gullible America by smooth talking politicians.

"By their works you will know them."

Sid

fault...

:cry:

The article might as well be the same one.

http://www.wsws.org/articles/2010/jun2010/pers-j07.shtml

;)

Always baffles me that people give them any traffic.

In this case, "dismissed concerns" somehow magically becomes "ignored," and that purposeful mischaracterization of what the president actually said is good enough for some.

Unreliable, extremely biased, anti-Obama website.

no one gives a shit about the great unwashed . they are to dam busy raising money and doing favors for their sponsors.

At that time, unemployment was 9.7%, and the DOW had just dropped to ... GASP ... 9800.

And this is what they said ....

http://www.wsws.org/articles/2010/jun2010/pers-j07.shtml

These WSWS dopes predicted a double dip recession back in June 2010 ... they made all of the exact same claims, with unemployment much HIGHER at 9.7%, and the DOW MUCH LOWER at 9800.

This is the best quote from that article, one year ago.

"Professional economists and media commentators, however, treated the report as a sharp warning of a “double-dip” recession, and the New York Stock Exchange plunged, with the Dow Jones Industrial Average falling 323 points to finish below the 10,000 mark."

That's what these WSWS idiots said one year ago, June 7th, 2010.

This tells you every thing you need to know about their credibility.

Just saved myself 30 seconds :rofl:

http://www.wsws.org/articles/2010/jun2010/pers-j07.shtml

From that article ...

"Professional economists and media commentators, however, treated the report as a sharp warning of a “double-dip” recession, and the New York Stock Exchange plunged, with the Dow Jones Industrial Average falling 323 points to finish below the 10,000 mark."

Thank GAWD et cetera...

:evilgrin:

Why do I say this?

Can I defend that position? Yes.

This is a WSWS article from June 7th 2010. Almost exactly one year ago to the day.

What were they predicting then?

Let's take a look.

http://www.wsws.org/articles/2010/jun2010/pers-j07.shtml

These WSWS dopes predicted a double dip recession back in June 2010 ... they made all of the exact same claims, with unemployment much HIGHER at 9.7%, and the DOW MUCH LOWER at 9800.

This is the best quote from that article, one year ago.

"Professional economists and media commentators, however, treated the report as a sharp warning of a “double-dip” recession, and the New York Stock Exchange plunged, with the Dow Jones Industrial Average falling 323 points to finish below the 10,000 mark."

That's what these WSWS idiots said one year ago, June 7th, 2010.

This tells you every thing you need to know about their credibility.

To even suggest PrezO 'ignores' jobs problem is outrageous, imo.

and it's not "be generally supportive of progressive ideals, and to support Democratic candidates for political office."

Sid

in addition to or instead of 'outrageous.'

That's a pretty good article from the WSWS, by the way. They pretty much called the longterm unemployment resulting from the refusal of the Obama administration to take adequate job creation measures. If you're calling the WSWS dopes and idiots for getting it right regarding the long recession, what do you have for the Obama administration when it does the "dumb thing" cited below?

http://thehill.com/blogs/blog-briefing-room/news/114753-frank-obama-admin-dumb-to-predict-no-higher-than-8-unemployment

<edit>

"President Obama, whom I greatly admire ... when the economic recovery bill — we're supposed to call it the 'recovery bill,' not the 'stimulus' bill; that's what the focus groups tell us — he predicted or his aides predicted at the time that if it passed, unemployment would get under 8 percent," Frank said Tuesday evening during an appearance on the Fox Business Network. "That was a dumb thing to do."

The administration famously released a chart during the fight over its signature $787 billion American Recovery and Reinvestment Act (ARRA) showing that, if that package were enacted, unemployment would not exceed 8 percent. The projection, authored by Council of Economic Advisers (CEA) Chairwoman Christina Romer, argued that without the stimulus, unemployment would reach a high of 9 percent in the third quarter of 2010.

The current unemployment rate, according to the Bureau of Labor Statistics, stands at 9.6 percent.

more...

I guess someone thought it would be a good idea to pick up the slack.

Hopefully the results will be the same.

:shrug:

When did that happen?

Dang it. I missed it.

Aside from the fact that this is a highly questionable source, no one in their right mind would believe he is ignoring anything. The fact of the matter is, unless Congress goes along with something, the President is mostly impotent and vice versa. Thats how the system works. This is a fact that few around here seem to have ever wanted to accept.

he hasn't addressed the fact that, after all his trickle down efforts, the unemployment rate actually went UP .1% in May. :shrug:

The only solid trickle down policy he has put his name on was a temporary extension of the Bush tax cuts, and that was a compromise in order to keep unemployment going, not an active pursuit. All the other types of his economic related spending have been bottom up investments. The stimulus money was a bottom up investment. Subsidies to purchase healthcare is a bottom up investment. Middle class and lower income tax cuts are a bottom up investment. Unemployment is a bottom up investment. Food stamps are a bottom up investment. And I would argue that his efforts to save the American auto companies was a mixture of trickle down and bottom up spending, simply because of the massive negative impact the alternative would have had on all those middle class auto workers and their families.

Stop it with the dishonest bullshit.

The unemployment rate went up. This was just discovered in the past week. And it most definately is a big deal to Barack Obama. Just because he hasn't made a grand statement about it yet is no indication that he won't. He knows damn good and well that his re-election is going to be based on where employment goes in the next year.

was that he hasn't addressed the 0.1% increase. The dishonest bullshit comes with blind partisanship -- not my area of expertise.

And his point of view is that he doesn't believe its the start of a trend. He may be wrong. Hopefully he isn't. I think if anything, he should come out full force against the Republicans and their continued efforts to obstruct any recovery. But he probably is concerned about getting the debt ceiling raised first. They will shoot the hostage and be happy about it. All the angry, bully pulpitish rousing of the people won't do a damn thing to stop them. The only thing that ever stops Republicans from doing something stupid with the country is kicking them out of office. And even when they know the big kick out of office is coming, they still won't budget. Instead they go scorched earth. These are insane people that he is dealing with and there is little that can be done to force their hand to do anything.

unemployment crisis since he got elected;

and, instead of manning the phones prior to his election in fall of 2008, to ensure senators approved the TARP bailout (to the tune of $14 trillion, when all is tallied, according to Mother Jones), he should have been getting prepared to implement a massive jobs program

http://www.wsws.org/articles/2010/jun2010/pers-j07.shtm...

These WSWS dopes predicted a double dip recession back in June 2010 ... they made all of the exact same claims, with unemployment much HIGHER at 9.7%, and the DOW MUCH LOWER at 9800.

This is the best quote from that article, again, from one year ago.

"Professional economists and media commentators, however, treated the report as a sharp warning of a “double-dip” recession, and the New York Stock Exchange plunged, with the Dow Jones Industrial Average falling 323 points to finish below the 10,000 mark."

That's what these WSWS idiots said one year ago, June 7th, 2010.

This tells you every thing you need to know about their credibility.

who gave him a lot of support in 2008 but cannot find jobs.

In order to boost jobs and improve the economy, we need to strengthen the real estate market.

http://www.bloomberg.com/news/2011-06-09/initial-jobless-claims-in-u-s-unexpectedly-climbed-last-week-to-427-000.html

Jobless Claims Unexpectedly Climb in the U.S.
By Bob Willis - Jun 9, 2011 8:30 AM ET

U.S. initial jobless claims unexpectedly rose last week, a sign that the labor market is struggling to gain traction.

Jobless claims increased by 1,000 to 427,000 in the week ended June 4, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a drop in claims to 419,000, according to the median forecast. The number of people on unemployment benefit rolls and those receiving extended payments decreased.

Some employers are cutting staff as demand slows because of elevated energy prices, falling house prices and tight credit. The economy generated the fewest jobs in May in eight months and the unemployment rate rose, a report showed last week.

<edit>

It was the ninth consecutive week that claims were above 400,000. They reached a two-year low of 375,000 in February.

more...

Look at all those big glops of garbage slowly sliding down the proverbial brick wall.