Man, when it rains it pours, and right now Barack Obama has to realize as he closes out his presidential reign, he’s in a Category 5 hurricane. But the sad thing is, he believes it’s sunny outside.
At this point in his term, you’d think Obama would be doing victory laps over a successful two terms as president. Well, in a purely delusional state, he is actually trying to do a happy dance. And this is why, when the media tells us Obama has a high approval rating, I have to ask, who are they asking? Must be a bunch of skid row crack addicts who are stoned out of their minds.
The world is ablaze after almost eight years of Obama’s feckless foreign policy. Obama is having to travel the country trying to convince folks that Obamacare is like a “starter home.” I remember the first starter home Angela and I purchased after I returned from Operation Desert Storm at 300 Morning Glory in Manhattan, Kansas. It had a strong foundation and the roof wasn’t collapsing…unlike Obamacare.
During Wednesday night’s final presidential debate, Hillary Clinton tried to convince us Barack Obama has saved the American economy. Heck, if having the worst economic recovery since World War II is saving it — along with a 1.2 percent GDP growth rate — then please Barack, stop saving us.
And the Washington Examiner has even more bad news for our dear leader and his wannabe replacement: “New applications for unemployment benefits rose to 260,000 in the second week of October, the Labor Department reported Thursday, up 13,000 from the lowest level in four decades the week before.
The increase in claims was more than the 4,000 uptick private-sector forecasters had projected. While claims remain reassuringly low, they are slightly off the red-hot pace early in the month. Scarce jobless claims are viewed as a positive sign for the economy, because claims represent layoffs.
Jobless claims, which are released weekly, can give investors and policymakers a high-frequency indicator of the health of the jobs market. Net payroll job growth has been strong recently, averaging 192,000 over the past three months. While that is a slower pace of job growth than was the norm in recent years, it is more than high enough to keep the unemployment rate trending down.
At 260,000, claims also remain well below the level that economists calculate is needed to keep employment growing and the unemployment rate dropping, namely around 300,000. Over the past month, new claims have averaged 251,750, and claims haven’t hit the 300,000 mark in 85 weeks, the longest such streak since 1970.”
Now, I just want to add in a little Southern gentleman common sense here. If our last jobs report stated that the United States only created 156,000 jobs for an entire month, and we just had a weekly jobs report saying there were some 260,000 first time jobless claims for unemployment benefits, how can that be good news?
And our unemployment rate isn’t low, unless you like manipulation of the denominator, which means if you’re out of work and not actively looking, like some 92 million Americans, you’re not counted in the calculations.
As well, workforce participation rate, which sits at 62.9 percent — still almost a 40-year low — reflects what’s happening in our economy and workforce. Also, it’s the U6 jobs computation report that’s a real indicator as it depicts the level of Americans not holding FTE (full time equivalent) positions but rather multiple part-time positions — Obamacare along with an onerous tax and regulatory environment being contributing factors.
But, the easiest indicator that we have a flailing economy is the refusal of our U.S. Federal Reserve to raise the artificially-manipulated interest rates by just a tiny .25 percent. And understand that the Fed is the biggest holder of our debt, as they continue with quantitative easing (i.e printing money) in order to “monetize” (buy up) our own debt.
Such horrific monetary policy exists only due to the failure of Obamanomics, of which Obamacare is a derivative. The sad realization is that at this critical moment for the economic future of America, we don’t have a presidential candidate that could artfully articulate this. And to think Hillary Clinton wants to continue these failed policies is unconscionable and the height of insanity.
The new normal for America cannot be less than 2 percent GDP growth and 156,000 new jobs created with 260,000 jobless claims. Ronald Reagan also inherited a bad economy from a liberal progressive Democrat named Jimmy Carter, but had us clipping along at or above 4 percent GDP growth with 400,000 or more new jobs — and they weren’t government or part time jobs.
Stop drinking the Kool-aid people, Obamanomics sucks! And Hillary Clinton will just bring us more of the same.