Economic report: We are so farking screwed, Obama White House adviser bolts

First the bleak outlook, from the Old Gray Lady:

With the American economic recovery hanging in the balance, private employers added 71,000 jobs in July, up from a downwardly revised 31,000 in June but well below the consensus forecast of 90,000. The unemployment rate stayed steady at 9.5 percent.

Over all, the nation lost 131,000 jobs last month, but those losses came as 143,000 Census Bureau workers left their temporary posts, the Labor Department said. June’s number was revised dramatically downward to a total loss of 221,000 jobs. The agency originally reported that the nation lost 125,000 jobs in June.

Figures released last week confirmed that the United States economy slowed in the spring, and the Department of Labor’s monthly statistical snapshot of hiring pointed toward a stall in hiring this summer, as employers failed to add jobs at the rate they were earlier this year.

What’s more, the number of jobs added in July is about half the 125,000 to 150,000 that economists generally say employers need to generate simply to accommodate new entrants to the labor market. With more than 8 million people having lost their jobs during the recession, such tepid job growth can’t begin to plug the hole.

“The private sector is still hobbled and certainly is not nearly strong enough to overcome the drain on the government side,” said Robert A. Dye, senior economist at PNC Financial Services Group in Pittsburgh.

Which, of course, results in the proverbial “Rats Jumping from the ship.”

The Story Via Hotline on Call:

Christina Romer, chairwoman of Pres. Obama’s Council of Economic Advisers, has decided to resign, according to a source familiar with her plans.

Romer, an economics professor at the University of California (Berkeley) before taking the key admin post, did not respond to repeated calls to her office.

“She has been frustrated,” a source with insight into the WH economics team said. “She doesn’t feel that she has a direct line to the president. She would be giving different advice than Larry Summers [director of the National Economic Council], who does have a direct line to the president.”

[…]

Instead, the jobless rate is 9.5%, after exceeding 10% last year. It was “a horribly inaccurate forecast,” said Bert Ely, a banking consultant. “You have to wonder why Summers isn’t the one that should be taking the fall. But Larry is a pretty good bureaucratic infighter.

So much for all the wonderful economic recovery promised under the promised “Hope and Change” of the Barack Obama Administration.  This should be a textbook example of why “Tax and Spend” strategies to get a Country out of a recession does not work. If that does not convince you, this might:

and…..

(H/T Calculated Risk)

Welcome to Obama’s America. It is going to be long four years. Remember this come 2010 and 2012.

One Reply to “Economic report: We are so farking screwed, Obama White House adviser bolts”

Comments are closed.