Obama: Did I say I’d save three million jobs? Make it four million
posted at 1:30 pm on January 10, 2009 by Allahpundit
Assuming a $775 billion stimulus, the new estimate means we’ll be paying $193,750 for each job “saved or created” instead of just north of $258,000. Come 2010, of course, we’ll be told that he actually saved many more jobs than even that, so who knows? A little fine tuning of the numbers — they are, after all, “subject to significant margins of error” — and we might get down to under $100,000 per job before all’s said and done. Assuming there are no other stimulus bills passed before the midterms, of course.
But what are the odds of that?
In a new report, his transition team says his spending plan would create between 3.3 million and 4.1 million jobs. The report was released as Mr. Obama battles fellow Democrats in Congress over the size and details of the bill, which the president-elect wants to total slightly less than $800 billion but which some Democratic leaders say should near $1 trillion.
The Obama report says that even with a recovery package, unemployment will still be 7 percent at the end of 2010, but would be 8.8 percent without a recovery. Mr. Obama earlier in the week had warned of double-digit unemployment, but the report does not appear to back that claim.
Here’s The One touting the new numbers himself; skip ahead to 1:30 if you can’t be bothered with the intro. Follow-up exit question from yesterday: Instead of pothole-filler, how about trench-digger? That infrastructure isn’t just going to improve itself, people.
Blowback
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I may be being overly simplistic here, but wouldn’t it be far far cheaper to merely cut checks to every head of household in the US and pay them, say, $125,000, tell them to invest it, save it, spend it or otherwise dispose of it on their own, as they see fit, and eliminate the usual federal funding loses due to admin costs and wages for those doing the admin?
This “save jobs” stimulus package is looking more and more like we are headed directly to government ownership of the means of production in this country, and ownership of labor, as well…hasn’t this been tried once before with glowingly wonderful success? Lenin comes to mind.
coldwarrior on January 10, 2009 at 1:36 PM
Haysoos Marimba, this guy….what a load of pasteurized, homogenized bullshiite of the highest order.
Spend ten million bucks first and prove that it will create the prorated number of sustainable jobs.
What happened to my country? How did this fool get elected? Seriously, WTF?
Bishop on January 10, 2009 at 1:37 PM
Business has been a little slow at my place of work since July. Can’t wait for him to take office, wave his hand and create all these new jobs. May need one of them real soon.
Tommy_G on January 10, 2009 at 1:38 PM
The jobs he will create will be as short term as the projects he’s planning to invest in. Once the roads and bridges are built (and Allahpundit has filled in all the potholes) those projects will never create a penny of future wealth. They will require limited support to keep them in proper working condition (read; limited employment) but will in themselves never provide any long term wealth.
A corporate tax rate cut would, however, create lots of future wealth by enticing companies to set up shop in America and by allowing those already here to put those funds to use by hiring employees and creating actual wealth.
But whatever. The narrative’s in place.
BadgerHawk on January 10, 2009 at 1:38 PM
Can you believe the audacity? They’re trying to steal over a trillion dollars of our money WITH NO SPECIFIC PLAN!
marklmail on January 10, 2009 at 1:39 PM
Did you see the guy running against him?
Tommy_G on January 10, 2009 at 1:40 PM
I hope I get one of the green jobs.I always liked windmills.
NeoKong on January 10, 2009 at 1:42 PM
I’m really sick of hearing about these “saved or created” jobs. That’s got to be one of the stupidest phrases I’ve heard, and the idiot messiah says it over and over and over again.
We’re screwed. Plain and simple. The idiot messiah and the retards in Congress will spend until there’s nothing left. That’s the whole story. And, in the end, every one of the new government jobs will come in costing over $400,000 each, because that’s how they do things.
Our only hope is that the left gets too greedy, with everyone looking for their share of this huge dispersal of government cash, they spend the time fighting each other and we end up with gridlock until new elections allow us to put people with IQ’s over 75 into some of these offices.
But … this is affirmative action/identity government. Retards around and fools in the lead, all wrapped in a nice bow of America-hate. Despicable.
progressoverpeace on January 10, 2009 at 1:45 PM
Hey, just make it 150 Million!!!
Everyone – you will work for the Federal Government!!!
No pay but plenty of nationalized healthcare and a free lunch!!!
This is starting to sound like China!!
Hell, I think I might move to China!! At least the chicks are hot!!!!
izoneguy on January 10, 2009 at 1:45 PM
I’m still waiting to find out how the million people out of work in financial services are going to go dig all these ditches and build bridges.
rockmom on January 10, 2009 at 1:46 PM
There’s little I can add to that! Well said, Bishop, very well said.
ALSO, the solutions — if that’s REALLY what these fools in D.C. (harsh, I know but someone provide a more appropriate term for these bailouters and I’ll use it instead) — the solutions like sending every family in the U.S. a check for $125,000. and telling them to invest it, save it, etc. (great idea so of course Congress will never consider it), is just too easy a solution for these bailouters, Obama included.
Obama’s “it may get worse before it gets better” is beyond the nincompoop level approaching nutty. OF COURSE reality contains all possible conditions, outcomes and possibilities. I guess Obama doesn’t think anyone’s intelligent enough to recognize his B.S. such as there, or, worse, he doesn’t realize he’s speaking B.S. the Language.
We DO NOT NEED as a nation, a government employing people and owning and operating all financials. We DO NOT NEED THIS.
If “the government” actually wanted to “create jobs,” they’d allow jobs to be created the real way: reduce taxes, reduce regulations on those who create jobs and encourage production by getting out of the way.
That’s too easy a solution for the Democrats in D.C. and various state governments. They just cannot perceive of how they might survive in their nice suits and hairsprayed do’s and gourmet cafeteria without demanding more money from the private property of others.
S on January 10, 2009 at 1:47 PM
This guy is full of more crap than an overfed Christmas turkey.
rplat on January 10, 2009 at 1:47 PM
Odummer the spider monkey lies — He seems like he would be much more comfortable in Kenya, where you have no choice but to believe the lies.
You notice how he can’t seem to remember what he said yesterday?
tarpon on January 10, 2009 at 1:51 PM
China is even officially known as a red state.
And probably more market oriented than US.
the_nile on January 10, 2009 at 1:51 PM
Ha Obama is going to create jobs alright. For those handling the soup lines maybe.
kanda on January 10, 2009 at 1:52 PM
Years ago I worked for a neurologist who always used this line with people who were diagnosed with moderately advanced Alzheimer’s or Creutzfeldt-Jakob disease because he knew how distressed they would become at their progressive memory loss, personality changes, etc. His rationale was that as the disease progressed, they would be patiently waiting for the turnaround (which never came, of course) and eventually got to the point where their faculties were so destroyed that they had no idea they had any disease or problem whatsoever.
Psychological Soma, baby.
IrishEi on January 10, 2009 at 1:52 PM
Let’s put things in very simple, home-spun, neighborhood-relative terms: has Nancy Pelosi, has Barack Obama, has Schumer and Frank, et al., has any one of those individuals by their “politics” HELPED AND IMPROVED employment in their own districts? Are the neighborhoods from whence they are from improved in quality of life, employment opportunities, safety and security overall for families?
NO. The answer to that simple inspection question is, NO, no, none of those has improved their own districts as to quality of life (reduction in crime, improvements overall, improved housing, educational quality, local governments successfully demurring to citizens, etc.).
WHY should a nation, then, adopt anything they advise? They’re all proven abundantly, over and over again, to have contributed to deteriorating neighborhoods, overall destruction of quality of life from whence they’ve originated (in Obama’s case, we’d have to examine a whole lot of his temporary, transient neighborhood references).
So, none of these by their “ideas” and political goals have proven themselves to have the right or the successful approaches or understandings of what the nation needs.
S on January 10, 2009 at 1:53 PM
Here is the Obama stimulus plan in a nutshell:
http://www.artistmarket.com/artists/harris/pages/harris%20-%2001.htm
With idiots like Geitner and Summers advising him, he’s well on his way to creating an even greater depression.
I’m a small business owner and the whole $3K tax credit to create or save a job is beyond economic stupidity. They’ve tried this before with other credits ($15K+), and those didn’t work either … so what is to entice me to hire someone at $35K+ for a $3K benefit into a deflationary environment….
IrishSamurai on January 10, 2009 at 1:54 PM
Still making it up as he goes along.
Cicero43 on January 10, 2009 at 1:54 PM
I should add that the family was always consulted first, and they knew the truth.
IrishEi on January 10, 2009 at 1:55 PM
LOL!
ctmom on January 10, 2009 at 1:56 PM
There are REASONS WHY no one has seen Obama’s medical records.
S on January 10, 2009 at 1:56 PM
You hire your wife, take the $3K. “Employ” her long enough to qualify for the tax credit, then lay her off. And the bonus here is, she can then collect unemployment benefits.
And yes I realize this could apply with wives hiring husbands too.
angryed on January 10, 2009 at 1:59 PM
Does this mean of The One saves my job I get a raise?
Stephen Macklin on January 10, 2009 at 1:59 PM
Yea, cause government creates jobs.
blatantblue on January 10, 2009 at 2:00 PM
What the hell is this “saving jobs” nonsense? How do you determine what a “saved job” is? Is this a preview of his reelection campaign?
“I know, unemployment’s 10%. Millions are out of work. Our national debt has increased another $10 trillion. But think of how much worse things would be if we hadn’t passed the stimulus package? Unemployment would be 20%. 10 million more jobs would’ve been lost. And the debt would be even higher due to decreased revenue coming into the federal government.”
I’m half-joking here, but if his first term is Carter Part II, is it really that far-fetched to imagine Obama essentially making up BS numbers to talk his way out this disaster? Hell, he’s already making it up as he goes right now. Can anyone not envision a campaign speech like that? And is it any less unrealistic to believe that the Dems and the drive-bys wouldn’t try to cover for the guy(and themselves) by spouting the same nonsense?
Doughboy on January 10, 2009 at 2:00 PM
Well, that, too.
I watched McCain the other day on FOX (interview with Neil Cavuto, who gets an A+ from me as to his ongoing broadcasts); anyway, I watched the McCain interview with Cavuto and despite Cavuto’s exceptionally patient, quiet, “safe environment” tone with McCain including very direct questions, McCain still came up very, very short. He at LEAST this time seemed aware that he was trailing quickly in any response time and brought himself around with a complete statement ONCE, but the overall appearance was Sunday in the Library with a view of the park after the cafeteria closes.
McCain — no age-thing here, because I get that McCain today is who he’s always been in government — was not the candidate, Sarah Palin was. Had it not been for Palin, McCain would have received about 1 million votes, if that.
I still think the objective by the RNC-handlers last election was to lose.
S on January 10, 2009 at 2:01 PM
angryed
So basically moving the fraud from Wall Street to Main Street …
Still don’t see how that solves the economic crisis?
Must be somewhere in the “Then a miracle occurs” step, huh?
IrishSamurai on January 10, 2009 at 2:01 PM
I’m wondering when the idiot messiah is going to just reclassify people on welfare as being “employed” (since they are getting paid)? There you go, a new “saved or created” job with every welfare check.
More welfare checks, now … to put America back to work!!
progressoverpeace on January 10, 2009 at 2:02 PM
He’s sounding more and more like a used car salesman every day. And I will never buy anything he has to sell.
mindhacker on January 10, 2009 at 2:03 PM
I’m self employed. Lower my taxes. And even if he does, all the state, county, and city taxes are going up, plus the increase on fees for everything. So, it doesn’t even break even. These jerks will not stop spending. We’re broke and they are proposing 10 billion dollar projects. What nonsense.
Blake on January 10, 2009 at 2:04 PM
Saw the same interview. Love Cavuto.
McCain was typical “political B.S. campaign speech” McCain, trying to end-around the direct, biting questions. He is, was, and always will be Bob Dole redux.
Agreed completely that the RNC didn’t want the White House for the next 8 years of the economic crapstorm that’s just starting to rev up.
IrishSamurai on January 10, 2009 at 2:06 PM
I can’t watch him. My B.S. meter goes off the chart. He only lies when his lips are moving. He’s making this up as he goes along. Everybody get ready for “Jimmy Carter – The Sequel”.
kingsjester on January 10, 2009 at 2:07 PM
Bush Bailout to Obama wipeout. Looks pretty seamless to me, and with a full cast of the usual suspects from both sides.
Fletch54 on January 10, 2009 at 2:07 PM
AND A WHOLE LOTTA’ PEOPLE HAVE ALREADY PLANNED TO DO SOMETHING JUST LIKE THAT. That’s the Chicago and Democrat way!
There are reasons why so many “big city” mayors are found to be engaged in crime. And they’re almost always Democrats.
Remember the “Reagan Amnesty” (that he regretted later after seeing the extent of abuse that occurred)? Well, what he issued was his expectation that it’d clear up the illegal alien problem by about a million people once and for all, that the amnesty would be a “one time solution” to a problem that he anticipated would then be resolved (amnesty the existing 1-million illegal aliens, so he expected, and then there’d be no more illegal aliens).
Well, look at what occurred: EVEN THE GOVERNMENT PUBLICLY ADMITTED that they could not control the massive fruad/crime that ensued. What was anticipated to be 1 million illegal aliens became many times more than that, because existing illegals got entire towns and populations in other nations (mostly Mexico and Central America overall) to suddenly arrive and they all had forged documents that gamed the amnesty order.
EVEN THE GOVERNMENT ADMITTED that they were AWARE they were being given forged documents inorder to qualify for amnesty but that they were “powerless” to stop it, so they conceded and allowed all that fraud to occur.
So the nation absorbed an entire group of people engaged in fraud and other crimes without so much as a slap on their wrists…
Reagan regretted that order, his advisers regretted that order but the only good thing I can say about them all was that they were desperately naive.
The same thing applies to ongoing naivete or else intended corruption in government. And that’s what we’re hearing from Obama, not that it’s a surprise to me.
S on January 10, 2009 at 2:08 PM
By
spendingborrowing 1/10th of GDP of which how much will be spent on the liberal social agenda?I don’t think so.
Speakup on January 10, 2009 at 2:09 PM
Teleprompter talk is so annoying!! Nothing Barry says concerning his “ten year” plan is worth betting on.
christene on January 10, 2009 at 2:11 PM
OT:
MM’s site is relocating?
IrishEi on January 10, 2009 at 2:11 PM
Exactly right. I think there’s a slim but still non-zero chance he may actually be sincere. Horribly misled, but sincere nonetheless.
But it doesn’t take much intellectual power to to doubt the efficacy of deficit spending in increasing employment and reducing poverty: If it will work so well, why hasn’t it been done to more success previously? I remember the massive deficits of the 1970′s and 1980′s (too young to remember the Nude Eel). Know what? There was still unemployment and poverty — in fact, it was worse then than when there was a balanced budget.
Will it work better this time because the Idi Amin-wannabe O’Boingo is going to create “green” jobs? Or maybe it will work better simply because he “cares” more than any of the other leaders who have tried it in the past? I have yet to hear a rational explanation: all that we get is “if we don’t do something, it will be a disaster”. Pretty thin rationale to me. My counter argument is: “If we do what is proposed, we’re going to make it worse, for longer.” And I have history to back me up. Am I deluded or missing something important here?
mr.blacksheep on January 10, 2009 at 2:13 PM
A trillion dollars is approximately $3500 for every man, woman, and child in the United States (about 300M legal citizens). So that would be $14,000 for my family of four. Buys a few months of job hunting, a nest egg to invest in a small business or a retirement fund, or a used car to get to that new job across town.
aero on January 10, 2009 at 2:19 PM
Obama’s just so clever, isn’t he? I’m sure he’s pretty proud of himself. By using rhetoric like “saving jobs”, actually “creating jobs” becomes less important as a statistic. This allows him in the future to say things like: “Growth is slow, but what might we have lost if it weren’t for me?” It makes him sound like a hero and holds up an idea of his good deeds that can’t be measured. Very calculated.
CP on January 10, 2009 at 2:20 PM
No doubt in their rush to enact these measures congress will forget to stipulate that these jobs will only be available to US citizens. Yes, yes, I know employers are supposed to check, but everyone is in such a mad rush as they were with the bailout that they seem quite insane.
McCain is back to the usual drill of working on another amnesty bill, and BO will surely be amenable. It will be business as usual, buying voting blocks with our money.
The government (such as it is) is in a panic, or at least they pretend to be. It’s probably closer to the truth that they view this situation as a fabulous opportunity to grab as much money as possible for their pet projects and to further their political careers. I’ve never seen such a blatant, obvious money-grab. Am I living in some sort of banana republic now? Sure looks that way.
Cody1991 on January 10, 2009 at 2:22 PM
I’m waiting for someone to ask the idiot messiah how his plans to bankrupt the coal industry are going and whether they are part of his “economic” plan. They should include a question on whether the moron from Indonesia still wants to see oil prices go back up?
progressoverpeace on January 10, 2009 at 2:23 PM
77,402,000 = Number of families in US,2006
1,000,000,000,000 = $ spent 2009 in asshat spending spree
12000 per family
send that directly please
UNREPENTANT CONSERVATIVE CAPITOLIST on January 10, 2009 at 2:24 PM
Don’t forget, we’re talking about a trillion per year! But, given that only about 20% or so of the population pays any tax, that’s roughly $17,000 per year per taxpayer. And don’t forget that the actual deficit is going to be greater than the amount spent, due to the miracle of compound interest. And what do you think is going to happen to interest rates with the federal gubmint borrowing all that money — when they start borrowing to pay the interest, and the interest on the sum they borrowed to pay the interest. Hello 18% interest rates and 15% inflation. Remember the 1970′s? Please say that if you don’t, you’ve at least read about them.
Borrow and spend everything you can now; in 5 years, your debt will be worth almost nothing, as the gubmint starts printing $1billion notes.
mr.blacksheep on January 10, 2009 at 2:27 PM
Yep. Sad but true. Too sad and too true.
progressoverpeace on January 10, 2009 at 2:30 PM
Yes. You need only look at most African nations to see what is coming. Or maybe Venezuela. It won’t be long and we’ll be like the South Americans, measuring our political history in revolutions per minute.
mr.blacksheep on January 10, 2009 at 2:32 PM
Does he have an exit strategy?
El_Terrible on January 10, 2009 at 2:33 PM
BE AFRAID, BE VERY AFRAID!!!
A major recession created by liberal government policies is quickly becoming a depression created by liberal government policies. Will it take a third world war to get us out….after thirteen years of misery?
jukin on January 10, 2009 at 2:33 PM
mr.blacksheep on January 10, 2009 at 2:27 PM
I remember the 70′s. It was no fun to graduate from college and try to find a job with far more experienced people standing in a long line in front of you.
The obvious question to ask now that we’ve watched the gov’t create a disaster, run around like clowns trying to fix it, is why should we let them start in on health care? omg.
Cody1991 on January 10, 2009 at 2:34 PM
mr.blacksheep on January 10, 2009 at 2:32 PM
Yeah, it wasn’t a serious question, actually. Zimbabwe has been on my mind for months.
/time for one of those ‘happy pills’
Cody1991 on January 10, 2009 at 2:36 PM
Sure he does. It all ends with the dissolution of the United States.
progressoverpeace on January 10, 2009 at 2:36 PM
I think the Republicans should go on a massive campaign about how Bush saved 30 million jobs.
mr.blacksheep on January 10, 2009 at 2:36 PM
It is a severe recession / depression but I don’t see it as a crisis. I welcome this downturn with open arms as I foresaw it and prepared for it. No debt, lots of cash, no real estate holdings and enjoying the deflationary spiral we have entered. And if I can manufacture myself a $3K tax credit using Obama’s idiocy to do so, all the better.
I fail to see how it is fraud to use the tax code to one’s advantage.
angryed on January 10, 2009 at 3:03 PM
Do you think Tinkerbell whispers these things in his ear? Because the man is living in fairy tale land.
scalleywag on January 10, 2009 at 3:04 PM
GIGO.
MB4 on January 10, 2009 at 3:05 PM
Maybe we could pay someone to dig the potholes so we can pay someone else to fill them.
Queasy on January 10, 2009 at 3:06 PM
Well I bet they won’t be giving contracts to rebuild our infrastructure to Halliburton.
scalleywag on January 10, 2009 at 3:11 PM
It’s disorienting, watching a video of this know-nothing clown read a speech-writer’s corporate/government gobbledegook about jobs and the economy.
My only hope is that the puppetmaster sees how worthless Obama is, and keeps him happily ignorant of details and actions and just sends him out to do speeches and off to Hawaii a lot (sorry, Hack).
Jaibones on January 10, 2009 at 3:11 PM
How appropriate that he’s on the cover of a comic book. Maybe Spiderman is going to swing from Wall Street buildings and help him fix the economy.
scalleywag on January 10, 2009 at 3:13 PM
Does that take into account those people who are going to be killed by Global Warming?
mr.blacksheep on January 10, 2009 at 3:13 PM
Very true, but since it was uttered by the idiot messiah, it is now going to be taken as “fact” (in the global warming sense) by the MSM. … Well, at least until the idiot changes his mind and utters a new number, at which point the MSM will forget he ever said anything about 8.8%.
But I have to admire a guy who gives himself a 22% cushion right off the bat (the affirmative action handbook only recommends taking a 20% handicap).
progressoverpeace on January 10, 2009 at 3:14 PM
How on earth are we going to ever pay this off???
PattyJ on January 10, 2009 at 3:16 PM
Now don’t go getting all rational on us now…
Just drink some of the Kool-Aid and relax.
IrishEi on January 10, 2009 at 3:18 PM
Don’t be foolish. Obama’s economic plan will work perfectly. I have worked it all out mathematically.
Let me see now, four million times five million is twelve million, and four billion times six billion is thirteen billion, and four trillion times seven trillion is … … oh my! We shall never get to economic recovery and prosperity at that rate! However, the multiplication table doesn’t really apply. Let’s try geography. Iraq borders Pakistan, the center of the Universe was Iraq but now it’s Afghanistan, Minnesota is in the tropics. No, that’s all wrong, But geography doesn’t really apply either, I’m certain! Let’s try religion. Jews were behind 9/11, Palestinians are victims, Saudi Arabia is our good friend and Islam is a great religion of peace. No, that’s all wrong too! Maybe if Obama just starts over and this time he reads the directions then perhaps directly he will be able to direct us all in the right direction.
Cheshire Cat on January 10, 2009 at 3:20 PM
Kudlow has a fairly sanguine take on the stimulus package:
“Instead of $100 billion worth of tax credits, there are now $300 billion worth of tax cuts. This includes a big new piece for business, more cash-expensing for small-business investment, and a restoration of the five-year tax-loss carry-back, which will especially help banks and homebuilders. It might even result in tax refunds for businesses, and might also allow banks to rid themselves of toxic assets, since the losses will now be spread over many years.
So what we have now is an $800 billion stimulus package with $300 billion of so-called tax cuts which could infer less spending than before — maybe only $500 billion worth”
http://article.nationalreview.com/?q=MGI3MzIzM2E0MTU5MTYwYzNmYmM3OWMzMTE1MTNhYzY=
Cody1991 on January 10, 2009 at 3:28 PM
All the government funding in the world can not sustain an economy. Without a man or machine producing goods or services for a profit Obama’s make work concept is doomed to failure. Does this appropriation include funding for the creation of the Obama youth? Mabey O’ plans to use his thug corps.as enforcer/collection types. That might work. Otherwise his plan isn’t unlike the PERPETUAL MOTION MACHINE
sonnyspats1 on January 10, 2009 at 3:28 PM
Perfect! It’s all so clear to me now.
scalleywag on January 10, 2009 at 3:32 PM
Wow, if I’m a union organizer,it’s happy dance time,seeing this.
irongrampa on January 10, 2009 at 3:36 PM
LOL. That’n was kind of corny haha. Never heard of him before but he’s great.
scalleywag on January 10, 2009 at 3:39 PM
The economy is nothing, heres an example of the unhinged Messiah worship insanity in Massachusetts!
dmann on January 10, 2009 at 3:45 PM
Every job payed for by stimulus is at least one job lost to the economy as a whole.
P.BO plans to spin our wheels and tell us the smoke means we are going somewhere.
Count to 10 on January 10, 2009 at 3:45 PM
Let me see if I understand this “saved” jobs thing. For example, if you start out with 20 million jobs and 17 million of them disappear, you’re left with 3 million “saved” jobs. And that’s a success?
Trafalgar on January 10, 2009 at 3:52 PM
Trafalgar on January 10, 2009 at 3:52 PM
Heads I win; tails you lose.
IrishEi on January 10, 2009 at 3:56 PM
I’m wondering how any president can create over 3 million jobs in the private sector
tartan on January 10, 2009 at 3:57 PM
C’mon, rockmom, we all know the vast majority of those jobs will be going to illegal aliens. It would be un-American, and would show a deplorable lack of “compassion,” for us to fail to provide taxpayer-funded jobs for all the foreign lawbreakers who are unable to find work here due to our failing economy.
AZCoyote on January 10, 2009 at 4:04 PM
I’ve always thought the national economy existed in two spheres: the actual, mechanical, bedrock economy, and the virtual economy that surrounds it like a halo. The virtual economy is shaped primarily by the opinions and feelings of the citizens. If they’re told it’s a recession, or “the worst economy in the last fifty years,” their reactions will cause the virtual economy to contract, even if the underlying mechanical economy is virtually unchanged.
This happened all during the 2000s, as the mechanical economy rebounded with astonishing speed and vigor from the 9/11 attacks – remember those first months of 2002, when the airline economy teetered on the brink of total extinction because everyone was afraid to fly? Within a few years, the staggering economic damage of 9/11 had been largely absorbed, but it was “the greatest story never told” – a relentless drumbeat of increasingly bizarre media campaigns convinced the public it was far worse off than it actually was, and the virtual economy remained shrunken and anemic. After a few years of stories about how surging employment had been horrible for employment agencies – the dark clouds painted inside every silver lining – everyone was too busy complaining about economic doom to hear the remarkably upbeat news coming from actual economists.
Now we’re reeling from some real, bedrock economic damage, and in the coming two years, we’ll see exactly the opposite phenomenon take place: horrible news from various sectors of the mechanical economy, accompanied by media stories touting the amazing power of Saint Barack to make everything so wonderful that we’ll barely notice the rolling blackouts. The public will not only be told that things are not as bad as they really are – and assured that absolutely none of the bad things are Obama’s fault, or solvable by anything except massive government spending – they’ll actually be told it’s immoral to feel downbeat about the economy.
It remains to be seen if this will cause the virtual economy to perk up enough to actually improve the mechanical, bedrock economy, but I rather doubt it. It will be interesting to watch the media in 2010 assuring Americans they’re actually better off without all the industries that are collapsing. Watch for the first stories about how the reduced economy is making Americans healthier because they’re dining at home more often, and eating simpler and healthier foods because they can’t afford the calorie-and-fat laden foods of the Bush years.
Doctor Zero on January 10, 2009 at 4:22 PM
Obama is looking to employ the economic socialism of FDR combined with the empty claims of success of the Clintons.
In short the filthy Chicago politician is in it so deep those ears are being used as a flotation device. He likes the trappings of being President but he doesn’t have a clue about how to lead so he gets out there and spouts bumper sticker slogans.
highhopes on January 10, 2009 at 4:28 PM
I was really steamed reading the paper this morning. The Florida Senate is very close to giving aid and comfort to those in bankruptcy. Specifically, if you are in bankruptcy, these knights in shitty armor will give power to the bankruptcy judge to reduce your mortgage to the value of your home even if the lender objects. That’s right! You can have tens of thousands of dollars in debt wiped clean if you just file bankruptcy! Thank you Beejus!!
Hence, all I need to do is file bankruptcy and I will automatically have equity in my home again. Even if I mortgated myself to the hilt and bought a new boat, furs, cars, vacations, ____ < insert luxury purchase here; I can rest easy knowing that the gubment will make my lender change the terms of my loan and adjust its principle downward.
Needless to say, as a self employed, self sufficient, contributing member of society with a spotless credit record, I am now compelled to file bankruptcy so that I can recoup my real estate losses. Even though I went in with equity, those homes in foreclosure have devalued my investment; while I ponder the future I think: Why work? Screw that. I’m getting on the Obama wagon. Peggy say: “I don’t got to worry bout paying my mortgage or my car payment, if I elect Obama, he gone hep me out”.
Well, congratulations Florida Senate. You have just opened the flood gates for bankruptcy filings. I hope you have enough in reserves to pay the judges it will take to handle the uptick (used loosely) in new filings.
/fuggin idiots.
Key West Reader on January 10, 2009 at 4:32 PM
Key West Reader on January 10, 2009 at 4:37 PM
mr.blacksheep on January 10, 2009 at 4:43 PM
Up here in Michigan, there is an ad running on the radio that drives me crazy. It’s for one of those credit places who urge people to call them before losing their house to foreclosure because (wait for it) IT ISN’T YOUR FAULT that you can’t pay your mortgage. I’ve been tempted to call just to find out exactly whose fault is.
highhopes on January 10, 2009 at 4:46 PM
Bernie Madoff probably didn’t see his “front-running” investment scheme (see ponzi) as fraud either. As long as you get yours, right? Selfishness and ignorant moral equivalence arguments will be the deteriment of this once great nation of ours.
BTW, whether or not you classify it as a crisis really doesn’t matter to the proles who identify with the current definition. The MSM and all the pundit parrotheads are calling it a “crisis” … just using their ignorant jargon, regardless if I think it is a crisis or not (I don’t).
Congrats on being prepared. You, myself, and a few others are in the minority in that regard, but that doesn’t change the fact that the economic stimulus tax break for small businesses (hiring/saving a job) is a stinker, and my moral code won’t have me defrauding the government by hiring my extended family for a measly $3K/per … also won’t incentivize me to hire anyone else for that matter.
IrishSamurai on January 10, 2009 at 4:53 PM
When I sold my last home to buy the one I’m in now, I was disturbed over the fact that the buyers had:
1. Criminal Records
2. Poor Credit
3. Bad debt judgments already filed
4. Gold plated teeth
5. No children (moving to a family area)
6. No down payment
7. Walked in with 2 mortgages with -0- down!
I often drive past my first home that was purchased by the above buyers. It’s kinda hard to look at it now.
Key West Reader on January 10, 2009 at 4:59 PM
A question someone should ask if they get the opportunity:
“Could you (the President-Elect’s “office”) describe the computer models you are using to gauge the effects of your plan going forward? Could you also inform us who heads up your computer modeling team?”
I think the answer would be interesting. . .
Jason Coleman on January 10, 2009 at 5:01 PM
Why doesn’t the Messiah just guarantee every single person in the United States a job? And a chicken in every pot?
Cripes, does he even LISTEN to himself?
By the by, has he actually condemned the Hamas yet? Or is it just that he’s deploring the loss of human life on both sides?
mjk on January 10, 2009 at 5:05 PM
He must believe creating confusion works to his political advantage. Put enough contradiction out there and create a large enough smoke screen and you can claim success even if you’ve failed.
Done That on January 10, 2009 at 5:07 PM
how do you prove that you saved a job?
the country elected the greatest idiot of all time.
notagool on January 10, 2009 at 5:15 PM
At this rate it will be a billion jobs by February! We’re going to have a labor shortage by summer.
MB4 on January 10, 2009 at 5:19 PM
Add Biden and Reid.
You would not hire any of the above named to run a division in your Fortune 100 business.
Any one of the above would have trouble managing your local McDonald’s restaurant. Any debate there?
Yet they are entrusted to spend $3 trillion + freely to fix a broken economy.
These are the last people I would choose to lead at this hour. Big trouble coming.
FireBlogger on January 10, 2009 at 5:20 PM
I wouldn’t get too worked up over this. Here’s why;
Remember Hope Now? It was supposed to be the magic bullet that save 400,000 people from losing “their” home. Turns out something like 1000 people bothered to apply. And there was Hope Something else, also supposed to save hunreds of thousands of foreclosures. 400 people have applied to that program.
All these new schemes miss the biggest point. During the housing bubble people bought houses becaue they thought they would be zillionaires in a few years with promises of 20% a year appreciation forever. Now that party is over.
And even if let’s say your mortgage is knocked down from $500,000 to $350,000 by a BK judge. You’re still better off walking away if you know the house will be worth $300,000 next year and $250,000 the year after that. And that $500K McMansion you bought will still kill you in repair costs, maintenance costs, heating/cooling costs that your friendly BK judge won’t pay for.
So put yourself in the shoes of a deadbeat. Option (A) is declare bankruptcy, ruin your credit and own a depreciating house you never really wanted and still can’t afford even with a lower mortgage payment. Or (B), walk away, hurt but not destroy your credit and start fresh with a house more suitable to your needs and that you can comfortably afford.
angryed on January 10, 2009 at 5:21 PM
I really believe barak is totally clueless.
Each time he opens his mouth the stock market
drops 5%
But the questions is how will the gag messia fix the economy?
All of these jobs at best are temporary not a long term viable solution..
You can only employ so many people to wire a building
You can only employ so many people to buidl a bridge.
Oh and i have a question for the messiah..
Even if he manages somehow to
borrow all of this money (were broke)
or print it (hyper inflation)
I have one really simple question to ask of the One (cough gag messiah)..
How do you intend to ensure that all of those fake jobs you are going to create out of thin air
arent outsourced to contractors which will hire
ALL Illegal immigrants to do the work?
Since by FEDERAL LAW (which all the demo RATS) passed
it is now illigal to even ASK
For your social security number
For you ID (Voter fraud comes to mind)
For your Green card (thats a joke now)
so How in the Hell do you intent to ensure
that all of those jobs are all sucked up
By 3 million illegal mexicans?
I mean there are a lot of Qualified illigals out there.
Hmm i am just asking..
jcila on January 10, 2009 at 5:31 PM
He is recycling the global warming models and saving those programmers jobs. Just substitute worthless money for carbon dioxide and watch the economy heat up.
Laurence on January 10, 2009 at 5:33 PM
Yeah! I’d say about 4 years.
Yeah! I’d say about 4 years.
Dr. Charles G. Waugh on January 10, 2009 at 5:40 PM
See , then you don’t need to worry about illegal immigration.
the_nile on January 10, 2009 at 5:46 PM
Had to paste this in it’s entirety because it is so pathetic. Obambi has no idea what to do. *
Obama’s team touts stimulus AFP/File – US President-elect Barack Obama’s advisers said Saturday his economic stimulus plan will “save …
In an interview on ABC’s “This Week,” President-elect Obama is warning that his campaign promises will take longer than he expected to carry out, and that Americans will face more of a burden than many have realized.
“I’m focused on a pretty heavy lift, which is making sure we get that reinvestment and recovery package in place,” Obama said.
The interview with George Stephanopoulos, Obama’s first since returning to Washington as presisdent-elect last weekend, was taped Saturday at the Newseum, where “This Week” has its studio, and will air on Sunday.
“George, I want to be realistic here: Not everything that we talked about during the campaign are we going to be able to do on the pace we had hoped,” Obama said in brief excerpts released by ABC.
Obama also hinted at future tax increases and spending cuts.
“Everybody’s going to have to give,” Obama said. “Everybody’s going to have to have some skin in the game.”
sheriff246 on January 10, 2009 at 5:48 PM
So hope is gone?
Who would have thougt. Now it’s change.
the_nile on January 10, 2009 at 5:54 PM
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