Unemployment Hits Record High of 9.4% and State-Run Media Says It’s Good News!

“No matter where you go in the government-run media, a 26-year high unemployment rate of
9.4% equals a bottoming out of the recession. It’s not that bad. Why,……

In summary he said the theory was give folk money and they will spend it to pump the economy. In reality people use money based on perception of the future.

If people fear job loss or bad times, they pay down debt, or save. Morris discounts job figures as a lagging idicator that may not improve a long time after any turnaround; however, saving vs spending is a real metric.

More money went into savings than out into the economy. It doesn’t matter which dollars went where, but it means the net is no trickle down

Morris said to get people spending you need guarantee people will not be squeezed down the road. He wants big tax cuts guaranteed not to go away for a long time. Businesses can extend themselves more, and consumers know they will have more, so they loosen their purses.

I did not paraphrase him very well but I think he is right.

The stimulus bill does not work unless the public is certain they will not be twisted financially down the road. Right now, everyone knows the stimulus is spent and there is talk of States not meeting payroll. Everyone has turtled

The stimuls was money that did not grow and cannot be retrieved, except by taxation

Worst President in history, worst Speaker of the House in history, worst Senate Majority Leader in History – we have the three evil Stooges in charge of the handbasket to hell.

cntrlfrk on June 6, 2009 at 5:17 PM

I laugh thinking what Gilbert and Sullivan could do with with the “Insane Clown Posse”. A strange melding of “Much Ado about nothing” (Thats Shakespeare for you barbarians) and “The Mikado” (Gilbert&Sullivan).

Yeah I would buy tickets for that! ROFL

The porkulus is an ABJECT FAILURE as is B. Hussein. Everything he touches turns to manure and his crew is a clown posse from top to bottom.

dogsoldier on June 6, 2009 at 12:48 PM

Quite possibly the best overall description of this administration I’ve seen.

The Insane Clown Posse.

Obama needs to buy the rights for that name.

Nonfarm payroll employment fell by 345,000

Wow what a mealy mouthed way of saying that another estimated 345,000 people lost their jobs in May, including yours truly.

The porkulus is an ABJECT FAILURE as is B. Hussein. Everything he touches turns to manure and his crew is a clown posse from top to bottom.

We are watching a mental disorder. The future will reflect that what is happening now is the result of mind modification that was manipulated for the ultimate control of the masses. It was brought on by the collapse of the two party system. Of course then it will be too late to stop it. This is the New World Order in its embryonic stages.

volsense on June 6, 2009 at 8:30 AM

On the up side in a few generations the elites will have achieved the goal of turning most humans into mindless drones that will serve them. The true utopia of the insect hive will be realized and the human drones will not have enough brain power to even care. I always said Lucas was visionary with the film THX1138. If you want to see the future society of humans just take a look at that film.

perfectly wrong on the success of the surge in iraq, and perfectly wrong on the success of the surge in spending.

next up, healthcare?

Democrats have had to put the war supplemental to fund the troops in Iraq and Afghanistan on hold because they lack the votes to pass the modified bill that came out of conference. The Democrat leadership has reduced the amount of the supplemental for the troops and tacked on $108 billion in bailout funding for foreign governments through the International Monetary Fund (IMF). There is a large contingent of far left Democrats who always vote against funding our troops. Given the billions now included for the IMF global bailout, the Republicans are refusing to support the bill.

Rep. Jeb Hensarling (R-Texas) led the charge to fight the addition of these bailout funds on this “must pass” funding for our troops.

“Clearly the Democratic leadership is having a tough time getting their members to support flawed legislation that reduces funding for our troops from the level originally passed by the House and funds a bailout for foreign nations,” Hensarling said. “I have led a group of House Republicans urging Democratic leadership to remove this $108 billion foreign bailout paid for by U.S. taxpayers. As we have done time after time, Republicans are eager to support our troops; but we will not stand by and let Democrats wrap pork barrel spending and a global bailout in the American flag.”

But Republicans had more problems with the pork and the IMF global bailout than just the vehicle the Democrats chose. The final conference report not only cut $5 billion from troop funding in order to send the bailout funds to the IMF but the funding would have no restrictions. Any IMF member could apply for the loans including Iran, Venezuela, Zimbabwe, and Burma.

That finally seemed to rankle some Democrats. Rep. Brad Sherman (D-Calif.) in a letter to colleagues yesterday said, “We face the very real possibility that some of the world’s worst regimes will benefit from the additional resources provided to the IMF, World Bank and other international institutions, unless the U.S. works vigilantly to deny this assistance.”

As if that weren’t enough to oppose the funding, the New York Times reported on May 27 that Hezbollah is in talks with the IMF about continuing loans to Lebanon should they win the election.

But the crème de la crème: inorder to loan the IMF $108 billion, the U.S. will have to borrow the money from other countries, like China.

Republican Whip Eric Cantor spoke about the absurdity of the Democrat plan yesterday.

“Borrowing money from China for a global bailout of the IMF makes no sense, particularly when China itself has not made the same commitment. … The possibility that tax dollars reserved for our military could fall into the hands of terrorists or their supporters is an affront to our troops. The truth is that Democrats currently don’t have the support needed to pass this bill, which is why it has been delayed.”

Source: http://www.humanevents.com/article.php?print=yes&id=32163

Somebody didn’t read: Socialism Fails-ALWAYS.

Wait for this line of spin coming soon to an MSNBC outlet near you.

Milton Friedman