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About Those Jobs Promised Yesterday

Clearly one of the assumptions on which the Obama administration and Congress are promulgating policy is that the American people have short memories. How else to explain President Obama's declaration yesterday that that his administration would redouble its spending priorities to "save or create" 600,000 jobs:

WASHINGTON - Eager to show action on the ailing economy, President Barack Obama promised Monday to speed federal money into hundreds of public works projects this summer, vowing that 600,000 jobs will be created or saved.

Setting aside the mindless and nebulous concept of "save or create", it is useful to remember that the administration has sold this fraud to voters before, as recently as a month ago. As I noted in April, the President's budget assumptions bore no resemblance to the assumptions his Treasury Department was using to determine the relative health of the nation's banking system. For example, in the famous bank stress tests conducted by Czar Geithner, the Treasury used a best/worst case range on unemployment of 8.3% - 10.3%. As Friday's unemployment data showed, the economy is within less than one point of the worst case scenario envisioned for the nation's banks. No wonder the Obama administration promised to cram 600,000 jobs into a three month period. As with the deficit, these promises and pronouncements are reaching unsustainable levels (to put it politely).

At some point in the political dialogue a reasonable person must ask if the truth is being told. Certainly the conservative side of the political blogosphere has weighed in on this discussion. Given the level of spending and borrowing, the potential costs of failure of the President's policies (not just political costs) and the sheer number of people at risk in the event of such a failure, the stakes are enormous. One would think that Democrats and liberals are somewhere contemplating the consequences of this wager. While there is presently a wide divergence between the President's personal popularity and the the popularity of his policies, I can't help but think that if the economy doesn't turn quickly his personal popularity will move more in the direction of his policy approval: down.

An additional risk for the President is the possibility that the electorate will experience a Hans Christian Andersen moment when some innocent party notes the obvious, that the president's policies and promises are not only patently wrong but also duplicitous.

Note: William McGurn has some related thoughts on this in The Wall Street Journal


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Comments (31)

Good news. I'm from the Gov... (Below threshold)
bobdog:

Good news. I'm from the Government, and I'm here to tell you that you won't lose your job until November.

Another job saved.

Conservatives tend to think... (Below threshold)
Eric:

Conservatives tend to think Liberals are stupid, Liberals tend to think Conservatives are evil. When someone demonizes their opposition as evil, then they naturally tend to develop a certain self-righteousness that they can do no wrong, since they are on the side of good fighting evil.

Obama will never ever admit that his policies are failing because that would violate his fundamental view that he is righteous warrior for the side of good.

I don't understand why Obam... (Below threshold)
Anon Y. Mous:

I don't understand why Obama is being so modest. After all, there are roughly 155 million jobs in the US economy. So, in just the last month, he has not allowed all those jobs to disappear. He has saved 155 million jobs!

All praise Obama; he truly is The One.

"The Treasury Department ha... (Below threshold)
Adrian Browne:

"The Treasury Department has approved 10 of the nation's largest banks to repay $68 billion in government bailout money."

[ . . . ]

http://www.washingtonpost.com/wp-dyn/content/article/2009/06/09/AR2009060900891.html?hpid=topnews


vowing that 600,00... (Below threshold)
vowing that 600,000 jobs will be created or saved.
As long as there are more than 600,000 total jobs, this cannot be refuted. Its an ibecilic statement, but it cannot be refuted.
make that imbecilic<... (Below threshold)

make that imbecilic

"vowing that 600,000 jobs w... (Below threshold)

"vowing that 600,000 jobs will be created or saved..."

Don't worry Rodney. Somewhere, there are lots of holes the government needs to dig.

And in 2011, when unemployment is still sitting at 10% and the 10 year treasury is at 7.5% and inflation has crossed the 7% mark for the first time since the early 1980's, the government will suddenly need all of those holes filled back up again -- and presto! -- another 600,000 jobs "created or saved."

If there are still 600,000 ... (Below threshold)
Burt:

If there are still 600,000 people working in 2012, President Obama can claim credit!

We can use the Korean strat... (Below threshold)
Tim:

We can use the Korean strategy - the three man shovel. I saw this used back in the 80s. One man holds the handle, 2 pull ropes threaded through the blade. It's the ultimate maek-work device.

Obama will never ever ad... (Below threshold)
Peter F.:

Obama will never ever admit that his policies are failing because that would violate his fundamental view that he is righteous warrior for the side of good.

Since we're somewhat on the topic on language...

Not that I'm going off the reservation here, or that I disagree, but save for a few words here and there, this is very near the same argument/point liberals made when it came to the hard days in Iraq and chastising Bush for his 'mistakes' and not having the 'courage' to admit his Iraq decisions were failures.

In both cases I expect niether man to admit to such mistakes publically.

As for 'create or save', this creative and immeasurable bullshit of a phrase has been used since January 20. But far be it from a fawning mainstream media to stop and go 'Hey, wait a minute, Mr. O that dog don't hunt...'.

Now if it was Republican in office using this creative bullshit phrase, the media would be all over it like white on rice. So to speak....

Got to admit, Barry is gett... (Below threshold)
GarandFan:

Got to admit, Barry is getting real good at slinging bullshit.

Today the Teleprompted Won ... (Below threshold)

Today the Teleprompted Won called for paygo. So let's see...

Can't cut defense right now or they can kiss Congress goodbye next year.

Welfare cuts (SS, Medicare, etc) are off the table as possibilities - in fact he's calling for more spending there.

Just called for MORE, FASTER spending yesterday before someone stops him from spending the whole porkulus trillion.

No cuts in other line items can possibly hope to match the unprecented and incomprehensible levels of spending he's advocated, proposed, demanded, cheerleaded, and signed.

What does that leave?

Massive tax hikes. And considering that confiscating every cent earned by 'the rich' won't cover the spending, that means massive tax hikes on the middle class, too.

He's calling, in typical Alinsky fashion in step with his earlier "New Era of Responsibility" title for the largest budget ever seen, this a call for "greater responsibility". By that he means your paycheck will be even more responsible for handouts to other people, who, naturally, will not be called on to take "greater responsibility" for their lives as he has rolled back welfare requirements and is proposing greater welfare spending.

Coincidence that this is rolled out as soon as a poll indicates that the public has turned negative on his handling of the economy? In other words, after holding it off as long as possible, they're already turning on you, you might as well go whole hog.

If you had the 'under' on '6 months' as how long it would take for him to call for the massive tax hikes we all knew were coming, congratulations. Cold comfort, eh?

You've got a month to plan your July 4th TEA parties - with this latest call for tax hikes and Democrats talking about removing your exemption on health insurance premiums, they should be well-attended.

I like Anon Y. Mous' take ... (Below threshold)

I like Anon Y. Mous' take above!

SCENARIO: -the not too distant future-

EVERYONE in America is out of work except for 600,000 Government workers needed to set up photo-ops for Obama and his teleprompter...
Obama would point proudly to those 600,000 people and proclaim:
"Remember how I was gonna save or create 600,000 jobs? Well...there they are!!"

We are stuck in a VERY EXPENSIVE re-make of "Alice in Wonderland". And the price is going UP!

"Just called for MORE, F... (Below threshold)
JLawson:

"Just called for MORE, FASTER spending yesterday before someone stops him from spending the whole porkulus trillion."

Water's slopping over the side into the boat, and Obama calls for boring holes in the bottom to let the water drain...

Post 9/11, I thought the world had turned into a Tom Clancy novel. Now, I'm thinking we've got the governmental equivalent of the 3 Stooges in Obama, Pelosi, and Reid. Do they truely not realize what they're doing? Or do they realize, and just not care?

HOW WELL DO YOU THINK ZERO ... (Below threshold)
HasItBeen4YearsYet?:

HOW WELL DO YOU THINK ZERO BLANKO IS HANDLING THE ECONOMY?

Show the cipher your love by voting now...
http://js.polls.yahoo.com/quiz/quiziframe.php?poll_id=46067

APPARENTLY AMERICANS AREN'T AS THINK AS THEY STUPID WE ARE. ;)

"All those jobs promised ye... (Below threshold)
914:

"All those jobs promised yesterday"

Are hereby cancelled until tommorrow.

Respectfully Yours.....Barak insane Obama

Can't add much to the great... (Below threshold)
Hank:

Can't add much to the great comments above.
Although 914 had me laughing out loud with
Barack Insane Obama. Hadn't heard that before.
And it fits.

I'm just wondering when the MSM will wake up.
As pathetic as they are, the infatuation has to wear off sometime.

Oh, they know JL. Do you s... (Below threshold)

Oh, they know JL. Do you see the Won panicking? No. He knows exactly what he's doing. The key indicator is the SPEED. They need to get as much done THIS YEAR as possible (by done I mean 'converted to Mussolini-esque fascism') so that the press has most of next year to cover it up, blame the GOP for it, and generally spin the 2010 elections to the Dems as listless America lets this year fade into the rearview mirror. That's why the TEA parties have to keep going and the alternative media has to keep its voice, because the way things are slipping sideways in the polls (Obama recently polled with strong negatives equal to strong negatives for the first time the other day, although -SQUIRREL!- they've since recovered) there could be a Clinton-era surprise next year for the Democrats in the midterms despite how gloomy things look. America doesn't like Democrats, certainly not as heavily as 2008 would have them believe, more than Republicans generally - 2008 was a vote 'for the other guy' (helped along by the media convincing America that the GOP was in control of Congress, not to mention the Won helping it along with his "inherited" BS)...if they keep spending money at this historic pace, the economy doesn't recover much (1-2% isn't going to do it), and on top of that they start passing tax hikes and watching energy prices "necessarily skyrocket" as the Won put his own plans for energy costs, 'the other guy' will be the GOP next year.

So, yeah, I think they know what they're doing...otherwise they'd be dragging their feet to agree on where to have lunch like the way congress usually operates instead of doing everything at warp speed and even not bothering to worry about passing legislation for most of what the Won is doing - not even token bills in support that would allow the GOP to get a debate in the papers (and despite all of that his economic negatives have gone over 50% and his approval is showing signs of instability). Harry Reid says he doesn't even need to bother to looking at Sotomayor's record and refuses to grant the time for a review that Dems demanded (and got) on Bush's picks, presumably hoping to beat the SCOTUS decision that is expected to slam her on New Haven (although you never know) - while it's unlikely he can get her through that fast, it's not for want of trying. They know what they're doing.

Quick.. act now.. offers ar... (Below threshold)
_Mike_:

Quick.. act now.. offers are limited.

Want to know how to make or not lose $10,000 per day ?

Start with $10,000 put it under your mattress then simply do nothing for the rest of the day! Congratulations, you've made or not lost $10,000 today!

What ? You say you don't have $10,000 to get started ? That's okay, there's an easier way. You don't need $10,000 to make or not lose $10,000! Simply skip the first part and go directly to doing nothing! Congratulations, you too have made or not lost $10,000!

(/sarcasm)

NEWS FLASH! I just 'saved'... (Below threshold)
GarandFan:

NEWS FLASH! I just 'saved' 250,000 jobs! No, I can't prove it, but then, neither can Barry.

The very fact that Presiden... (Below threshold)

The very fact that President Obama is now proposing PAYGO after quadrupling the deficit is proof positive that his words mean nothing. We tossed out the GOP because of undisciplined fiscal practices, but Obama and the Dems make Bush and the GOP look like mere pikers.

NEWS FLASH! I just 'saved' ... (Below threshold)
914:

NEWS FLASH! I just 'saved' 250,000 Government entitlement jobs! No, I cant prove it, but then, neither can E Barabus Unum.

Obama....the three card mon... (Below threshold)
Trajan:

Obama....the three card monte dealer with the
rickety table set up on 42nd St. A Giuliani
took care of his type. Someone is bound to
clean up the Obama racket....but WHO? ...
and WHEN??? Therein lies the rub.

Obama is hiring enough "cza... (Below threshold)
Trajan:

Obama is hiring enough "czars" to strongly
impact the unemployment stats.

All TOTUS comments come wit... (Below threshold)
Kathy:

All TOTUS comments come with an expiration date. (...not sure who said it first, but it's common knowledge now.)

Obamass'es comments expire ... (Below threshold)
914:

Obamass'es comments expire with a passion tomorrow.

Worst non President ever

Kathy - it was Jim Geraghty... (Below threshold)

Kathy - it was Jim Geraghty at The Campaign Spot: "All Barack Obama statements come with an expiration date. All of them."

A. Browne (who was totally ... (Below threshold)
retired military:

A. Browne (who was totally off topic)
""The Treasury Department has approved 10 of the nation's largest banks to repay $68 billion in government bailout money.""

HOW THE HELL DO YOU THINK OBAMA IS GOING TO PAY FOR HIS NEXT UAW PAYOFF OH I MEAN GM / CHRSYLER BAILOUT?? THE MONEY HAS TO COME FROM SOMEWHERE.

BTW Asswipe Browne... (Below threshold)
retired military:

BTW Asswipe Browne

you didnt quote this section of the story

"The government will continue to hold warrants in the 10 banks, allowing it to purchase shares of their common stock. Administration officials say they have no intention to exercise the warrants, which would give the government ownership stakes in the banks. But negotiations over how much the banks should pay the government to tear up the warrants -- which analysts estimate are worth about $5 billion -- have yet to find common ground.
"

Which basically states that the govt can still exercise control over the banks.

It's some little comfort to... (Below threshold)
SATerp:

It's some little comfort to me, that many of those un-skeptical newspaper and media people in the White House Press Corpse (misspelling intentional) will be among those with their jobs "saved" ONLY in the imagination of Barack Obama.

Riddle me this oh fabulous ... (Below threshold)
timajin:

Riddle me this oh fabulous fascist...

If one still has a job, is it considered a saved job?

and if true...

Can't all jobs still in existence be counted as saved?

Well, that's a heckuvalot more than the 3 million Barry O promised, thus he should be praised. Democratic logic is genius, really genius, like Wile E. Coyote genius.




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