Friday, September 03, 2010

"Recovery Summer" is Obama's Version of "Mission Accomplished" [UPDATED]

In every day parlance among us yokels, it's called counting your eggs before they've hatched. In political terms, it could be dismissed as "Oops", except for the fact that the repercussions are so far reaching. Jake Tapper reports:
... Asked to what degree he regrets his administration's decision to call this Recovery Summer, the president stammered then said, “I don't regret the notion that we are moving forward, but because of the steps that we've taken. And I'm going to have a press conference next week, where, after you guys are able to hear where we're at, we'll be able to answer some specific questions.”

He emphasized: “the key point I'm making right now is that the economy is moving in a positive direction, jobs are being created; they're just not being created as fast as they need to, given the big hole that we experienced…We're moving in the right direction. We just have to speed it up.”
And, so, what exactly do we have to show for all those hundreds upon hundreds of billions of dollars spent on Porkulus ... err ... I mean ... the "stimulus package" and all the mountains of debt that threaten to bury our children and our children's children alive?
The unemployment rate went up slightly in August to 9.6%, over the July rate of 9.5%, and overall the economy shed 54,000 jobs, according to the latest report from the BLS. Private sector growth slowed from in July, dropping from an adjusted gain of 107,000 to 67,000, while the government terminated 131,000 jobs:
Nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Government employment fell, as 114,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment continued to trend up modestly (+67,000).
The news didn’t get any better on the long-term front, either — and has remained little changed between Recovery Summer and last summer’s meltdown...

Looks like the only change you can really believe in is located between the cushions of your couch.

UPDATE (7 September) was YOUR summer?

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