After a series of not as bad economic news, the media was back to the Obama Boom hype. Wall Street has gained 800 points in the last week due to the hopes that the Obama Boom is finally on. Well as we all know, it was just media hype. Reality has once again exposed this false meme of the Obama Boom.
The June jobs report shows how anemic and stagnant the US economy is. Only 18,000 jobs were created for the month. The Private sector added an anemic 57,000 mostly low wage service jobs. Local governments have laid off 39,000 workers, due to budget reasons. Clearly, the economy is in trouble despite the media hype about an Obama Boom.
U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dampening hopes the economy was on the cusp of regaining momentum after stumbling in recent months.
Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists’ expectations for a 90,000 rise.
[…]
The unemployment rate climbed to 9.2 percent, the highest since December, from 9.1 percent in May.
The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported. The report shattered expectations that the economy was starting to accelerate after a soft patch in the first half of the year.
Read the rest: Jobs Picture Gets Even Worse as Rate Swells to 9.2%
These so called economic experts have been predicting this 2nd half economic pickup for 3 years now. Hasn’t it sunk in their heads that 14 trillion dollars of debt holds down economic growth? Reality doesn’t matter to the Progressive propaganda media. It’s all about making the Obama regime look good.
The sad part is that economic conditions may not matter. Obama’s popularity is still in mid to upper 40’s despite the bad economy. Clearly many Americans love the man despite the bad jobs numbers. We are not dealing with a normal politician here. Obama is a symbol for Progressives. He is here to wash away America’s perceived sins they have been brought up to believe we have committed. This is why the Obama regime doesn’ty care about a bad economy. They will run on Obama the symbol, not what he has done. That’s why the GOP should focus on jobs and the economy.
Update: Here’s an example of the press not giving up on the Obama Boom theme.
Citigroup economist Steven Wieting, in a note, points out that the 1.5 percent GDP growth he expected for the second quarter would mean soft employment gains, but the report is at odds with the decline in weekly jobless claims; June’s private sector ADP report, which showed 157,000 jobs added, and employment gains in the recent ISM manufacturing data.
Chandler said he sticks to the premise that the setback in the recovery is temporary.
“Our idea that the U.S. economy was going to recover is based on three things—lower gas prices, lower interest rates and waning of the Japanese supply chain disruptions. Those things still seem to be there. I think the problem is that many of us will see weak employment meaning weak GDP. But Q1 saw better job growth than Q4 and yet the U.S. economy weakened form Q4 to Q1,” Chandler said.
The media’s faith in the Obama Regime is amazing.
