FIAF – 8.5% edition
Raining on Obama’s parade, Jame Pethoukoukis – U-6 rate is 15.2%.
But, for Obama during this election year, the crappy economy is a win/win. Jeff G esplains it:
The “beauty” of Obama’s campaigning strategy is that, if the economy craters, it is not his fault. Bush, Wall Street, selfish millionaires and billionaires, a political conspiracy to thwart him, racism — these are all to blame. If the economy improves, it’s because of him — and his willingness to fight a recalcitrant, politicized congress and take bold steps to get American going again, because, well, “we can’t wait” (unless there’s a tee time available; in which case, what’s another four hours?). If the jobs numbers don’t reach the magic 8% unemployment, even with all the tinkering (Matt McDonald at Hamilton Place Strategies notes that to reach that point, the economy would have to grow at 4.8% and yield 254,000 jobs monthly between now and the run-up to the election, a clip we haven’t seen since 1999), Obama will simply point to the slow decline in rates he’ll be able to massage out of the data and then lie directly and without reservation to the American people.
I cannot properly express the fear and loathing I have for the coming year.
Out of my usual wheelhouse, but here’s the song I downloaded yesterday:
Before you think I’ve completely lost my nut, I also down loaded a bunch of this: