Friday, July 02, 2010

Delusions of Competence

It is no mere coincidence that the updated jobless numbers were released this Friday before a long holiday weekend. The ObamaNation would rather not trumpet the fact that 125,000 more people are without work and the unemployment rate still hovers around 10%.

If too many people were focused on the report, they might start asking questions. And, the answers would inevitably reveal that things are even worse than the official statistics. The truth is there are more like 24 million unemployed and underemployed, a much higher rate of misery.

This is not the sort of "hope and change" they promised, is it?

Poor Christina Romer. She's the unfortunate soul who chairs the president's Council of Economic Advisors. So, it was her unenviable task to spin the dismal results of her advice on all the cable news outlets today. When the folks at Bloomberg TV pressed her on what the administration is going to do now, her frightening response was: "We're always talking about what more we can do."

What MORE they can do?!?

One might argue that all the tinkering they've already done is exactly what is prolonging this great recession. And, if they want the business environment to improve, the best thing they could do would be to exercise restraint. Romer et al would do us all a great service if they encouraged the president to pursue a simple three-point strategy on the economy: (1) extend the low '01 & '03 tax rates, (2) stop discouraging banks from lending, and (3) repeal the many and onerous mandates of ObamaCare.

Instead, she is busy sputtering her flimsy defenses and laughable claims that her boss still has job creation at the top of his agenda.

Actions speak louder than words.

Since taking office, Mr. Obama has made socialized medicine and relaxed immigration policy his primary domestic concerns, not job creation.

Today's jobless numbers reflect that misdirected focus.

And, don't even get me started on the Gulf oil leak. It is, after all, the Friday before a long holiday weekend . . .

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