Friday, May 07, 2010

Unemployment Up From 9.7 To 9.9 Percent: In Full Obasm Mode, ABC Spins Job Creation Numbers Ahead of Unemployment Rise

Obama's lapdogs at ABC are having multiple Obasms today over nearly 300,000 jobs created, hiding the fact that unemployment still edged up from 9.7 to 9.9 percent.
For the first time since December 2007, the nation has experienced job growth for two straight months, welcome news for a country that has lost nearly 8 million jobs since the recession started.

But it is also welcome news for the White House and Democrats in Congress hoping to hang onto their own jobs with elections coming up this fall.

Compare the lapdog media's excitement over nearly 10 percent unemployment now, to the lapdog media's blah reaction to the drop in January 2006 to 4.9 percent unemployment.

Businesses boosted payrolls modestly in December, and the unemployment rate dropped to 4.9 percent — evidence, President Bush said, of the economy's resiliency in the face of last year's hurricanes and high energy costs. For all of 2005, employers added 2 million new jobs.

The employment report released by the Labor Department on Friday suggested that the job market headed into the new year in pretty good shape, analysts said. On Wall Street, the Dow Jones industrials closed up 77.16 points.

...Bush, whose standing with the public has improved but still remains relatively low, has shifted into a campaign-like mode to shine a spotlight on the economy's good points in speeches around the country, including an appearance in Chicago on Friday. His economics team also fanned out to talk about the economy.

"The American economy heads into 2006 with a full head of steam," Bush declared.

"We've been through a lot," he said, referring to the 2001 recession, terror attacks, corporate accounting scandals, high energy prices and the Gulf Coast hurricanes that have punctuated the economic landscape over the last five years.

Bush credited his tax cuts with helping the economy and called on Congress to make them permanent.

Democrats contend that the tax cuts mostly helped the wealthy (lie) and thrust the nation's balance sheets into red ink. The middle class, they say, is getting squeezed by high health care and energy costs.

...Most private economists predict the economy will grow respectably this year — topping 3 percent. Friday's jobs report "suggests decent but not stellar economic growth," said Nigel Gault, economist at Global Insight.
So 4.9 percent unemployment in 2006 (Bush) was "decent but not stellar" growth, but an upward swing to 9.9 percent under Obama? "Happy days are here again!"

The lapdogs will look for any good news since they're so heavily invested in the success of this Administration.

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