Obama has once again created jobs - not real jobs, of course - but then none of the jobs the government creates are real. It is not the government, any government's stated, allowed or intended purpose to create jobs. The only meaningful (real) jobs are ones created by the private sector, because those are the only ones that generate revenue, build the economy and do not suck up tax money.
The extra jobs Obama created this week were for his "spin doctors". You see, this tyrannical administration is dangerously close to successfully destroying the American economy and plunging the US into an economic pit from which we may never again emerge. Yet his spin doctors have been spreading their wealth of lies for months and the OMG (Obama Media Group) have been dutifully regurgitating it to the peons.
There was rather important news this week as stocks struggled as investors digested the implications of the decision by the People's Bank of China to allow for greater flexibility in its currency by relaxing the yuan's peg to the U.S. dollar. Of course, there was almost nothing "leaked" by the spin doctors to the public, that just would not have enhanced their job security, they kept telling us "The recovery is stronger now than even a few months ago, we (government) are creating more jobs than ever before".
Last month the federal government created and filled almost 300,000 jobs, while the private sector struggled to create and fill barely 100,000. Now I'm not a real math whiz, but if there are fewer people out there working and paying taxes than there are people hired to jobs that suck up those taxes . . . well, never mind, I'm sure Obama has it all figured out . . .
About the same time as China was scratching it's chin regarding the US economic stability, after a two-day meeting, Federal Reserve officials vowed to keep the benchmark federal funds rate near zero for an "extended period". You see, it seems that financial conditions have become "less supportive of economic growth". Translation? It means that instead of being in a "recovery" we are still falling, and the Obama administration is working feverishly to finish ripping away anything that even remotely resembles a safety net, much less doing anything that would stop the fall. Golly, I don't know, like perhaps STOP GOVERNMENT SPENDING of money it DOESN'T HAVE?? No government can SPEND its way out of insolvency any better than you or I - - in fact, if WE try that, WE go to jail - - I want to be among the first to demand that Obama and his administration, including every czar he has ever appointed, be treated to exactly the same justice and consequences to which you and I are subject.
Of course, that is highly unlikely to happen, because on Friday, a conference committee from the House and Senate completed negotiations to approve a sweeping overhaul of financial regulations. The legislation should reach the NObama's desk for signature by July 4. It has virtually nothing in it to "reform" the financial industry, but his spin doctors have been spewing for weeks now how it will save us all from the "evil wall street bankers". Wait, aren't many of these the very same ones NObama insisted we gift about a trillion dollars to for bail-outs? Why, I do believe it is! Where did that money go? Seems no one knows, and in case you are wondering this "financial reform" legislation has nothing to do with stopping things like that from happening again, nothing!
What do we need to keep our ears open for? Well, not just investors, but everyone should stay alert and listen for possible economic policy pronouncements emanating from the G-20 economic summit to be held in Toronto over this weekend. You will have to dig for the information because I'm betting there will be almost zero OMG (Obama Media Group) coverage and his spin doctors will not likely be excited about sharing the truth with us.
I'm going to be anxious to see how they spin the market's closing stats: the S&P 500 Index closed at 1,076.76, down -3.6297% for the week. Gold remained near its recent all-time high to end the week at $1,256 an ounce, but down 0.10% from last Friday. Treasury bond prices rose slightly, with the 10-year yield falling by 0.12% to close the week at 3.11%.
It seems that no matter how they try to spin some things, they haven't quite figured out how to get all the smaller numbers to at least appear bigger - because the Commerce Department reported the U.S. economy grew at a 2.7% annual rate in the first quarter, and no matter how you slice it, this is less than their prior estimate of 3.0%. This article from L.A. reporter, Edmund Jenks, sums it up nicely:
The Obama Administration was wrong in its initial estimate of the growth in our economy during the first quarter (January through March 2010) of this second year of the 44th Presidency.
The first estimates released to the public by the Commerce Department placed the growth in the GDP, which measures consumer spending, at an anemic but sustainable 3.2%. This growth would have shown some positive effect of the nearly one-trillion dollar Stimulus Government Spending legislation that was passed into law over one year ago ... if it were true, but this initial estimate was a fabrication.
Today, the Obama Administration released a second revised figure which set the level of growth downward to only 2.7%. This growth represents a negative growth because it does not keep up with the expansion in our population and shows how little Government spending can do to spur the economy in creating wealth through economic growth.
Then we get to a really big factor: the housing market. The spin doctors have been telling us for months now how great the housing market is doing in its recovery, especially with the government giving all those billions away in income tax credits to anyone who bought a home, up to $8,000 I think was the figure. Of course, the housing market showed signs of renewed weakness even before that stupid government purchase incentive program expired at the end of May. Sales of new homes in May plunged 33% from the prior month (NOT year, MONTH) to the lowest level on record, EVER and existing home sales in May fell 2.2% from April.
Of course, the spin doctors haven't mentioned those statistics to anyone, now have they? No. And were they forth coming with the facts that their stupid "income tax credit" to home buyers was riddled with fraud? It seems that hundreds of tax returns, claiming the up to $8,000 credit were filed by ummmm INMATES in Federal prisons - and that ONE property address had been reported 67 times, to collect that $8,000.00 - wow, another shocker, a federal pork give-away of our tax dollars is fraught with corruption, fraud and mis-management, go figure!
With all of this going on though, NObama's spin doctors have been doing a terrific job and the ignorant population (you know the ones - - they voted for him and still expect him to eventually start keeping his promises, making lots of excuses for why he hasn't yet) is just gobbling it up, along with all their other entitlements they voted to give themselves at the rest of the country's expense.
It seems that consumer sentiment in late June as measured by Reuters and the University of Michigan rose to the highest level in more than two years. Wow, everything is worse, and in many cases much worse than even before this jerk came into office (two years into it and he is still blaming Bush) and yet Reuters and the University of Michigan were able to scrape together enough useful idiots to quote to determine that "we all think things are just rosy!" Reminds me of that line in the 1997 movie "The Postman" where Kevin Costner lies to folks about a "new government" and the new president "Richard Starkey" (ummm that would be Ringo Starr of the old Beatles for those of you too young to remember or too inert to care) who says "stuff is getting better!" Yup, this administration must be watching a lot of movies!
So, I have to ask you again - - Are you ready? Obama has declared war on the American people, are you paying attention?? Keep watch - Semper vigilens - Next week, a number of important economic indicators will be released. Investors will receive data on personal income and spending on Monday, the S&P/Case-Shiller home price index on Wednesday, the Institute for Supply Management Purchasing Managers Index and construction spending on Thursday, and the Bureau of Labor Statistics will release the May employment numbers on Friday.
I don't doubt that Obama and his spin doctors will figure out how to once again piss all over the American people and smile while telling them it's really rain.
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Kelly Wolf - writes opinion under full color and protection of the 1st Amendment. Contributing author, politically conservative and independent, fiercely protective of God, Country & Constitution.
"Truth is not racist, hateful, bigoted or intolerant. Neither are those who speak the truth. However, one usually has only to look to see who is shouting the accusation of such to see the truth of who is." Kelly Wolf
