“Worse Than Expected”
More grim news from the employment front today. Here’s the Wall Street Journal summary:
Fewer Americans started the process of collecting unemployment checks last week, but the drop was too small to suggest a change in the persistently weak job market.
Initial jobless claims fell by 1,000 to a seasonally adjusted 428,000 in the week ended June 25, the Labor Department said Thursday. The prior week’s figure was unrevised at 429,000.
The data was worse than expected. Economists surveyed by Dow Jones Newswires had forecast claims would fall by 8,000.
The four-week moving average of new claims, considered a more reliable indicator because it smooths out volatile weekly data, rose by 500 to 426,750.
“Worse than expected” should be shorthand for everything Obama. That is also a great description of the president’s press conference yesterday, a painfully drawn out affair that featured a mumbling, stumbling and unusually preening president who had decided it was time to pick a fight but actually just looked and sounded like a teenager trying to sound tough. He took about 10 questions in more than an hour, and his long, convoluted answers have to embarrass all those who invested in the “great speaker” prediction.
We are in a jam, because this president clearly doesn’t know a lick about economics and is also indifferent to both electoral results and the advice of job creators. His single instinct is to raise taxes and thereby punish rich people, a reflex learned as a community organizer no doubt, but also one that has grown so hackneyed after the Obama recession that even the Alinskyite inner circle must recoil from its constant repetition.
Employers refuse to invest in new employment with Obamacare rolling out and the president calling for higher taxes –not many corporate jet companies are hiring this wee, eh?– and his team assailing Boeing and other major manufacturers. It is the same conclusion everywhere: What will this guy do or say next? What crazy, cost-raising scheme will his regulatory armies unveil next?
It has taken less than three years for the president to almost single-handedly destroy employer confidence and undermine a recovery that ought to have been robust and sustained because the panic was short and sharp.
[A]s another Fourth of July approaches, there has never been more uncertainty about the future of America — and the anxiety transcends even the dismal economy and three foreign wars. President Obama prompted such introspection in April 2009, when he suggested that the United States, as one of many nations, was not necessarily any more exceptional than others. Recently, a New Yorker magazine article sympathetically described our new foreign policy as “leading from behind.”
There is only one way to reverse this direction and this mood, and that is of course to oust the president in November 2012, along with as many Senate and House Democrats as possible and return a pro-growth Republican majority in the Congress that will work with a new president that, like Reagan in 1980, is confident of American strength, potential and virtue.
Which is why I am listing the website/donation pages for all the declared presidential candidates today, which is the last reporting day of the quarter. Pick one –or two, or three– and get involved in a personal way with a contribution. I continue to believe that Tim Pawlenty or Mitt Romney could both defeat the president rather easily, but dollars invested in Michele Bachmann or Herman Cain or Rick Santorum or New Gingrich power forward messengers who are united in the belief that America is a great country with another American century in front of it if only the political class will stop yearning after European models and socialist reveries.
Dig deep and get involved today: