If it wasn’t for the fact that so many people are suffering and being seduced into empty lives of government dependency (symbolized by Julia, the world’s most disappointing daughter), I might feel sorry for President Obama.
He promised unemployment would never climb above 8 percent if Congress squandered $800 billion on a Keynesian stimulus scheme.
Well, Congress said yes and the results have not been pretty. And every month we get new numbers to show us that the Administration’s policies have failed. It’s like Chinese water torture for the White House.
The numbers released this morning from the Department of Labor don’t change the narrative. The Republican and Democratic spin-doctors obviously will spit out their talking points, but here’s a visual put together by Political Math that trumps all the political maneuvering. If you’re wondering where Obama is, look at the lower left portion of the image.
This image is a couple of months old, but job creation has been so anemic that the naked eye wouldn’t be able to tell the difference if it was updated
Since I normally show a graph with the actual unemployment rate compared to what Obama promised, I’ll add that as well. Not a pretty picture. I wrote that last month’s version would cause anxiety for Obama, and see no reason to change that assessment.
Yes, the official unemployment rate dropped to 8.1 percent, but that was because more Americans dropped out of the labor force.
Hussman's Open Letter to the Fed; The Problem with Bubbles; Textbook Pre-Crash Bubble; Reflections on Not Chasing Bubbles; Integrity vs. Respect | Mike Shedlock