Editorial Cartoon by Eric Allie
The AP reported this morning (to my great surprise):
The economy has shed 1.6 million jobs since the stimulus measure was signed in February, far overshadowing White House announcements estimating the effort has saved 150,000 jobs...As Karl Rove explained in his recent article in the Wall Street Journal:
Mr. Obama has an ingenious approach to job losses: He describes them as job gains. For example, last week the president claimed that 150,000 jobs had been created or saved because of his stimulus package. He boasted, "And that's just the beginning."As a result of his failing economic policies, the majority of Americans currently disapprove of Obamanomics and the GOP now leads Democrats by six points on the economy. Conservatives have continuously pointed out that Keynesian economic theory never works, but liberals believed from the bottom of their capricious little hearts that "this time" would be different. As Albert Einstein noted, "Insanity is doing the same thing over and over again and expecting different results."
However, at the beginning of January, 134.3 million people were employed. At the start of May, 132.4 million Americans were working. How was Mr. Obama magically able to conjure this loss of 1.9 million jobs into an increase of 150,000 jobs?
As my former White House deputy press secretary Tony Fratto points out on his blog, the Labor Department does not and cannot collect data on "jobs saved." So the Obama administration is asking that we accept its "clairvoyant ability to estimate," and the White House press corps has let Mr. Obama's ludicrous claim go virtually unchallenged.
Unfortunately for America, we bought "Mr. O's Special Blend of Snake Oil Hope & Changery," and now we're broke and worse off than we were before.