• Rush Graphic
Obama’s Wealth Destruction
“We’re on a mission to move this nation forward, from doubt and downturn to promise and prosperity, a
mission I guarantee you we will complete … And folks, because of the decisions he [Obama] has made …
America has turned a corner.” — JOE BIDEN, DEMOCRAT CONVENTION SPEECH, 9/6/12
“[O]ur recovery remains on a stable trajectory of positive job growth. Smart and steady wins the race.”
— LABOR SECRETARY HILDA SOLIS, AFTER RELEASE OF WEAK AUGUST JOB FIGURES, 9/7/12
Whatever the Regime is telling you, the truth is precisely the opposite. There is no “corner.” The jobs trajectory is all downward; stupid and wobbly are losing the race,
badly. The Obama Regime has taken a recession and turned it into
a depression. This is what happens whenever socialism is in charge.
Take the August 2012 jobs report, released in September, that
Secretary Solis was crowing about. The manufacturing sector lost
15,000 jobs, while nonfarm payrolls rose by a measly 96,000, far
less than predicted. Yes, “unexpectedly.”
Our buddy James
Pethokoukis reports
that in 2012, job
growth has averaged
only 139,000 per
month, down from the
already anemic aver-
age monthly gain of
153,000 in 2011. He
calls it a “huge miss,”
adding that “the U.S.
labor market remains
in a deep depression.”
If we continue to
add only 96,000 jobs
per month, accord-
ing to the Hamilton
Project, we would
not catch up to the
number of jobs lost
during this recession
until after 2025. The
Heritage Foundation
reports we are in the
slowest recovery in 70
years. And the unem-
ployment stats don’t
even include, notes Mort Zuckerman, eight million people out of
work who haven’t sought work in the past four weeks. Zuckerman,
too, says we’re experiencing “a modern-day depression.”
Lefty New York Times economist/columnist Paul Krugman has
called America “Stagnation Nation.” But, thanks to Krugman’s
lunatic Keynesian “stimulus” advice that Barack Obama has fol-
lowed to a T, we are well on our way to “Disintegration Nation.”
104
Source: Sentier Research
The one thing you can say about Obama is that he’s been an Equal
Opportunity destroyer of jobs and income:
JOBS
“Four years ago, America stood on the brink of a depression.
Despite incredible odds and united Republican opposition, our
President took action. And now, we’ve seen 4. 5 million new jobs.”
— San Antonio Mayor Julián Castro, keynote address, Democrat
National Convention, 9/4/12
INCOME DOWN, UNEMPLOYMENT UP
11
Household income (Jan. 2000 =100)
102
100
98
96
94
92
90
10
9
8
7
6
Unemployment rate
5
4
Recessionary Periods
88 3
1/00 7/00 1/01 7/01 1/02 7/02 1/03 7/03 1/04 7/04 1/05 7/05 1/06 7/06 1/07 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12
Median household income and unemployment rate by month, seasonally adjusted
Parroted by Deval Patrick and others, this 4. 5 million figure was
one of the biggest whoppers in a convention built on whoppers. As
Business Insider points out, the only way you could possibly come up
with 4. 5 million in private job growth is to ignore the 5. 1 million jobs
lost from January 2009 to February 2010.
At Obama’s Immaculation in January 2009, the private jobs figure
— BLS nonfarm private payrolls — stood at 111 million. The latest
