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Bernanke: No More Good Jobs News for Obama

by Keith Koffler on March 1, 2012, 9:40 am

This is huge. HUGE.

Okay.

HUGE

 
Wait a second.

I don’t know why the mainstream media isn’t reporting it like this.

Okay, I do know why the mainstream media isn’t reporting it like this.

The news is that Federal Reserve Chairman Ben Bernanke Wednesday handed President Obama some information that is not nice at all! Unemployment, currently at about 8.3 percent, is unlikely to decline any further. Might rise, even.

In testimony before Congress, Bernanke said unemployment will range between 8.2 and 8.5 percent by the end of the year.

The problem for Obama is that since 8.3 percent unemployment is awful, with millions of people suffering, he needs to show that things are getting better in order for everyone to like his candidacy. So far in the past year, it’s looked that way, with unemployment declining and Obama’s approval numbers edging up.

But that could be over.

Bernanke

I have terrible news

Obama’s pitch is not that the economy is roaring, but that we’re on the right track and life is slowly getting better and happy days are not here again but they will be soon I promise.

But if unemployment is still around 8.3 percent on Election Day then life is not getting better.

The reason is clear. The economy is projected by Benernake to grow at between 2.2 percent and 2.7 percent, not enough to create much in the way of jobs. That means in the fourth year of his presidency, all Obama will be able to achieve is a middling growth rate, the exact same average rate – I hate to bring this up – as Jimmy Carter.

Fortunately for Obama, the unemployment rate isn’t what it was during the Carter years.

Wait a second, did I read that right? The average unemployment rate under Carter was 7.6 percent. I thought it said 76 percent. Sorry.

The Obama campaign, I assure you, is very concerned about this lastest Bernanke information. They now know that they will probably have to run on two theories: Things could have been worse, and Republicans want to kill poor people.

It’s not an appealing platform.

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{ 30 comments }

Jeff March 1, 2012 at 9:58 am

Like Carter, Obama is toast. Stick a fork in it. Bernake’s message is devastating, but that’s not even taking into account the Tolstoy-sized volume of the Obama administration’s other failures.

Someone said, I don’t recall who, that Obama is serving Carter’s second term.

Girly1 March 1, 2012 at 10:06 am

Obama is whistling past the graveyard! Expect to hear more Al Green ditties from the Crooner-in-Chief ! Who knows, he might even come up with a tap dance routine!

The Original March 1, 2012 at 10:08 am

Considering the news about Breitbart, this is at least a little bit of good news. Here is hoping that Obama has the same success at the getting re-elected as Carter.

Susan March 1, 2012 at 10:21 am

I’m still in total shock about Breitbart. We lost a brave and relentless warrior for the conservative cause. When he mentioned at CPAC that he had video of Obama that nobody had seen, we joked about him having a food tester…and now he’s gone. God bless Andrew and his family.

Kathy March 1, 2012 at 10:43 am

I can’t believe Breitbart ids dead. After I read your comment, I did a search for him. Heart attack at 43? Really? Not that it is impossible to have early heart problems, but don’t you think this is totally suspect that he dies right before (unless it was already released) some telling video about the _resident? I hope his family does an autopsy. I suspect foul-play. Maybe I am just too cynical, but this hits me wrong in every way. God bless him and his family.

jabbernaught March 1, 2012 at 2:42 pm

@Sadie

You are right on.. we must pick up the torch.

I remember that Jesus said: “Lest a kernel of wheat fall into the ground and die it cannot produce fruit.”

I pray Andrew Breitbart rises in a hundred spirits to carry the torch.

Mike C March 2, 2012 at 9:44 am

he did in fact have heart issues. One of his pals told Hannity last night. He was stressing out bad over the launch of some new websites, and working like he always did, which was amazingly hard. Not too hard to swallow a heart attack at 43 for that hard charging guy. (miss him already)

Sadie March 1, 2012 at 12:18 pm

You just said the magic word – Carter. I suggest reading about a possible prisoner exchange (Rahman 1993 bombing of the WTC) for our NGOs in Egypt.

http://directorblue.blogspot.com/

Then read this from Andrew Breitbart’s blog.

http://bigpeace.com/taylorking/2011/02/03/obama-code-pink-and-egypt-there-are-no-coincidences-in-politics/

We’re all going to have to pick up the pieces and work of Andrew – Silence is not an option.

Star March 1, 2012 at 10:10 am

Amd yet–the worst the Wash Post could say was Bernanke was “cautious.”

The Original March 1, 2012 at 10:20 am

Well, Bernanke can be “cautious” according to WaPo. It isn’t going to change how bad the news will next fall around Nov. 5.

Star March 1, 2012 at 11:19 am

But they sort of WILL downplay and change it–that is the problem. Some days I cannot STAND to be flopping around in HuffingtonWorld, WaPoWorld, OverBalancedWorld, CNNicalWorld, etc. It gets to me.

Robin H March 1, 2012 at 10:26 am

“They now know that they will probably have to run on two theories: Things could have been worse, and Republicans want to kill poor people”

So he can just stay on message. Good, we didn’t want to tax his brain too much, dontcha know.

Mike C March 2, 2012 at 9:45 am

and those repubs want dirty air and dirty water,too

srdem65 March 1, 2012 at 10:31 am

We all know how bad it is here in America and no amount of wishful thinking or rosy predictions by the WhiteHouse will change anything. Global markets and overseas relocations by major corporations have changed everything.

domenico dario March 1, 2012 at 10:46 am
RWC March 1, 2012 at 11:01 am

Give the unemployed government jobs. Problem solved.

RWC March 1, 2012 at 11:03 am
Dennis March 1, 2012 at 11:03 am

“Things could have been worse, and Republicans want to kill poor people.”

Okay we KNOW the (R)’s want to kill poor people, nothing wrong with that but will it be for sport or to eat them a la cattle, chicken’s, pig’s, etc?

:{

RWC March 1, 2012 at 11:06 am

I do it for their pelts :-P

brstevens March 1, 2012 at 11:30 am

It’s not an appealing platform, but Obama has many friends in the media to help him sell it. Or hide it.

lc southern March 1, 2012 at 12:05 pm

Jobs picture not going to get better. Gas prices will be over $5.00 a gallon before June. Yet the koolaide drinkers still support him. I’m just dumbfounded by their refusing to open their eyes…

Star March 1, 2012 at 12:12 pm

Wilfully ignorant and uninformed people are his base now.

Girly1 March 1, 2012 at 12:23 pm

Watch for Obama to start talking about the ‘new norm’! 20% unemployment? Get used to it!

Star March 1, 2012 at 12:33 pm

I was thinking along those same lines–they will find a new way to crunch the numbers–new assumptions…it’s all book cooking anyhow. Yes, those of us out here know it’s still crappy, but who listens to the clingers…

Wigglesworth March 1, 2012 at 3:06 pm

I think they are playing a game of “Beat the numbers” which is what many publicly traded companies do. You set low to modest expectations that when exceeded make you look even better. This is something they learned the hard way when Obama’s economists predicted unemployment would not go above 8% and that unemployment would be much lower today than it is. This has been a conservative talking point for some time and they don’t want a repeat of that scenario.

Wigglesworth March 1, 2012 at 3:18 pm

Another thing I will mention is that I see quite a few examples of numbers being inflated so that things look better then months or even a year later the numbers will be quietly revised downwards. Not only did they get the benefit of reporting a better number initially, but making a downward revision after the fact gives you a favorable comparison the next reporting cycle.

Here is an example with home sales. The market was 14% worse than what was being reported at the time. Now they go back and revise the numbers downward years later so that when numbers are reported going forward you can have a favorable comparison like “Home sales surge 10% year over year.”
http://www.cnbc.com/id/45751842/Home_Sales_Revisions_to_Hurt_More_Distress_in_Market

BARKLEY PONTREE March 1, 2012 at 5:43 pm

I remember the Carter years. Let’s get some facts straight. First of all, the way the numbers were calculated back then and how they are now are different. So unemployment and inflation comparisons are not fair because they are skewed now compared to Carter. Secondly, the bad economy of the Carter years was a rust belt northeastern recession; large parts of the US were booming; the south, Texas, Denver for example. I use to pick up a Sunday Dallas Morning News or Times Herald in Kalamazoo on Wednesdays and they had over three full sections of job want ads.

Today, the whole country is in the funk. The real numbers show inflation over 8% and as high as 12% over the last 10 years while unemployment numbers is a joke when they just keep knocking unemployed people off the equation. It’s probably closer to 18% than 8%. Which, if you recall the calculation, would would give Obama a misery index much higher than anything during the Carter years.

I’m a stats geek and it drives me nuts what I see being passed off by the media today.

barkleypontree.blogspot.com

GWShrub March 2, 2012 at 11:33 am

I agree. My wife works for the Pa. Dept of Labor & Industry & she’s always telling me of the numbers indicating the decrease in the workforce & how many are are dropping off the roles.

It always “irkes” me when I recall that “Jimmah” GAVE the Panama Canal back. What a military blunder that was. Now the Grifter-In-Chief essentially gave away the Canadian Oil to the Chinese by not approving the Keystone Pipeline.

We continue to be destroyed from within.

Mr. T. March 1, 2012 at 8:00 pm

But the AP headlines today proclaim “Job Picture Brightens” – with the first line of the story saying…”After years of bad news begetting more bad news, the American economy may finally be building momentum in the other direction.”

As long as the MSM continues to toe the line, I don’t think the Obama campaign is very concerned about anything.

Star March 2, 2012 at 11:43 am

Sadly, I think you’re right. Today I read another story on Bernanke’s appearance–and his main point (NOT reported by AP at first) was that with people being out of work so long (more than 6 mos), the whole workforce was being undercut, skills were disappearing or at best, going stale, and this would affect the whole economy well…forever. That he YOOGE as you put it, Keith.