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October 29, 2009
Obama's Commerce Department Proudly Announces Prelude to the Double-Dip Recession3.5% growth, beating analyst expectations, but Ed Morrissey pretty much nails it: [W]hat we had in the third quarter was not long-term growth based on solid investment in business. We had a flurry of federal spending and consumer behavior predicated on highly temporary government interventions, like Cash for Clunkers and the homebuyer tax credit. That may be enough to make the administration look good for the next three months, but only for that long if they don’t stimulate real investment instead of using these gimmicky programs. If we have a double dip recession after these gimmicks end, Barack Obama won’t have George Bush to kick around any longer on the economy. He’ll own it after this. If this is a genuine recovery, well, kudos to Obama for ignoring every principle of economics and sound fiscal policy and somehow contriving success. But that seems unlikely. More likely is that this is a One Quarter Wonder. The enormous deficits Obama has created, and his general attitude of tax anything in sight, are going to continue to discourage non-government-gimmick investment, spending, and growth, and plunge us back into the next recession. Meanwhile, at that link, job losses continue pretty much apace: The number of people claiming jobless benefits for the first time dropped less than expected last week, evidence that the labor market remains weak even as the economy is recovering. Also at Hot Air: Obama's already anemic "saved or created" nonsense jobs figure is even more nonsense than imagined. An early progress report on President Barack Obama’s economic recovery plan overstates by thousands the number of jobs created or saved through the stimulus program, a mistake that White House officials promise will be corrected in future reports. Obama's fans, apparently, tried to do him a solid by claiming large numbers of jobs had been "saved or created," when in fact none, or very few, had been: _ A company working with the Federal Communications Commission reported that stimulus money paid for 4,231 jobs, when about 1,000 were produced. It is, of course, in the financial interests of "Stimulus" money recipients to claim all sorts of job growth -- they want Obama to keep sending them money, of course, and all Obama wants in return is for them to put numbers on a piece of paper that he can parade out to prove his drunken-sailor spending is "working." So of course the Administration has no interest in vetting these numbers -- the higher the better, wink wink nudge nudge. Want to say that your small aromatherapy-for-convicts business expanded by thirty-three bazillion people thanks to Obama's spendulus? Awesome. Just write down large numbers on an unvetted, unverified report, and Obama will write down a large number on a check. | Recent Comments
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The Morning Rant: Minimalist Edition
Mid-Morning Art Thread Daily Tech News 9 October 2025 Wednesday Overnight Open Thread - October 8, 2025 [Autumn Rex] Skies and Heavens Cafe Who Set the LA Palisades Fire That Killed 12 People and Caused $150 Billion In Damges? A Biden-Voting "Climate Change" Cultist, Naturally JustTheNews: FBI Corruption Probe Turned Up Whistleblower Tip That Political Allies Paid Off Bill Clinton "Through the Back Door" After Some Initial Pity-Watches by Antifa Leftists, Jimmy Kimmel's Ratings Plunge 85% In Key Demographic (and Over 70% Overall) 107 Trump Appointees Confirmed En Masse After Republicans Change Rules to End Democrats' "Confirmation Blockade" Search
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