The Obama Economic Plan: Go Buy A “Thingamajig”

After Another Dismal Economic Report Highlights The Failure Of Obamanomics, Obama’s Latest Idea Demonstrates How Little He Has Left To Offer Struggling Americans

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WITH THE ECONOMY SPUTTERING AND UNEMPLOYMENT RATE INCREASING, OBAMA’S SOLUTION IS FOR AMERICANS TO BUY “THINGAMAJIG”

Obama: Go Buy A Thingamajig

Obama Thinks Buying A “Thingamajig” Will Fix The Economy. OBAMA: “There are some folks here that can use $3,000 a year. Let’s get that done right now. If you’ve got $3,000 a year extra, that helps you pay down your credit cards, that helps you go out and buy some things that your family needs, which is good for business. Maybe somebody will be replacing some thingamajig for their furnace. They’ve been putting that off. But if they’ve got that extra money, they might just go out there and buy that thing. Right?” (President Barack Obama, Remarks, Golden Valley, MN, 6/1/12)

YOU’D EXPECT “THINGAMIGS” FROM THE PRESIDENT WITH THE WORST RECORD ON JOB GROWTH SINCE THE GREAT DEPRESSION

The Washington Post ’s Fact Checker Said “Obama Is On Track To Have The Worst Jobs Record Of Any President In The Modern Era.” “Unless the economy turns around in the next 18 months, Obama is on track to have the worst jobs record of any president in the modern era. That would be an accurate statement.” (Glenn Kessler, “Rick Perry’s Claim That Obama Has ‘Killed More Jobs’ Than Any Other President,” The Washington Post’s “The Fact Checker,” 8/22/11)

  • The Washington Post’s Fact Checker: “Obama Comes In Either Last, Second-To-Last Or In The Bottom Half Among Presidents Since The Great Depression.” “But Obama comes in either last, second-to-last or in the bottom half among presidents since the great depression, depending on which way you look at the numbers.” (Josh Hicks, “Obama’s Remarks On Worst Job Growth: Did He End It Or Should He Own It?” The Washington Post’s “Fact Checker,” 5/21/12)
  • The Washington Post’s Fact Checker: “The Worst Numbers On Record Occurred Under His Watch.” “The president said that policies from 2000 through 2008 produced the ‘most sluggish job growth we’ve ever seen.’ Perhaps so, but the worst numbers on record occurred under his watch.” (Josh Hicks, “Obama’s Remarks On Worst Job Growth: Did He End It Or Should He Own It?” The Washington Post’s “Fact Checker,” 5/21/12)

“The Proportion Of Americans In Their Prime Working Years Who Have Jobs Is Smaller Than It Has Been At Any Time In The 23 Years Before The Recession.” “The proportion of Americans in their prime working years who have jobs is smaller than it has been at any time in the 23 years before the recession, according to federal statistics, reflecting the profound and lasting effects that the downturn has had on the nation’s economic prospects. By this measure, the jobs situation has improved little in recent years.” (Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,” The Washington Post, 5/29/12)

  • “This Measure Of Prime-Age Workers Captures More Of The Ongoing Turbulence In The Job Market.” “While the unemployment rate may be the most closely watched gauge of the economy in the presidential campaign, this measure of prime-age workers captures more of the ongoing turbulence in the job market. It reflects ‘missing workers’ who have stopped looking for work and aren’t included in the unemployment rate.” (Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,” The Washington Post, 5/29/12)

“The Percentage Of Prime-Age Men Who Are Working Is Smaller Now Than It Has Been In Any Time Before The Recession, Going All The Way Back To 1948, According To Federal Statistics.” “The falloff has been sharpest for men, for whom the proportion had been on a slow decline before the recession. The percentage of prime-age men who are working is smaller now than it has been in any time before the recession, going all the way back to 1948, according to federal statistics.” (Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,” The Washington Post, 5/29/12)

  • “The Proportion Of Prime-Age Women Is At A Low Not Seen Since 1988.”(Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,”The Washington Post, 5/29/12)

ANOTHER JOBS REPORT THAT ISN’T GOOD ENOUGH SHOWS THAT OBAMA HAS NO IDEA HOW TO FIX THE ECONOMY

ABC News: “The Nation’s Jobs Picture Dimmed In May.” “The nation’s jobs picture dimmed in May as employers added just 69,000 jobs and the unemployment rate ticked up to 8.2 percent, a continuation of a long, slow employment recovery that began 33 months ago.” (Susanna Kim, “May Unemployment Rises To 8.2 Pct,” ABC News, 6/1/12)

The New York Times: “A Dismal Showing.” “The United States economy gained a net 69,000 jobs in May, the Labor Department said Friday, a dismal showing that reflected mounting fears of a global slowdown. The unemployment rate rose to 8.2 percent from 8.1 percent in April.” (Shaila Dewan, “U.S. Added 69,000 Jobs In May, Jobless Rate At 8.2%,”The New York Times, 6/1/12)

“Payrolls Climbed By 69,000 Last Month, Less Than The Most-Pessimistic Forecast In A Bloomberg News Survey.” “Payrolls climbed by 69,000 last month, less than the most- pessimistic forecast in a Bloomberg News survey, after a revised 77,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington. The median estimate called for a 150,000 May advance. The jobless rate rose to 8.2 percent from 8.1 percent, while hours worked declined.” (Timothy R. Homan, “Employment In U.S. Increased 69,000 In May,” Bloomberg, 6/1/12)

Moody’s Mark Zandi: “There’s Nowhere To Hide On This One.” ZANDI: “Yeah. Yeah. I’m very disappointed, yeah. There’s nothing. There’s nowhere to hide on this one.” (CNBC’s “Squawk Box,” 6/1/12)

  • Zandi: “ There’s Nothing Very Redeeming About This Report. It’s Pretty Ugly All The Way Around.” ZANDI:“Yeah, I know, Chuck, there’s nothing very redeeming about this report. It’s pretty ugly all the way around. The weak job numbers, the revisions, the unemployment rate. It was pretty, pretty weak.” (MSNBC’s “The Daily Rundown,” 6/1/12)

Since President Obama Took Office, The Nation Has Lost 552,000 Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.2 Percent. (Bureau Of Labor Statistics, Accessed 6/1/12)

The Unemployment Rate Has Remained Above Eight Percent For A Record 40 Straight Months. (Bureau Of Labor Statistics, Accessed 6/1/12)

  • The Average Duration Of Unemployment Has More Than Doubled From 19.8 Weeks To 39.7 Weeks. (Bureau Of Labor Statistics, Accessed 6/1/12)

The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Increased To 14.8 Percent. (Bureau Of Labor Statistics, Accessed 6/1/12)

23.2 Million Americans Are Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 6/1/12)

  • The Number Of Unemployed Workers Increased By 220,000 To 12.7 Million.(Bureau Of Labor Statistics, Accessed 6/1/12)
  • The Number Of Workers Working Part-Time For Economic Reasons Increased By 245,000 To 8.1 Million. (Bureau Of Labor Statistics, Accessed 6/1/12)
  • There Are Currently 830,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 6/1/12)

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