|Posted by Zachary Woodman on May 7, 2012 at 11:25 PM|
Another day, another set of lies from Obama’s campaign. This time, Obama has released a new ad entitled “Go”—his most heavily funded ad yet—trying to paint his economic policies as good, as well as throwing in some more despicable gloating about Osama bin Laden, while fabricating facts. Here’s the ad:
A few fanciful factual fabrications from this ad come right off the get-go, at the beginning it claims “4.4 million American jobs lost” in 2008 prior to Obama’s presidency. That’s fascinating because, according to the Bureau of Labor Statistics, only 2.8 million jobs were lost in 2008. A full 1.6 million less than the Obama ad claimed, meaning they inflated the number by almost 40%.
Towards the end of the ad, the erroneous claim is made that 4.2 million jobs have been created under Obama. “Instead of losing jobs, we’re creating them; over 4.2 million so far.” That’s interesting, because, again according to the BLS, the total number of Americans employed has shrank 322,000 under Obama; from 142.187 million in January 2009 to 141.865 million last month. How can Obama create 4.2 million jobs throughout his presidency when total employment has actually shrunk by 322,000?
The ad also so conveniently excludes the real facts about the labor market. The unemployment rate has increased 7.8% in January 2009 to 8.1% under the Obama administration, and the only reason it’s that low is because the labor force participation rate has dropped from 65.7% to 63.3%, a thirty-one year low. The reason labor force participation is dropping so immensely is because people have given up looking for jobs or have lost their unemployment benefits because they’ve been unemployed for so long (55% of the unemployed are long-term unemployed). That number, the discouraged workers, is up 24% to 968,000 since Obama took office. They’re not counted in that 8.1% unemployment rate.
When adjusting the labor force participation rate to January 2009 levels, thus taking into account the discouraged workers under Obama, unemployment is at 10.9%. To get unemployment to pre-recession levels, and this is not accounting for future growth in the labor force due to population, we’d need to create 10.003 million jobs. At current Obama job rates that this ad paints as so rosy, that’s four years of recovery. To put in context how slow a recovery that is, in 1920 unemployment was 17%; by 1923, it was at 2%. Meanwhile, there’s no signs that we’re going to recover any quicker as job growth has been slowing and planned layoffs were up 7.1% last month.
It would, indeed, be hysterical that Obama’s bragging about his impact on the labor market just a few days after a jobs report which missed expectations 30% and saw 34% falls from the previous month if it weren’t so tragic and insulting to those still suffering as a result of these policies. The American people know better than these despicable lies; Obama’s spending has harmed the labor market as it has increased costs on businesses with regulations and threats of taxation and consumers with inflation. To claim it has helped it is ridiculous.
Not only does this ad lie about the labor force, it also lies about the auto industry. “And today, our auto industry is back, firing on all cylinders,” it says. That’s fascinating considering the fact that the US is poised to lose $1.3 billion on the bailout of Chrysler—which was really just transitioning ownership to Fiat, a foreign automaker. Somehow, loosing taxpayer dollars on selling one of America’s largest companies to a foreign company is “firing on all cylinders.”
In the case of GM, we’re poised to lose $23.7 billion as the US still owns 26.5% of its stock. Just today, Bloomberg is reporting Toyota’s projected profits of $10 billion for last quarter are expected to exceed those of GM’s for the next four quarters. Just last week, GM reported a 61% loss of net income. How exactly is it that loosing $23.7 billion on an auto company which is losing income and failing in competition to foreign companies “firing on all cylinders?”
The ad concludes that plethora of lies with more sophistry. “We’re not there yet,” the ad says, “It’s still too hard for too many. But we’re coming back, because America’s greatness comes from a strong middle class.” Then when will we get “there.” President Obama promised we’d never see unemployment go above 8% with his policies, they haven’t fallen below since. In February 2009, President Obama promised that things would be “getting better,” saying that “If I don’t get this done in three years, this is going to be a one term pro
Three years later, where are we? Unemployment really is at 10.9% thanks to Obama. We still need 10 million jobs to create and have lost 322,000 thanks to Obama. Inflation is up and wages are flat thanks to the fact that Obama’s increased the debt $5 trillion with his failed policies. President Obama has failed; it’s three years later and we’re still not “there” yet when Obama promised we’d be getting “there” by one year. Then Obama boldly assaults the intellect the American people by outright lying about his policies, and about the past, in these campaign ads? By President Obama’s own standards, by the actual facts, and not the fabrications, Obama has failed. Don’t let the human suffering at the hand of his economic tyranny continue and don’t by any of his outrageous lies.
Bartash, Jeffery. “U.S. Economy Creates 115,000 Jobs In April.” FoxBusiness.com. MarketWatch, Inc: 4 May 2012. http://www.foxbusiness.com/markets/2012/05/04/us-economy-creates-115000-jobs-in-april/. 7 May 2012.
Bureau of Labor Statistics. “THE EMPLOYMENT SITUATION -- APRIL 2012.” BLS.gov. US Department of Labor: 4 May 2012. http://bls.gov/news.release/empsit.nr0.htm. 7 May 2012.
Bureau of Labor Statistics. “Labor Force Statistics from the Current Population Survey.” BLS.gov. US Department of Labor: 4 May 2012. http://bls.gov/cps/cpsatabs.htm. 7 May 2012.
Censky, Annalyn. “U.S. loses $1.3 billion in exiting Chrysler.” CNN.Money.com. Time Warner Company: 21 July 2011. http://money.cnn.com/2011/07/21/autos/chrysler_government_exit/index.htm. 7 May 2012.
Horie, Masatsugu. “Toyota Seen Exceeding GM’s Profit This Fiscal Year.” Bloomberg.com. Bloomberg, LLC: 7 May 2012. http://www.bloomberg.com/news/2012-05-07/toyota-seen-exceeding-gm-s-profit-this-fiscal-year.html. 7 May 2012.
Sabatini, Jeff. “GM stock price leads to greater estimate of losses on bailouts.” AutoBlog.com. AOL, Inc: 1 February 2012. http://www.autoblog.com/2012/02/01/gm-stock-price-leads-to-greater-estimate-of-losses-on-bailouts/. 7 May 2012.