Obama announces his Candidacy for 2012.

Jetboogieman said:

'twas expected.

Can't say I'm surprised.

He does not have my support, unless the republican candidate is unbelievably vile, I'll be choosing the best of the worst this election season, can't wait.

Gonna be exciting.

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The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.

Furthermore, the council reports that, as of two quarters ago, the “stimulus” had added or saved just under 2.7 million jobs — or 288,000 more than it has now. In other words, over the past six months, the economy would have added or saved more jobs without the “stimulus” than it has with it. In comparison to how things would otherwise have been, the “stimulus” has been working in reverse over the past six months, causing the economy to shed jobs.

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The Prof said:

Obama's Economists: Stimulus Jobs $278,000 Per

seeya at the polls, progressives

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The Prof said:

Obama's Economists: Stimulus Jobs $278,000 Per

seeya at the polls, progressives

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pbrauer said:

Use the same type of calculation with Bush's tax cuts and see what you come up with.:roll:

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pbrauer said:

Use the same type of calculation with Bush's tax cuts and see what you come up with.:roll:

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The Prof said:

Obama's Economists: Stimulus Jobs $278,000 Per

seeya at the polls, progressives

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BDBoop said:

What are you doing here? You're interrupting their circle jerk.

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Redress said:

Just to be clear, the headline is misleading. Obama's economists did not say each job cost 278k, and the calculation the author used to arrive at the number has been completely debunked in the past.

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Redress said:

Just to be clear, the headline is misleading. Obama's economists did not say each job cost 278k, and the calculation the author used to arrive at the number has been completely debunked in the past.

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Two years ago, officials said, the worst recession since the Great Depression ended. The stumbling recovery has also proven to be the worst since the economic disaster of the 1930s.

Across a wide range of measures—employment growth, unemployment levels, bank lending, economic output, income growth, home prices and household expectations for financial well-being—the economy's improvement since the recession's end in June 2009 has been the worst, or one of the worst, since the government started tracking these trends after World War II.

In some ways the recovery is much like the 1991 and 2001 post-recession periods: All three are marked by gradual output growth rather than sharp snap-backs typical of earlier recoveries. But this recovery may remain lackluster for years, many economists say, because of heavy household debt, a financial system still damaged by the mortgage crisis, fragile confidence and a government with few good options for supporting growth.

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j-mac said:

You know, I think you're right....If you look on the WH own website, Recovery.gov, it comes out to $1.5 million per job....Thanks for pointing that out.


j-mac

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U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dampening hopes the economy was on the cusp of regaining momentum after stumbling in recent months.

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The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported. The report shattered expectations that the economy was starting to accelerate after a soft patch in the first half of the year.

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The Prof said:

Jobs barely rise, dousing hopes of revival - Yahoo! Finance



are YOU in a position to deny ap?

furthermore:



state layoffs (on the order of hundreds of thousands) are just getting going, for your information

State budgets are set to cause strain on the economy - Josh Boak - POLITICO.com

hold on, folks, she's coming down fast

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WASHINGTON—The U.S. labor market could stay sluggish for a while, with small-business executives reluctant to hire amid the murky economic outlook.

Almost two-thirds—64%—of small-business executives surveyed said they weren't expecting to add to their payrolls in the next year and another 12% planned to cut jobs, according to a U.S. Chamber of Commerce report to be released Monday. Just 19% said they would expand their work forces.

More than half of the small-business executives in the June 27-30 survey cited economic uncertainty as the main reason for holding back on hiring. About a third blamed lack of sales, while just 7% pointed to problems getting credit.

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Millions of Americans endured financial calamities in the recession. But for many in the black community, job loss has knocked them out of the middle class and back into poverty. And some experts warn of a historic reversal of hard-won economic gains that took black people decades to achieve.

“History is going to say the black middle class was decimated” over the past few years, said Maya Wiley, director of the Center for Social Inclusion. “But we’re not done writing history.”

Adds Algernon Austin, director of the Economic Policy Institute’s Program on Race, Ethnicity and the Economy: “The recession is not over for black folks.”

In 2004, the median net worth of white households was $134,280, compared with $13,450 for black households, according to an analysis of Federal Reserve data by the Economic Policy Institute. By 2009, the median net worth for white households had fallen 24 percent to $97,860; the median net worth for black households had fallen 83 percent to $2,170, according to the institute.

Austin thinks more black people than ever before could fall out of the middle class because the unemployment rate for college-educated blacks recently peaked and blacks are overrepresented in state and local government jobs. Those are jobs that are being eliminated because of massive budget shortfalls.

Since the end of the recession, which lasted from 2007 to 2009, the overall unemployment rate has fallen from 9.4 to 9.1 percent, while the black unemployment rate has risen from 14.7 to 16.2 percent, according to the Department of Labor. Last April, black male unemployment hit the highest rate since the government began keeping track in 1972. Only 56.9 percent of black men over 20 were working, compared with 68.1 percent of white men.

Even college-educated blacks fared worse than their white counterparts in the recession. In 2007, unemployment for college-educated whites was 1.8 percent; for college-educated blacks it was 2.7 percent. Now, the college-educated unemployment rate is 3.9 percent for whites and 7 percent for blacks.

Nearly 8 percent of African Americans who bought homes from 2005 to 2008 have lost them to foreclosure, compared with 4.5 percent of whites, according to an estimate by the Center for Responsible Lending.

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Here’s a fact that should give economists—and maybe President Obama’s political team—heartburn: Two years after the Great Recession officially ended, job prospects for young Americans remain historically grim. More than 17 percent of 16-to-24-year-olds who are looking for work can’t find a job, a rate that is close to a 30-year high. The employment-to-population ratio for that demographic—the percentage of young people who are working—has plunged to 45 percent. That’s the lowest level since the Labor Department began tracking the data in 1948. Taken together, the numbers suggest that the U.S. job market is struggling mightily to bring its next generation of workers into the fold.

As The Atlantic’s Don Peck wrote last year, citing a litany of research from Yale University’s Lisa Kahn, college graduates who enter the labor force during a recession make significantly less money—in their first year and over the course of their careers—than grads who walk into an economic boom. Workers stuck in the unemployment line for an extended period risk watching their skills atrophy and face increasing difficulty finding new jobs. That’s particularly true, though, for people waiting and waiting and waiting to land their first job. The longer a whole batch of fledgling workers sits waiting to be hired, the more the economy risks losing young employees with valuable, high-end skills at a time when global competition is increasingly fierce.

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