Obama's Legacy

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Jiro said:
November jobs report: Hiring up, unemployment down - Dec. 2, 2011

and somebody was yabbering on about bad economy, doomsday, growing debt all because of Obama? lol!!!!!

lol.
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I wouldn't exactly call this good news.

From Jiro's link
So why did the unemployment rate fall? Two reasons: yes, more Americans got jobs, but at the same time, even more people gave up on their job searches altogether.
It might be a little too early to start celebrating though, said Paul Ballew, chief economist for Nationwide. The rate could easily tick higher again, as more people enter and leave the workforce.
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Employers added 120,000 jobs in November, sending the unemployment rate down to 8.6%
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Simple math,we already know this...

EPI’s estimate that we need to add 127,000 jobs a month.
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The jobs deficit - NYTimes.com

That is just to cover working age population growth. Most estimates range from 115,000 to 150,000 So we are really at +5,000/-30,000 Real jobs created for the month.

Now, We know that 9.0% unemployment = roughly 14 million people
so for unemployment to go down .4% = +620,000 jobs

So if you take the best number +5,000 you are still short 615,000 jobs.


So if you consider a 300,000 people giving up a sign of a good economy I guess you can celebrate this. :dunno2:

Edit: After further research it appears 315,000 is the actual number that left the workforce last month...BLS stats show that figure plus an increase of 278,000 who were now working so the 615,000 was pretty dang close. 315,000 leaving the labor force is still horrible.

Even Obama loving Krugman said the same 2 years ago (as linked above)



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The jobs deficit
It was truly amazing the way last week’s employment report was hailed by many people as a sign that our troubles are over. Here we are, having suffered huge job losses, and needing to make up the lost ground — and a report showing that we’re still losing jobs, but not as fast, is grounds for celebration?

Anyway, I thought it might be useful to create a sort of benchmark for the level of job growth that would really count as good news. I start from the fact that we’ve lost about 8 million jobs since the recession began — that’s the official number plus the preliminary estimate of the coming benchmark revision. I then take EPI’s estimate that we need to add 127,000 jobs a month. EPI points out that when you put these numbers together, they say that to return to pre-crisis unemployment within two years we’d have to add 580,000 jobs a month. That’s not going to happen.

But let’s set a more modest goal: return to more or less full employment in 5 years –which means seven lean years of depressed employment. To keep up with population growth over those 7 years, the United States would have had to add 84 times 127,000 or 10.668 million jobs. (If that sounds high, bear in mind that we added more than 20 million jobs over the 8 Clinton years). Add in the need to make up lost ground, and we’re at around 18 million jobs over the next five years — or 300,000 a month.

So that’s a useful benchmark. Even if we add 300,000 jobs a month, we’re looking at a prolonged period of suffering — a huge cost from the Great Recession. So that’s kind of a minimal definition of success. Anything less than that, and it’s bad news. It sort of puts that wonderful report that we only lost 11,000 jobs in perspective, doesn’t it?
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jillio said:
I just came into this thread to post that good news! You beat me to it. Decreasing unemployment. Wonderful legacy!:P
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Back in early January, when Barack Obama was still President-elect, two of his chief economic advisers — leading proponents of a stimulus bill — predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%. It hasn't quite worked out that way. Last month, the jobless rate in the U.S. hit 9.5%, the highest level it has reached since 1983.
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Barack Obama's Stimulus Plan: Failing by Its Own Measure - TIME

And it hasn't been below 8% since. Wonderful legacy. :)

Then there is this. I expect we will see this alot. The transcribe audio is ok

The last part of the interview
I’ve got four years and … A year form now, I think people are going to see that we’re starting to make some progress, but there’s still going to be some pain out there … If I don’t have this done in three years, then there’s going to be a one-term proposition
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[ame=http://www.youtube.com/watch?v=CCN5-ovvFL0]FLASHBACK: Obama: My Presidency Will Be 'A One-Term Proposition' If Economy Doesn't Turn In 3 Years - YouTube[/ame]
 
SANTA CLAUS IN 2012!!!!! He will apparently bring lots of jobs.
 
I'm curious how all those ratings of the President's debt percentages take into account the Congress makeup they each had? Isn't the budget, making and changing tax laws, and other funding legislation up to the Congress? Shouldn't that be factored in?
 
Reba said:
I'm curious how all those ratings of the President's debt percentages take into account the Congress makeup they each had? Isn't the budget, making and changing tax laws, and other funding legislation up to the Congress? Shouldn't that be factored in?
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Good point - where can one find how congress makeup factored in?
 
TXgolfer said:
I wouldn't exactly call this good news.

From Jiro's link




Simple math,we already know this...


The jobs deficit - NYTimes.com

That is just to cover working age population growth. Most estimates range from 115,000 to 150,000 So we are really at +5,000/-30,000 Real jobs created for the month.

Now, We know that 9.0% unemployment = roughly 14 million people
so for unemployment to go down .4% = +620,000 jobs

So if you take the best number +5,000 you are still short 615,000 jobs.


So if you consider a 300,000 people giving up a sign of a good economy I guess you can celebrate this. :dunno2:

Edit: After further research it appears 315,000 is the actual number that left the workforce last month...BLS stats show that figure plus an increase of 278,000 who were now working so the 615,000 was pretty dang close. 315,000 leaving the labor force is still horrible.

Even Obama loving Krugman said the same 2 years ago (as linked above)



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no. i'm considering this as a good news. an improvement.
 
Silly bird. We all know his 'legacy' was inheriting the Great Recession. duh.
where is your peoples integrity in communicating?
integrity equals honesty.

rolling7 said:
Source: U.S. Department of the Treasury, U.S.Federal Reserve Archival System for Economic Research

Commanders-In-Debt
Federal debt accumulated by presidency

Reagan (1981-89) $1.76 trillion

Bush, Sr. (1989-93) $1.49 trillion

Clinton (1993-2001) $1.54 trillion

Bush, Jr. (2001-09) $4.90 trillion

Obama (2009-present) $4.31 trillion

In three years time, Obama is within 85% of the highest and most enormous
debt accumulated by any president in history. When 2012 election comes around, he will have the top spot for sure. This will be his legacy. Should he be re-elected,
he will be on track to accumulate an estimated $8 trillion dollars debt.
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Cowpuppy said:
Silly bird. We all know his 'legacy' was inheriting the Great Recession. duh.
where is your peoples integrity in communicating?
integrity equals honesty.
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You are a late-comer, nevertheless go back and read my post about Clinton and his cuting back of the DOD, CIA, FBI that is a direct effect of 9-11. After all, like you said,
integrity equals honesty.
 
rolling7 said:
You are a late-comer, nevertheless go back and read my post about Clinton and his cuting back of the DOD, CIA, FBI that is a direct effect of 9-11. After all, like you said,
integrity equals honesty.
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For the record, that is still utter rot. :roll:
 
rolling7 said:
You are a late-comer, nevertheless go back and read my post about Clinton and his cuting back of the DOD, CIA, FBI that is a direct effect of 9-11. After all, like you said,
integrity equals honesty.
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:bsflag:

You are spending too much time paying attention to the "liberal haters". All any of you can do is throw out unsubstantiated rot that doesn't even make sense from a point of connecting one event to another.:roll:
 
jillio said:
:bsflag:

You are spending too much time paying attention to the "liberal haters". All any of you can do is throw out unsubstantiated rot that doesn't even make sense from a point of connecting one event to another.:roll:
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The ganglions in his brain are confused. :giggle:
 
jillio said:
He could come up with a plan that drops unemployment to 2% and still you would find something wrong with it.

:blah:
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No matter good stuff what he does, Republicans will think they deserve all the credit and none of the blame and that the reverse is true for Obama. :P
 
rolling7 said:
You are a late-comer, nevertheless go back and read my post about Clinton and his cuting back of the DOD, CIA, FBI that is a direct effect of 9-11. After all, like you said,
integrity equals honesty.
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this happened under Bush's watch. A vital warning was ignored along chain of command... under Bush's watch.
 
airportcop said:
You made your case Mr. President! EPIC FAIL!!!
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Wow! Unemployment numbers at an all time low, and you are cheering for the numberes to go back up just to give you an excuse to Obama bash. Nice Christian attitude showing concern for your fellow man.:cool2:
 
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