Wednesday, September 23, 2009

How Obama Put the Jobless In Jobless Recovery

I have laid it all out here before - the economy will improve but the job market will not and Obama and his team of economic all-stars will be choking on 10%+ unemployment for the remainder of their term. Here is the condensed version:
- Recessions are self-correcting and the credit markets are healing
but,
- Obama and the Democrats are waging all out war on business using every tool available
- Large Companies will divert capital and hiring overseas, or simply live lean
- Small companies, expecting higher taxes and forced to pay higher minimum wages, will hold back on hiring
- Profits will go into deleveraging and savings, not expansion

Numbers in for August continue to be bleak. But Rahm and Dear Leader, well, they saved the economy.

Prosperity is on vacation for a time.

Conclusion: with the amount of monetary and fiscal stimulus coursing through the economy things are bound to do OK, but that doesn't translate to meaningful job creation. Obama owns the "joblessness" of this recovery.
UPDATE: More bad numbers for O.
UPPDATE: Confirmed, from the horse's mouth.

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