President Obama, with his electoral fate tied to the economy, must be pleased with the momentum he’s getting.
Just months ago, the U.S. credit rating was downgraded and Democrats worried Obama was following in the footsteps of one-term President Jimmy Carter. Maybe he will, but reports in the last week suggest manufacturing and construction are humming, and Thanksgiving saw record-setting shopping by consumers.
The icing on the cake? A jobs report Friday shaved nearly half a point off the unemployment rate. The 8.6 percent rate was down from 9 percent in October and is the lowest unemployment has stood in two and a half years.
Nevermind that the unemployment rate job primarily as a result of discouraged workers, workers who have just quit looking for a job.
So if Obama can only get another million or so workers get on with being a "lazy Americans" and quit looking for a job, he'll be looking fine...........
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Elitist economists are singing the praises of the Obama recovery. Elitist statisticians are praising the jobs numbers. Big banks, Goldman Sachs, BoA, and JP Morgan who, like MF Global, are headed up by big time Obama boosters who are heavily leveraged in Euro bonds, are thrilled with the euro bailout last week. I'm a staunch conservative with skills and as a result am happy to say I'm one of the 1%, so why should I be pissed at Obama?. Public unions are happy because they are told not to worry that their pension future sits on promises backed by a mountain of insolvency.
The only ones hurting are:
Young black males with an unemployment rate of 25%.
Unskilled broom pushers and burger flippers.
The 30 million on food stamps.
Women's study graduates with $290K in student loans on a $19,000/yr. job waiting tables at BW3's.
And they have had it explained to them by the lefty elitists that they are way, way better off today than they were 4 years ago.
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