Custom Search

Friday, June 08, 2012

Obama Lies To Americans Again When He Says: 'The private sector is doing fine'

By susan Duclos

Might as well add this next whopper to the 7 page list of habitual lies from Barack Obama to the American people.

Real Clear Politics has the video of Obama telling Americans "The private sector is doing fine."

Scholar James Pethokoukis (link to bio) takes Obama to the cleaners over that lie:

But is it really? Is the private sector “doing fine?”

1. Private-sector jobs have increased by an average of just 105,000 over the past three months and by just 89,000 a month during the entire Obama Recovery.

In 1983 and 1984, during the supply-side Reagan Boom, private sector jobs increased by an average of 292,000 a month. Adjusted for population, that number is more like 375,000 private-sector jobs a month

2. If the labor force participation rate for May had just stayed where it was in April, the unemployment rate would have risen to 8.4%. As it is, the U.S. economy is suffering is longest sustained bout of 8% unemployment or higher since the Great Depression.

3. Private-sector GDP rose just 2.6% in the first quarter, after rising a measly 1.2% last year.

By contrast, private-sector GDP rose 3.8% in 1983 and 6.5% in 1984 during the supply-side Reagan Boom.

4. The U.S. stock market is down 7% since early April.

5. Real take-home pay is down over the past year.

6. That first-quarter GDP report also showed that after-tax corporate profits dropped for the first time in three years. Major red flag.

No, Mr. President, the private-sector isn’t doing fine at all. And it certainly isn’t ready to deal with a fiscal cliff of tax hikes or a continued deluge of new regulation.

The Romney campaign sent out a statement from spokesman Ryan Williams responding to Obama's head in the clouds, out of touch, claim as well:

"Today, President Obama inexplicably claimed that 'the private sector is doing fine.' But the 23 million Americans who are struggling for work are not 'doing fine.' Job creators and small businesses are not 'doing fine.' The middle class is not 'doing fine.' There is no denying that President Obama has been fundamentally hostile to job creators and his policies have prevented our economy from rebounding. America needs a president who understands the economy and knows how to get our country back on track."

 Just another reason why Obama's economic "recovery" is one of the slowest recoveries in history. Not only has his job killing policies limited the recovery but he cannot even "see" past his own delusions.

Barack Obama is completely disconnected from reality.

[Update] Some graphs from the Bureau of Labor Statistics over at Hot Air on just how "fine" private sector employment is not doing.