A couple of weeks ago I asked if people are really that stupid. It didn’t take long for the people of France to prove the answer a resounding yes. Americans too for that matter, however the people of Indiana and North Carolina did provide us with at least some signs of intelligence.
Obama continues dancing around the countryside telling us we are headed in the right direction, that there’s still work to do, and that’s why you should vote to give him another term. That’s like Captain Francesco Schettino asking the folks who survived the Costa Concordia if they’d like another boat ride.
The French take the cake for stupid this week by electing a socialist Francious Hollande on his promises to restore entitlements, raise corporate taxes, lower the retirement age, and tax those evil rich folks earning over a million at 75%. That vaguely sounds familiar.
When Hollande was asked why he desires the millionaire’s tax when it is known that will decrease government revenues, he replied it was a decision of morality. Seems Obama gave a similar reply to Charlie Gibson regarding Capital Gain taxes, it was about ‘fairness’. When you’ve heard one socialist you’ve heard them all.
Charles Biderman (CEO of Trim Tabs) posted on Zero Hedge that Europe has started the endgame, and the U.S. is next, probably by years end. The something for nothing crowd doesn’t want to give up either, something or nothing. Biderman says Europe and America’s mess will not be resolved until the something for nothing belief is dissolved. Obama better get a new campaign theme if he wants to clear up his mess.
What mess? Jobs and unemployment? Political Calculations just reported 4,730,000 people are no longer counted with jobs since the beginning of the Great Recession begun in December of 2007.
Obama’s solution was government spending. After $5 trillion in deficit spending, since the end of the Great Recession in June of 2009, the plan has resulted in a net loss of two million jobs.
The work force participation rate fell again to 63.6 in April meaning the fewest number of people working in America since 1981, however the media reports the unemployment rate fell to 8.1%. If Obama can destroy a couple million more jobs before the election he can get the unemployment rate below 8%.
The B(L)S just reported initial claims for unemployment fell one thousand the week ending May 5 after adjusting up the figures for the previous week. Being reported as good news and headed in the right direction by lapdog economists and the economically challenged media.