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Obama Optimistic on Economy Despite 'Sobering' Job Losses


President Barack Obama, backed by a group of energy business leaders, speaks about job creation in the Rose Garden of the White House on July 2, 2009. (Joshua Roberts/Bloomberg News)

By Michael D. Shear
President Obama called the job figures released today "sobering" but said he is "absolutely confident" that the country will recover from the recession and prosper over the longer term.

But he predicted that recovery will take a long time.

"As I've said from the moment that I walked into the door of this White House, it took years for us to get into this mess, and it will take us more than a few months to turn it around," Obama said.

White House officials tried to put the job losses in the best light, noting repeatedly that the workforce is now shrinking at a slower pace than it was during the early months of the year.

"While the average loss ... this quarter is less devastating than the 700,000 per month that we lost in the previous quarter, and while there are continuing signs that the recession is slowing, obviously this is little comfort to all those Americans who have lost their
jobs," the president said.

Speaking to reporters in the Rose Garden after meeting with the CEOs of several energy companies, Obama expressed confidence that new energy-related jobs will help lift the country's job market up.

"It's men and women like these who will help lead us out of this recession and into a better future. My job -- and our job as a government -- is to do whatever we can to unleash the great generative powers of the American economy by encouraging their efforts," Obama
said.

Obama met with John Berger of Standard Renewable Energy, Stephanie A. Burns of Dow Corning, Amit Chatterjee of Hara, Alex Laskey of Positive Energy, Jim Robo of the FPL Group, David Rosenberg of Hycrete, Michael R. Splinter of Applied Materials and Chuck Swoboda of Cree Lighting.

He used the opportunity to urge passage of the energy legislation that passed the House last week and is now working its way through the Senate.

"It's now up to the Senate to continue the work that was begun in the House to forge this more prosperous future," he said.

Posted at 3:29 PM ET on Jul 2, 2009  | Category:  Economy
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Does anyone believe - REALLY - that the government can create a job? In any real sense, a "job" must imply at least some measure of productive capacity. Redirecting assets generated by the private sector into a "government job" - even in the name of greater efficiency - is just...total...lunacy. The government can only redirect resources; it produces nothing.
Obama's skill is in SPENDING money...not in CREATING WEALTH. That is why he is a loser...and why America will lose by following his naive, misguided nostrums.

Posted by: Beeper812 | July 5, 2009 1:28 PM

JohnQuimby drank the koolaid I see.... tell us John, if you have too many credit cards is your solution to go out and get a few more?

Ridiculous!

Posted by: username | July 3, 2009 11:54 PM

To linda and abby (are you bloth blonds?) you said: "After 8 years of the worst administration in US history, Pres. Obama has the heavy burden of turning our country around."

So why is he looting it and destroying it by giving all our money to the foreign banking cartels who control us and him? How does he justify stealing from the 401Ks of the elderly and handing it to the Rockefellers?

How do you justify that in your rainbow la la land? I feel bad for the poor blacks who got this guy elected, because they are going to hurt from this too. This man is the WORST.

Posted by: username | July 3, 2009 11:52 PM

How much longer must we put up with this criminality on the part of these people? Do we need a coup like in Honduras? After all he's violated the Constitution over and over again. What will it take?

Just wait til you have your 'energy audit' and are then deemed an 'unlawful occupant' in your own home.

This has been coming for years.. but who listened? Is it too late to turn back the tide of totalitarianism?

Posted by: username | July 3, 2009 11:44 PM

Obama drunk still beats Bush sober.

Posted by: JohnQuimby | July 3, 2009 5:53 PM


"President Obama called the job figures released today 'sobering'"

Well that explains it. He's been drunk.

Posted by: WylieD | July 3, 2009 3:52 PM

Reagonite Republican Said:

"Instead of creating jobs, interest rates were bumped up, the dollar slid... and it didn’t help anybody get any work."

TRANSLATION:

We hope you'll believe that Obama should be judged a failure because of the steaming, smoldering, stinky pile that we left behind.

When Obama's plan does work and the recession ends this fall, we're going to look really STuPID for opposing him.

So we have to hope that you'll buy this new line of crap now before things get better.

Hey - where DID we put that 19 page proposal to fix the economy? Maybe we can still convince you that we're just one more tax cut away from fixing everything.

Posted by: JohnQuimby | July 3, 2009 2:20 PM

Of course he's "concerned", this is going to cost him his job eventually, LOL

Obama’s ill-advised $700B+ "stimulus" program is a train-wreck: these jobs figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- so it was passed, and then unemployment soars anyway?

Instead of creating jobs, interest rates were bumped up, the dollar slid... and it didn’t help anybody get any work. Much of this is due to the fact that Obama’s radical agenda has mortified almost every machine of job-and-growth creation in the country.

The One couldn’t deliver the type of "temporary, targeted, and timely" bill that he promised repeatedly- regardless of his image in the MSM as omnipotent, Obama simply lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.

And the lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a HUGE gamble. When all this pork-n-welfare fails to generate any real economic gains, the Democrats will face a bloodbath in 2010.

One could even make the argument that Obama knows his legacy will be in tatters by 2012… and is just ramming through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name… sure seems like it.

http://reaganiterepublicanresistance.blogspot.com/

Posted by: ReaganiteRepublican | July 3, 2009 12:14 PM

jakesfriend1 -

Nice post.

You said -"I can see the armed forces being the #1 employer in the future along with the police departments throughout this country."

Who ever thought the USA and North Korea would have so much in common.

You ask a valid question though. And here's my opinionated answer.

"Value Added" is the name of the game and the colonial powers have been playing at it since before our revolution.

"I say old chap, export me some of your fine Virginia tobacco leaves and I'll sell you a pack of Marlboros upon which you'll also pay a modest tax.

- Lord Bilgewater, 1765

Our current consumer economy buys finished imported product on credit - paying retail plus interest - while selling raw material wholesale on an international market. You'll notice we we get killed on balance of trade figures every quarter.

We also have to import most of our energy
at whatever the world market price is.
And we have to pay interest on the money we borrowed from foreign investors. That's why we look like a third world economy.

What's going to lead the way out?

Well, how about if we let Uncle Sam invest some of our money in us and find out.

For a little Fourth of July reading -
please visit:
http://en.wikipedia.org/wiki/Stamp_Act_1765

Happy Birthday America.
Regards, JQ

Posted by: JohnQuimby | July 3, 2009 9:26 AM

Posted by: USDefender

"I do not want anything the Obama administration is lying to us about. I simply want my freedom back!"

Sorry, your "freedom" has retired to Crawford, Texas and has rode this country into the ground.

Posted by: seemstome | July 3, 2009 3:37 AM

Its not if the economy will recover, but"when"? Small businesses may not be able to sustain this much longer. Obama's helped the unions, the banks and the automakers (who should have gone bankrupt);
but he certainly isn't helping small business, even though that's the core of our country and where growth will come from.

Posted by: ohioan | July 3, 2009 12:22 AM

More is lost everyday by Obama and the Democrats who subscribe to his idiocy. I have no faith in him or his nutcake spending and control ideas. His economist advisors are completely wrong and utterly clueless...
I want my country back and all the undocumented aliens sent out of the United States.
I do not want anything the Obama administration is lying to us about. I simply want my freedom back!

Posted by: USDefender | July 2, 2009 11:00 PM

JakeD talks about Obama not being re-elected. He said Obama will not be inaugurated on Jan 20,2009.

That statement was based on his misunderstanding of the law, this one is based on his misunderstanding of economics. Come to think of it what does this guy know except abortion is bad. I wonder how he learned that and nothing else.

Posted by: Gator-ron | July 2, 2009 10:19 PM

The net after eight years of George W Bush is more than a million jobs lost over eight years, loosing jobs over eight years is a post war record. He came into office with a surplus and left with the largest deficit ever. The Republican congress authorized a tax cut at the same time we were fighting a war. That was a post World War II first and as far as I know an American first.

Chutzpah is to complain about deficits and job losses when you were the cause of those events. Stupidity is to repeat these Republican talking points without having got rid of the leadership that caused it.

Bush's tax cuts were good for the economy. The stock market only went down 40% during his two terms. I think next year when the economy is back on its feet and deficits and inflation are staring us in the face for us to raise taxes and hurt the economy. Maybe the stock market will return to its high.

Republicans are not stupid and ignorant they are delusional and live in a world of facts of their own creation. They do not need to be educated, they need to be hospitalized, they are irrational but will do better if properly medicated.

Posted by: Gator-ron | July 2, 2009 10:14 PM

The Trustful is absolutely related with the Civilization Also CIA,I thus think about the SImiliar word about the
though ,Doughnut ?,.Skipping Liberty of Statue Statute...

Posted by: khan9606 | July 2, 2009 8:46 PM

Hey Guys:

Nice being here again. I can honestly say this is one of the best sites I look forward to posting because for the most part, you are not a bunch of illiterates and are forward thinkers.

The question that NO ONE and I mean ,no one, has been able to answer for me is this,"Just what sector is going to lead us out of this recession". We already know the government and healthcare sectors are hiring like fools. This cannot continue and we all know it.

Really, they are trying to slice and dice healthcare costs, and they keep hiring. The two biggest expenses in healthcare are manpower,/benefits and technology services including R & D. This cannot continue especially with them trying to carve $200 billion per year for the next 10 years. How is that going to be accomplished?

And the government is becoming so bloated along with our deficit, they cannot continue. What happened to this Department Finance Czar that Obama was hiring to trim departments and make them more efficient. Did she get hired, or did she quit already?

I can see the armed forces being the #1 employer in the future along with the police departments throughout this country. People are not spending though. They learned their lesson, many the hard way, and so we are going to see people spending frugally and saving modestly.

Anyway, would be interested in hearing some good insight on your part. Thanks for your time and all of you have a great Holiday with your families. Be well and be safe.

Sign me: Glad to get that off my chest, feel better already.

Posted by: jakesfriend1 | July 2, 2009 8:08 PM

how appropriate that your moniker is HumanSimpleton..nevertheless i will only respond to one of your false statements. Responding to your other absurd arguments is not worth the time.

The following was printed in the LA Times,December 5, 2001

"By MANSOOR IJAZ
President Clinton and his national security team ignored several opportunities to capture Osama bin Laden and his terrorist associates, including one as late as last year.

I know because I negotiated more than one of the opportunities.

From 1996 to 1998, I opened unofficial channels between Sudan and the Clinton administration. I met with officials in both countries, including Clinton, U.S. National Security Advisor Samuel R. "Sandy" Berger and Sudan's president and intelligence chief. President Omar Hassan Ahmed Bashir, who wanted terrorism sanctions against Sudan lifted, offered the arrest and extradition of Bin Laden and detailed intelligence data about the global networks constructed by Egypt's Islamic Jihad, Iran's Hezbollah and the Palestinian Hamas. The silence of the Clinton administration in responding to these offers was deafening....etc, etc.

http://www.infowars.com/saved%20pages/Prior_Knowledge/Clinton_let_bin_laden.htm

Posted by: foxwhite1 | July 2, 2009 7:50 PM

Obama's policies are driving this economy into the ground. He is an economic illiterate.

Posted by: DaMan2 | July 2, 2009 7:14 PM

ChangeWhat wrote:

foxwhite1

You are absolutely correct. I could have not said it any better.
+++

Of course not, you are dumber than him.

Posted by: HumanSimpleton | July 2, 2009 7:06 PM

foxwhite1 says

"lets set the record straight, "

Ok, let's do that.


"Clinton had bin laden and allowed him to go free, for political reasons."

Hannity's lie, and repeating it here does not make it true.

" 9/11 rests on the shoulders of the previous administration, not Bush."

No, it happened on Bush's watch. It rests o the shoulders on Bush's administration which had been in charge for at least eight months, and had info regarding such an attack one month earlier.

So far you are 0 for 2 in your straight setting.

"And as is so conveniently forgotten an overwhelming majority of both democrats and republicans voted for the war,"

No, that is not forgotten, because it is precisely what cost Kerry and Hillary their bids.

0 for 3.

" not based on information BUSH made up but what was presented by the CIA and intelligence community."

Which are run by Bush. Blaming the soldiers who drove the Jews into the ovens did not absolve Hitler either.

That's 0 for 4.

"The difference is that when the going got tough, the democrats wanted to pretend that they were duped, while Bush was not about to cut and run. In spite of 8 years of fighting negative press, democratic defection Bush prevailed in Iraq"

0 for 5. Bush had no choice but to order a withdrawal in December 2008.

"and let the history books mark that occasion. Peace in the middle east, IF it comes will not because of some blow hard from Chicago but because of the sacrifice of US troops and the conviction of a president who withstood unbelievable assault at home by the press and the democrats."

This is not even a fact, just an attempt at a prophecy. So we'll call it end of an inning with runner caught stealing.


Do you have any other garbage that needs shredding?

Posted by: HumanSimpleton | July 2, 2009 7:04 PM

He's a gifted liar and real pragmatist for gift of lying. I cannot stand to look at this man. I voted for him and wake up each day regretting my vote. He is also a super hypocrit, arrogant, self-righteous, no good, disgrace to the very people who supported him. How can even sleep at night as he lies daily and blatantly avoids all the hardworking black folks who worked to get his cowardly arse in office.

I cannot stand him.

Posted by: Sincear202
+++


Hey wake up! W is no longer in office, and he was not that gifted.

Posted by: HumanSimpleton | July 2, 2009 6:57 PM

foxwhite1

You are absolutely correct. I could have not said it any better.

Posted by: ChangeWhat | July 2, 2009 6:48 PM

To: All those from the Right and Left -

If the squabbling continues to be
entrenched along the lines of
the media created divisions, we
will get nowhere in this country.


We need outside of the box kind of
thinking. For example: In order to
make the energy solutions viable
we need to expediate education in
inovation and installation. Try and
find a Technical School the teaches
solar panel installation in your
area. You will be hard pressed to
find one in your state, nevermind
your county.


Secondly, if we are going to make
any changes possible, we will need to
vote more of these corrupt career
politicos out of office at the
primary level. Not suggesting that
anyone change party affilliation, just
know who and what you Representitives
and Senators are about... ask them if
they have accepted lobbyist contributions
and at what amounts. At this point of time
in our country, none of these politicians
should be taking corporate bribes.

Posted by: theman_in_black | July 2, 2009 6:40 PM

lindalovejones lets set the record straight, Clinton had bin laden and allowed him to go free, for political reasons. 9/11 rests on the shoulders of the previous administration, not Bush. And as is so conveniently forgotten an overwhelming majority of both democrats and republicans voted for the war, not based on information BUSH made up but what was presented by the CIA and intelligence community. The difference is that when the going got tough, the democrats wanted to pretend that they were duped, while Bush was not about to cut and run. In spite of 8 years of fighting negative press, democratic defection Bush prevailed in Iraq and let the history books mark that occasion. Peace in the middle east, IF it comes will not because of some blow hard from Chicago but because of the sacrifice of US troops and the conviction of a president who withstood unbelievable assault at home by the press and the democrats.

Posted by: foxwhite1 | July 2, 2009 6:33 PM


TO: foxwhite1 who wrote:
"lindalovejones you must still be drinking the cool-aid that was passed out at the obama love fests. What he has done is created the largest debt within 8 months of any president and has not passed one single bit of substantive legislation. Apparently you don' work for a living otherwise you would be concerned that your taxes, in spite of the hollow promise are going to skyrocket. What he has done is take credit for the victory in Iraq when in fact he and his democratic colleagues did everything in their power to encourage the enemy and defeat the effort. 23 million Iraqis are free now only because of the resolve of Bush."
___________________________

I in particular would prefer to pay taxes for American intersts, and not Iraq's. Iraq is a rich country all by itself and doesn't need our money, but we have to pay those costs anyway, because you drank Bush's kool aid.

I think you're delusional, and for all intents and purposes, blind to boot.

I don't hear President Obama taking credit for Iraq, I can certainly say there is no credit to be taken.

You were lied to about our reasons for going into Iraq, you were roundly fooled about Bush wanting to capture Osama Bin Laden all while Bush was sending Osama Bin Laden's family to safety, and if Bush hadn't spent trillions in Iraq, then President Obama wouldn't have had to spend billions here.

If Bush had detained the over 100 members of Osama Bin Laden'a family after 9/11, we may have Bin Laden by now.

You just simply turn a blind eye to things you don't understand, and clearly you don't understand anything about Bush.

Posted by: lindalovejones | July 2, 2009 6:19 PM

After 8 years of the worst administration in US history, Pres. Obama has the heavy burden of turning our country around. He cannot work miracles that we will suddenly have full employment. We as a nation need to come together and bring our country out of the deep hole the Bush administration put us.

I have faith that America, as in times past, will recover from this current crisis; however, it will not happen overnight.

All the Republicans know how to complain and try to subvert any attempt by this administration to help the average America; hence, governors refuse stimulus money and the pontificating from the righteous right who have no new ideas, only the same old failed policies of the past.

If you are not part of the solution, you are part of the problem -- so get out of the way....

Posted by: abby0802 | July 2, 2009 6:17 PM

Under this Obama administration, the White House has more czars than the Russian Romanov dynasty. These useless, counterproductive czars are sitting in newly created positions. They include Green Jobs czar, TARP czar, Great Lakes czar, Science czar, Climate czar, Car czar, Guantanamo czar, Faith czar, Urban Affairs czar, and Regulatory czar. Obama's new czarist regime has nothing to do with a representative republic. He has forgotten that we have a government of elected officials, not of imperial appointments. Obama thinks The White House is supposed to be the center of a dynasty.

Posted by: mock1ngb1rd | July 2, 2009 6:13 PM

lindalovejones you must still be drinking the cool-aid that was passed out at the obama love fests. What he has done is created the largest debt within 8 months of any president and has not passed one single bit of substantive legislation. Apparently you don' work for a living otherwise you would be concerned that your taxes, in spite of the hollow promise are going to skyrocket. What he has done is take credit for the victory in Iraq when in fact he and his democratic colleagues did everything in their power to encourage the enemy and defeat the effort. 23 million Iraqis are free now only because of the resolve of Bush.

Posted by: foxwhite1 | July 2, 2009 6:04 PM

Spin it all you want libs.

But for 787 billion dollars, we get 9.5% unemployment and 2.6 million more unemployed in the U.S.

Ever since Barack O'Babbles and the "Pass It,But Don't Read It" demo-rats, have been in power.

"Yes We Can"

Posted by: dashriprock | July 2, 2009 5:54 PM

And, I am confident that I am going to win the lottery!

Posted by: PalmSpringsGirl | July 2, 2009 5:43 PM

Republicans are impossibly ignorant.

They haven't a clue who has been in office for the past 8 years, nor do they know anything about what George Bush did while he was in office.

Repubilcans are limited by the very word "Repubilcan" and base everything they think about right and wrong on that one word alone.

No wonder they voted for Bush.


Posted by: lindalovejones | July 2, 2009 5:41 PM

The photo of Obama with the 'energy business leaders' shows exactly why Obama can't create enough jobs.

Obama is clearly relying on BIG business - on special interests to whom he is greatly beholden after the elections.

90% of all new jobs in America are created by SMALL business with less than 10 employees - and NOT big corporations.

Obama simply doesn't care for the more than 15 million unemployed Americans. If he did, he'd be 'Angel Investor in Chief' for small businesses with less than 10 employees.

Sadly, Obama would rather support his other election bankrollers - the bankers - with billion-dollar bailouts. What does Obama have to show for this unprecedented spending? Absolutely nothing.

Posted by: rexsolomon | July 2, 2009 5:39 PM


TO: foxwhite1 who wrote:
"There is only so much time before his statement that "it took years for us to get into this mess, and it will take us more than a few months to turn it around" begins to sound like a broken record. BUSH IS NOT AROUND TO BLAME...the buck stops with Obama."
_____________________

This is exactly why it simply isn't worth it to have a Repubilcan in the White House, because they are incapable of being "responsible."

Bush is not to blame.
Bush was not responsible.
Bush was in the White House for 8 years.

But the buck stops with "Obama" who has only been in office for just slightly over 6 months.

Republicans have absolutely no understanding whatsoever of what "responsbility" means, nor can they comprehend exactly "who is responsible".

No more Republicans in the White House!


Posted by: lindalovejones | July 2, 2009 5:36 PM

Obama did not start this economic mess, it was Bush. We were living in a false economy with Bush at the helm. Everything he touched, he destroyed. Medicare is one of them. This left senior citizens paying for their prescriptions and health care. What a joke.
In order to bring about change the home interest rates need to be lowered, so all home owners if they wish can refinance at rates around 3%. This would lower their payments, and allow for extra income to spend. We may still need another stimulus to get things moving. I suggest around $ 1,000 per person, people with children a little more. With back to school coming around, this would give the money for school clothes shopping. Also we need to have a national school feeding program, where nutrious breakfast and lunches will be provided to anyone who wants to have meals, no questions asked. This will lead to a healthier student population. We cannot expect students to learn when they are hungry. So before you start pointing fingers. Why not come up with ideas that are going to get this nation up and running. Those of you who want to blame, are living in the dark ages. We need to move onward and upward.

Posted by: melodymg | July 2, 2009 5:31 PM

There is only so much time before his statement that "it took years for us to get into this mess, and it will take us more than a few months to turn it around" begins to sound like a broken record. BUSH IS NOT AROUND TO BLAME...the buck stops with Obama. It actually didn't take years and it better take months otherwise a whole heck of a lot of businesses are going to go under, mine included. Billions spent on tarp and stimulus and the only jobs created or saved were those in the public sector. Amazing that everyone else has had to tighten their belt, layoff workers, cut pay, cut benefits except the federal, state and local governments. When will we learn? The only change I will have is what is left in my bank account. And when the sh*t hits the fan the media should be looked upon as an accomplice, for their abandonment of any sense of impartiality.

Posted by: foxwhite1 | July 2, 2009 5:23 PM

George Bush is a tough act to follow. He tried to destroy our country, he chased away our friends and he stole or funneled money to his big oil buddies. If there's any Republicans out there who knows how to read, you should crawl under a rock and hide. America is 100 % better off with out the Republican party and I truly enjoy watching them self destruct.

Posted by: wasaUFO | July 2, 2009 5:17 PM

What a goofball. Things are clearly getting worse as we waste stimulus tax dollars and this guy says things are getting better. This is more laughable than anything "W" said.

Posted by: AG1231 | July 2, 2009 5:15 PM

LOL.

You stock market noobs make me laugh.

I started investing when I was 16, and was paper trading for five years before that.

I've been thru Black Monday - and made a killing on that.

I bought Ford at the bottom this year. It's up 104 percent from where I bought it as of last week - so it goes down a bit - I don't care.

America-hating Republicant sheeep.

Baaaaah.

Meanwhile, I've got a straw. And I'm drinking your milkshake.

Suckers!

Unless you're over 60, this is a great buying opportunity in low-cost mutual funds that invest in dividend-yielding stocks.

As to the monthly figures - employment curves are ameliorated by seasonal figures anyway - it still charts as a good bottoming and we're exactly on course.

P.S.: More than 95 percent of the stimulus money hasn't been spent yet, and the first jobs created are mostly going to start from July to year's end. Stop panicking.

Posted by: WillSeattle | July 2, 2009 5:00 PM

What an incredible liar. Can you imagine what Obama would say if George Bush were presiding over 9.5% unemployment that is still shooting up like a rocket, and more debt and printed money than in the history of the world. On the day Obama took office we needed him to be optimistic on the economy. Instead he spent 2 months screaming castastrophe and depression so he could get his corrupt AIG Bonus Guarantee/Non-Stimulous bill passed. He promised us no more than 8% unemployment if Congress passed his corrupt special interest payback bill. He lied. 9.5% and still shooting up. Million upon millions more unemployed. If he had trusted the people and small business like Reagan did we would be in Recovery. Ronald Reagan use to say the scariest words in the English language were "Hello, I'm here to help you" coming from someone from the Government. Well Obama wants to help us! RUN!!!!! And if its bad now wait until Obama's taxes and cap & tax start to hit us. We are in deep deep trouble!

Posted by: valwayne | July 2, 2009 4:55 PM

Barry ACORN Soetoro, his Radical bunch of South Chicago Socialist Thugs and the Inept Incompetent Irresponsible Liberal led Congress are a DISASTER! A complete and utter disaster. The Liberals own this mess and will most likely be the only thing they will ever own outright. Their smarmy fingerprints are all over it.

Posted by: ChangeWhat | July 2, 2009 4:53 PM

He's optimimitic ONLY because he has a job until 20 Jan 2013, then he can file with the rest of the country for unemployment...a joke of a leader, a terrible liar and the libs in denial is hilarious..."change" we're lovin'...2010 will start the process of recovery...

Posted by: powerange | July 2, 2009 4:51 PM

The Obama Presidency has been a catastrophe not only for the economy of United States, but of the world.

No wonder the Wall Street Journal and Financial Times have not only flunked him, but also concluded that his administration has already failed, with not chance of recovery.

Let's hope that Obama doesn't completely destroy the global economy before the midterm elections. Even if the Democratic majorities in the House and Senate are ousted, it will be decades before the damage of the Obama blitzkrieg—Stimulus Bill, Omnibus Bill, budget, etc.—and other proposed legislation can be repaired. Even then, it may be too late. The United States may very well become a Third World country, thanks to Obama and his Democratic cronies, who are so determined to destroy the American Dream.

Posted by: Jerzy | July 2, 2009 4:33 PM

He's a gifted liar and real pragmatist for gift of lying. I cannot stand to look at this man. I voted for him and wake up each day regretting my vote. He is also a super hypocrit, arrogant, self-righteous, no good, disgrace to the very people who supported him. How can even sleep at night as he lies daily and blatantly avoids all the hardworking black folks who worked to get his cowardly arse in office.

I cannot stand him.

Posted by: Sincear202 | July 2, 2009 4:33 PM

So far obamas expectations of what he wanted to do are comming true, he is bent on destroying the American infrastgructur as fast as he can. Jobs loss it at an all time high and you haven't seen the worse yet. Cap ann Trap pass and it will cost more to buy the essentials for daily life, such as food, electricity, gas and medical treatment. As his minions followly blindly behind him and his socialist ideals we are losing ground on the international state. The terriost are becoming bolder as he has cut back on the military and refuses to understand the world situation or world politics. He is trying to deal with an irrational terriost who has no respect for life, Oh wait I forgot he is an abortionist who supports the destructilon of unborn children. Thru his directio and guidiance he and his party are dismantling the American way of life faster than Russia could have during the cold war. And with all this he still refuses to show his true birth certificate, doesn't it make you wonder why he doesn't end this by showing it to the public? Of course his Kenyan grandmother says she was there at the time of his birth so maybe there is a reson why the Washington elite are blocking it at ever turn and great expense.

Posted by: jmsmaxwell | July 2, 2009 4:14 PM

It will probably get worse before it gets better. If Cali and other key states can't solve their budget crises, the unemployment figures will continue to rise. That said, the 2001 recession led to a long, slow and jobless recovery. We can draw some lessons from history. The only consistent hiring after the 2001 recession was war related: replacements for guardsmen going off to war and growth in the war material and war contractor sectors. Obama can't count on that because it exhausted itself even before Bush left office. I am willing to wait and see how the stimulus works out but I have the luxury of a relatively secure job. For those who are jobless, time is not a luxury they can afford. My conclusion is what I have said before: we the people of the US need to take matters into our own hands. We cannot afford to be isolated individuals solely focused on our own survival. We need to take risk and start businesses with a focus on a 21st century economy - energy, healthcare, value added products. Banks need to make loans. Investors need to make investments. We need to find ways to help our friends and colleagues through this deep, dark recession. If we all "bunker" down, we serve no one - and it won't matter which party is in control.

Posted by: mraymond10 | July 2, 2009 4:12 PM

"President Obama called the job figures released today 'sobering' but said he is 'absolutely confident' that the country will recover from the recession and prosper over the longer term."

Must you go to Harvard to understand the business cycle? My dog could grasp this basic principle.

Of more interest is the exacerbation of the country's debt for a so-called stimulus package that won't begin spending money in earnest until Obama's predicted recovery is well underway. Recall that Larry Summers, probable next head of the Fed, said that the positive effect on the economy was going to be "immediate" after passage. Romer, Bernstein, Goolsby and all the other clowns in the clown car said the stimulus would "save or create" 3 to 3.5 million jobs (the number seemed to bounce around) over the next two years. Those quotes were back in late January.

So I guess the promised 3 to 3.5 million new jobs "saved or created" now must occur in the next 1-1/2 years. What about predictions on the unemployment rate? If we DIDN'T pass that miracle stimulus bill, Obama and his clowns predicted that unemployment would TOP OUT AT 8%!! We are of course at 9.5% and headed above 10 somewhere.

Bernanke has stabilized, to some degree, the banking and financial system. Fiscal policy, however, is adrift in Keynesian wonderland. Romer et al. won't rule out a "second stimulus" package (actually, it would be the third, coming after Bush's $168B have-a-check, and San Fran Nan's $787B gifts-for-every-liberal-cause abomination).

I'm glad the President is "optimistic."

Posted by: Curmudgeon10 | July 2, 2009 4:11 PM

Obama's number didn't take a dive those stupid conservatives and those who want him health care bill to fail are playing on these scrary folks minds!

DO NOT GIVE UP ON A PRESIDENT WHO PASS MORE IN SIX MONTHS THAN BUSH DID IN EIGHT YEARS.

Posted by: danson1 | July 2, 2009 4:10 PM

Hey Mr. Uncle Tom

Don't try to make this like Obama's is living in a bubble.

It's people like me who writes him everyday and remind him that he's have to stay in contact with the American People

He ain't no George Bush
But you probably an O.J. Simpson (not in the murder sense) but...

Those people are using you like they used Michael Steele and Clarence Thomas.

GET OUTTA MY RACE!!

Posted by: danson1 | July 2, 2009 4:07 PM

We'll see -- I'm not holding my breath -- Obama has essentially pinned his political future on his prescriptions for the ailing economy, going so far as to raise the possibility of a one-term presidency if he fails.

http://www.cbsnews.com/stories/2009/02/17/politics/100days/economy/main4805436.shtml

Posted by: JakeD | July 2, 2009 3:48 PM

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