Reality Check on Jobs

All of those things were caused by the recession you just said you dont blame Obama for.

The CBO has said the two defining economic policies of Obama's administration (the auto bailout, and the stimulous package) were massive in their scale at creating and saving millions of jobs. Blowhards on FOX News say they weren't. Clearly we see who Hoops chooses to get his information from.

Why don't you know that the recession ended in June 2009? It ended in the fifth month of the Obama presidency.

Seriously, hoops2, why don't you know that? Who failed young hoops2? Who couldn't be bothered to teach you how to think?

If you would do even a meager self-assessment, you'd realize that your political biases result entirely from your proven inability to develop a healthy relationship with reality.

That's the nicest way I can put it.

Well it has not ended in the real world. Tell that to all of those who just plain gave up looking. The huge amount of underemployed. A gdp of 2% is not really setting the world on fire. The forclosures remain extremly high. So all those enjoying your ending of the recession just are happy living in their cars. I know way to many who are out of work. I drive by subdivisions we worked on years ago and still look almost like we left them with a house here and there. And most were happily employed in 2007. Take off your rose colored glasses. In the real world it is not over. Far from it. I guess "the one" wants to extend the payroll tax break which is keeping $ out of the SS fund because everything is fine and dandy. I am fine with them doing it because many can use the help. So come back to the real world.

Terry

I see. The distortion of reality on the right is so profound that, when it doesn't like what words mean, it justs gives them new meanings when it suits their purposes.

Under this effect, the right can continue to claim we're in recession when we are not.

I don't do that. We are in recovery, not recession. It is a slow recovery, much too slow for anyone's liking.

The recession ended two and a half years ago.

And thus concludes this dispatch from the real world.

14m+ unemployed
15+% un/underemployed
40m on food stamps
Highest % of people living below the poverty line in almost 40 years
lowest % of employed adult Americans in almost 40 years

It appears that chilly is the one not living in reality

Yes they are like in the twilight zone. I am so scared that they would give this guy another 4 years. There may no way we could recover from his presidency in my lifetime. Well he does think he has done as well as Teddy Roosevelt. At least slowly the majority may just be starting to get it. I hope they do in time.

Terry

"The CBO has said the two defining economic policies of Obama's administration (the auto bailout, and the stimulous package) were massive in their scale at creating and saving millions of jobs."

PJ continues to quote the CBO who took assumptions from the owebama administration to do their calculations. The CBO does not do independent analysis.

The auto bailout broke numerous bankruptcy laws by:

1 - overriding the rights of secured bondholders
2- normal bankruptcy proceedings would have voided all contracts including the unions. They got to keep
their contract
3- new corporate entities such as GM and Chrysler are not allowed to carry forward their losses to offset
profits; GM and Chrysler were allowed to do this

The owebama adminstration continues to perpetuate the myth that if they didn't do this the 2 companies would have ceased to exist and all those jobs would have been lost. The reality is that if the companies ceased to exist there would not have been enough auto mfg capacity to match the demand. If they had gone into normal bankruptcy this is what would have happened:

1- since both companies had iconic brands and assets with a strong consumer support buyers would
appeared to buy these assets
2- contracts would have been voided, thus allowing the new owners to get out from under onerous
contracts
3- secured creditors (bond holders and bond funds) would have received some payment for their liens
4- prior losses would not have been allowed to carryforward so the new companies would then pay
taxes

The owebama spin never talks about all the jobs that were lost as brands, mfg capacity and dealerships
were eliminated.

Cost to the govt in a conventional bankruptcy - zero; as compared to the billions currently spent

Latest polls have President Obama winning South Carolina and Florida against any Republican currently running against him.Looks like the majority of the people do, in fact, get it. The others can continue tilting at windmills and whatever else they choose.

Hoops, please provde the name of the private sector company that was lined up to buy GM and Chrysler at the brink of the greatest financial collapse since 1932. Toyota? Honda? Gimmie a name. GM and Chrysler's biggest domestic competitor, FORD, fully supported the bailout of their rivals because they shared many of the same parts suppliers which would also had gone under - thereby killing Ford's parts supply.

GM's biggest competitor new there was no other solution. But Hoops apparently does. So give us a name in your fairy tale of the free market auto rescue.

Nobody was given the opportunity to bid on GM as the feds jumped in and said they would take over.

What should have happened was for the 2 companies declare chapter 11 and if nobody surfaced during the process then the govt could have stepped in