Deconstructing the Latest White House Report on GDP and Job Creation

You are no doubt going to hear the weekend talk panels discussing the “bullish” new White House report on the economy and jobs creation which was released late Friday. You can decide where to file the “report.” : Here are the FACTS:

The Obama administration:  “reports”: keep telling us what a good job he’s done with the economy, but they all boil down to the same thing:

–They make up “facts.”

–They get “called out” on the facts.

–They fall back to the same old jibble that it would have been so much worse if he hadn’t spent billions on stimulus and pork spending.

— The logic for continuously putting out bad facts which get called out as bad must be that it’s hard to argue with what might have been, or not.

Every month, however, there is little-publicized but damning proof that Obamanomics is an utter failure and there is no recovery: The shocking, ever-increasing number of people on food stamps, the so-called “SNAP” report.:  : If everything is so great, why are 44.6 million Americans [and rising] not able to buy food?: :  Why aren’t the White House media asking Obama that question EVERY DAY as they would if it were a Republican president?

Here’s the latest Friday night White House document “dump:”

“A White House report released Friday said the 2009 stimulus bill raised GDP by as much as 3.2 percent in the first quarter of 2011.

The report from the White House Council of Economic Advisers said the stimulus added 2.3 to 3.2 percent to gross domestic product in the first quarter relative to what it otherwise would have been.

The stimulus package also increased employment relative to what it otherwise would have been by between 2.4 and 3.6 million jobs, the report said.

Obama and Republicans have butted heads over the effectiveness of the stimulus, which was estimated to cost $787 billion when enacted.

Republicans, pointing to the latest report that unemployment rose again to 9.1 percent in May, claim it was a waste of money that did nothing to slow the recession. Obama maintains that the economy would be in worse shape without the stimulus.”

Gateway Pundit has the truth-o-meter on the above:

Not true. The economy has lost 2.5 million jobs since Obama moved into the White House.

Barack Obama continues to make his mark as the worst jobs president since the Great Depression.

That’s not all…
A new report shows that real GDP has risen 0.8% over the 13 quarters since the recession began, compared to an average increase of 9.9% in past recoveries.

(Trading Economics)

As Tyler Durden @ ZeroHedge puts it:

The one and only clearest indication of just how effective the recovery and QE2 in general has been, comes courtesy of the USDA, whose just released update of April participation in Supplemental Nutrition Assistance Program (SNAP), better known as “foodstamps”, shows yet another record, this time 44.647 million people, an increase from May’s 44.587 million. And after rising modestly in the last month, the average monthly benefit per household dropped again to a post April 2009 revision low of $282.38/month.

Obama's "hockey stick" graph of shame

Cross-posted at UNCOVERAGE.net

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