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Thursday, June 14, 2012

OBAMA GET'S THE OLD DOUBLE-WHAMMY...



Under normal circumstances I think it would be safe to say that Barry’s re-election prospects suffered a bit of a setback, today, and on two fronts, with news that both jobless claims and home foreclosures were both up. The Labor Department reported that 386,000 people filed new jobless claims in the week ending June 9, up 6,000 from the previous week’s figure. That was 11,000 more than the 375,000 that was predicted by some supposed economists.

It marked the fifth time in six weeks that jobless claims have risen, which you would think would be bad news for an incumbent president at a time when most voters cite the economy as being their most important issue. And the news came on the day that we find Barry "Almighty" delivering an address in Ohio where he'll be asking voters for more time. Labor Secretary Hilda Solis conceded two weeks ago that the 8.2 percent unemployment rate is “unacceptable."

“The data show that there is skepticism on the part of companies that are hiring,” Peter Cardillo, an economist at Rockwell Global Capital, told CNBC. Also on Thursday, RealtyTrac reported that foreclosure filings rose by 9.1 percent in May from a month earlier, with 205,990 properties subject to default notices, scheduled auctions or bank repossessions. Bank repossessions rose 7 percent from April, with 54,844 homes repossessed in May.

Georgia’s foreclosure activity increased by 32.9 percent from April and 30 percent from May 2011, making it May’s leader in foreclosure activity. Arizona, Nevada, California, Illinois, Florida, Ohio, Michigan, South Carolina, and Utah rounded out the top 10 states with the highest foreclosure rates last month. “The overall tenor of recent economic data has been gloomy,” CNBC so brilliantly observed,

Always eager to run interference for their boy Barry, the folks over at CNBC sought to blame everyone by Barry saying, “A combination of the worsening debt crisis in Europe and uncertainty over whether Congress will manage to stave off the scheduled expiration of various lower tax rates at year-end, dubbed the ‘fiscal cliff,’ is souring business and consumer confidence. Job growth has slowed in the past four months, with employers adding the fewest jobs in a year in May.” Blah, blah, blah.

Barry was all set to use his campaign speech in the battleground state of Ohio to try to bounce back from a series of recent setbacks, including the poor jobs report and a misstep in which he seemed to play down the economy's woes by saying the private sector was "doing fine" and that more attention needs to be paid to the unionized public sector. He later told reporters he did not think the overall economy was fine.

Barry does risk losing the election if he can't manage to convince enough voters that his economic 'remedies' are working. Let's be real here, shall we, anyone who honestly believes that Barry's policies are anywhere near working, shouldn't be permitted to vote, because, obviously, they're too damn stupid. How can anyone with an ounce of brain power look at what's going on here and say the policies, and the man behind them, are not responsible for our worsening economic mess?

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