The progressive puppy mills in North Carolina, also
known as mainstream newspapers, are so desperate to report good news for the
Obama administration that they will outright lie to the public. Case in point is The News and Observer out of
Raleigh. They believe we are in a
recovery. And what could possibly lead
them down this primrose path? Here is an
excerpt:
President Barack Obama’s political opponents
doubtless won’t take “yes” for an answer or acknowledge that his stewardship of
the economy has been on track, but the June job figures are promising indeed.
Some 288,000 jobs were added last month, and the nation’s unemployment rate
dropped to 6.1 percent.
The stock market shot up at the news,
appropriately so.
And then came the White House budget office
estimate that the 2014 federal deficit will drop to $583 billion this year, the
lowest level since the president took office. The estimate was $66 billion less
than the administration predicted earlier this year.
No one person or event stands above others as
the reason for this significant step forward in the economic comeback since
Obama took office in January 2009. And the president’s chronic critics would
say it all would have happened anyway in the natural course of post-recession
economics.
Anyone who has done their homework knows the
job participation rate is the lowest it’s been since 1978. 288,000 jobs is a drop in the bucket. We just
had the 17th worst quarter in American history with -2.9% collapse
in GDP.
The
News and Disturber then applauds federal deficit figures provided by the White House. The Obama administration lied about last
year’s figures. Zero Hedge puts things
in perspective:
Despite
the Obama administration touting a budget deficit of “only” $680 billion in
2013, the GAO’s more accurate accounting shows a total government cost of $3.8
trillion on total revenue of $2.8 trillion.
In
other words– the administration wasn’t exactly honest with the American people–
the deficit was more like $1 trillion, not $680 billion. But it gets worse.
The GAO
added up ALL the US government’s assets in 2013. Aircraft carriers. The highway
system. Land. Cash and financial assets. The total is $2.97 trillion.
The
liabilities, on the other hand, total $19.88 trillion. This includes the
official public debt, plus all sorts of IOUs and loan guarantees.
This
means the net EQUITY of the US government is minus $16.9 trillion.
Moreover,
the US government’s cash position is a mere $206 billion… roughly 1.1% of its
public debt. This isn’t enough to cover net interest payments for the next
year.
The Obama administration
has a tendency to lie about their numbers.
You’d think the News and Observer would take that into consideration. But the editors at this rag have their own version
of cigars, pizza and a blue dress.
And what about the stock market? Anyone with a radio and a television can tell
you many people are apprehensive about what is happening. Many believe we are in a bubble. It is just a matter of when it pops.
I won’t even bother
addressing the News and Observer's assertions about the success of
Obamacare. Many of us are living that
nightmare. If it were fully implemented,
the plebeians would storm Washington D.C. with torches and pitchforks. Maybe the cheerleaders at this rag would see
an angry mob at their fortress as well.
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