Monday, June 8, 2009

Obama Administration: 9.4% Jobless Rate is a GOOD Sign?

On Fox News Sunday this week, Dr. Austan Goolsbee, Obama's economic advisor, stated:
The economy has clearly gotten substantially worse from the initial predictions that were being made not just by the White House but by all of the private sector.

In this report, minus 345,000 is a terrible number, but it's a substantial improvement from what the job losses have been. That's the smallest job loss since September of last year. So it's encouraging, but really bad.
Aside from the fact that Goolsbee uses one of the deflection tactics the Obama administration is famous for, he actually has the nerve to claim that 345,000 lost jobs actually point to an improving economy?

The Corner comments:
Watching Fox News Sunday, I caught a panel on which Obama economic advisor Austin Goolsbee conceded that the administration had previously predicted unemployment would top out at around 8%, that it was now up to 9.4%, and that double-digit unemployment was a distinct possibility in the near future. Goolsbee didn't resort to the administrations's blather about "saving or creating jobs," but he did repeat its fustian about how last month's loss of 345,000 jobs (resulting in a half percentage point jump in the jobless rate) is somehow good news because it beat predictions (I don't recall him saying whose) of even more dire loss numbers. It made me wonder why, if those predictions either existed or were serious, the Obama administration would have previously predicted that unemployment would top out at 8%?
So you can either listen to Goolsbee talk about how the "smallest job less since September," or you can look at this chart comparing expected jobless rates versus the actual jobless rate. (Thanks: Innocent Bystanders)

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