7/2/10: Obamanomics Continues to Fail

Remember earlier in the week, when economist Allan Meltzer said Obamanomics was a failure? He was right!

The US economy lost 125,000 jobs in June, more than economists had forecast, as thousands of temporary census jobs ended and private hiring grew less than expected.

And though the unemployment rate unexpectedly fell to 9.5% from 9.7%, the lowest in a year, it was largely due to more people dropping out of the labor force.

The report was the latest sign that the economic recovery may be faltering.

Source: CNBC via Drudge Report

Of course, this was bound to happen since the Obama administration has been propping up previous job reports with census job numbers that were fraudulently inflated.

Private hiring rose 83,000 after increasing only 33,000 the prior month, the Labor Department said on Friday. But nonfarm payrolls, dropped 125,000 -- the largest decline since October -- as census jobs fell 225,000.

"Overall what this does is it reinforces the market's view that the U.S. recovery is losing steam," said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.

The unemployment rate fell to 9.5 percent, the lowest level since July, as people left the labor force.

Source: Yahoo Finance via Drudge Report

Meanwhile, General Electric's CEO Jeffrey Immelt has singled out President Bow n' Tax as the culprit of this economic mess:

Mr Immelt also had harsh words for Barack Obama, US president, lamenting what he called a “terrible” national mood and expressing concern that over-regulation in response to the global financial crisis would damp a “tepid” US economic recovery. Business did not like the US president, and the president did not like business, he said, making a point of praising Angela Merkel, Germany’s chancellor, for her defence of German industry.

Source: Financial Times

Keep in mind, Germany is a socialist democracy. And now, the US President is seen as more anti-business than Germany's chancellor. Unbelievable...