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President Obama Downplays Horrible Jobs Report And Poor Economy


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Yesterday's dismal economic and jobs report casts serious doubts that our economic recovery will continue. There were just 54,000 jobs added last month and unemployment rose to 9.1%. The 54,000 number is far below the 150,000 jobs which were expected to be added last month. In order for unemployment to decrease, a minimum of 150,000 jobs have to be added per month.

President Obama avoided any talk of this dismal economic report yesterday as he touted the bailouts of "The Big 3." And the White House downplayed the news by stating that the economy is "headed in the right direction" - despite the fact that prices on pretty much everything continue to increase while most Americans' wages are either stagnant or heading backwards. Added to that, banks are refusing to lend to many people with "average" credit.

In his address today, President Obama addressed yesterday's gloomy news and blamed it on high gas prices, the situation in Japan (disrupting supplies across the globe), and Europe's economic crisis. Obama is also spinning it by "remembering the past" when he first took office when things were much worse than they are now. True, but our nation was on the verge of going into a Depression. It couldn't get much worse back in early 2009.

President Obama doesn't deserve all of the blame though. The bottom line is that corporations are milking this gloom-doom economy for all it's worth and refusing to hire workers. As of July 2010 they held a record $837 billion in cash, but still wouldn't hire.  And, that number has certainly increased as profits for companies continue to soar.

Productivity by corporations has been at an all-time high as they are doing more with less. Anyone with a decent job is willing to do what it takes to keep their job. And, for many salaried workers it means working longer hours for the same pay. And, many hourly workers haven't received raises in years. Or, if you are one of the lucky few who gets a measly 3% raise, that "increase" is eaten up by your annual health insurance increase, which this year is likely to increase 10%.

No wonder why the average working people cannot afford to buy products, which continue to go up in price.

Corporations are making a killing in this "tough economy" and yet they won't hire. It's clear that the culprit here is corporate greed.

Yet, Obama will take the fall if unemployment continues to stay at 9% into 2012.

Contact Dennis Bakay at dbakay@philly2philly.com

Photo of President Obama from zimbio.com

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