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To: LindyBill who wrote (490353)6/9/2012 12:43:24 AM
From: Sr K  Read Replies (2) | Respond to of 793986
 
Obama's comment was about the "private sector". I only saw part of the "news conference" to the end, so he may have answered a question. When the jobs report is issued by the BLS the first Friday of the month, often the headline is of the jobs created or lost and the "Unemployment Rate." But month after month, the private sector numbers went one way, up, while the government sector numbers went down.

It became deceptive to report the aggregate numbers and deceptive for investors or the Fed or Congress to ignore the performance of the private sector.

The data, in the attached tables last month at
bls.gov
was typical in the dichotomy of the 2 sectors. When Obama used the term "sector" he was speaking economics.

The private sector has been adding jobs while the government sector (federal and state) has been losing jobs. Except in the May report the government jobs number "changed little in May".

Obama did not say the private sector is doing well or great, which might be the case if GDP growth was 4.5% or more, but he used the word "fine". That seems not a stretch, if you look at a 5-6 month average.

I think he was referring to aggregate economic activity in the private sector distinguished from aggregate economic activity in the government sector(s), or the payroll jobs growth or decline in the two sectors.

It's like reports of a slowdown in China, that spook the financial markets depending on how reporters report it, when that might mean 7.5% to 7.9% growth, down from 10%.

Reporters even from the Wall Street Journal don't understand the difference between a slower rate of growth and zero growth and a real decline in GDP for 2 consecutive quarters. They repeatedly give investors buying opportunities while shaking out those who read headlines or watch TV for financial news.



To: LindyBill who wrote (490353)6/10/2012 6:30:27 PM
From: Tom Clarke7 Recommendations  Read Replies (1) | Respond to of 793986
 
Morning Bits
By Jennifer Rubin
06/10/2012

Turns out, the economy isn’t doing fine. “?‘It’s absolutely clear the economy is not doing fine,’ President Obama said at the White House shortly after declaring ‘the private sector is doing fine’ at a press conference Friday morning.” Whatever.

Obama isn’t doing fine with the recovery. “Having never been an entrepreneur or risk-taker, he hasn’t a clue about what prompts them to invest their time and money in ways that produce growth and jobs. And he’s too ideologically committed to government programs to find out how the private economy works. Which leads us to President Reagan, the record of economic recoveries around the world, and suggested reading over the summer to broaden Obama’s economic understanding. As Obama must know, the Reagan recovery was a stunning success. And it wasn’t spurred by government spending. It was based on a 25 percent cut in individual income tax rates, phased in over three years, and initial spending cuts followed by efforts to curb spending growth.”

He isn’t doing fine with Jewish voters.“Among Jews, Obama’s current 64% to 29% advantage compares with a 74% to 23% advantage before the election in 2008. Thus, he is running 10 points lower among Jewish registered voters than in 2008, which is five points worse than his decline among all registered voters compared with 2008.”

The U.S. isn’t doing fine on Syria. “A distinguished former Israeli ambassador to the United States on Thursday accused the Obama administration of prime responsibility for the international community’s failure to stop the killings in Syria. Itamar Rabinovich, who was also Israel’s chief negotiator under prime minister Yitzhak Rabin in abortive efforts at peacemaking with Syria in 1992-95, said that ‘it’s not Russia that’s preventing intervention. Russia is the pretext, the alibi’ for the lack of substantive international action. ‘If someone wanted to ratchet up the pressure on Syria, they could,’ he said.”

Eleanor Clift says the reelection campaign isn’t doing fine. “If the next five months are anything like the last two, Barack Obama is toast. That’s what many Democrats are saying privately, and it’s not about Wisconsin. . . . There’s a sense that the economy has stalled, and that the Obama campaign is stuck in a time warp with a message that assumes steady if slow progress, when the jobs picture may not get better. ‘Our real concern is that they’re just sleepwalking,’ says a Democratic strategist, who did not want to be quoted by name criticizing the Obama campaign. His fear, echoed by many, is that Obama’s responses to the dire economic conditions fall far short of the bold leadership needed.”

The left isn’t doing fine. From the lightly attended netroots conference: “[I]t was clear that activists are discouraged about their political defeats. The leaders there were no longer talking about ‘getting the message out’ but discussing their ability to ‘get the messaging right’ in order to unite the grassroots and appeal to the electorate.”

The president isn’t doing fine clamping down on accusations of White House leaking. “[T]he president’s use of the word ‘purposely’ to qualify his denial that anyone at his White House leaked seemed to allow for the possibility that officials might have inadvertently released sensitive information, as may have been the case with a recent disclosure about U.S. infiltration of an Al Qaeda-related terrorist cell. Lawmakers in both parties insist the spate of recent disclosures have been particularly damaging. Anger about the issue has transcended rigid partisan boundaries on Capitol Hill, as evidenced by an unusual joint press conference Thursday from bipartisan leaders of the intelligence committees in the Senate and House.”

The president’s Iran policy isn’t doing fine. “The IAEA says no progress in nuclear talks with Iran.”

washingtonpost.com