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  • Obama's Growing Credibility Gap

    Last week the Department of Labor released an employment report showing that U.S. employers shed 611,000 private sector jobs in the first three months of this year bringing the nation’s unemployment rate to 8.9%. This was bad news for Americans but even worse news for the Obama administration. In January of this year, the White House released a document lobbying Congress to pass President Barack Obama’s $787 billion stimulus package. The document, which had Council of Economic Advisers chair Christina Romer’s and Chief Economic Policy Adviser to Vice President Jared Bernstein’s names on it, included the following chart:

    unemploymentrate

    The big problem for the White House is that the actual data are not matching their computer simulations. Here is a chart (courtesy Econ International Blog) matching real world data with Obama administration fantasy:

    recovery_report_cardpptx1

    As you can see, the Obama administration’s projections were way off. This was also true of the Obama administration’s deficit projections, which just three months into his administration are already $89 billion wrong. And let’s not forget how EPA administrator Lisa Jackson cooked the EPA’s books to cheat the United States economy out of $1.22 trillion.

    Addressing the glaring gap between reality and their numbers, Romer told CSPAN this weekend: “Accuracy has always been the main thing, not the political back-and-forth.” Americans aren’t stupid. They know when politicians fudge numbers for political gain. As IHS Global Insight chief U.S. financial economist Brian Bethune told McClatchy: “If they keep playing this game, they’re going to have real credibility problems.”

    Posted in Economics [slideshow_deploy]

    27 Responses to Obama's Growing Credibility Gap

    1. Pingback: » Financial News Update - 05/12/09 NoisyRoom.net: “Extremism in the defense of liberty is no vice. Moderation in the face of tyranny is no virtue.” Barry Goldwater

    2. Grace, Florida says:

      This is only one example of his credibility gap. He has many and hopefully many more people will see through him before he totally ruins this country.

    3. Charles-Odessa, Texa says:

      Obama and his/our hired hands can not be trusted as the truth is not in them. They go by the idium of "Only the end result counts".

      Every number should be divided by 2 or more, or multipied if it fits.

    4. HOUSTON says:

      THIS ADMINISTRATION PUTS OUT NEWS RECESSION IS OVER. WE HAVE MILLIONS OF STIMULUS JOBS. (WHERE ARE THE JOBS) IF YOUR IN GOVERNMENT, TEACHERS, WASHINGTON GOVERNMENT JOBS, ANYTHING GOVERNMENT, YOU STILL HAVE YOUR JOB. SO I SUGGEST ANYONE WORKING FOR GOVERNMENT PAY MORE TAXES. SINCE THEY ARE THE ONLY ONES WITH JOBS, THEY SHOULD PAY ALL TAXES. EVERYTIME A NEW ADMINISTRATION GET IN OFFICE OR IS RUNNING FOR OFFICE. THE MAIN THING THEY PUSH IS MORE MONEY FOR EDUCATION ( TEACHERS UNION) TENUR TEACHERS. LIFERS!

      I CANNOT FIND A JOB! THIS IS THE TRUTH.

    5. Shawn, Ind. says:

      it's too bad that they couldn't have tried a stimulus where each tax paying individual with w2 got an amount $5000.00 or whatever deemed appropriate to help turn the economy around. maybe a voucher for an automobile? anything other than what they did would have worked better, in my opinion.

    6. JAB, Spring Lake, says:

      What makes anyone think voters are paying attention. Those that voted for Obama, are still in LaLa Land, waiting for change. They do not keep up with factual news, they are still in rapture as his tele-prompter gives still another speech. They are completely clueless to CHANGE that has been happening in these four short months since HE took office. They got change alright. I can't wait until it finally dawns on some of them, and they start asking "What Happened?" Oh Yeah!

      But do the words "Bush Did It", ring a bell?

    7. Julia, Florida says:

      Welcome to the O-bombin-Nation "Change You Can Believe In" American is now a Socialist Nanny Nation – he still has not produced his original birth certificate, his college transcript, or anything else 'personal' – what can you expect of an individual who is NOT transparent and is only looking to have 4 more years in office???? He is all politican and greedy ignorant beyond belief. American is a 'Welfare' nation on the verge of collapse and the government is still spending like it has a 'money tree' – normal American citizens are paying the price of media deception – no jobs, no money and no help – Government is the only thing 'growing' in this economy – and any jobs available go to the illegals – just like the Presidency of the United States!!!!!!!!!!

    8. Al, The Villages, Fl says:

      President Obama's strategy of sounding like he is addressing an issue while, in face, he is actually working toward a different goal will, I hope, eventually backfire on him. I believe that the recession is not going to respond as he hoped because he isn't addressing it, he is working toward a transition to a socialist government. In energy, he talks the talk but is actually only appeasing the environmentalists by funding green science projects. If he were serious about either the economy or energy, there are obvious steps that would be taken toward solving these problems (or at least not exacerbating them by running up a hugh deficit). You would see tax breaks for business and incentives to bring industry back to the U.S.; you would see a move to define a way ahead in energy combined with opening up drilling off shore and on the shale deposits. There are a number of obvious things you would see.

    9. Sandie, Long Island says:

      If everyone realized that if every American (legal) man, woman and child were given 1 million dollars rather than the billions and trillions, do you think that would spur the economy?

      And we would be SAVING money, the whole thing is corrupt, lies and fake!

    10. Tom Iowa says:

      Give every American with a w-2 one millon dollars to buy a new car ( end of Detroit problem) pay off home loan or purchase new home (end of housing problem) and buy other needed artcles. (end of employment problem). We have already wasted more than this and still can't find where billons of dollars werew spent. Obama and Geithner together could'nt find their nose with both hands looking in a mirror…

    11. Janet P. Apple Valle says:

      The site seems to have been replaced the site since yesterday….Google Walter Fitzpatrick, 111, united Sates Navy Retired. Subject Crinminal Allegations Regarding the Commision of Treason, this complaint was file through U.S. Attorney Russell Dedrick and assistant U.S. Attorney Edward Schmutzer, Eastern District, Tennesse.

      Please stand up for america

    12. Annette Flyover USA says:

      "Going" to have credibility problems?

    13. Janet P. Apple Valle says:

      http://riseupforamerica.com is the right address, get involved and visit the site and see the concerns of our military and suppose their push.

    14. J. Jackson Houston T says:

      Lower taxes on buisiness. Jobs return to the US. Lower taxes on the citizen, people can buy cars and homes. For Energy, we have many ideas, oil & gas, nuke, wind, clean coal etc etc. We may in fact need to pursue all of the above. Let the free markets decide which ones make the most economic sense, not the fed.

    15. Dennis A. Social Cir says:

      The only jobs that the stimilus package has created is to expand the government, not in the real world. The real world of very day people is suffering, not to mention how much more the suffering will be when these bills have to be paid. obama and the dems are so full of their on junk they think they have the only answer to our problems. Lets raise taxes and take more of what people earn, then they can keep the handouts going and then stay in power. I weonder what they will do when the people that do not work want more than the little money that comes in will buy. Oh thats right we just print more and put obama's name on it. He believes along with pelosi, reid,and murka that the way out is to borrow more, never mind that it will come due in one big bill.

    16. John Clancy, Wyando says:

      Watch for more Tea Parties. Contrary to what our ineffective-media report, the prople are seeing more and more the corrupt administration in Washington. As the word spreads through all political parties, 70% to 80% of the American people are disturbed by our leadership. Thoought 40%, even as much as 60% of the administration care only for themselves and power, I believe that we are at a crisis point: this is NOT Republican vs. Democrat any longer. This is the 20% to 30% who want to destroy America as we know it vs. the 70 to 80% who want to save it. Join the next TEA PARTY in your area and you'll see first hand.

    17. Lynn B. DeSpain says:

      He is starting to look like Alfred E. Newman, isn't he? "What, me worry?"

      Hozro

    18. laura brown says:

      does anyone know of any 4th of july tea parties going on in north east ga?

    19. Robert O. Gray Colu says:

      How many more years could social security & medicare have survived if the trust funds not just SS but all govt.trust funds had not been looted to hide a deficit and pay for Johnson's Great Society? How much more would the tax payers have had in their pay checks if funding for the entitlement programs was based on the minimum required to sustain the program rather than the highest scale used which was far more than ample.Did I mention the 9% lost on interest which could have been added to the coffers. Wait till the current occupants of the WhiteHouse get their hands on a National Health Care Plan.

    20. Ron, Noblesville, IN says:

      I never thought this 181 day wonder had any credibility…Seems i was right.

    21. Patricia Moseley Ben says:

      Can they just buy a few lottery tickets,?? I think chances are better than trying to Pay back China.

    22. Roy Bercaw Cambridge says:

      Obama is a slick Harvard Lawyer politician. It was apparent that he was a deceiver after listening to him for 10 minutes. Problem is few voters listen and fewer pay attention. Henry L. Mencken's observation remains accurate today: "No one ever went broke underestimating the intelligence of the Americn people."

    23. toomuchgovernment, C says:

      Naw, he will never have credibility problems, as he is the 'spin-meister' and has the press to cover everything up for him. Remember, he is a rock star who only has one goal and that is to be re-elected.

      If he has done this much damage in 120 days, what will he be capable of IF he gets re-elected as at that point, he will have 'nothing-to-lose.'

      We as Americans' can not afford to allow this to happen!

    24. G. Elaine, Bellevue says:

      Enough is enough. We voted him in (or got stuck with him becasue we voted for someone else) but do we have to keep him and the rest of the "goverment" in place? Any chance of impeachment – after all he and the rest of his cohorts are incompentent, ineffectual, and their "credibility gap" is growing, he and his cohorts are destroying our America as it should be. If we beleive in Government for the people by the people then we should step up and demand – and follow through with our demand – that we get the change that was the campaign slogan. I don't like the change we are getting – I want what we were promised! Nixon was impeached because of spying on the other party and movies are still being made to villify him over this – media help to distract us from what is going on with this administration? When do we say "if that was unacceptable" then what is going on today even more UNACCEPTABL???

    25. Jack, Pleasanton, TX says:

      My late father-in-law used to say, "Do the math." So let's do the math. Obama's stimulus package was $787,000,000,000. It was supposed to create 3,000,000 jobs. $787 billion divided by 3 million is $262,333.33 per job.

      Man oh man, what a deal! And Congress raked the military over the coals for buying some $400 toilet seats? Those were bargains! Every member of congress and senator who voted for this idiocy should be recalled.

      They could have simply hired 3,000,000 border patrol agents (3 million jobs!) at $40,000 a year ($120 billion), placed one agent every 3-1/2 feet along the US-Mexico border and stopped illegal immigration while employing 3 million people and saving $667 billion.

    26. Marshall Hill MI. says:

      We are closing Auto Dealerships that are solvent!

      Who decided?

      WHY?

    27. David E Aldridge, Da says:

      The "annointed one" decided who would get what parts of the Auto companies. Can anyone spell "politcal payoff to the UAW". The UAW has no one to blame but themselves, they priced their way right into bankruptcy. Oh no, that's right, it's now called Obamaruptcy. I'll tell you who gets what! What bankruptcy law? I make the laws, I WON!

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