UPDATED: The Unspinnable Obama Economy
There’s Funemployment and then there’s the White House’s version of reality, or at least its clumsy attempts at Doublethink: Austan Goolsbee proposes that “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”.
Yes. And we’ve always been at war with Eurasia, Mr. Goolsbee. Ha!
The VOA didn’t get the memo: US Unemployment Rate Gallops Ahead of Expectations.
So you can just imagine the tensions gripping Obama’s economic team. But, actually, you don’t have to. The NYT has looked into them.
Sure, blame it on Bush if you want, like Goolsbee does in part. At least the AP is not afraid to face the truth:
The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market.
But this and other big government spending programs are turning out to have the opposite effect. Rates for mortgages and U.S. Treasury debt are now marching higher as nervous bond investors fret about a resurgence of inflation.
That’s the Catch-22 threatening to make an awful housing market potentially worse and keep the economy stuck in a funk.
Just in time for 2010. Looks like the Left is going to need a bigger Sorosphere…
UPDATE: Related content at Vodkapundit: The Grand Unification Theory of Sucking.
MORE: Insta-lanche! Thanks for the link, Professor Reynolds.
Perfect opportunity for a Rhetori-Poll:
ANOTHER ONE: The Other McCain links with related content. Thanks!