A keen eye for the obvious

The Associated Press, famous for their “unexpected” headlines over the last several months in regards to economic bad news, has a headline this morning warning of more bad news; “Snapshot of Economy About to Get a Lot Bleaker”. Notice that it’s not the economy that’s getting bleaker, just the “snapshot” of the economy.

So why is the “snapshot” getting bleaker? Well, because the government is supposedly ready to admit that Joe Biden has been wrong and we’re in economic dire straits.

The Commerce Department on Friday will revise its estimate for economic growth in the April-to-June period and Wall Street economists forecast it will be cut almost in half, to a 1.4 percent annual rate from 2.4 percent.

That’s a sharp slowdown from the first quarter, when the economy grew at a 3.7 percent annual rate, and economists say it’s a taste of the weakness to come. The current quarter isn’t expected to be much better, with many economists forecasting growth of only 1.7 percent.

Such slow growth won’t feel much like an economic recovery and won’t lead to much hiring. The unemployment rate, now at 9.5 percent, could even rise by the end of the year.

“Could rise”? Yeah, no kidding. Meanwhile, how is the administration reacting? By sending Joe Bite-Me out to plug the “green jobs” they’re creating;

Speaking in Washington, Biden said the United States is now on-track to achieve four major innovation breakthroughs thanks to last year’s nearly 800 billion U.S. dollar stimulus — modernizing transportation, including advanced vehicle technology and high-speed rail; jumpstarting the renewable energy sector through wind and solar energy; investing in medical research; and investment in broadband and the Smart Grid.

“Our investments in innovation are creating jobs, creating new industries, making existing industries more competitive,” he said.

“And, in the process, they’re driving down costs for new technologies that are badly needed, and helping our nation reassert our place as the world’s center for inventors and entrepreneurs.”

Of course, there’s no evidence of this – there’s not even anything to replace existing fuel sources, but that doesn’t influence the crap flowing from Biden. No one has ever held him accountable for anything he says, so why start now?

They’ve even got Time Magazine to chime in and make shit up;

Politically, it’s awkward to argue that things would have been even worse without the stimulus, even though that’s what most nonpartisan economists believe. But the battle over the Recovery Act’s short-term rescue has obscured its more enduring mission: a long-term push to change the country. It was about jobs, sure, but also about fighting oil addiction and global warming, transforming health care and education, and building a competitive 21st century economy.

Yeah, well all of that is an admirable goal, but lets put America back to work first and then we can eat all of the sky pie we want. If the Democrats want to fix the economy today, they’d have a press conference this morning with Reid, Pelosi and Obama joining hands and announcing that they’ll extend the Bush tax cuts for ten more years and lifting the drilling ban in the Alaska National Wildlife Reserve.

Hey, I can dream, can’t I?

Category: Barack Obama/Joe Biden, Economy, Liberals suck