Friday, March 5, 2010

Asshat of the week #10:Harry Reid


Harry Reid is this weeks ASSHAT  for his asinine comment earlier. I don't think Mr. Reid truly understands just how dumb that statement was. It's been over 1 year since Barack Obama took office with the solemn promise to get this economy back on track and to save or create 3 million jobs. So far economists can't agree on a number, but estimates range from 1 million to around 1.8 million depending on who you talk to. Obama claims 2 million jobs saved or created so far. Problem is, since last year people have been tearing these figures apart due to some incredibly sloppy work on the part of the Obama goons who give us these facts.

One of the more ridiculous errors was in Arizona where 30 jobs were saved in Arizona's 15th district. There is only one problem with that, Arizona only has eight. The Washington Examiner has set up an updating webpage with a custom Google map showing the 'bogus' jobs that have been created so far under the Obama administration. To date it's around 94,341. So, if we are to believe the President than we will have to simply ignore the fact that at least 94,000 of these jobs created don't even exist and simply take the rest on faith.

I'm going to say that IMHO, this is all a load of bull. In the last 6-8 months close to 3,000 jobs have been lost in my area of New York state alone. It's getting worse here every day. The amount of people applying for welfare has risen 58% since this time last year. Now the Obama camp has passed a new jobs creation bill that gives incentives to companies  to hire the unemployed in the form of tax breaks. Here's a snippet from the Philadelphia Inquirer:

Despite doubts among many lawmakers that the measure will create many jobs, the House passed legislation yesterday giving companies that hire the jobless a temporary payroll tax break.
The measure passed, 217-201, on a mostly party-line vote. The bill also extends federal highway programs through the end of the year.
Some Democrats think the approximately $35 billion bill - blending $15 billion in tax cuts and subsidies for infrastructure bonds issued by local governments with $20 billion in transportation money - is too puny, while others say the tax cut for new hires won't generate many jobs.
Well let's look at the facts. If you own a business you are well aware that business is pretty slow right now. A tax break might be nice, but unless that tax break equals or exceeds the wages you will have to pay these new hires there is no point in hiring any new people. What will they do? Clean toilets? Most businesses just call a cleaning company and they send over a couple of guys with mustaches who can't speak English and they clean the toilets. There is no 'incentive' for people to go out and spend their money, so there is no 'incentive' for companies to hire new employees. There is not an increased demand, so hiring new people is ridiculous.

As you can imagine I am sure that Harry Reid's comment is going to make more than a few people angry. It's already a you tube hit. One of the comments suggested that since the DJIA is up 4000 points in the last year than the economy is fine and we can all relax. No. What that means is the 30 companies that the Dow reports on are up, it doesn't take in to account the thousands of other publicly traded companies and therefore is only a guide, and not an absolute value of the health of the economy. Harry Reid might want to ask those 36,000 people who just lost their jobs if they are happy today.

A report on Yahoo news from the AP had this to say about the state of the economy"



The recession eliminated about 8.4 million jobs. The slow-motion recovery means hiring is expected to remain feeble for the rest of the year — at most a net gain averaging about 100,000 a month.
To put that in perspective, about 125,000 new jobs are needed each month just to keep up with population growth and prevent the unemployment rate from rising.

To reduce the jobless rate significantly, employers would need to create 200,000 to 300,000 jobs a month. But most of them are waiting to see stronger sales, more spending by consumers and businesses, and a more vigorous global rebound to stimulate demand for U.S. goods and services.

Clifford Adkins of ARC Products LLC in suburban St. Louis, which makes gurneys to evacuate buildings, would like to hire. He said he doesn't need to see a prolonged boost in sales. He would hire if even a few of the government agencies and schools he serves step up spending.

But orders are falling. His cash flow just can't support new workers.
"I think if orders started coming in, I'd immediately start using that cash to put (salespeople) on the street," he said.

So there you have it. Harry Reid thinks things are just peachy, but the numbers just don't add up. sorry Harry. You are our ASSHAT of the week. Thanks for playing.
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