White House Stretching The Truth Again, (Lying.)

“Socialism failed because it couldn’t tell the economic truth…”

Lester Brown

Hand over your wallet!

First things first.  Obama is robbing from everyone…and in that vein and perhaps as justification, he has announced that there are, “fresh signs of economic growth!” (http://www.washingtontimes.com/news/2009/oct/31/obama-fresh-signs-economic-growth/?feat=home_headlines) As usual the administration is ‘stretching the truth.’  The 3.5% GDP figure is based on a one time boost from the cash for clunkers program. The government used a special fund, not stimulus money to fund the program, which cost every man, women and child in the country, $24,000.00 each. (http://features.csmonitor.com/politics/2009/10/31/edmundscom-fires-back-at-white-house-cash-for-clunkers-slam/) That being said the White House spokes-hole Robert Gibbs admitted yesterday during a televised press conference that the ‘cash for clunkers’ accounted for 1.6% of the reported economic growth. If we extrapolate that figure the actual GDP was 1.9% or no appreciable gain. Taking the number further down is the fact that the 3rd quarter GDP was -2.3%. In total the adjusted U.S. GDP is -2.3%. (http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=USD)  We also need to look at the fact that while this inflated GDP figure shows a .5% higher than the previous high in July of 2006. By removing the cash for clunkers program the GDP is actually lower than the 3rd quarter of 2009. For a better look at the progression of the U.S. GDP go to the following link for a very good visual display at USA Today which accurately tracks the progression of the GDP from 2000 to 2009. (http://www.usatoday.com/money/economy/economic-outlook.htm)

The creation of 1,000,000 jobs is also a myth. Here is one explanation by the administration reported in the LA Times: The White House said the “job impact rises to 1 million when indirect benefits of the federal spending are included, as when a worker hired with stimulus dollars spends money at a restaurant. ’  (That is the actual quote.)  (http://www.latimes.com/news/nationworld/nation/la-na-stimulus31-2009oct31,0,3087297.story)

 In response to White House claims the article goes on to say that Peter Morici, an economist and professor at the University of Maryland, said that claims of jobs saved were “not verifiable. It’s only verifiable in the loosest sense.”  Morici added: “The impact of the stimulus is less than the president is claiming and more than the Republicans will admit. It certainly has had an effect. But 1 million jobs is a fantasy.” Republican lawmakers were dismissive of the White House report.

 All in all the White House announcement of economic gains, are nothing more than smoke and mirrors. The Obama administration has made an art for form of obfuscation and deception. The bottom line is that this White House is bereft of any credibility or integrity.  Just my opinion.