All Talk, No Action on JobsPosted: August 4, 2011 Filed under: jobs, Stock Market, U.S. Economy, U.S. Politics, unemployment, voodoo economics | Tags: Barack Obama, confidence fairy, Dylan Ratigan, free trade agreements, homework, Jake Tapper, Jay Carney, jobs, Newt Gingrich, patent reform, pharmaceutical companies, Tim Geithner, Wall Street 17 Comments
A couple of days ago Newt Gingrich made the bizarre claim that
President Barack Obama’s tenure in the White House “is a Paul Krugman presidency.”
Of course we know that Obama cannot stand Paul Krugman, because Krugman has been criticizing Obama since the back in 2008. No, Obama’s is not “a Krugman presidency.” It’s “a ‘the dog ate my homework'” presidency. It’s a “smoke and mirrors” presidency. Or maybe a “confidence fairy” presidency.
In the morning post today, I quoted both White House Press Secretary Jay Carney and Treasury Secretary Tim Geither holding forth on what Digby calls “the confidence fairy.”
Spokesman Jay Carney says there is no question that economic growth and job creation have slowed over the past half year.
But, Carney told a White House briefing, “We do not believe that there is a threat of a double-dip recession.”
Really? And how do you know this, Jay?
He blamed the earthquake and tsunami in Japan, higher energy prices, default worries in Europe and recently resolved uncertainty over raising America’s borrowing limit. Carney said, “We believe the economy will continue to grow.”
Uh huh. But what’s that based on? Where is your evidence? Carney never produced any.
Now here’s Tim Geithner on the dramatic spending cuts included in the debt ceiling bill:
GEORGE STEPHANOPOULOS: So this won’t cost us jobs?
TIM GEITHNER: No, it will not. Now … if we put this behind us then we can turn back to the important challenge of trying to find ways to make sure that we do everything we can to get more people back to work, strengthen our growth. And we’ll have more ability to do that now with people more confident and we can start to get our arms around the long-term problems.
Leaving aside the fact that no one I know is “more confident,” and Wall Street sure doesn’t seem “confident,” how will “confidence” translate into jobs? Especially now that there are caps on domestic spending that will prevent the government from helping create jobs?