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AP Claims More Optimism On Jobs, Economy

From the DNC’s Associated Press:

AP survey: More optimism about US jobs and economy

March 6, 2012

WASHINGTON (AP) — The U.S. economy is improving faster than economists had expected. They now foresee slightly stronger growth and hiring than they did two months earlier — trends that would help President Barack Obama’s re-election hopes.

Because as we were told a few weeks ago, all that matters is the ‘perception’ of the economy. And our news media will be sure to take care of that.

Those are among the findings of an Associated Press survey late last month of leading economists. The economists think the unemployment rate will fall from its current 8.3 percent to 8 percent by Election Day. That’s better than their 8.4 percent estimate when surveyed in late December.

And we certainly know that the AP’s economists have never been wrong. (Except continuously.) But, apparently, nothing boosts economic growth like $5 a gallon gasoline.

Lest we forget, even to the New York Times has acknowledged that: "No American president since Franklin Delano Roosevelt has won a second term in office when the unemployment rate on Election Day topped 7.2 percent."

By the end of 2013, they predict unemployment will drop to 7.4 percent, down from their earlier estimate of 7.8 percent, according to the AP Economy Survey.

And never mind that these projections are even more optimistic than the CBO’s and Obama’s own projections.

The U.S. economy has been improving steadily for months. Industrial output jumped in January after surging in December by the most in five years. Auto sales are booming. Consumer confidence has reached its highest point in a year. Even the housing market is showing signs of turning around

Does anyone believe any of this?

But the AP believes if they repeat it enough, it will become true. Or, at least, true enough to get Mr. Obama re-elected. And that is all that matters to them.

On Friday, the government will issue the jobs report for February. Economists expect it to show that employers added a net 210,000 jobs and that the unemployment rate remained 8.3 percent

So after all the booming we just heard about, after all the rosy predictions, these same economists think unemployment remained unchanged last month.

The AP’s ‘economists’ also predict:

European leaders will manage to defuse their continent’s debt crisis and prevent a global recession. But the economists think Europe’s economy will shrink for all of 2012.

So these economists are predicting a European recession, but they are saying the US economy will expand like gangbusters?

The economy will grow 2.5 percent this year, up from the economists’ earlier forecast of 2.4 percent. In 2011, the economy grew 1.7 percent

Again, this is higher than even the CBO’s and other government agency forecasts.

Many economists have been surprised that the stronger economy hasn’t led more people without jobs to start looking for work. If many more were looking, the unemployment rate would likely be higher

In other words, the AP is preparing us for higher unemployment numbers. Which, they will claim, is a sign of an improving economy.

But Mike Englund of Action Economics is among those who noted that the declining unemployment is due, in part, to fewer people seeking work. Millions of those out of work remain too discouraged to start looking again, or, in the case of many young adults, haven’t begun to do so.

"Most of this recent drop in the unemployment rate is due to a mass exodus" from the work force, Englund said

The AP won’t make the mistake of talking to that guy again.

The economy still has about 5.5 million fewer jobs than it did before the recession began in December 2007.

And we now have how many more people?

Still, prosperity is just around the corner. So we had better not ‘change horses in midstream.’ We don’t want to put such an amazing recovery at risk.

This article was posted by Steve on Tuesday, March 6th, 2012. Comments are currently closed.

3 Responses to “AP Claims More Optimism On Jobs, Economy”

  1. GetBackJack says:

    Of course he’s optimistic. He has a gallery of chefs, a fleet of drivers, a massive security team, the finest airplanes in the world, valets, doormen, personal staff the size of many companies; his every word is relished, academics honor him, the media adore him. He has hundreds of gardeners, the sweetest getaway lodge you’ll ever see in the woods, an indoor pool, bowling alley. Anything he wants is at his command 24/7 and … he doesn’t have to pay for any of it. When he retires he’ll never do another day’s work, and only flit about the world collecting sacks of cash, giving speeches and watching with keen amusement as others build his “Library” through whose 501(c)3 status he can then hide all that money and prosper like Rockefellers.

    I’d be right damn optimistic too.

  2. Petronius says:

    Let’s imagine the United States was a corporation. Would you buy its stock?

    Would you invest in a company with a 1% growth rate and that boasts a 2.5% best-case forecast?

    Do you have confidence in its CEO? In the senior management? In its general counsel? In the board of directors? In its corporate governance and ethics program? What about all those perks for top management? How do you feel about its negative cash flow? What about its balance sheet, debt load, and interest expense? Its total lack of cash reserves? Its unfunded employee retirement obligations? How do you like those accounting practices that would put Enron to shame? What about its business plan? Its labor productivity, efficiency, and quality control? Its internal security systems? Its short and L/T trends?

    And then let’s compare it to some of its competitors (2007-2011 annual growth rates) :

    Canada (3.2%), Mexico (5.4%), China (10.4%), India (8.8%), Germany (3.7%), Japan (4.0%), Sweden (5.6%), Russia (4.0%), Brazil (7.5%), Israel (4.7%), Malaysia (7.2%), South Korea (6.2%), Singapore (14.5%), Hong Kong (7.0%), Argentina (9.2%), Chile (5.2%), Paraguay (15.0%), Colombia (4.3%), Uruguay (8.5%), Costa Rico (4.2%). Source: World Bank.


  3. geronl says:

    Optimism based on lies.

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