Obama Pummeled By Economists On Massive Unemployment In U.S.

"Gone Bunny" Obama hopped another step toward retirement today, by claiming that he is bringing a "recovery" to the American people. Meanwhile, he was hit with two attacks on his coverup of the massive joblessness in the U.S., which can be solved only through Lyndon LaRouche's "NAWAPA Project".

Economist Leo Hindery, Jr. took aim at the Obama Administration's lies, and Tim Geithner specifically, in the Aug. 17 Huffington Post, declaring:

* The U.S. unemployment rate is now 18.3%, not 9.5%;

* The number of real unemployed workers in all four categories of unemployment is 29.3 million, not Obama's 14.6 million figure;

* Since Obama took office, the number of real unemployed workers has increased by 4.6 million. The economy needs to add about 150,000 new jobs each month just to keep up with population growth;

* In real terms, the jobs gap is 21.3 million new jobs.

Obama's $85 billion government bail-out of the auto industry had no connection to American auto jobs. Hindery says U.S. auto production will decline over the next 10 years because of off-shoring; GM has invested over $4 billion to expand its auto production in Mexico, while laying off thousands of U.S. autoworkers. Three weeks ago, GM spent $4.5 billion to buy AmeriCredit, a sub-prime lender, which, the NY Times reported, is committed to "extending loans and leases to [GM] customers with questionable credit."(!)

There is no credit mechanism to build national infrastructure, to put what Hindery calculates are some 5 million out-of-school unemployed youth to work. Three years after a Minnesota bridge collapsed and killed 13 people, and spotlighted the 71,000 substandard bridges which existed in the U.S. in 2007, the same number remain substandard today.

Paul Craig Roberts makes the same point in Information Clearing House. The Obama Adminstration is lying: "'Our government' tells us that the unemployment rate is just under 10%, a figure that would have wrecked any post-Great Depression administration. But, since the Clinton Administration, the government no longer counts Americans who have been unemployed for longer than one year. Once the unemployed hit one year and one day, they are dropped from the unemployment rolls and no longer counted as unemployed.... Right now, if measured according to the methodology of 1980, the U.S. unemployment rate is about 22%.

Lest anyone think this callousness toward the unemployed is unintentional, the final piece of the picture is the long-standing opposition of Obama's National Economics Council Director Larry Summers to unemployment insurance. In a 1979 paper for Brookings Institution co-authored with Kim B. Clark, "Labor Market Dynamics and Unemployment: A Reconsideration," Summers wrote: "Empirical evidence shows that two causes [of recorded longterm unemployment-ed.] are welfare payments and unemployment insurance ... The second way government assistance programs contribute to long-term unemployment, is by providing an incentive, and the means, not to work."