The U.S. economy shrunk by .6% in the first quarter of this year. The two stock market indexes, DOW and the S&P, set new all time record highs this week.
I don't have any idea how to explain those seemingly contradictory statements of fact, but both are true at the same time.
Many are blaming the extremely harsh winter. Republicans, however, know who is at fault for the economy's dip.....
“The president promised the American people an economy ‘built to last,’ but instead he’s got us caught in a game of Chutes and Ladders: one step forward, two steps back,” House Speaker John Boehner (R-Ohio) said in a statement. “Americans asking ‘where are the jobs?’ deserve better than this new normal of fits and starts.”
"deserve better"......That from a GOP House Speaker who still refuses to call a vote on extending unemployment benefits to those still looking for jobs. That from a Republican leader who has done everything in his power to cut federal spending at a time when more federal spending is what our economy needed. That from a House Speaker who led our economy to the brink of insolvency in 2011......and led a GOP House lynch mob to close the government in October of last year.
House Majority Whip Kevin McCarthy (R-Calif.) added in a statement, “It appears that the imperceptible recovery has now dipped into another economic downturn. This Administration has done more to hinder than promote growth. The American economy does not wallow for six years on its own."
4 1/2 million private sector jobs have been created since Obama took office. Meanwhile....
Public sector jobs -- positions in federal, state and local government -- have declined by 718,000 jobs since Obama took office.
If you go here and scroll down to the government jobs chart, you'll see during Obama's presidency, for the first time in the history of economic downturns, government employment has fallen dramatically.
Where have most of those 718,000 lost government jobs come from.....
Nearly all of the job losses took place at the state and local level, and they were most severe in a handful of GOP-controlled states. In other words, erosion of public sector employment isn’t a problem affecting the entire country equally—it’s a problem in particular states, thanks to very particular legislators.
The Nation piece goes on to show that 70% of those lost 718,000 government jobs were lost in GOP-controlled red states. Seventy percent.
None of this comes as a surprise. As GOP-controlled states have already proven by rejecting Medicaid expansion.....if Republicans need to punish their own state citizens in order to politically damage Obama and Democrats...by god....they'll surely get about doing it.
However, what is so luxuriously rich about Boehner's and McCarthy's recent comments is the schoolyard quality of the blame game they're playing. Republicans have worked as hard as they can work, both on the state and federal level, to guaranteed a sluggish national economy. Not accidentally, intentionally.
The objective for Republicans in keeping the nation's economic recovery sluggish is to create negative economic "news" which can, then, be blamed on Obama's leadership failings.
One example to prove my point: Do you remember how over-the-top the Republican reaction was to the unemployment numbers released in September, 2012...just before the general election? The official national unemployment number was announced to have dropped below 8% for the first time since Junior Bush left the scene of the crime.
Republicans and conservatives, who had worked so hard to slow down and impede our economic recovery after Obama took office, were planning on using that September 2012 unemployment number to bash, bash, bash Obama and Democrats leading up to the November election. But the unemployment number came in at 7.8%......and that really, really made Republicans angry.
Just imagine for a second. One political party had worked for, at least, two solid years to slow down economic recovery.....red state governments cutting 70% of the 718,000 government jobs cut since 2009.....and the U.S. Congress stopped stone cold by GOP obstructionist vandals. All to make Obama a "one term president."
And just when the GOP was sure their economic vandalism would pay dividends in the weeks leading up to the 2012 general election.....UE numbers are reported to have dropped below 8% for the first time in over four years. You see, if the economy showed signs of recovering, then Republican strategy to sabotage the economy and Obama's re-election, had failed.
And that's why Republicans were so gosh-darned angry about the announcement by Labor that UE had broken below 8%.
In essence, Republicans have been running a giant con game since 2009. Pretending to be oh-so-goddamn-concerned about unemployed Americans and a sluggish economic recovery while the microphones and cameras are on......and yet working feverishly away from the cameras to keep the recovery sluggish and Americans jobless.
Quite a scam. Someone should inform corporate media.