It’s getting worse. It’s going in the wrong direction. It’s been four years:
[Note to Romney/RNC: It’s not a bad ad but as with most of your ads it desperately needs an audio track. Add a voice to the ad that reads the text in the ad. The voice will enhance the text. Besides, not all people watch (or are able to read due to partial blindness or age) ads with the intensity of political junkies. The voters you most want to reach are the least interested in politics so give them something to see and hear. PUT A DAMN AUDIO TRACK ON ALL YOUR ADS. It’s that simple.]
It’s the Obama Economy Still In the Ditch.
While most eyes are glancing at the mess which is the Obama Economy generally, let’s focus on GM specifically. In short, as Mickey Kaus calls it, it’s MAYHEM AT GM:
“This wasn’t supposed to happen until Nov. 7: It’s like the last act of Titus Andronicus over at GM corporate headquarters.
Two weeks ago, Opel chief Karl-Friedrich Stracke presented numbers to Dan Akerson. Akerson fires him. Opel gets two interim chiefs in a week. Last Thursday, Opel’s new design chief Dave Lyon doesn’t even start his job. Today, media in the U.S. and Germany report that Lyon had been escorted from the building and to a waiting car by GM’s head of personnel. A day later, global marketing chief Joel Ewanick suddenly leaves. Instead of wishing him all the best for his future endeavors, GM spokesman Greg Martin puts a knife in Ewanick’s back: “He failed to meet the expectations the company has of an employee.”
Like Kaus we are scratching our heads. It’s the golden age of the golden calf isn’t it? Are we wrong? Is Kaus wrong?:
“I’m having trouble understanding all this. I’ve been told that after its Rattnerized bailout GM is “back,” a dramatic ”success story.” The president himself has boasted “General Motors is back on top.” Yet now a few weeks later Bloomberg says the company is in a “slump”–it’s right there, in the headline: “slump.” How can the bailed out, comebacked, turned around success story GM be in a slump when the U.S. auto market as a whole is growing rapidly? It’s almost as if an easily spun media wildly underestimated the problems at GM (and the inadequacy of the administration’s fixes) in a way that helped President Obama’s favored narrative (and pleased a major advertiser at the same time!) … [snip]
I’d forgotten that in April, 2010 President Obama told the nation (in his weekly radio address) “It won’t be too long before the stock the Treasury is holding in GM could be sold ….”
Two years later, the Treasury still owns more than 26% of GM. The stock price of the dramatic administration success story is too low to sell without taking gigantic, embarrassing losses.”
Kaus is not wrong. Cue the British press:
“GM profits slip 41% as European struggles take their toll
America’s largest car firm made $1.5bn in the second quarter of 2012, with European division reporting operating loss of $361m
General Motors’ profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America. [snip]
While GM’s North America sales remain strong there are signs that the slowdown in the US economy is taking its toll. On Wednesday, GM and Ford announced that sales had slipped in July; GM deliveries fell 6.4% and Ford 3.8%, according to statements.”
It’s a lot of bad news but at least GM is selling cars, right? Well sure. The profits are up at the candy story because the candy store owner is buying the candy in the store:
“Government Motors: Feds keep expanding fleet of cars
Budgets may be tight, but the federal government has increased its fleet of cars to 449,000 vehicles — or nearly one for every seven federal employees — according to the Government Accountability Office.”
“As it turns out, there’s a big reason GM experienced an increase in sales last month: “government purchases of GM vehicles rose a whopping 79% in June,” according to the National Legal and Policy Center’s Mark Modica.”
Does any of this concern Barack Obama? Well yesterday Barack Obama was “pretty nervous”:
“President Obama called into a sports radio show in Columbus, Ohio yesterday, and commented about the New York Jets quarterback controversy between newly acquired Tim Tebow and the Jets’ current quarterback Mark Sanchez.
“If I was a Jets fan, I’d be pretty nervous,” Obama said, noting that Sanchez “was not Tom Brady yet” but “led them to the playoffs two years in the row.” [snip]
Obama also spoke about baseball and the Olympics.”
Somehow the Obama priorities appear to be on the wrong track along with the Obama Economy. The unemployed or underemployed get no attention, but footfall fans, golf courses, celebrities, sports figures, layabouts, have Barack Obama’s interest. Must be because things are going so well, right?:
“Team Obama said in ’09 stimulus would have unemployment below 6% by 2012
Today’s news that the unemployment rate moved up to 8.3 percent is as good of a time as time as any to revisit the promises the then-incoming administration made in 2009 regarding the economic stimulus bill. Back then they said the stimulus would have unemployment below 6 percent by now. [snip]
Page four of the report features a chart projecting the unemployment levels with and without the stimulus. With the stimulus, the Romer and Bernstein predicted that unemployment would never rise past 8 percent, and would peak just under that in the third quarter of 2009 before steadily declining to around 5.6 percent by today. Without the stimulus, they predicted that unemployment would peak around 9 percent in the third quarter of 2010 before declining to around 6 percent today.
The then-Democrat majority Congress passed the $819 billion stimulus bill later that month. The projection turned out to be one of the few things connected to it that was shovel-ready. The unemployment rate reached 10.1 percent in late 2009. It has declined since then but has remained above 8 percent for 41 months straight, a record.“
Barack Obama is somehow not “pretty nervous” about the failure of the economic promises he made. Unemployment is not at 5.6 percent as promised by Barack Obama. The money was spent but the lower level of unemployment is not as promised. No apologies, no shame, no resignation from Barack Obama. After being so wrong for so, long Barack Obama wants to persist on the wrong track and continue to plow “FORWARD” over the cliff.
In 2004 Barack Obama sniffed haughtily at what he considered beneath contempt – a mere 310,000 additional jobs added with a 5.6% unemployment rate:
Surprised by all this? You shouldn’t be. With Barack Obama at the helm we are all exploring hitherto unexplored worlds of hypocrisy and boobery. And corruption: Bombshell: Obama chief of staff Daley briefed on Solyndra concerns six months before bankruptcy. Not surprised are you? Crony capitalism never works to create jobs and a growing economy on a sustainable basis.
Crony capitalism, crap economy, celebrity cult – Obama built that. But that’s about it.
Yes Virginia, there is no Santa Claus that built that for you – that’s something Barack Obama has yet to learn as he proceeds FORWARD into the deeper ditch – dragging America deeper down.