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By Andrew P. Napolitano
Obama's veil of secrecy is pierced
Topic - Mark Zandi
This is the sixth year of President Obama's governance, in which America's prolonged economic illness is met with one excuse after another. It's where accountability is evaded at all costs by replacing Harry Truman's "The buck stops here" with "Blame somebody else."
A Moody's economist who appeared on MSNBC on Friday told Chuck Todd that the weak jobs report by the Labor Department was caused by cold weather.
A private survey shows U.S. businesses added just 135,000 jobs in May, the second straight month of weak gains.
A private survey shows U.S. companies added just 119,000 jobs in April, the fewest in seven months.
Wall Street stock markets and Atlantic City casinos shut down, hundreds of flights were canceled, and numerous companies postponed earnings announcements. The short-term economic impacts of Hurricane Sandy were already evident by Monday evening, but the ultimate bill for the struggling nation's economy could take a while to add up.
President Obama's first four years in office have proven a profitable time for stock pickers on Wall Street and expensive one for everyday commuters, but how the bull market in stocks and the high prices at the pump will balance out at the polls in November is an open question.
The federal student loan program seemed like a great idea back in 1965: Borrow to go to college now, pay it back later when you have a job. But many borrowers these days are close to flunking out, tripped up by painful real-life lessons in math and economics.
Do increases in government spending increase or decrease the number of jobs? Conventional wisdom is they will increase jobs, and a few left-wing economists, such as Paul Krugman of the New York Times, frequently are trotted out by reckless politicians and some in the news media to argue that we need more government spending in order to create jobs. If this were true, we should be able to see it in the historical evidence, so let's look at the numbers.
While Congress and the White House still have more than two weeks to raise the debt ceiling before the Treasury Department's early August deadline, the financial markets are getting jittery, fearing they won't reach a deal in time.
Americans are getting hit on all fronts nowadays. Wages are flat or falling. Income-tax bills are due by April 18. Food prices are rising. And gas prices that are soaring toward $4 a gallon now threaten to reverse the nation's economic-growth rate.
Imagine that you have a serious drinking problem, which has caused your job performance to decline. If your doctor said to you, "Don't stop drinking now, because going sober may cause you discomfort and may not immediately improve your job performance" - while failing to tell you that if you keep drinking, you will become totally dysfunctional and may die - what would you think of your doctor?
Buoyed by a string of hopeful government reports on layoffs, factory production and consumer spending, economists are predicting that hiring and even housing will pick up in 2011 and make it a better year after all.
Mark Zandi, Moody's Analytics chief economist, has become an oracle of sorts on Capitol Hill, where members of both parties have recited his financial forecasts in an attempt to seize the high ground in battles over stimulus packages, deficit reduction plans and the tax cuts enacted during the George W. Bush administration.
The important Christmas spending season got off to a promising start this weekend, but the lame-duck Congress and President Obama would play the Grinch if theyre unable to agree on extensions of unemployment benefits and the Bush-era tax cuts.
Mr. Zandi replied: "It's 200 [thousand]. We're looking at 200 [thousand] monthly job growth."
Liberal Wall Street economist Mark Zandi said he was "very sure" December's tiny job count would be "up and revised away" in the months to come.