In 2012 There Will Be 8.2% Unemployment

The great oracle in Washington, maintained by Obama’s economic advisors, have spat forth a prophecy claiming that in 2012 we will have 8.2% unemployment.

In the annual Economic Report of the President released Thursday, the White House Council of Economic Advisers projected employers will add an average of 95,000 jobs a month this year, 190,000 in 2011 and 251,000 in 2012, assuming a jobs package of around $100 billion. Wall Street journal

$100 Billion for an estimated 536,000 total jobs. In effect this means that the government would be paying $90 million to create each job. Why not just give each of the 536,000 a $1 million and save the tax payer some money? So the cost of creating just one of these jobs is going to bigger then most large corporations. This same council of advisors were surprised by the 10% increase in unemployment.

“The usual relationship between G.D.P. growth and the unemployment rate has broken down somewhat,” Ms. Romer, who is on leave from the University of California, Berkeley, told reporters at the White House. “The unemployment rate has risen much more than one would have predicted.” New York Times

This can only mean that these body of advisors are really just reading the tea leaves and then conferring with an oracle to come up with their answers. Any business run like this would get a new set of advisors. By citing the $100 billion job bail out package, these same market augurs assume that another stimulus would help when so much has yet to do anything.

Additionally the Democrats find themselves now in charge. The ghost of George Bush a little over a year gone. Where once they were the underdog, the beleaguered and forgotten warriors in Washington, but now they are the The Man. The economy is theirs, they own the majority, and yet somehow even they cannot agree on what to do nor how to do it. They own the majority, and if majority rules then there should be no stopping them. Unless, of course they are concerned about their public appearance, and the economy is not helping their causes. The real world has come crashing down upon their socialist leanings.

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