Obama Says US Economy Saved from 'catastrophe'

President Barack Obama said Friday his administration had saved the US economy from catastrophe and the worst of the recession may be over, after a surprise drop in the unemployment rate.

"This morning we received additional signs that the worst may be behind us," said Obama in remarks in the White House Rose Garden after new figures showed the jobless rate slipped to a better than expected 9.4 percent in July.

Obama says US economy saved from 'catastrophe'

Oh, has he now? Well, I am relieved to know that. We are all rescued. I would believe that if it were not a few incontinent facts.

Fact one:: According to a story from the Associated Press, this rescued economy has small problem with federal tax revenues.

"Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.

"Other figures in an Associated Press analysis underscore the recession's impact: Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.

"The last time the government's revenues were this bleak, the year was 1932 in the midst of the Depression.

"'Our tax system is already inadequate to support the promises our government has made," said Eugene Steuerle, a former Treasury Department official in the Reagan administration who is now vice president of the Peter G. Peterson Foundation.This just adds to the problem.'"

Federal tax revenues plummeting

What is happening here? Why are the numbers falling? People without jobs do not pay much income tax. Corporate taxes are falling because corporations are making less money. Guess what happens when Corporations make less money. They don't hire people.

Fear not! Obama has rescued the economy. Or has he . . .?

Fact two: The unemployment numbers our President is celebrating is still 9.4. I don't know about the rest of you, but I don't see any reason to celebrate 9.4 percent unemployment. The propaganda machine of Obama points out that 9.4 is down from the 9.5 percent unemployment we had before. True. But does anyone else remember the hollering and panic and carrying on we were all subjected to on a daily bases when unemployment was near five percent under Bush just a few months ago?

That is not the only problem with Obama''s new unemployment numbers. Seems that 9.4 percent is not the truth at all. The 9.4 percent does not represent the total number of unemployed people.

"The July decline in the jobless rate came about not because more people had jobs, but because 422,000 people removed themselves from the labor force, essentially giving up the search for work. The number of long-term unemployed people -- those who have been out of a job but looking for more than 26 weeks -- rose by another 584,000.

"'We're still headed pretty quickly to 10 percent unemployment,' said Lawrence Mishel, president of the Economic Policy Institute, a liberal-leaning think tank. 'Unemployment will be rising for the next year or more.'"In Jobless Rate Dip, a Partial Picture: Unemployment Figure Sparks Recovery Hopes; Other Data Show Sector Still Ailin

So much for the 9.4 percent celebration. Suddenly, I am just not feeling very rescued.

Once again, here is the important point to remember when the Democrats are in power. They don't' always tell the truth. They will tell the American people anything they think the American people want to hear. Liberals are convinced that the American people are too stinking stupid to know what is good for them. The American people need them, the liberals, to decide that for them. Liberals are convinced that the American people will believe anything the are told Liberals are certain that the average person is too stupid to figure that out.

Once again, are they right about you?

Obama says US economy saved from 'catastrophe'

Obama: I've Rescued the Economy

Unemployment falls, but only because people are giving up

In Jobless Rate Dip, a Partial Picture:Unemployment Figure Sparks Recovery Hopes; Other Data Show Sector Still Ailing