Those of us out here already know how bad it is. When are the economists going to catch up with reality?
Oct. 2 (Bloomberg) -- The U.S. economic slump earlier this year was so severe it short-circuited the government’s model for calculating payrolls, raising the risk that today’s jobs report may be too optimistic.
About 824,000 more jobs may be subtracted from the payroll count for the 12 months through last March when the figures are officially revised early next year, a Labor Department report showed today. The revision would be the biggest since at least 1991.
The bulk of the miss occurred in the calculations for the first quarter of this year, the Labor Department said. The economy shrank at a 6.4 percent annual pace in the first three months of 2009, the worst performance since 1982.
The figures raise the possibility that the government’s calculations continue to miss the mark.
“We are probably still underestimating job losses,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “There could be another 30,000 to 40,000” that the data isn’t picking up, he said.
That would mean the loss of jobs for September could turn out to be as high as 300,000, rather than the 263,000 reported today by the Labor Department. Today’s report also showed the jobless rate climbed to 9.8 percent last month, a 26-year high.
The potential revision for the year through last March would mean that the economy lost 5.6 million jobs for the period instead of the 4.8 million now on the books.
WALLACE: ...That’s exactly my position: I think Fox News Sunday is a truly fair and balanced show.
O’REILLY: You’re not an ideological show at all.
WALLACE: No. And it’s like they refuse to take “yes” for an answer. There’s a kind of childishness or pettiness about them…
O’REILLY: You know, that’s a…it’s an immaturity that if you don’t …if you don’t hold our line, we’re just gonna ice you.
He used to maintain the appearance of a neutral talk show because the media would never dare to call out a fellow Villager even though we've been exposing him for years now as a political hack.
Chris Wallace continued to criticize the president Sunday. "Every president is thin-skinned, but I wonder whether this administration, this White House, has a particular problem with criticism," he said.
His rating were always terrible for FOX on the Sunday Talk Show circuit and on Sept 13, he remained firmly at the bottom of the barrel. And ratings are the GOD that drives all TV shows, but I still find it unlikely that Rupert will fire him.
The subsequent whining and childish name-calling from Fox News Sunday's Chris Wallace became incessant and, of course, revealed more about the bitter and bruised host than it did the White House. No doubt the pity party that the thin-skinned journalist threw for himself in the wake of the embarrassing snub was genuine. But it went on for so many days and became so consuming that it seemed there was more to it than Wallace being forced to watch the Obama newsmaking parade from the sidelines. I think the slow-motion temper tantrum perhaps reflected Wallace's larger realization that his days of being taken seriously as a journalist are fading and that he can no longer be associated with the collectively unhinged Fox News family and maintain any dignity in the process.
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By contrast, Fox News anchor Shepard Smith had the courage and the decency earlier this year to call out the right-wing "crazies" on the fringe who targeted Obama and were feeding off incessant, conspiratorial hatred -- hate "that's not based in fact," as Smith stressed. (Naturally, right-wingers online immediately called for Smith's firing.) At least that Fox anchor expressed a commonsense concern about what that kind of raw, irrational hostility does to a democracy. But not Wallace. He knows to sit on his hands and to keep his mouth shut.
Except, of course, when he's not busy spreading nonsense like the charade about the "death book," an absolutely absurd conspiracy theory that Wallace must have known came without even the faintest hint of reality to it. (Here's the theory: In order to contain health care costs, the federal government under Obama is using a booklet on end-of-life counseling to urge U.S. veterans to kill themselves; it's trying to convince them that their lives aren't worth living.)
It was the type of patented foolery you'd expect a proud partisan like Sean Hannity to push. But it was Wallace who signed on as the smear's chief sponsor. It was Wallace who sat through two Fox News Sunday segments teasing out purposefully ignorant questions about how bureaucrats were trying to off veterans. Wallace played dumb like it was an Olympic sport. While the other Sunday shows were at least trying to engage in actual civic debate, Wallace spent his Sunday clowning on air.
And as a bonus, Wallace may have made the single dumbest statement uttered on a Sunday-morning talk show this year. Playing dumb, Wallace wanted to know why anyone would think about end-of-life counseling unless they're, you know, dying [emphasis added]:
Usually people don't even contemplate end of life until they're in an irreversible coma.
Flash to Wallace: When somebody slides into in "an irreversible coma," it's a little late for them to begin end-of-life counseling.
With the "death book" production, Wallace didn't merely engage in lazy journalism or allow his guest to sidestep important questions, he served as archetype -- as a co-sponsor -- of the debacle. He plucked the story (a smear campaign, really) from relative obscurity, and then he trampled the facts in hopes of launching the story nationally...read on
Maybe FOX will decide to bump him and make Glenn Beck the host of their Sunday Morning talk show. You know, a kind of Jerry Springer format for politics where white supremacists come on and throw chairs at African American guests and other guests call each other racists and socialists and Beck hands out apple pie to them as long as they agree to spend a week in his imaginary FEMA camps whose existence he can't disprove.
Anything that produces more jobs is good news, but it's a drop in the bucket when we're losing an average of a half-million jobs per month:
WASHINGTON – President Barack Obama promised Monday to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools and summer youth programs.
Obama is ramping up his stimulus program this week even as his advisers are ramping down expectations about when the spending plan will effect a continuing rise in the nation's unemployment.
Many of the stimulus plans that Obama announced Monday already were in the works, including hundreds of maintenance projects at military bases, about 1,600 state road and airport improvements, and federal money states budgeted for 135,000 teachers, principals and school support staff.
The administration had always viewed the summer as a peak for stimulus spending, as better weather permitted more public works construction and federal agencies had processed requests from states and others.
But Obama now promises an accelerated pace of federal spending over the next few months to boost the economy and produce jobs.
