Obama has spent the past eight years in full-on self-promotion. He went so far as to say that small business owners didn’t even build their own companies and created jobs for others, claiming that only he and the federal government were able to provide Americans with everything they could every possibly need.
If we could actually see positive actions that follow his words, then maybe we could give him the benefit of the doubt once in a while.
One of Obama’s biggest claims to fame was to take all the credit for the economic rebuilding of these past few years, after the stock market and housing crash of 2008-2009, which happened during his early tenure. Yet, in news that should surprise no one with even a basic understanding of money and finance, a former Obama economist admitted that all prior talk of ‘economic recovery’ was a smokescreen.
Or, if you will, fake news.
Princeton economist Alan Kruger, a White House economist from way back in ’09, admitted as much in a 2016 study, a detailed and scholarly work that quietly dropped a bombshell – hard-working, jobless Americans were not, in fact, going back to work. At least not for long – those 15 million recovered jobs Obama bragged about so repetitively? They weren’t full-time jobs. They were part-time, contractual work, without any of the benefits we associate with strong jobs in a strong economy: in short, no insurance, no 401K, and certainly no retirement.
Part-time jobs, let’s be clear, do not signal economic recovery, nor are they any sort of replacement for the kind of security and stability that full-time jobs provide. To anyone with a family, or basic work ethic, this should be obvious – no successful and free country can fully function on part-time work. It’s a wonder that anyone would claim that a rise in part-time jobs is somehow a sign of success…unless, of course, deception was the point all along.
The economists at ZeroHedge say it best, albeit without emotion: …the Fed is making a huge mistake in thinking it can hike rates and tighten financial conditions, to reverse engineer wage growth…the data above confirms that the amount of slack in the economy is vastly greater than virtually all economists are willing to admit.
That’s a little more sterile than I’d put it, so allow me to rephrase: the Federal Reserve is manipulating the economy to force it to appear stronger than it actually is, and they are doing it with the complicit support of virtually every liberal economist who should know better – mind you, who should know better because the data couldn’t be clearer.
In short, the Fed is lying to you, and every economist worth his salt knows it. And most of them are going along with the lie.
In a time where liberals cry ‘Fake News!’ and whine about alternative media with the courage to tell the truth, it’s telling to watch one of the largest false narratives of our time come crashing down. Good luck with getting them to admit it, but in case it wasn’t clear – Obama’s own economists admit that the economy wasn’t recovering, and the Fed has been working hard to cover it up.
Almost makes you want to doubt the mainstream media.
Source: Zero Hedge