Looks like Obama is going to have a lot of explaining to do…
By LaRouche Political Action Committee
Obama is in full retreat from Copenhagen. “Everything is going wrong for Obama right now,” Lyndon LaRouche said Friday, “but how can he complain? He brought it all on himself!”
The Bureau of Labor Statistics reported Friday morning that 263,000 U.S. jobs were lost in September, rather than the 180,000 which the “Brand X” economists had forecast. More spectacularly, the Bureau had to admit what we have long claimed: that its so-called “seasonal adjustments” which had added 100,000 supposed jobs to the figures every month since Obama came in, were all phony. The Bureau had to cancel them all out in one swell foop, by writing off 824,000 fictional jobs they had reported earlier. Now they’ve been forced to admit that ALMOST 5 MILLION JOBS HAVE BEEN LOST SINCE OBAMA CAME INTO OFFICE!
“That’s the lead story, isn’t it?” LaRouche said.
Labor Secretary Hilda Solis was put under repeated challenges to the “stimulus” bill in a CNBC-TV interview Friday morning, and finally blurted out, “We are doing everything we could possibly do to get job growth. We could not do more.” The claim is not credible, as the interviewers noted. Vice-President Joe Biden implicitly admitted the failure of the “stimulus” to create jobs, when he said at the White House, “Today’s bad news does not change my confidence in the fact that we are going to recover—we will be producing jobs.”
Democratic Sen. Amy Klobuchar of Minnesota complained to the hapless Hall that states like hers, with official unemployment 8% or less, were not getting any Federal unemployment insurance help, although cities in the states have much higher unemployment rates. Republican Rep. Kevin Brady said, “Christina Romer [head of Obama’s Council of Economic Advisors] sat right here in February and said the stimulus jobs gains would be greatest in construction and manufacturing! What happened?”
“She didn’t do anything,” LaRouche responded. “She just reported what she was told to say. That’s the character of this Administration, is fraud!”
To the BLS claim that 600,00-800,000 “discouraged workers” had to be counted out of the labor force, LaRouche said, “This is obvious fraud: How can they say that discouraged workers are failing to look for work, when there’s no work for them? Call this Obama logic!”
“The Obama Administration itself, its existence, is the greatest single cause of unemployment,” LaRouche added. “Obama’s nothing but a floating balloon with pajamas.”
The Obama Administration’s bankruptcies of GM and Chrysler have now been exposed as a total failure. September sales of both companies dropped by over 50% year-on-year, while the five Japanese and Korean companies now outsell the Detroit Three.
In the Wall Street Journal, Meredith Whitney exposes the cut-off of credit to small business, which employs 50% of American workers and produces 50% of GDP.
“This comes down to one thing,” LaRouche said, “which has to be a statement by me on this thing. It’s very simple. It’s that we have to use a Glass-Steagall standard, and put the entire banking system through bankruptcy reorganization, according to a Glass-Steagall standard. If we were to do that, we would wipe out most of the useless overhanging debt, and we’d create a situation in which the Federal government could generate credit, to get jobs moving. But, what they have to be, is predominantly blue-collar jobs, in agriculture, industry and infrastructure. Including special government projects which are needed, such as the river maintenance project, all these kinds of things. And concentrate on the blue-collar unemployment first, because that’s where you’re going to get the growth in actual wealth. As opposed merely to jobs and income, we have to look at the factor of increase of produced wealth. In other words, produced and consumed wealth, must be the emphasis in the jobs program.
“There has to be a bankruptcy reorganization of the U.S. banking system, NOW!” LaRouche continued. “It has to be a Glass-Steagall standard, and the point is to wipe out a lot of this debt, by Glass-Steagall standards. And by doing so, to free the government to utter new credit: not bailout, but credit to promote job-creation with heaviest emphasis at the moment on blue-collar employment in infrastructure-building, in manufacturing, and in agriculture. Because these are the categories that produce wealth. Other people consume wealth, but only these people really produce wealth.
“And the problem is the U.S. economy is bankrupt,” LaRouche summarized, “because we’re not producing wealth, and we’re paying for useless things that are not wealth.
“Get an immediate campaign for this,” he urged. “And the point is, we have to put the system through bankruptcy reorganization by a Glass-Steagall standard. If we do that, then we will have wiped out a lot of the worthless debt, will be wiped off the books of the accounts of government. That will free us up to utter credit, not for jobs, but for productive jobs. Productive jobs which are largely of a blue-collar nature in the area of basic economic infrastructure, i.e., construction, transportation and whatnot, and manufacturing, and agriculture.”
Full original article at LPAC