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OMB's Latest Projections Estimate 250K Jobs Created Each Month Through End Of 2015

Tyler Durden's picture


Yesterday the OMB released its Mid-Season Review of the US Budget. In keeping with the encroaching Beijingization of all data releases, the administration now sees yet another decline in the 2010 budget deficit, this time a reduction of $84 billion compared to the February forecast. According to the budget office, despite a $33 billion projected drop in revenues, outlays will see an even greater haircut courtesy of "lower unemployment and government program" spending. Yet even so, the 2010 budget deficit is expected to hit $1.47 trillion and $1.42 trillion in 2011. Of course, all these numbers are flawed and irrelevant: the confirmation - the OMB's assumption about jobs projections. To wit: "With continued healthy growth in 2011 and beyond, the unemployment rate is projected to fall, but it is not projected to fall below 6.0 percent until 2015." One problem with this "assumption": for this projection to actually happen, it means the US government needs to start creating 245 thousand jobs every month beginning in July through the end of 2005 (and we give the OMB the benefit of the doubt: if their assumption means 6% by the beginning of 2015, it implies a ridiculous job creation rate of 300,000 per month for 54 months straight). Alas, in attempting to present the rosiest picture possible, the budget office is now completely ignoring such useless things as logic and merely discrediting itself with increasingly more ridiculous "analyses."

Readers will recall that a few days ago we presented the summary findings of a CEPR paper which demonstrated that 2007 peak employment levels will not be met until 2021, even after assuming a job creation rate of 166,000 a month for eleven straight years. The reason for this is that all the very smart economists consistently miss the most glaringly obvious thing: demographics, or specifically population growth. As the CEPR indicated, "Based on CBO projections, we assume a monthly growth in the labor force of just over 90,000 workers per month from January 2008 forward." In other words, just the natural growth of America will have added 8.6 million vacancies to the labor force from December 2007 through the end of 2015. And since the economy is already in the hole to the tune of 7.5 million jobs from the 2007 peak (see chart below), the OMB is effectively stating that it can bridge the shortfall of 16 million jobs in the next 5 years. Why, sure they can - if they can somehow create 245k jobs each month for the next 66 months. Alas, as the data demonstrates, the only time during the tenure of the Obama administration where there was a positive NFP number, is when the census fudge factor added hundreds of thousand of (potentially double-counted) positions, which have now been unwound. And obviously each month that does not create a net positive add to the economy, means more and more jobs have to be back-end loaded. In a few months, the economy will need to be adding 300k amonth to get to the OMB projection, then 400k... then 500k... Soon after that even China will have to tip its hat to the US propaganda machine.

Full chart summarizing the latest set of Goebbels-worthy data coming from the administration below:

Alas, this utter lack of logical thinking is precisely what occurred in the European stress tests: we will have quite a few more things to say shortly about Germany's Street Test Urban Achievers, the Landesbanks shortly, and how using a little comparable logic and data mining also quite easily refutes yesterday's "stupendous news."


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Sat, 07/24/2010 - 10:35 | 486716 Gully Foyle
Gully Foyle's picture

So we are legalizing drugs and prostitution. Cool.

Sat, 07/24/2010 - 11:29 | 486762 ISEEIT
ISEEIT's picture

Horray!! Fuck it all, I'm going to pencil in a 100% COLA adjustment for the next five years! Gotta go shopping now, never new times would be so good!


Sun, 07/25/2010 - 09:24 | 487469 hedgeless_horseman
hedgeless_horseman's picture

Bar-ak Hussein O'bah-mah, President of the United States, said that if we pass the stimulus unemployment won't go above 8%.

Sat, 07/24/2010 - 10:36 | 486717 drbill
drbill's picture

Of course the government can create 245K jobs/month for the next 5 years. Afterall, everyone knows that its the government that creates wealth and not that pesky private sector! Ouch! I think I sprained my sarcasm muscles with that one!

Sat, 07/24/2010 - 11:13 | 486751 tunaman4u2
tunaman4u2's picture

All government jobs is right, because you gotta make it look like you're doing better than the other countries. Funny highschool psych

Sat, 07/24/2010 - 10:39 | 486721 Remington IV
Remington IV's picture

OMB much heroin , so little time

Sat, 07/24/2010 - 14:34 | 486946 grunion
grunion's picture

As long as they don't poach on the Mexican market. Should they try, well...

Sat, 07/24/2010 - 10:49 | 486728 docj
docj's picture

The OMB looks into the future and riotous hilarity ensues.  To wit...

...despite a $33 billion projected drop in revenues, outlays will see an even greater haircut courtesy of "lower unemployment and government program" spending.

CONgress just did a fine job reversing that little haircut.

...the 2010 budget deficit is expected to hit $1.47 trillion and $1.42 trillion in 2011.

So, we're allegedly in a 'recovery' and the Fed.Gov is still going to be nearly $1.5T in the red?  Some freaking recovery we got there.

With continued healthy growth in 2011 and beyond..

Continued?  (As in, we're actually growing in the private sector today?  Really?)

Healthy? (As in, what little growth there may be isn't entirely due to the sugar rush of the Fed.Gov spending 11% of GDP in deficit?  Really?)

Que Indigo: They keep-a usin' those a-words ('recovery', for example).  I do-no thin' they mean wha' they thin' they mean.

Sat, 07/24/2010 - 10:41 | 486729 nmewn
nmewn's picture

A cart searching in vain for a horse...LOL.

Congress has not passed a budget.

Sat, 07/24/2010 - 23:36 | 487242 hedgeless_horseman
hedgeless_horseman's picture

OMB: Office of Management and Budget for the United States of America. 

An appropriately sad quip escapes me. 

Maybe the equivalent to the Office of Equality and Women for the Kingdom of Saudi Arabia? 


Sat, 07/24/2010 - 10:52 | 486736 Anarchist
Anarchist's picture

Either someone has been smoking too much crack or E2 is going to consist of a massive public works project. The other option is we are going to start WWIII.

Sat, 07/24/2010 - 10:58 | 486741 Rover
Rover's picture

Papa Rangel is way ahead of you:

Sat, 07/24/2010 - 11:59 | 486794 Blankman
Blankman's picture

Does this bill consider Afghanistan a war, if so then they had better declare it a war soon.  

Declaration of war From Wikipedia, the free encyclopedia

United States President Franklin D. Roosevelt signs a declaration of war against Nazi Germany on December 11, 1941.

declaration of war (aka DOWDoW) is a formal performative speech act or signing of a document by an authorized party of a government in order to initiate a state of war between two or more nations. The legality of who can declare war varies between nations and forms of government. In many nations power is given to the head of state or sovereign. In other cases something short of a full declaration of war, such as a letter of marque or a covert operation, may authorise warlike acts by privateers ormercenaries. The official international protocol for declaring war was defined in the Hague Convention (III) of 1907 on the Opening of Hostilities.

Sat, 07/24/2010 - 13:45 | 486900 fuu
fuu's picture

If they even get close to passing that abomination there will be blood in the streets.

Sat, 07/24/2010 - 10:58 | 486743 anony
anony's picture

The math you use is equally faulty, to wit:

If there can be 6,000,000 jobs created in one month, say November 2010 then all your calculations on per month job creation fall dramatically. WE may need ony a dozen a month and that would be a snap.

Sat, 07/24/2010 - 11:04 | 486747 Tyler Durden
Tyler Durden's picture

Don't forget the case where the US creates 1 billion jobs one month then proceeds to loose 985 million in the other 65.

Sat, 07/24/2010 - 11:18 | 486755 end times prophet
end times prophet's picture

Actually, with the annual birth-death adjustment they can do whatever they like.

Sat, 07/24/2010 - 13:40 | 486897 traderjoe
traderjoe's picture

Ah, the B/D adjustment. A premier example of government manipulation of statistics, and also how the MSM, stock/investment cabal, etc. all play along. The NFP number is one of the most manipulated of all statistics but it occupies a central place in the monthly releases.

The MSM repeated mentioned yesterday that the budget deficit had been estimated downwards - without discussing it's record level, the un-sustainability, and what underlying assumptions there were in the downward adjustment.  

Sat, 07/24/2010 - 12:22 | 486821 Rick64
Rick64's picture


Sat, 07/24/2010 - 11:20 | 486756 trillion_dollar...
trillion_dollar_deficit's picture

When your model is based on ZIRP4EVA and TRILLION$DEFICITS4EVA anything is possible. Even 2+2 can equal 5.

Sat, 07/24/2010 - 11:22 | 486759 uno
uno's picture

The difference seems to be Goebbels and Beijing know they were lying, OMB (like the SEC, EPA) is simply a bunch of clueless idiots.  Maybe they should stick to surfing porn.


Sat, 07/24/2010 - 11:56 | 486778 Yardfarmer
Yardfarmer's picture

it's not surprising that OMB would release such meretricious figures. director Peter Orszag,who's name was recently added to the list of the many rats deserting the sinking ship of the Obama administration, has quite a pedigree involving outright mendacity. As advisor to the Russian Ministry of Finance in 1998, Orszag presided over the asset stripping and privatization of state resources consolidated into the hands of the notorious oligarchs, a majority of whom fled the country for the City of London after that wholesale looting. Again, as an advisor to the Bank of Iceland along with then World Bank president Joseph Stiglitz, in 2008 he served the same purposes as international financial hitman in the pillage of the island nation's financial system, the devastation of which we are still seeing the results of today.He was also part of the cabal, along with Rahm Emmanuel, which crafted NAFTA, resulting in the destructive trade policies and massive job drain under the Clinton administration. Among these and many other crimes he also sports a most shamefully hideous toupee.

Sat, 07/24/2010 - 12:21 | 486819 JR
JR's picture

A powerful shot across the bow, Yardfarmer.  You don’t have to have total collapse before the rats begin to run.  Then you replace them…with rat catchers!

Sat, 07/24/2010 - 11:54 | 486788 Gimp
Gimp's picture

That's why I don't like him...the "toupee". LOL

On a more serious note, the numbers from OMB are just a joke as usual. They are assuming most of the country are morons and will fall for anything they say...maybe right.

Hope, Change, Hope, Change, Hopey, Changey thingy.

Sat, 07/24/2010 - 12:18 | 486813 lizzy36
lizzy36's picture

Hope + Change = lifetime supply of K-Y.

Sun, 07/25/2010 - 13:13 | 487648 -1Delta
-1Delta's picture

extended period...

Sat, 07/24/2010 - 11:59 | 486793 g3h
g3h's picture

That's why Obama is your man.  Best OMB report ever, the hope we need.


Oops.  Director Orszag refused to sign.  Instead he quit.

Sat, 07/24/2010 - 12:03 | 486798 BlackBeard
BlackBeard's picture

Sat, 07/24/2010 - 12:07 | 486800 slovester
slovester's picture

So little time, so many lies...

Sat, 07/24/2010 - 12:08 | 486802 SayTabserb
SayTabserb's picture

But can't we at least be happy about one thing? The employment picture is so lousy that the Treasury is no longer running a Social Security surplus; ergo, there is no surplus to steal. So the deficit as stated is the actual deficit, not the old style deficit plus the amount stolen, which used to allow all the other Administrations to mask the size of the true deficit. Take that, Yoh-sef! 

Sat, 07/24/2010 - 20:47 | 487149 TexasAggie
TexasAggie's picture

This should now be adding to the deficeit; they don't have the cash to give to SS, remember instead of in hte lockbox, they have used it to buy votes.

So some additional notes/bonds will need to be sold to repay the money the politicians previously stole from the lock box.

Sat, 07/24/2010 - 12:12 | 486806 bugs_
bugs_'s picture

Fit that curve bitches! Force it!  Feel the burn!

You've got computer power to spare!

For more help see the Economic Fiction section of your book store.


Sat, 07/24/2010 - 12:33 | 486831 SayTabserb
SayTabserb's picture

Hey, it worked when Yossarian moved the bomb line up over Bologna in the middle of the night. For a little while.

Sat, 07/24/2010 - 12:15 | 486811 -Michelle-
-Michelle-'s picture

They're so cute when they're this age, drawing their little pictures and getting excited about their little stories...

Sat, 07/24/2010 - 12:29 | 486829 Misean
Misean's picture

+1.4T give or take a billion!

Sat, 07/24/2010 - 12:43 | 486848 Misean
Misean's picture

"Alas, this utter lack of logical thinking is precisely what occurred in the European stress tests"

Now, that's not quite accurate.  The thinking IS logical, given the assumptions.  The problem rests with the notion that you assume that the assumptions used should at least in some small way, comport with reality.  That apriori assumption is a mistake made by reality minded people.  Reality minded people do not work inside the beltway.  You also assume that the only way to do analysis is to take a realistic assumption and procede to a conclusion.  OMB does things a bit differently.  The assume a desired conclusion and procede to the needed assumptions. 

Sat, 07/24/2010 - 12:45 | 486852 breezer1
Sat, 07/24/2010 - 12:51 | 486862 BurritoGas
BurritoGas's picture

I just read GW's Post :


Someone mentioned that US can just "print" its debt away, due to debt being denominated in US Dollars. So then I look at this:

What the hell will happen to that Cash and Short Term Investments:  of $24,000,000,000.

Surely Google will not be upbeat about having the money that it accumulated over the years, be worthless.

Can anyone put this into perspective for me please?

Sun, 07/25/2010 - 18:49 | 487893 Cathartes Aura
Cathartes Aura's picture

Google-boys are attendees of the Bilderberg soirée crowd, so I'm sure they will be "compensated" for keeping to their oaths. . .

Sat, 07/24/2010 - 12:55 | 486865 JR
JR's picture

Finally, the OMB has joined the blackhole of total government lies—obviously so commandeered by the Oligarchs that nothing can be believed.

Unemployment, tragically contrary to Obama’s remarks today (“We’re headed in the right direction.”), is nothing less than the broken foundation of our entire economy.

With toady economists and prostitute financial media firmly in tow, our government officials pronounce our condition as…in what would make even Joe Stalin cringe…  “THE JOBLESS RECOVERY.”

The victims fall within many categories and one, sadly, is formerly America's strength, her young men, now facing created competition from illegals on one level and on another…would you believe it?: WOMEN!

In a NY Times article in February, "The New Math on Campus": Women have represented about 57 percent of enrollments at American colleges since at least 2000, according to a recent report by the American Council on Education.”

Frankly, young men don't find college a very friendly environment anymore.

Says William Tucker in "The End of Men, The Beginning of What?": It isn't too surprising to find emblazoned on the cover of this month's Atlantic Monthly The End of Men -- How Women are Taking Control of Everything by Hanna Rosin.  Women not only make up 60 percent of college undergraduates "but the pattern is extending into the professional schools as well. As Rosin informs us, women now get 60 percent of master's degrees, half of law and medicine degrees, and 42 percent of MBAs."

Writes Tucker in The American Spectator this month (excerpts):

"When my sons started in grade school, I was amazed at how the teachers (mostly female) continually used the word 'feel' for 'think.' ('What do you FEEL about the story Lisa has just read?') Math no longer involves manipulating numbers but interpreting long word problems that are supposed to be 'more representative of real life.' The main scientific discipline is 'environmental science,' which mostly means lamenting human activity (most of it dreamed up by men, of course) while trying to feel closer to nature. In progressive Berkeley they are talking about eliminating advanced science labs altogether because women and minorities don't find them interesting.

"When boys arrive at elite colleges they are likely to be subjected to 'orientation programs' in which they learn they have spent all their lives oppressing women and that all their natural impulses are now illegal. They will soon find the swim team, the wrestling squad or some other favorite sport no longer exists because, under Title IX, not enough girls would go out for equivalent sports. …

"Imagine, though -- engineering! What a useless male preoccupation. Just because we haven't built anything worthwhile in this country for thirty years, or because our manufacturing plants have become obsolete, or because we are falling far behind the rest of the world in all kinds of key technologies, is of little concern. The important thing is to keep any vestiges of male chauvinism out of the curriculum. …

"This whole trend is now finding its way into the economy. Seventy-five percent of jobs lost in the recession belonged to men. As of a few months ago, for the first time in history, women outnumber men in the work force."

Writes Rosin:

"According to the Bureau of Labor Statistics, women now hold 51.4 percent of managerial and professional jobs -- up from 26.1 percent in 1980. They make up 54 percent of accountants and hold about half of all banking and insurance jobs. About a third of America's physicians are now women, as are 45 percent of associates in law firms….A white-collar economy… increasingly requires formal educational credentials, which women are more prone to acquire…. Just about the only professions in which women still make up a relatively small minority of newly minted workers are engineering and those calling on a hard-science background…. Men dominate just two of the 15 job categories projected to grow the most over the next decade: janitor and computer engineer. Women have everything else -- nursing, home health assistance, child care, food preparation."

So asks Tucker:

If good grades and graduate degrees are becoming the yardstick for performance in the economy, what kind of economy are we creating? The first thing to notice about those Department of Labor statistics is that nearly all the next decade's expected job growth is in professions dependent on the government. The so-called "white-collar economy" we are entering is really an expanding government bureaucracy. …

Sat, 07/24/2010 - 13:37 | 486894 Uncle Remus
Uncle Remus's picture

It is so perfect! All these American women and all those Chinese men just hankerin' for some lovin'.

He say, how much for blonde?

Sat, 07/24/2010 - 15:22 | 486964 Bam_Man
Bam_Man's picture

He say, how much for blonde?

Fye dollahh, fye dollahh.

You had to ask?

Sat, 07/24/2010 - 13:49 | 486904 MeTarzanUjane
MeTarzanUjane's picture

I've been pointing this out for a long time to no avail. Women in the workplace. The reason that Amerika is doomed.

How can .gov build another fatter base on the pyramid when all the bitches are not doing what they are suppose to be doing??! Breeding.

Instead these bitches are up in the workplace feminizing all the men with their PC bullshit. As if.

The fact that this website is friendly to the PC bullshit that you and I discuss puts us at great risk for bringing this to light. So I shall end my fevered tirade here.

Stay home bitches. We don't need you in the workplace!

Sun, 07/25/2010 - 17:23 | 487833 whatsinaname
whatsinaname's picture

Nope thats why we legalize the illegals.

Sat, 07/24/2010 - 14:49 | 486954 duo
duo's picture

So THAT's why I can't find an engineer that graduated after 1990 that knows what I did in high school

Sat, 07/24/2010 - 19:48 | 487130 mynhair
mynhair's picture

The US started on the road to hell when women were given the right to vote.

Sat, 07/24/2010 - 22:36 | 487216 Cursive
Cursive's picture


"Women have everything else -- nursing, home health assistance, child care, food preparation."

Thanks for this.  We've outsourced all the functions of a mother and now women still dominate these roles, just in a minimum wage environment and without respect.  What sounds better:  a "housewife" or an $8/hr. "associate".  Mrs. Cursive does all of these things at our humble abode and enclave from the madness of modern day Amerika.  Our household really appreciates Mrs. Cursive.

Sun, 07/25/2010 - 10:50 | 487262 JR
JR's picture

I really appreciate your insight, Cursive.

The family was America’s strongest institution.  To destroy it, all that was needed was to make it economically impossible for a man to support his family on his salary alone.

By putting mothers into the workforce, then inflating prices until it took two incomes to meet necessities, the feminist movement—promoted by the Oligarchs and social changers such as Abby Aldrich Rockefeller--relegated the family to the back burner.  It was a sea change in our family structure.

America’s family was her citadel of morality; it was a powerful support for good government and a permanence in the society;  it was an enemy to those forces that would seek control for their selfish interests.

America’s shift away from the family began in the 1970s. By 1996 an estimated 75 percent of women who had children returned to their jobs within 12 weeks of giving birth. And all the while, the slogans were telling these $8/hr. associates that they were, “independent.”

Sun, 07/25/2010 - 21:04 | 487995 Cathartes Aura
Cathartes Aura's picture

I appreciated the link to the Atlantic article, it was well-written, with little of the whining apparent in the others you quoted from. . .

And given the nature of the comments that follow your OP, I'll take a rain-check on teh boyz opinions here. . . but it IS hella entertaining that the financialists who appear to have absolute control over the global markets are overwhelmingly male, yet you (collectively) still want to blame females for. . . going on to higher education and resulting better paid jobs. . . lolwut??

logic fail.

Mon, 07/26/2010 - 03:13 | 488291 StychoKiller
StychoKiller's picture

In the "Age of Kali" (a female goddess), why would you expect things to be any different?

Sat, 07/24/2010 - 12:59 | 486868 Rick64
Rick64's picture

 Check the OMB's track record on projections. Meaningless propaganda.

Sat, 07/24/2010 - 13:19 | 486882 jesus
jesus's picture

The Clinton years produced 22 million jobs in 8 years, or roughly 230k jobs/month, so it is not out of the realm of possibility to have such a run. Of course, there is no evidence we are about to embark on such job growth, but the projections are not insane, just optimistic.


Sat, 07/24/2010 - 13:27 | 486886 JR
JR's picture

Is this really Jesus?  It doesn't sound like something He would say...

Sat, 07/24/2010 - 14:04 | 486923 jesus
jesus's picture

The Big Lebowski is mostly silent on Jesus' thoughts about Clinton-era job growth.


Sat, 07/24/2010 - 13:29 | 486888 Caviar Emptor
Caviar Emptor's picture

President Boehner will make sure we all have jobs signing each other up for loans and mortgages with very little taxes! It's the utopia that Ronnie, George H and George B promised come true! Oh we're required to go to Vegas for vacations.

Sat, 07/24/2010 - 13:32 | 486890 jesusonline
jesusonline's picture

One giant wave, keeps rising, fucking cowabunga man.

Steadfast on the way to more printing, debasing and taxing. America is eating itself alive. Not that i'm gloating over it, either.  

Sat, 07/24/2010 - 13:32 | 486891 JR
JR's picture

The 1961 Speech That Got JFK Killed?  Katherine Smith on today:

On the anniversary of JFK’s birthday, an edited video of the April 27, 1961 speech “that got John F. Kennedy Killed” was making its way around the Internet [1]:

"For we are opposed around the world by a monolithic and ruthless conspiracy that relies on covert means for expanding its sphere of influence--on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system that has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.


Its preparations are concealed, not published. Its mistakes are buried not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, and no secret is revealed." [1]

It was hard to miss the veiled reference to The Illuminati (House of Rothschild), Bilderbergers, CFR and the other secret societies that rule the world from behind the scenes.

“Things do not happen. Things are made to happen” JFK …

Sat, 07/24/2010 - 14:01 | 486916 jesus
jesus's picture

Watch the entire speech instead of some snippet from a conspiracy website. It is very obvious he is talking about communism/USSR politburo the entire time.

Sat, 07/24/2010 - 14:03 | 486921 MeTarzanUjane
MeTarzanUjane's picture

"For we are opposed around the world by a monolithic and ruthless conspiracy that relies on covert means for expanding its sphere of influence--on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system that has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.

Its preparations are concealed, not published. Its mistakes are buried not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, and no secret is revealed." [1]

I think he was making reference to the joooos not Illuminati. That is what got him killed. The push back. What would Obama Do? As we can tell by the media attacks, in-mass, there is a new form of assassination. Coddle, worship, indulge or you will be dead.

Can you be dead in someones mind(or a collective mindset) no matter what beneficial work you do?

The elections will show the net effect of the AIPAC lobby. Will the chosen people finally be allowed to rule the world by proxy?

Sat, 07/24/2010 - 14:16 | 486930 JR
JR's picture

Perhaps.  It’s interesting to observe just HOW  “special” the U.S. “special relationship” is that exists with Israel.

One has only to read Justin Raimondo’s recent take on the now infamous 2001 Netanyahu leaked tape:  BiBi Unmasked Caught on tape: what the Israelis really think of us:

In 2001, Bibi Netanyahu paid a condolence call on a group of Israeli settlers in the village of Ofra, widows whose husbands had been killed in the Intifada: the videotaped conversation has just been leaked, and broadcast by Israel’s Channel 10, and it is a blockbuster. At one point, Bibi is telling the widows that the Palestinians “think they will break us,” but don’t worry, ladies, Bibi has a plan:

“To hit them. Not just one blow, but blows that are so painful that the price will be too heavy to be borne. The price is not too heavy to be borne, now. A broad attack on the Palestinian Authority. To bring them to the point of being afraid that everything is collapsing…

“Woman: Wait a moment, but then the world will say ‘how come you’re conquering again?’

“Netanyahu: The world won’t say a thing. The world will say we’re defending.

“Woman: Aren’t you afraid of the world, Bibi?

“Netanyahu: Especially today, with America. I know what America is. America is something that can easily be moved. Moved to the right direction.”

A child speaks up, and, surprisingly articulate, avers: “They say they’re for us, but, it’s like…”

Yes, even the children are little ideologues. Today that boy is a teenager on the verge of adulthood, and likely a fervent supporter of Israel’s ultra-rightist government, led by Bibi, who, back then, quickly assured him: “They won’t get in our way.” The child, hardliner that he was and no doubt still is, seemed doubtful: “On the other hand,” the kid ventured, “if we do some something, then they…”

That’s when Bibi really let his hair down:

“So let’s say they say something. So they said it! They said it! 80% of the Americans support us. It’s absurd. We have that kind of support…. Look. That administration [Clinton] was extremely pro-Palestinian. I wasn’t afraid to maneuver there. I was not afraid to clash with Clinton.”

Sat, 07/24/2010 - 14:13 | 486929 Caviar Emptor
Caviar Emptor's picture

Man, you're freakin hilarious in your ignorance. He was referring to the threat of global communism, which was everywhere in 1961. Kennedy made this speech to justify the humiliating failed invasion of the Bay of Pigs (April 17-20, 1961). It also justified his covert counterinsurgency program in Vietnam (April, 1961), stepping up military presence in West Berlin as tensions with the Soviet Union led to the construction of the Berlin Wall (August 13, 1961), funding the space race (May 25, 1961), and actions all over South America. 

Sat, 07/24/2010 - 14:27 | 486936 JR
JR's picture


Caviar and "j,"  thanks for your comments.  With all the recent research books about the Kennedy assassination, one thing is becoming more and more clear:  the Communists did not kill Kennedy.

Sat, 07/24/2010 - 14:32 | 486945 Misean
Misean's picture

BAH!  It was a veiled reference to the Greys!  Eisenhower had just taken JFK to Wright Patterson where Truman had stored all the stuff from Roswell.  In an underground bunker their, the Grey's representatives were busily designing area 51.  JFK was appalled!  The Grey's mind rayed Oswald and the rest is history. 

Sat, 07/24/2010 - 15:31 | 486981 Rusty Shorts
Rusty Shorts's picture

Un-Released Eisenhower Briefing on ET Contact

Sat, 07/24/2010 - 13:40 | 486896 Mark Beck
Mark Beck's picture

Office of Management and Budget:

OMB's predominant mission is to assist the President in overseeing the preparation of the federal budget and to supervise its administration in Executive Branch agencies. In helping to formulate the President's spending plans, OMB evaluates the effectiveness of agency programs, policies, and procedures, assesses competing funding demands among agencies, and sets funding priorities. OMB ensures that agency reports, rules, testimony, and proposed legislation are consistent with the President's Budget and with Administration policies.

In addition, OMB oversees and coordinates the Administration's procurement, financial management, information, and regulatory policies. In each of these areas, OMB's role is to help improve administrative management, to develop better performance measures and coordinating mechanisms, and to reduce any unnecessary burdens on the public.


The message is clear, the OMB does not understand the problems facing the US economy, and based on the mission statement above, is not credible and not qualified.


The truth before us; Politicians only act in times of crisis, not before. 

Our system no longer fosters leadership on behalf of the people.

Mark Beck

Sat, 07/24/2010 - 14:03 | 486922 Misean
Misean's picture

"Politicians only act in times of crisis, not before."

Always to make things worse by increasing their power and control.

Sat, 07/24/2010 - 21:51 | 487179 TexasAggie
TexasAggie's picture

That is always their first instinct. They should follow the MD's oath, except as modified by the current head of Medicare and Medicaid. As original: "Do no harm."  Now: If they are old - no treatment unless they are on my favored list.

Sat, 07/24/2010 - 13:56 | 486912 uno
uno's picture

Steve LIESman (& CNBS) must have a boner with this to report as fact.  Should be good for a gap up in the futures Sunday night.


BTW, interesting that the SLV board on Yahoo disappeared last week.  There was more than the usual ripping on SLV & JPM with the Sprott Physical coming out. 

Interesting to see how easily the Sprott fund gets approved.

Sat, 07/24/2010 - 14:09 | 486926 MeTarzanUjane
MeTarzanUjane's picture

Good suckie suckie will get you approved with the quickness.

Sat, 07/24/2010 - 14:43 | 486951 Bluntly Put
Bluntly Put's picture

One problem with this "assumption": for this projection to actually happen, it means the US government needs to start creating 245 thousand jobs every month beginning in July through the end of 2005 (sic) (and we give the OMB the benefit of the doubt: if their assumption means 6% by the beginning of 2015, it implies a ridiculous job creation rate of 300,000 per month for 54 months straight).


I didn't think the government could create a "job", a position yes I suppose but I think normally "jobs" are created by the economy, at least ones that contribute to real production.

Sat, 07/24/2010 - 15:02 | 486963 jkruffin
jkruffin's picture

Funny,  I just got a letter from Senator Burr stating that the budget deficit for this year will reach $1.6 Trillion, after the $1.4 Trillion last year.  In Mr. Burr's letter he states, and I quote:  "The massive spending has not only been ineffective, but it has added a crippling legacy of debt that we are leaving to our children and grandchildren. This is not only fiscally insane, it is morally bankrupt."

These people Obama has put around him are lying about everything and anything.  How could he promise change to people, then surround himself with more of the same lying scum we have seen for so many years? 

Sat, 07/24/2010 - 15:49 | 486990 Silver-Is-Better
Silver-Is-Better's picture

Is there anything this government of ours says that has the least bit of truth, or even a hint of reality behind it?

When the leader can not tell the truth those below have no reason to tell the truth either

Sat, 07/24/2010 - 15:51 | 486991 RockyRacoon
RockyRacoon's picture

What metrics should be used to project the numbers?  How do exogenous events fit on the graph?  All past projections look crazy for a reason.  Reality seems to have a strange effect on all projections.   How can they be faulted for continuing a trend line?  Crystal balls don't work for anyone.  The foolish thing to do is make a projection at all.  Just produce the known facts and let the reader do the rest.  Rule #1:  Never draw conclusions unless you are a masochist.

Sat, 07/24/2010 - 18:39 | 487082 DoctoRx
DoctoRx's picture

The whole idea of deficit vs GDP is BS.  Better to look at the ratio of  tax receipts to expenditure.  Currently we are 14:25 or so in that ratio.   And I believe that ignores Fannie/Freddie expenditures.  And it ignores state deficits etc.

Unsustainable, that's what you are . . .

Sat, 07/24/2010 - 18:43 | 487087 JR
JR's picture

Senator Calls for Closing Federal Diversity Programs | AP | San Francisco Chronicle | July 24, 2010

RICHMOND, Va.Virginia Sen. Jim Webb called for ending government-run diversity programs in a newspaper column Friday, saying they have disadvantaged struggling whites and hurt the cause of racial harmony.

Webb wrote an op-ed column in Friday's Wall Street Journal that said a "plethora of government-enforced diversity policies have marginalized many white workers. The time has come to cease the false arguments and allow every American the benefit of a fair chance at the future."

Webb's press secretary, Jessica Smith, said Friday that the senator felt the column speaks for itself and that he would not comment further.

As an author, Webb expressed misgivings about how affirmative action programs have grown beyond their initial intent in two of his books, "Born Fighting" and "A Time to Fight."

Federal diversity programs now primarily benefit new immigrants over whites and even black Americans, their original beneficiaries, wrote Webb, D-Va.

"In an odd historical twist that all Americans see but few can understand, many programs allow recently arrived immigrants to move ahead of similarly situated whites whose families have been in the country for generations," he wrote.

"The injustices endured by black Americans at the hands of their own government have no parallel in our history, not only during the period of slavery but also in the Jim Crow era that followed," he wrote.

Immigrants from Asia, Latin America and Africa in recent decades knew no such discrimination from the government, he wrote, "and in fact have frequently been the beneficiaries of special government programs. The same cannot be said of many hardworking white Americans, including those whose roots in America go back more than 200 years."

Such programs should end, Webb concluded, except for "our continuing obligation to assist those African-Americans still in need."

The column raises the issue of ethnic and racial sensitivity that helped Webb win his Senate seat in 2006, after Republican Sen. George Allen called a Webb aide of Indian descent "macaca," a slur in some cultures.

Should Webb seek a second term in 2012, he could face a rematch with Allen, who wants his Senate seat back.

Former Gov. L. Douglas Wilder, the nation's first elected black governor who endorsed Webb four years ago, criticized the column and challenged Webb to produce the data he used to conclude that diversity initiatives should end.

"If it's not for the civil rights movement and diversity programs, he would not be a United States senator today," Wilder said, referring to minority support that helped Webb beat Allen by about 9,000 votes.

"Things are tough enough without having people you thought were friends do things like this," Wilder said.

There was no immediate reply to telephone requests for comment from the Democratic Senatorial Campaign Committee or the Democratic National Committee.


Sat, 07/24/2010 - 19:54 | 487132 mynhair
mynhair's picture

Webb is an asshat, and contrary to another login, we don't need more asshats.

Sun, 07/25/2010 - 01:26 | 487314 Eally Ucked
Eally Ucked's picture

Let’s look at the number of employees (nonfarm) by sector from last release (in thousands):

1. Mining  and logging               725      probably can expand

2. Construction                         5,582   doesn’t look like we need any more housing or shopping malls, stimulus helps to keep number high, for how long though?

3. Manufacturing                                   11,670 cheap labor in China won’t help to keep this number very high, how many jobs out of those are for military?

4. Trade, transport and utilities  24,744 in that there is 556 thousands in utilities, we need them, the rest mostly living of Chinese and few of domestic manufacturing or whatever. If we buy more they will keep jobs if don’t  have money those jobs will shrink.

5. Information                                       2,715   oh yea we need them to provide us with very accurate reports and data, we need them more than miners, that’s why we have almost 4 times more of them than real miners. Information about what?

6. Financial activities                             7,584   that’s very important, we can pay interest on our mortgages, fees on our deposits, and they will deliver so high percentage of GDP, they will raye everybody and every country with great success, produce CDO’s, MBS’s, swaps, deals and so on.

7. Professional and business serv.          16,709 that’s the field to expand, train those 11,607 mln workers to be efficient and at the same time be positive, give us all those expert advice based on polls, train management how to get proper output from those few workers, cut benefits, conduct all those legal suits, make administration of something much more efficient even if there is nothing to administer.

8. Education and health             19,519 this is very important and expensive, about 1 employee per 0.92 worker in goods producing sectors, and education is on so high level, and medical care is so accessible.

9. Leisure and hospitality                       13.114 after hard and very productive work we have to have some break!

10. Government                                    22,770 to manage all those productive activities we have to hire proper number of those overseeing and regulatimg everything.

That’s all folks, now where we are going to expand in next few years? My favorite is Employment services which now counts 2,806, you can calculate yourself how many of officially unemployed is serviced by one of them..                        

Sun, 07/25/2010 - 01:50 | 487329 carbonmutant
carbonmutant's picture

That should just about cover all the newcomers that are learning to speak English as a second language.

Mon, 07/26/2010 - 01:47 | 488256 dellbalboa
dellbalboa's picture

Cooked numbers as cooked as french pastry, ominous development of The Ministry of Truth. Welcome to 1984 ;p

Mon, 07/26/2010 - 01:48 | 488257 dellbalboa
dellbalboa's picture

Cooked numbers as cooked as french pastry, ominous development of The Ministry of Truth. Welcome to 1984 ;p

Tue, 09/07/2010 - 02:06 | 566744 cadence
cadence's picture

President Boehner will make sure we all have jobs for 15 year olds signing each other up for loans and mortgages with very little taxes! It's the utopia that Ronnie, George H and George B promised come true! Oh we're required to go to Vegas for vacations.

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