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An "Economic Quality" Scorecard Of The Obama Administration

Tyler Durden's picture


With the US presidential election just 4 months away, focus on tier 1 economic data will become acute, as will headlines blasting top-line data without much, if any, underlying "between the lines" analysis. Which is why we have decided to put together a template of key data series that in our opinion best capture the dramatic shift in the labor composition of the US welfare state under the Obama administration, starting with January 2009. Here are the facts:

  • Total Nonfarm Payrolls have decreased by -1.3 million from December 2008 (134,379K) to June 2012 (133,088); Source: St. Louis Fed
  • Full-time jobs based on the Household Survey, have decreased by 2.5 million from 117,039K to 114,573K; Source: Table A.9, BLS
  • Parti-time jobs based on the Household Survey, have increased by 1.6 million from 26,3187 to 27,894K; Source: Table A.9, BLS
  • Foodstamps recipients have increased by 14.6 million from 31.567 million to 46,187 (as of April 2012); Source: USDA
  • Disability recipients have increased by 1.3 million from 7.427 million to 8.733 million; Source: Social Security Administration

And that, in a nutshell, is how the economy has performed over the past 42 months.


Which, however, is not to say that in addition to millions on foodstamps and disability, and just over a million part-time workers added, the US has little to show for the last three and a half years: as the chart below shows, over the same time period Total Public Debt to GDP has risen from 76.7% to 101.7%, a 25% increase in absolute terms.


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Sat, 07/07/2012 - 14:40 | 2595078 RiotActing
RiotActing's picture

We are fucked no matter who the President is.

Sat, 07/07/2012 - 14:42 | 2595082 cossack55
cossack55's picture

Presidents are merely rubbers for the FED.  Some have magic fingers.

Sat, 07/07/2012 - 14:47 | 2595089 nope-1004
nope-1004's picture

We are in a depression and this economy has run its course.  Nothing and no one can change the outcome because it's run by the banking cabal.  Obomney are just the puppets.

One simple chart, the food stamp over employment, shows where we are headed.  The rest is just hope you can't believe in.

Sat, 07/07/2012 - 14:57 | 2595123 HoofHearted
HoofHearted's picture

"There's no place like hope and change. There's no place like hope and change."

Damn, they robbed me of my silver slippers and gave me these ruby ones instead...guess they look better in Technicolor this way.

Sat, 07/07/2012 - 15:34 | 2595191 Manthong
Manthong's picture

We all get to take up a new sport: “Budget Base Jumping”

 and here is where we start:

Sat, 07/07/2012 - 17:28 | 2595388 DrZuess
DrZuess's picture

It would be helpful if you gave a little more hint as to the reference. I get it. The yellow brick road, Gold, Silver slippers in the original Wizard of OZ. The man behind the curtain.. all very relevant today. If we do not learn the lessons of the mistakes of the past we are destined to repeat them. the wicked witch of the west, Nancy Pelsosi.. I totally get that reference.

It would be helpful if the references were a little more bumpersticker ready since apprently thats how we vote...

I bet the rubies are cubic zirconia ripoffs.. some sort of glass fiat.

Sat, 07/07/2012 - 23:50 | 2595862 zhandax
zhandax's picture

It would be helpful if the references were a little more bumper-sticker ready since apparently that's how we vote...

and until you get over that, you remain fucked.

Sat, 07/07/2012 - 14:58 | 2595125 The Monkey
The Monkey's picture

Bear market shows up just in time for the election.

Either the Fed does a stick save, or not. Every day that ticks off the calendar pushes the committee into a circumstance not unlike the US Supreme Court.

Sat, 07/07/2012 - 15:14 | 2595150 francis_sawyer
francis_sawyer's picture

Foodstamp Nation... #WINNING


"Obama will pay for my gas & mortgage"

~Peggy Joseph

ECONOMIC DREAM TEAM (assembled December 2008) ~ History will remember them as one of those gay 1980's boy bands or something...

Sun, 07/08/2012 - 14:05 | 2596488 Gift Whores
Gift Whores's picture

No, it gets better.  The always unbiased ABC news reports gas prices will be down - just in time for the election.

Sat, 07/07/2012 - 18:19 | 2595450 thad78
thad78's picture

According to the USDA, the food stamp chart also includes disaster assistance: tornado, flood,wildfire, etc..Therefore the chart MAY be a bit misleading...

Sun, 07/08/2012 - 02:20 | 2595867 zhandax
zhandax's picture

and if you click on that March 30, 2012 disaster footnote at the USDA website, you will find the following applications were approved in 2012:

Total Individual Assistance (IA)
Applications Approved: 266

Total Individual Assistance (IA)
Applications Approved: 281

Total Individual Assistance (IA)
Applications Approved: 1,725

Total Individual Assistance (IA)
Applications Approved: 185

West Virginia:
Total Individual Assistance (IA)
Applications Approved: 505

There are no applications reported approved for Illinois.  Any other gnats need swating?

Sat, 07/07/2012 - 20:56 | 2595661 Everybodys All ...
Everybodys All American's picture

We are screwed because people like Nancy Pelosi continue to believe that food stamps are a stimulus for economic growth. I don't know how in the heck you change that kind of thinking. The sad truth is that she is not alone in that belief and even worse think what kind of nut jobs continue to vote for her in vast numbers.

Sat, 07/07/2012 - 14:47 | 2595093 OutLookingIn
OutLookingIn's picture

Forget the politicians. They are there to give you the idea that you have freedom of choice. You don't.

Sat, 07/07/2012 - 15:08 | 2595126 Shocker
Shocker's picture

Scorecard for the last 4 years... looking good.

We have transfered all our jobs, companies overseas. Competition is basically gone, Smaller businesses used to  keep the larger businesses in check.

Continuing down this path, and we will end up with 5-15 companies total.

We need to keep jobs in the US, produce products again and start becoming self relent, vs us importing everything from China

Jobs make or break an economy.

Sat, 07/07/2012 - 18:14 | 2595443 maximin thrax
maximin thrax's picture

But wait - what about all those Trillions of bucks in new sovereign debt that the financial industry can monetize? There'll be plenty of money for everyone in no time! You'll see!


Sat, 07/07/2012 - 14:49 | 2595100 Eireann go Brach
Eireann go Brach's picture

It sure fucking helps if the president had some experience of a normal job before becoming CEO of the United States, a Mc Donalds district manager has more management and business experience than O'robyomama!

Sat, 07/07/2012 - 15:05 | 2595135 bob_dabolina
bob_dabolina's picture

The groomer who shaves the dingle berries off my dog's asshole has more experience.

Sat, 07/07/2012 - 18:16 | 2595444 maximin thrax
maximin thrax's picture

Wasn't that Rahm's job descroption when he worked in the White House?

Sat, 07/07/2012 - 18:21 | 2595452 bob_dabolina
bob_dabolina's picture

Rahm IS a dingle berry.

Sat, 07/07/2012 - 16:23 | 2595274 TWSceptic
TWSceptic's picture

The same goes for many of the keynesian economists and academics. The country is basically run by unqualified people. Is it any surprise that it is bankrupt?

Sun, 07/08/2012 - 02:08 | 2595923 eatthebanksters
eatthebanksters's picture

a kenyan POTUS and a keynsian TOTUS...

Sat, 07/07/2012 - 17:47 | 2595410 nmewn
nmewn's picture

"And so, in the months leading up to graduation, I wrote to every civil rights organization I could think of, to any black elected official in the country with a progressive agenda, to neighborhood councils and tenant rights groups.

When no one wrote back, I wasn't discouraged. I decided to find more conventional work for a year, to pay off my student loans and maybe even save a little bit. I would need the money later, I told myself.

Organizers didn't make any money; their poverty was proof of their integrity. Eventually a consulting house to multinational corporations agreed to hire me as a research assistant. Like a spy behind enemy lines, I arrived every day at my mid-Manhattan office and sat at my computer terminal, checking the Reuters machine that blinked bright emerald messages from across the globe. As far as I could tell I was the only black man in the company, a source of shame for me but a source of considerable pride for the company's secretarial pool. They treated me like a son, those black ladies; they told me how they expected me to run the company one day."

Dreams of my Father - Obama

He has never really wanted "a real job". To him, poverty is proof of integrity? Working in a private corporation is "like a spy behind enemy lines"?

This is the raving lunatic that has been placed into the office of the presidency.

"Overall, the private sector has been doing a good job creating jobs," "The big challenge we have in our economy right now is state and local government hiring has been going in the wrong direction," Obama June 2012 

Sun, 07/08/2012 - 02:14 | 2595926 eatthebanksters
eatthebanksters's picture

Michelle Obama deactivated her Ilinois bar membership/license and pays a small amount each year to keep it available should she choose to reactivate it and go back to practicing law.  In 2007 Barry 'retired' from the Bar of Illinois; he chose not to pay a small amount to keep it on ice.  The only way he can ever go back to practicing law woud be by taking the bar exam again and passing it again. I don't think Barry like being a lawyer and working long hard hours.  I think Barry has skated on his smile and his charm and his smarts, but the world is figuring him out.   

Sat, 07/07/2012 - 19:26 | 2595518 DanDaley
DanDaley's picture

It sure fucking helps if the president had some experience of a normal job...

Lemonade stands were outlawed in Kenya.

Sat, 07/07/2012 - 14:41 | 2595079 cossack55
cossack55's picture

Damn your facts.  Feed me lies just like the Banksta/politicians do. 

Sat, 07/07/2012 - 14:42 | 2595084 cherry picker
cherry picker's picture

I keep asking myself, if technology and outsourcing being what it is and if government slashed spending how would the shortfall be accounted for?

Will we be able to put up Taco stands on the side of the road and not be bothered by regulators in order for us to make a buck or two?

Sat, 07/07/2012 - 14:55 | 2595115 tlnzz
tlnzz's picture

Maybe it's time to outsource much of the Government and put them in an unemployment line somewhere.

Sat, 07/07/2012 - 19:20 | 2595527 Missiondweller
Missiondweller's picture


Sat, 07/07/2012 - 16:21 | 2595199 barliman
barliman's picture


Only if you take the Sweeney Todd approach to the regulators.


Sat, 07/07/2012 - 18:31 | 2595462 URZIZMINE
URZIZMINE's picture


Sat, 07/07/2012 - 14:44 | 2595088 lemosbrasil
lemosbrasil's picture

Next week we will see a final round.

SP500 has now a main pivot at 1.356-1.357.

This pivot was a significant pivot in jul-2011 and in last april 2012, when it was broken down .

At Friday, SPP500 broke down intraday 1.356, touched 1.348 and in a fast movement in last 30 minutes, touched again 1.356,  but closed down.

To me, there is just a doubt. 

Or We will see a flash crash in next week like may-2010 or will see a hard movement to down in 2 next weeks

See here:

Sat, 07/07/2012 - 14:47 | 2595091 RiotActing
RiotActing's picture

You can pound your head against charts all day but nothing major is going to happen until after George W. Obama is "re-elected".


Sat, 07/07/2012 - 15:38 | 2595198 francis_sawyer
francis_sawyer's picture

So there you have it folks... Whip out your fiats & make a killing...

Sat, 07/07/2012 - 15:40 | 2595202 GernB
GernB's picture

The rise over the past coupke of weeks has many overlapping waves. It shows a distinct lack of commitment to the upward trend, typically signaled by strong forward moves with non-overlapping retracements. That would lead me to believe it is a correction in a downward trend. Thats not to say it cannot go higher, but the trend still appears to be down. Meaning we will see a fresh crash, its just a matter of time, maybe now, maybe in a few weeks.

Right now it appears to be front running QE3, but conflicted because rallying too much ensures no QE3. The reaction to the employment report was muted, and not likely to precipitate an all out decline to fresh new lows. Further deterioration of the economy could drive the markets up further on hopes of higher QE3 probabilities. The real decline will begin when It becomes clear that the Fed either wont do anything or its actions wont really have much effect. When hope fades that the Fed can fix the equity markets the real decline will begin.

Sat, 07/07/2012 - 16:37 | 2595303 lemosbrasil
lemosbrasil's picture

this hope fades is already came


Sat, 07/07/2012 - 17:51 | 2595411 francis_sawyer
francis_sawyer's picture

Technical analysts... They're all the rage...

Sat, 07/07/2012 - 14:47 | 2595092 clagr
clagr's picture

Need to show employment participation rate too

Sat, 07/07/2012 - 15:07 | 2595146 GMadScientist
GMadScientist's picture

And aggregate income.

Sat, 07/07/2012 - 15:35 | 2595195 ptoemmes
ptoemmes's picture

You trying to totally obumm us out?  I guess reality sux

Sat, 07/07/2012 - 14:50 | 2595103 timbo_em
timbo_em's picture

But the S&P 500 looks nice and above all no major financial went bankrupt (even when MF Global seemed to lose a lot of money, JPM showed up and saved that money). Oh and I almost forgot Obama's greatest success story - GM. Yes, we can!

Sat, 07/07/2012 - 15:36 | 2595197 francis_sawyer
francis_sawyer's picture

Yes we [kick the] can...

Sat, 07/07/2012 - 14:52 | 2595109 I am Jobe
I am Jobe's picture

Bend over for more Hope and Change or Yes we can fuck everyone- Obama Hitlery 2012.

Sat, 07/07/2012 - 14:53 | 2595112 I am Jobe
I am Jobe's picture

Time to fire  Congress and the WHore House. No use anymore. Might save some money and heartache.

GOP, Dumbos are all the same. Royally fucked USSA.

Sat, 07/07/2012 - 14:56 | 2595118 ebworthen
ebworthen's picture


But...Obamney or Rombama won't make it better.

Sound money, rule of law, career productive employment.

Part time jobs and food stamps aren't going to do it.

Sat, 07/07/2012 - 15:13 | 2595157 I am Jobe
I am Jobe's picture

Sheeples will believe the MSM and lack the critical thinking skills, welcome to Amerika. Fuck this shit already.

Sat, 07/07/2012 - 15:01 | 2595127 EndTheMedia
EndTheMedia's picture


Anyone who would call into question Obama’s efforts to help the poor must be some rich fat cat or a racist. Besides socialism has been raising the standard of living without exception for decades, one only needs to look at the 20th century to see the concrete evidence.

And anyway who cares if the American population is working part time jobs at Wal-Mart and living off food stamps. The important thing is that the stock market is up and the banks are safe and sound.

Besides any negative aspects of our economy are clearly Bush’s fault.

*end sarcasm.


Sat, 07/07/2012 - 15:44 | 2595209 roadhazard
roadhazard's picture

..."clearly Bush's fault".


He get an extra portion, son.

Sat, 07/07/2012 - 15:04 | 2595129 bob_dabolina
bob_dabolina's picture

Score Card - Obama:

Education - F

Foreign Policy -D

Healthcare - F

Fiscal Responsibility - F

Race Relations - D

Cabinet Appointees - F

Bombing Countries - A     *consolation prize - Nobel Peace Prize

Unemployment - F


Sat, 07/07/2012 - 15:07 | 2595144 GMadScientist
GMadScientist's picture

D's for the beer summit and good use of drones?

Sat, 07/07/2012 - 15:09 | 2595149 bob_dabolina
bob_dabolina's picture

Use of drones is under the "bombing countries" category, in which I designated him an A...should have been A+

Sat, 07/07/2012 - 15:14 | 2595161 I am Jobe
I am Jobe's picture

is there such a thing as a Negative Grade.If so how about a -F to sum it all up. Don't forget Congress in this.

Sat, 07/07/2012 - 15:26 | 2595168 uno
uno's picture

government transparency F-----

Protect the constitution F--------------------------------------------------------------

hope F---------------------------------------------------------------------

Change from Bush/Clinton   F---------------------------------------------------------


Sat, 07/07/2012 - 21:02 | 2595674 Everybodys All ...
Everybodys All American's picture

Bin Laden - A+ ... and I wouldn't vote for Obama if he were the only guy running. Didn't vote for him the first time and will not vote for the empty suit this time either.

Sat, 07/07/2012 - 15:01 | 2595131 q99x2
q99x2's picture

Grade = F

Some people will do anything for money.

Sat, 07/07/2012 - 15:12 | 2595155 TrainWreck1
TrainWreck1's picture

I give him a G.

Not for "good" but because F just isn't low enough.



Sat, 07/07/2012 - 15:02 | 2595134 erlebach
erlebach's picture

I'd like to see the same graphs from 2000 to 2012 or 2004 to 2012 to clear see whether the graphs shifted dramatically once Obama became president. Just showing the last 4 years is misleading. I am not a fan of Obama, but Zero Hedge usually goes out of its way to provide complete information. 

Sat, 07/07/2012 - 15:06 | 2595142 GMadScientist
GMadScientist's picture

Fairness Doctrine Shmairness Doctrine.

Sat, 07/07/2012 - 15:20 | 2595165 GernB
GernB's picture


Sat, 07/07/2012 - 16:02 | 2595248 barliman
barliman's picture


G  O  O  G  L  E

The information is easily available via Google seaching Zerohedge if you wish to be specific ... or a variety of additional sources if you would like a broader source.

Are you sure you want to display the fact you are:

a) a low information voter who can only access what is spoon fed to you?

b) one of the SCOAMF online minions?

c) unable to retain information already presented?

d) all of the above?


Sat, 07/07/2012 - 16:29 | 2595290 TWSceptic
TWSceptic's picture

Nothing really changed, just more debt and less freedom (as usual). I think it's funny people still think a different guy is going to change anything.

Sat, 07/07/2012 - 20:54 | 2595658 SystemsGuy
SystemsGuy's picture

Absolutely agreed. The economy was already in freefall by January 2009, and unemployment was rising rapidly. The first two years of any president's first term don't accurately reflect his policies on the economy because it takes that long to implement solutions and have them take effect. The tech bubble bust was Clinton's, The 2008 collapse was Bush's. If the economy goes south again immediately after Romney gets elected, that's Obama's. Show data or stop posting what amounts to political propaganda.

Sat, 07/07/2012 - 15:02 | 2595136 Seasmoke
Seasmoke's picture



Sat, 07/07/2012 - 15:03 | 2595138 Conrad Murray
Conrad Murray's picture

Doin a heckuva job Browny!

Sat, 07/07/2012 - 15:05 | 2595140 GMadScientist
GMadScientist's picture

Good god man. Stop feeding the poor people Beluga before the bonds crash!

Sat, 07/07/2012 - 15:07 | 2595145 Milestones
Milestones's picture

I tried to think of one positive thing this Congress and O'blah blah have accomplished in the past 4 years. Still trying to find it. This is beyond pathetic. But, my lord how these clowns love to talk and talk and Blah blah blah. You can all get strapped!!       Milestones

Sat, 07/07/2012 - 15:10 | 2595151 bob_dabolina
bob_dabolina's picture

I can think of one good thing.

They didn't do more.

Sat, 07/07/2012 - 15:26 | 2595175 I am Jobe
I am Jobe's picture

USSA the land of O Blah Blah Blah.

Don't forget Kardashians, TomKat and Iphones. Is there an App for that? Critical thinking and work is optional in Amerika.

Sat, 07/07/2012 - 17:06 | 2595350 knukles
knukles's picture

I don't get it.

Sat, 07/07/2012 - 15:51 | 2595184 spooz
spooz's picture

My memory of this administration and congress will be the further erosion of civil liberties through expansions of the Patriot Act with the NDAA. Nothing matches the loss of personal freedoms this legislation enables.  Hopefully by the time the slippery slope becomes obvious, the sheeple won't be trying to hide from it instead of outraged. Maybe the loss of economic opportunity and erosion of living standards will give the latter a chance. As more slip through the overextended safety net and realize the American Dream has become a myth, while the looting by banksters continues to be exposed, perhaps there will be a youth uprising that demands change. The internet is a powerful agent for truth. The key is to continually work on filtering the propaganda.  To trust but verify quoted "facts". 

Sun, 07/08/2012 - 10:04 | 2596124 roadhazard
roadhazard's picture

I agree with the erosion of civil liberties and add no bankers or Congressmen or anyone from the Executive branch went to jail.


Why anyone wastes their time voting anymore is a mystery to me. That just gives them credibility. Thay have ZERO.

Sat, 07/07/2012 - 15:24 | 2595171 I am Jobe
I am Jobe's picture

The tax man cometh to police you on health care


Sat, 07/07/2012 - 16:20 | 2595271 Waterfallsparkles
Waterfallsparkles's picture

Makes you wonder if the Health Care Mandate is more about collecting Income Taxes than providing Health Care.

You will have to prove your income to receive Health Care.  No Tax Returns, No Health Care For YOU.

Was taking to my Cousin today and said that this law is more about monotoring peoples income that Health Care.  There must be a lot of Tax Cheats out there.

Total control, that is what they are after.  At least for those that earn an income.  Those who do not earn an income are home free.

Sat, 07/07/2012 - 16:43 | 2595314 sosoome
sosoome's picture

Total control, that is what they are after.

Sat, 07/07/2012 - 18:06 | 2595427 Shizzmoney
Shizzmoney's picture

Makes you wonder if the Health Care Mandate is more about collecting Income Taxes than providing Health Care.

Of course it is.  Our government is just one big conglomorate of corporations working together to centrally plan the system, and protect monopoly.  These entities all seek the continous rise of "income revenue streams", no matter how good or bad the actual real, breathing economy is.  That's how a facsist, corporate government operates: it needs money to do the stupid, evil shit it does....even at the expense of the most expendable (the poor), because of the fact of it's belief that particular segment of society doesn't need to exist in order for it to function.

Don't believe for one second the ACA is 100% about helping people.  It isn't.  There are good things in there; but the bill is littered with special provisions and corporate kickbacks.  And also a ban on traveling with certain amounts of gold and silver (srsly).

The ACA is about Health Insurers and Hospitals and Big Pharma making bigger profits, with governemnt as an enforcer, getting a cut of the action.  As I say this as a guy who leans to the left of the subject and wants single payer (but we have to End the Fed first, b/c without sovereign currency, you are just going to have bigger, unsustainable deficits).

Sun, 07/08/2012 - 07:45 | 2596034 Waterfallsparkles
Waterfallsparkles's picture

Health Care for all is also to protect the Banks from people going Bankrupt due to Health related costs that arise without Health Insurance.  Just think about all of the Credit Card and Mortgage Loans they have to write off because of Bankrupcy caused from Medical Bills.

Sat, 07/07/2012 - 15:39 | 2595194 roadhazard
roadhazard's picture

Same score I gave BushCo, Clinton, Bush Senior, Reagan, Carter, Nixxon and all Congresses. The circle is unbroken. There is no one to save us.

Sat, 07/07/2012 - 15:45 | 2595210 Getting Old Sucks
Getting Old Sucks's picture

My Fellow Americans, my name is Getting Old Sucks and I'm running for President.  If you vote for me, I promise to be completely truthful with you.  We as a Nation are totally FUCKED!  In fact the whole world is totally Fucked.  The only way for the world to survive is to decrease the population by 50%.  I'm appealing to the elderly to save your children and grandchildren, and if elected I will do that.  In order to kill 3.5 billion people, it will take nuclear weapons.  If elected, I will form a commitee of all nuclear powers and together we will coordinate the place, time and number of nuclear strikes.  It will give all nations time to build and supply shelters for all people under the age of 50.  After those to be saved are safely in shelters, all those over 50 will have to assemble in the strike zones and give the ultimate sacrifice for your children and grandchildren.  Worry not, I will be there with you!

Now, if you don't elect me, it's going to happen anyway but there'll be no shelters except for our leaders and there finacial supporters.  Then the young will die with the old.  The choice is yours,  Do it for the children.

Sat, 07/07/2012 - 16:53 | 2595328 knukles
knukles's picture

Did you write the Georgia Guidestones for Bill Gates?

Sat, 07/07/2012 - 17:22 | 2595379 AssFire
AssFire's picture

You old fuckers get so melodramatic after a few highballs.. Appreciate the deathwish but at this time it is uncalled for.

Sat, 07/07/2012 - 15:47 | 2595214 Chartist
Chartist's picture

I was able to get back into my old career 18 months ago following a 13 year hiatus....I was forced to do so as my business suffered mightily.  I worked my ass off to get back in but I was successful in the worst job market I've ever seen.  Maybe I got lucky and maybe god was on my side but it was no thanks to Obama for sure.

Sat, 07/07/2012 - 15:50 | 2595219 spooz
spooz's picture

I'm expecting to see lots of boomers doing the same thing as they see their retirement plans evaporate with the bad economy, which will only result in fewer entry level jobs available for college grads.

Sat, 07/07/2012 - 15:55 | 2595230 Chartist
Chartist's picture

you're right Spooz....Since I was away so long, I had to accept a lower level position.  So instead of director, I took a mid career position.  It affects the whole food chain with new grads, having no experience, as bag holders.

Sat, 07/07/2012 - 15:50 | 2595220 IMA5U
IMA5U's picture

The liberals will just blame it on Bush

Sat, 07/07/2012 - 15:50 | 2595222 sablya
sablya's picture

When is this debt ceiling question going to raise its ugly head again?

Sat, 07/07/2012 - 16:07 | 2595254 barliman
barliman's picture


Ten weeks from Monday


Sat, 07/07/2012 - 19:27 | 2595529 sablya
sablya's picture

The validity of the public debt of the United States [...] shall not be questioned.

(Constitution, Amendment XIV, Section 4)


As I understand it, when the issue comes up again, the Dems are going to argue that the 14th Amendment asserts that the debt limit is unconstitutional.  And there will be a messy battle over the constitutionality of the debt limit which will divert attention from the fundamental question of the debt itself.  

Sat, 07/07/2012 - 20:01 | 2595583 barliman
barliman's picture


At that point it will be like arguing whether to piss in the head or over the rail on the Titanic.

Completely pointless with regards to the outcome.


Sat, 07/07/2012 - 16:03 | 2595249 slewie the pi-rat
slewie the pi-rat's picture

when the squid put the kenyan in the whiteHouse, the expectations were too high

we must adjust,  comrade BiCheZ

slewienomics indicates we are paying these fuktards waaaay too much for what they are doing to, errr..., for us

this is the fundamental economic truth of our age, globally

slewienomics:  simply true!


Sat, 07/07/2012 - 16:03 | 2595250 midgetrannyporn
midgetrannyporn's picture

The decades long loss of millions of usa jobs in manufacturing was masked somewhat by the housing bubble until it popped. The unemployment problem is structural due to outsourcing. It is unfair to blame owebama for that. Those jobs are not coming back and mittens effing knows it too. Food stamps and disability is the only thing preventing millions from falling into extreme poverty. Most commenters on zh think people should work for a cot and a ball of cadmium rice per day like the chinese do and everything would be all better. Maggots win = ZH happy.

Sat, 07/07/2012 - 16:39 | 2595307 Chartist
Chartist's picture

Few ZH readers would know this, but Cadmium laced rice was a problem of Japan, not China....

Sat, 07/07/2012 - 20:07 | 2595483 maximin thrax
maximin thrax's picture

Food stamps and disability is the only thing preventing millions from falling into extreme poverty.

I think it's more accurate to say that the missing productivity of millions has put those millions at risk of extreme poverty. For millimium people have had naught but a tiny piece of land and a tool to scratch the surface and yet were able to contribute to the common wealth. I'm certain with some modern equipment and agricultural techniques today's farmer could do even better. Why are our poor so special that in lieu of enabling an impoverished family to grow five cents worth of beans to eat, we spend a buck for a bureaucracy to give that family 50 cents to buy a can with five cents worth of beans in it?

Why teach a man to fish when you can borrow infinitely to buy his family a seafood meal so the restaraunt and the fisherman can make payroll?

Sat, 07/07/2012 - 21:03 | 2595676 SystemsGuy
SystemsGuy's picture

We've had twenty five years of "productivity increases" due to automation, outsourcing, slashing corporate payrolls and inflation induced reduced wages. Most people employed today are doing what it took 20-30 times the number of people to do a quarter century ago. In most cases, that productivity gain has gone towards corporate dividends, cash accrual, management bonuses and unnecessary capital expenditures, and the people who ultimately get this windfall are fighting tooth and nail to KEEP ON getting that. Frankly, the only people who haven't increased their productivity over this time are bloated CEOs, investment bankers and speculators. They're just as lazy and clueless now as they were a quarter century ago, only their a helluva lot better paid for it.

Sun, 07/08/2012 - 00:42 | 2595885 Oldwood
Oldwood's picture

And so who invested capital to develope these "productivity increases"? Who owns the technology and machines that allow a person to stand in an assembly line and make $50/hr? How many workers that are using these advances actually spent their own money to educate themselves to utilize them, rather than the employer having to train them? Can anyone claim that public education is typically sending people into the workforce better prepared than say thirty years ago? So who does own the productivity gains? In thirty plus years of business i have not had one employee volunteer to get advanced education or training on their own dime. They want me to pay for it,while paying them to learn, so they can demand higher wages or leave to a competitor. When people are willing to invest in themselves they might have a chance at benefitting from technology. As it stands, they are making themselves redundant. As we are becoming evermore high tech, the masses are quickly being left behind and may never catch up....assuming anything like our current society survives. Of course one of the big differences from the great depression was the majority of the people new how to at least grow food. Most today barely know how to cook it today.



Sat, 07/07/2012 - 16:04 | 2595252 msjimmied
msjimmied's picture

So where are the JOBS you promised Boehner? The game plan is fairly obvious.

These articles are just annoying. The whores on the hill are all the same. They all suck, they all lie, they are all for sale to the highest bidder. What happens to the average man does not concern them at all, so why should the average joe even bother to pick a side and cheer? 

Sat, 07/07/2012 - 21:06 | 2595677 Everybodys All ...
Everybodys All American's picture

comment removed..

Sun, 07/08/2012 - 10:09 | 2596128 roadhazard
roadhazard's picture

What country is Boehner from.

Sat, 07/07/2012 - 16:08 | 2595256 Waterfallsparkles
Waterfallsparkles's picture

The problem is that when the People paying the Taxes become the Minority the whole thing collapses upon itself.

We all know that when the Majority of the People are on the Government Dole and can vote themselves benefits at the expense of the few remaining Tax payers there will no longer be enough Money to go around.

That is when there will be riots in the streets.  As soon as the Welfare, SSI Disability, food stamp checks stop coming.


Sat, 07/07/2012 - 17:28 | 2595387 spooz
spooz's picture

They wouldn't have to vote that way if there were economic opportunity for them.  Most of them would love to be paying taxes because that would mean theyhave the kind of job that provides a living wage.

Sat, 07/07/2012 - 19:41 | 2595559 maximin thrax
maximin thrax's picture

That was certainly true 50 years ago, but today? Back then, a person taking your job took the food off your family's table, and there was hell to pay. Show me the riots where buildings built by illegals are torched. Show me where stores such as WalMarts, relatively soft targets, are looted and vandalized for selling cheap imported junk? Or even Apple stores getting destroyed in protest of their outsourcing? Where is the populist domestic labor uprising? Where is Organized Labor?

Sun, 07/08/2012 - 07:58 | 2596042 Waterfallsparkles
Waterfallsparkles's picture


I respectfully disagree with you.  Most, maybe not all but most use the Welfare system as a life style.  That is all they know.

Just look at the Welfare Moms that have 12 Children and demand that someone has to take care of all of her children.  When ever a Welfare Mom wants a raise she has another Fatherless child.  Well, I say Fatherless loosely, as we know there was an irresponsible Father that does not want or care to take care of his own Children.  And, why would he when the State does it for him without any consequence for him.  I have read many stories about one man having 20 children thru 6 different women.  None of which they were married to. You would think we were back in the days of the Days of Baghdad where a King could have a Harum.  Only difference is that he does not take care of the Wives or the Children.  We do.

Yet, when you think about it, is it any wonder they do not want to get off the system of Welfare?  They get Free Housing, Free Food, Free Health Care, Free Cell Phone, Free Check every month for any other expenses.  They do not have to go to work. They  are guaranteed all of life's necessities and a check every month no matter what.

Sun, 07/08/2012 - 10:13 | 2596133 roadhazard
roadhazard's picture

Nice rant but things have changed (several years ago) and you can't stay on welfare for long now days.

Sat, 07/07/2012 - 16:09 | 2595258 cherry picker
cherry picker's picture

Maybee we should outlaw anyone with a law degree from running for public office?

Sat, 07/07/2012 - 16:26 | 2595282 smiler03
smiler03's picture

And ban bankers too.

Sat, 07/07/2012 - 16:55 | 2595330 knukles
knukles's picture

Maybe we oughta outlaw public office?

Sat, 07/07/2012 - 16:26 | 2595286 Village Idiot
Village Idiot's picture


Sat, 07/07/2012 - 16:30 | 2595293 ThunderingTurd
ThunderingTurd's picture

Jobs and wealth can only be CREATED through innovation and the desire for individuals to propser.  Government, specifically Obummer, has been dead set on encouraging the leeches to suck the blood from the entitlement system.  #drinkyourmilkshake

Sat, 07/07/2012 - 17:03 | 2595346 spooz
spooz's picture

I don't think there is a lack of desire to prosper in "individuals". The reality of having to work two dead end jobs to make ends meet wears on the soul. So how do we make innovation save the day and create jobs for all the people who want to work? If its successful, it usually leads to increased productivity/less jobs and corporate buyouts. More money funnelled up the food chain.  Your prescription sounds about as useful as hopey changey. Just the thing to inspire the sheeple to get used to being third world labor units. Convince them its all their fault that they don't try hard enough.  

Sat, 07/07/2012 - 16:36 | 2595302 Tom Green Swedish
Tom Green Swedish's picture

2011 - Negative 1.5 trillion down the drain. 

Sat, 07/07/2012 - 16:45 | 2595316 alfred b.
alfred b.'s picture


   If anyone here thinks that the national debt is only that 15.9 that the adminstration admits to:   Think again! 

   The Treasury with the help of Wall street banksters Goldman and JPM along with the Fed are pulling the same Hide-the-debt game played in Greece....the real National Debt is probably twice the amount reported.  According to Shadowstats' John Williams, the yearly deficit is closer to 4 trillion and has been for the last 7 or 8 yrs!

    This is accomplished by using swap lines and off-shore Fed and bankster accounts.     ....and just like Greece, this scheme will blow-up big time...anyone got a match to light this fuse??



Sat, 07/07/2012 - 16:50 | 2595321 skunzie
skunzie's picture

I love it.  Right next to the article was an advertisement for the Obambi campaign.  Talk about damning evidence.

Why does ZeroHedge even allow that asshole to advertise on this site?

Sat, 07/07/2012 - 17:24 | 2595383 Bugsquasher
Bugsquasher's picture

Maybe because his spending it here is a total waste and it's just that much more he's not spending somewhere where it might help the asshole.

Sat, 07/07/2012 - 17:58 | 2595414 bob_dabolina
bob_dabolina's picture

If you see Obama advertisements on websites and you dislike the job Obama has done it is YOUR RESPONSIBILITY to click them. You see when you click on them money from Obama's campaign coffers gets drawn out and REDISTRIBUTED to sites like zerohedge.

If you see an Obama ad - Click it. If you get a million people clicking on Obama ads once a day, it adds up. Spread the good word.

BTW- Tyler has stated many times that he has no control over the advertisements on the site and that is true.

Sat, 07/07/2012 - 16:52 | 2595325 earleflorida
earleflorida's picture

Republican's must start acting like true gop'ters, and move as far right as possible. Democrats have moved to close to the center, and actually into right territory making for a social-democracy? Something the founding fathers would have frowned upon. They [dems-gop] must be put back in their respected corners, period!


Sat, 07/07/2012 - 21:01 | 2595650 earleflorida
earleflorida's picture
so... ya don't like what ya read... do ya? since goldwater,there hasn't been a true post war republican, period! prove me wrong??? the reason we have polarization today is for the very fact all [both sides of the aisle] political rhetoric today is pure grey matter from the 'wizard of oz' mouth to ye ears! fodder-filled vague answers for the independent-thinking sheeple... creating a litany of questions for every answer - i have a plan? hope and change are lexiconical fallacies sewn into our ingsoc/newspeak psyche from past-is-present independence... pathetic! forever are they permeated in ludicrous zone of a flaccid fatalist freedom - a bifurcated morality... pure bullshit says i... pure bullshit! action speaks louder than gilded words of these 'all, loquacious windbags' we call centrist! these modern day statisticians of corporate dollar prostitutes !!!

read this before ya speak...  ___and this___


Sat, 07/07/2012 - 16:59 | 2595339 knukles
knukles's picture

Oh, whatthefuck, just give him straight A's and be done with the Charade.
They told the truth and delivered.
Wookiewoman said he was gonna change our lives. 
He ran on a platform of change.
And that, my dear little insignificant appendages of the Leviathan, is exactly what we got.


Sat, 07/07/2012 - 17:55 | 2595415 Ghostmaker
Ghostmaker's picture

A bunper sticker...


Amerca is done vote for ______ Fill in the blank


Sat, 07/07/2012 - 18:26 | 2595457 mofreedom
mofreedom's picture

Vote Sucession!

Sat, 07/07/2012 - 18:30 | 2595460 mofreedom
mofreedom's picture



Sat, 07/07/2012 - 17:56 | 2595416 Yen Cross
Yen Cross's picture

 I can hear the "Helicoptors" now!   That shitty China data, will roll into Monday, just like that Worthless Fucking "mini EU summit".

   There will be a short squeeze with the 1/2 life of a "Flesh Eating Bacterium"!

Sat, 07/07/2012 - 17:57 | 2595419 Shizzmoney
Shizzmoney's picture

So wait, income inequality, and Wall St profits (as a portion of GDP), have actually increased under this "Socialist" President?

I'm confused lol.

Sat, 07/07/2012 - 18:19 | 2595422 bob_dabolina
bob_dabolina's picture

Look up how economics works under fascism.

I'll help get you started:

Payne, Paxton, Sternhell, et al. argue that while fascist economies share some similarities, there is no distinctive form of fascist economic organization.[2] Feldman and Mason argue that fascism is distinguished by an absence of coherent economic ideology and an absence of serious economic thinking. They state that the decisions taken by fascist leaders can not be explained within a logical econmomic framework.[3]

and ahem solyndra, GM, GE etc...

An inherent aspect of fascist economies was economic dirigisme,[4] meaning an economy where the government exerts strong directive influence, and effectively controls production and allocation of resources. In general, apart from the nationalizations of some industries, fascist economies were based on private property and private initiative, but these were contingent upon service to the state.[5]

The above can also be applicable to farming. It's not by coincidence that the Department of Agriculture has been pushing for higher food stamp benefits.


Historian Gaetano Salvemini argued in 1936 that fascism makes taxpayers responsible to private enterprise, because "the State pays for the blunders of private enterprise... Profit is private and individual. Loss is public and social."[8] Fascist governments encouraged the pursuit of private profit and offered many benefits to large businesses, but they demanded in return that all economic activity should serve the national interest.[9]

Read more and from many sources. These excerpts came from:

Get it now? See them pushing the volt on can't even buy regular light bulbs anymore, they have to be energy efficient. How much did GM, GE, pay in taxes last year? Do you SEEEEEE what economic paradigm we are operating under? It's up to you to see how far down the rabbit hole goes.

Sat, 07/07/2012 - 18:37 | 2595472 gwar5
gwar5's picture

21st century totalitarianism, and the modern welfare-state industrial complex, requires the eager permission of the international bankster super-sovereigns, who make trillions "financing" the debt, which enable the serf farms. Doblina called it right, it's fascism.


Just announced: Thousands more IRS agents to be hired to collect Obamacare taxes, Muslims exempt, of course.  

Flashback 2009: IRS hires 16,000 new IRS agents and purchases 2000 thousand shotguns... for busting in doors?


Any other questions?





Sat, 07/07/2012 - 18:04 | 2595433 gwar5
gwar5's picture

Kim Jung Obama considers that chart his shining achievement. He's a Marxist and government dependency is his goal. Only 8% of his adminstration has any real world business exprience, lowest in history. Carter was next with only about 30%.


Sat, 07/07/2012 - 21:08 | 2595682 Everybodys All ...
Everybodys All American's picture

This guy makes Carter look like an economic genius.

Sat, 07/07/2012 - 21:13 | 2595691 knukles
knukles's picture

Makes Carter look like a genius, period.
At least he owned a peanut farm.


Sat, 07/07/2012 - 18:09 | 2595438 Snakeeyes
Snakeeyes's picture

A part-time employment / food stamp / disabled recovery rather than a genuine employment recovery. Smoke and mirrors and enslavement.


Sat, 07/07/2012 - 18:21 | 2595453 Tom Green Swedish
Tom Green Swedish's picture

The ADP number was 176k. 


I don't believe any fucking statistics anymore. Who actually keeps track of this shit. Do we pay someobody to do it? Who verifies these numbers? I think we would all be better without all the charts and graphs telling us how crappy we are and just go out and do something instead of making charts and graphs comparing things and how crappy things have got. Seriously when I see ADP says 176k jobs were added and then the government number says 80k what the hell am I supposed to believe?

Sat, 07/07/2012 - 18:11 | 2595440 Tom Green Swedish
Tom Green Swedish's picture

Hillary says Russia and China will pay a price for this.  She is very mad.

Sat, 07/07/2012 - 19:33 | 2595546 DanDaley
DanDaley's picture

She's mad in both the English and American uses of the word.  Somebody go find her re-set button to press.

Sat, 07/07/2012 - 18:16 | 2595445 yogibear
yogibear's picture

Bernanke will print and print and print. It's Bernake's theory since college. All the rest of the fed members are doves end of story.



Sat, 07/07/2012 - 18:17 | 2595448 bankonzhongguo
bankonzhongguo's picture

So after 4 years of Obama (really just the hidden and greedy interests of his Chicago mafia blackmailers and their bankster friends) the total debt is up 25% with no (negative) improvement to show for it. 

If this was your management team they would be fired.  It was your doctor, they are fired.  If it was your sales team, they're fired.  It it was your kids grades - they are grounded.  It is was your spouse - it's divorce.

Not that Romney is any better.

All of this to prop-up, bailout and otherwise protect a robber-baron class of money worshipers.

Banks routinely make 100 straight days of trading profit - a statistical impossibility, while the rest of the country goes down the tubes.  Where are the prosecutions?

This is not about Obama.  Its all about the hundreds or thousands of political and economic profiteers and rapists that framed Obama's phantom agendas.  We are talking about the investment banking elite, the newspaper editors and owners, the insurance giants, the for-profit hospitals, the media moguls and the national security industry that make a buck hedging on the downfall of Amerika and the herding of Amerikans.

After another 4 years of Obama or Romney - it will not make a difference, the Republic will look like North Korea, but without the class. 

And to all the Frankenstein blue shirted red coated brown shirts working 9 to 5 to enable this perpetual downgrade - keep laughing to nervously keep your middle-class sensibility.

You are next on the list.  After the body scanners fry your nads and ovaries off.

Sun, 07/08/2012 - 07:24 | 2596023 Disenchanted
Disenchanted's picture



"So after 4 years of Obama (really just the hidden and greedy interests of his Chicago mafia blackmailers and their bankster friends)"


The Pritzker and Crown network...


Chicago's Elders of Zion and Obama's War for Profit




Obama’s top fundraiser Penny Pritzker's grandfather and the great-grandfather were lawyers for organized crime, according to Jeff Gates' 2010 article "Obama's Inner Eisenhower." The Crown family (formerly Lithuanian Jews named Krinsky) share a similar lineage in Ashkenazi organized crime. The Crown family has long been the major shareholder of General Dynamics, arguably the nation’s largest corporate beneficiary both of the "War on Terror" and taxpayer outlays for Homeland Security. Obama's second-ranked fundraiser was Chicago’s affluent Crown clan whose dominant ownership stake in General Dynamics ensured additional riches both from waging the “War on Terror” and from Homeland Security, Gates notes.


The late Sherman Skolnick, a Chicago-based independent investigator, described the Pritzkers and Crowns as interlinked criminal familes in 1995:

 The Crowns and the Pritzkers are interlocked criminals. The Crown flagship, set up in 1919, was Material Service Corp. Over the years, they got big-city paving and cement contracts by bribing Chicago city officials! From that, they branched out into being war mongers. The Crowns have been major owners of bloody war-contractor General Dynamics. The Crowns escaped going to prison for bribing Pentagon brass. How? By bribing federal officials!

 Once-president of Material Service, Lester Crown escaped jail in 1976 in a concrete industry scandal by bribing federal prosecutors in Chicago who used him only as a government witness. In the past, Lester was a director of the Vatican dope money laundry, Continental Bank.

 To try to get the stink off themselves, the Crowns donate part of their loot to Northwestern University, which has a building named after them. They might as well call it "The Al Capone Center".

Sat, 07/07/2012 - 18:22 | 2595455 Rogue Trooper
Rogue Trooper's picture

Soooo... boring, it's all bullish for a progressive future we can all believe in.

More importantly, anyone heard if MDB scored Saturday night?...Progressives 'Get the COOL chicks'.....


Sat, 07/07/2012 - 19:21 | 2595528 Judge Arrow
Judge Arrow's picture

And the US carrier battle groups sail into the waters of the Islamic Nazis - where soon Obama hopes his re-election chances will re-ignite, in any way possible - what say everyone: August? September? or will it be an October 'surprise' that finds us in yet another war....

Sun, 07/08/2012 - 11:08 | 2596200 Morrotzo
Morrotzo's picture

Ah, the George W. Bush strategy. Why Change Horses Mid-Apocalypse? Red horse of War it is! Giddy up! To think they say bipartisanship is dead.





Sat, 07/07/2012 - 20:05 | 2595590 orangegeek
orangegeek's picture

Obama knows that if the market tanks, he is out of a job.  That's why Obama would create QE100 if necessary.


Branding QE and rebranding it as a "twist" is just labels for more debt.


Elliott wave may know better.  The SP500 weekly looks just about ready for primary wave 3 down to pick up speed.

Sun, 07/08/2012 - 10:20 | 2596144 roadhazard
roadhazard's picture

"Obama would create QE100 if necessary."

But no. He does not tell Bernie what to do. He is not that powerful. Bernie is told what to do by the men behind the curtain. 



Sat, 07/07/2012 - 21:31 | 2595717 dolph9
dolph9's picture

Obama's nobody.  He's an affirmative action teleprompter spokesperson in chief.  He's never had a creative thought in his life, and he's never done a real job for any length of time.

But these are the types of people our society is allowing to rise to positions of power and influence.  Sobering, isn't it.

This type of thing happens throughout history.  Look at Rome, the Soviet Union, the British Empire.  They're all in the dustbin.

Slow motion collapse, coming to a state/county/town near you.

Sun, 07/08/2012 - 09:57 | 2596113 Republicae
Republicae's picture

On whole, the political class tend to be nothing more than bumbling idiots who think they have a good idea and because they now have the power to legislate their good ideas into active law, they tend to overlook the fact that ideas do not always translate into good law, that such laws have consequences which, as we have seen, lead to all sorts of problems which, always seems to need another good idea to solve. Solutions leading to more problems requiring more political solutions leading to more problems leading to more solutions leading to more problems. 

The American people look to elections as a means of change, change they can believe in, but if you look at the results of the elections through the decades you will see that with every election there is growing dissatifaction with the results of those the American people elect. Are we expecting far too much, I think so! There was a reason for limiting the power of all government in this country and I think the Framers of the Constitution knew all too well that there is a tendency of politicians, once elected, to exhibit and then enforce the full measure of their collective stupidity. 

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