The long walk back

March 4, 2011

WH economic adviser Austan Goolsbee:

The 0.9 percentage point drop in the unemployment rate over the past three months is the largest such decline since 1983, and it has been driven primarily by increased employment, rather than falling labor force participation.

Though unemployment remains elevated, we are seeing signs that the initiatives put in place by this Administration – such as the payroll tax cut and business tax incentives for investment – are creating the conditions for sustained growth and job creation. The steep decline in the unemployment rate and the overall trend of economic data in recent months has been encouraging,

The overall trajectory of the economy has improved dramatically over the past two years, but there will surely be bumps in the road ahead.

A now, a chart (via Calculated Risk):



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Austan Goolsbee was once an up and coming liberal minded University of Chicago economist with a growing reputation. Then he met Barak Obama and began drinking the kool aid. Today the kool aid is coming out of ole Auston’s eyes, ears, nose, and throat, and probably some other orifices to boot. He is now in total prostitute mode. The sad thing is that he is prostituting himself not so much for money, not so much for fame and power, but because he has become the willing love slave (I mean mentally, of course) of his hero, the Bamster. Someone who willingly chooses to become slave is someone that has voluntarily given up on his own independece in life and in thought. Biblically, someone who chooses to become a slave is someone you take to the doorpost of your house and drill a hole in his ear.

To see what a sham Ausan is, all you have to do is look at the chart in the above, to see what Austan is so slavishly and corruptly promulgating. All the job loss versus time curves are more or less symmetric around the alignment point. What does this mean? No, not 6 more weeks of winter, but 12 more months of this so called “Great Recession”, which actually is the second great depression, truth be told. Job losses will be back to zero, where we started, in March of 2012, one year from now, according to the chart above – if we are lucky, that is. Austan Goolsbee has lost all credibility. And the Bamster is enacting policies that will extend, not shorten the depression. Repeal Obamacare. Repeal Dodd Frank. Btw, note that Dodd got both the MCA job on top of a sweet deal from Angelo. I didn’t even get a T shirt, which is maybe why I am so embittered. Dodd and Frank both belongs in jail. Sweet bunkmates they.

Posted by AbrahamLesnik | Report as abusive

I’m a little puzzled by this article by Mr. Pethokoukis. Does he see his role as a columnis/journalist as just passing along to Reuters readers whatever is fed hime by Austan Goolsbee? or other administration shills? I guess Pethokoukis doesn’t do this ALL the time. But why not stop the phoning-in journalism. I think Austan knows how to publish his own press releases.

Posted by AbrahamLesnik | Report as abusive