Commander in Chief or Community Organizer in Chief?
You've got to hand it to Team Obama. Politically, when under control and on message, they are very good.
Take the economy (please). The president-elect has lowered the bar, telling us that it "is going to get worse before it gets better." He's talking tough about imposing conditions ("We are not going to simply write a bunch of checks") on any bailout of Big 3 automakers General Motors, Ford, and Chrysler. The statements themselves may or may not be sincere, but they play well.
But in spontaneous moments, Obama blows it. This occurred several times during the campaign, and it happened again Sunday. In another one of those "off the teleprompter" moments that became infamous during the presidential campaign, Obama may have undone all of his team's market-mollifying efforts.
First, though, let's look at where we are.
It became very clear last Friday that the architects of what I have been calling the POR economy since early July -- Nancy Pelosi, Barack Obama, and Harry Reid -- have created a doozy of an economic debacle. Since June, when it became obvious to employers and investors that, deliberately or not, the POR triumvirate were driving an economic downturn with their willingness to starve the economy of energy and their grim determination to raise taxes in the face of sluggish conditions, the economy has deteriorated terribly, and, along with it, the employment situation.
The following two charts from Uncle Sam's Bureau of Labor Statistics (BLS) show just how bad the decay in Joe Biden's three-letter word -- J-O-B-S -- has been. The first shows monthly seasonally adjusted job losses:
Since June, when Pelosi, Obama, and Reid began working their "magic" in earnest, the economy has lost over 1.5 million seasonally adjusted jobs. What had been an employment slump turned into a quagmire as the prospect, and then the reality, of an Obama win became ever clearer.
As bad as the seasonally adjusted results are, they actually mask how extreme the deterioration has been, as the following not seasonally adjusted BLS chart demonstrates: