Dead Cat Bounce

The Democratic National Convention produced not much of a bounce in the polls for Obama, and the bounce was soon gone. A big part of the reason was the continuing economic bad news that rained on the propaganda parade. This news is worth analyzing, because most people don’t see its significance. Certainly the mainstream media don’t.

First, early in the week of the convention, the feds announced that we officially hit the $16 trillion mark in national debt. This happened during the administration of a man who questioned his predecessor’s patriotism for having spent much less in eight years than his own administration has spent in less than four. The media ignored this, of course.

The unemployment rate “dropped” from 8.3% to 8.1%, but only because an incredible 368,000 people simply left the labor force. Yes, four people quit searching for work for every one who found it.

In fact, if the labor participation rate were what it was on the day Obama took office, the unemployment rate would be a whopping 11.2%. Hell, if the labor participation rate had just stayed the same as it was last month, the unemployment rate would have gone up to 8.4%. Count in the underemployed along with those who have given up looking for work, and the rate is really 19%.

Meanwhile, in the last month for which data are available, the number of Americans on food stamps rose by 173,000. Yes, about two Americans applied for food stamps for every one who got a job. More than 45 million Americans — i.e., roughly 15% of the population — are now on food stamps, almost double the 7.9% rate that was the average from 1970 to 2000.

The number of people on SSI (Social Security disability) has now hit 11 million, half signing up under Obama’s enlightened reign.

The fruits of neosocialism are bitter, except for the neosocialists themselves.