By Wyatt Earp | August 27, 2009
Okay, I know what you’re thinking: “Ooh, cheeseburgers would be good for lunch!” That would be correct, but what you should be thinking is, “Um, when is Obamonomics going to start helping people, instead of kicking them in the teeth?” The answer to that question is not readily available, since all of our statisticians have been laid off. It’s a trend that will get worse before it gets better.
A back-of-the-envelope calculation by former Bush aide Keith Hennessey translates CBO’s revised projected unemployment rate into a “big bad number.” How bad? It’s an average of almost 200,000 more jobs lost every month for the entire year.
Consider it a minor adjustment to those “created or saved” numbers that no one knows how to calculate anyway:
There is no disagreement, however, about the net directional effect of the two. CBO and OMB project a weaker economy in the remainder of 2009 and in 2010 than they projected at the beginning of this year before enactment of the stimulus.
How much weaker?
Based on CBO’s forecast for the average unemployment rate in calendar year 2010, 2.3 million fewer people will be employed on average next year than they projected in January.
For comparison, in July there were about 140 million people employed in the U.S.
That’s bad, right? I’m kidding, of course. That would be considered really bad. Like Helen Thomas in a thong bad.
Don’t worry, though. The Obama administration is working on it, and I am sure they will come through for the American people. /snark.