Item: An Associated Press story dated February 17 reported: “Vice President Joe Biden asserted in an interview Wednesday that taxpayers have ‘gotten their money’s worth’ out of the $787 billion stimulus program that Congress passed during the depths of the recession....
When the Bureau of Labor Statistics announced last Friday that the economy lost only 36,000 jobs in February, the usual choristers took that as good news. Christina Romer, the Chairwoman of the White House Council of Economic Advisers said, “Today’s report on the employment situation is consistent with the pattern of stabilization and gradual labor market healing we have been seeing in recent months.”
On February 24, Congressman Ron Paul (R-Texas), at a hearing held by the House Financial Services Committee, asked Federal Reserve Chairman Ben Bernanke whether he was aware of allegations that the Federal Reserve had been complicit in the Watergate cover-up and in the illegal funneling of billions of dollars in loans to Iraq’s Saddam Hussein:
Just when the headline news about the economy was beginning to look good and the talking heads were beginning to sound good, along came a barrage of bad news that was so bad that it couldn’t be covered up. Gallup began with the news that in January nearly 20 percent of the U.S. workforce “lacked adequate employment”, which was worse than the numbers reported by the Labor Department. According to Reuters, these “findings appear to paint a darker employment picture than official U.S. data,” with about 30 million Americans “underemployed.” And Gallup misses the mark by at least 2 percent, according to John Williams of ShadowStats.com.