Under the header Obama: Job figures sobering, but show recession is slowing CNN’s Chris Isidore and Paul Steinhauser posted an item July 2nd reporting: “Obama has said recovery will take time, predicting the unemployment rate will climb above 10 percent before reversing.” But CNN fails to tell its readers that that “prediction” was made by Obama just this June, which is a bit like predicting the winner of the World Series just before the last strike is called.
In January, when the President was pushing his “stimulus” plan, his Administration was predicting that-if Congress embraced his policies-unemployment would top out at about 7.0%. It predicted that without the stimulus, unemployment would reach 8.8%.
Given this history of thinking that legislation is going to be better for the economy than it turns out to me, you might expect CNN to be a bit skeptical-or at least provide a bit of analysis-of new Administration claims of job creation. You’d be wrong. CNN parrots Obama’s claim that the new cap-and-trade bill: “holds the promise of millions of new jobs … that can’t be outsourced.” But it fails to report that, while certainly some new jobs will be created under a cap-and-trade regime (no doubt we will need many new government bureaucrats managing the new red tapes, and industries will invest in a multitude of new lobbyists to try to win breaks for their businesses), the bill is a net job killer.