On Jobs and the Jobless.

Via Speaker Pelosi’s official website, some much-needed perspective on the jobs situation under Dubya and Obama respectively (so far). Next time anyone of the (Keynesian-challenged) Republican persuasion starts to rant and rave about the stimulus, this might be a good graph to keep in your back pocket.

Of course, this is not to say we’re anywhere near the clear on the jobs front. Not only is there some frightening new data around about the length of unemployment in this downturn, The Atlantic‘s Don Peck makes a compelling case about how this new jobless era will transform America: “The unemployment rate hit 10 percent in October, and there are good reasons to believe that by 2011, 2012, even 2014, it will have declined only a little…The worst effects of pervasive joblessness–on family, politics, society–take time to incubate, and they show themselves only slowly. But ultimately, they leave deep marks that endure long after boom times have returned.

Hedge of No Return.

But while many stakeholders made sacrifices, some did not. In particular, a group of investment firms and hedge funds that hoped to hold out for a taxpayer-funded bailout. I don’t stand with them. I stand with Chrysler’s employees, management and suppliers. I don’t with stand with those who held out when everybody else made sacrifices.” President Obama announces that Chrysler will file for bankruptcy, and lays the blame squarely at the feet of hedge funds who rejected an 11th-hour deal to save the company, apparently in the hopes of garnering more bailout cash.

The hedge funds in question have fired back, of course. Apparently, they’re all for the “rule of law” and upholding our “world-leading bankruptcy code.” I’d probably be more inclined to take them seriously on these matters if they weren’t also trying to spike regulation of their industry that is long overdue. At it is, i’m thinking profit is more of a motivator here than principled civil disobedience.

At any rate, I think Salon‘s Andrew Leonard is exactly right about where public opinion will come down on this one. Says one observer (cited by Leonard) of what happened today: “The banksters are eagerly, shamelessly, and openly harvesting their pound of flesh from financially stressed average taxpayers, and setting off a chain reaction in the auto industry which has the very real risk of creating even larger scale unemployment than the economy already faces. It’s reckless, utterly irresponsible, over-the-top greed.” From my admittedly limited vantage, that sounds like a plausible reading.

Stimpak Applied.

“We have begun the essential work of keeping the American Dream alive in our time. Now, I don’t want to pretend that today marks the end of our economic problems. Nor does it constitute all of what we’re going to have to do to turn our economy around. But today does mark the beginning of the end…The American Recovery and Reinvestment Act that I will sign today — a plan that meets the principles I laid out in January — is the most sweeping economic recovery package in our history.Back in Denver for the day, President Obama signs the ARRA economic stimulus bill into law. [Remarks.] “‘We have done more in 30 days to advance the cause of health-care reform than this country has done in an entire decade,’ Obama said, prompting a standing ovation.

As with the initial versions, the final bill passed without a single GOP vote in the House and only three Republicans — Snowe, Collins, Specter — in the Senate. Y’know, it’s bad enough that these situationally-ethical jokers stand in the way of what obviously needs to be done to get our economy moving again. (I don’t remember any calls for spending restraint, or any worries about pork, in the flush times when Boss DeLay was running the show, or when both Reagan and Dubya were ratcheting up the deficit to all hell.) But, it offends the senses to have to listen to the aggressively stupid talking points Republicans tend to trot out these days. For example, the party’s new leader, Michael Steele: “Not in the history of mankind has the government ever created a job.” (The armed services notwithstanding, who does he think the runs the government? Elves? Hey, Mr. Steele, look down — we call those roads.) Or consider South Carolina Sen. Jim DeMint: “This is not a stimulus bill. It’s just a spending bill.” Econ 101: A stimulus bill is a spending bill. (They do in fact teach this in SC — I can attest to it.)

Worse still, the national newsmedia has been failing miserably in their coverage of the stimulus battle, by continually enabling these Republicans to spout their inanities without comment. It reminds me of Paul Begala’s “Neil Armstrong Principle,” which I heard him break down on Charlie Rose a few months back: “If John McCain and Sarah Palin were to say the moon was made of green cheese, we can be certain that Barack Obama and Joe Biden would pounce on it, and point out it’s actually made of rock. And you just know the headline in the paper the next day would read: ‘CANDIDATES CLASH ON LUNAR LANDSCAPE.’” Too true.

Well, at least the durned thing passed. I’m sure the bill has its problems, not the least that it was transformed and watered down in an attempt to placate a bunch of Republicans who were never in a million years going to vote for it anyway. Perhaps, when we move forward now, we can focus on writing good policy that will get this economy and our country moving again, rather than catering to the whims of the naysayers, political opportunists, and/or flat-earth morons that comprise today’s GOP.

Photo-Opportunities.

Need a job? Just get in-between Dubya and his new talking points. “The Energy Department said it has come up with $5 million to immediately restore jobs cut at a renewable energy laboratory President George W. Bush will visit on Tuesday, avoiding a potentially embarrassing moment as the president promotes his energy plan.

Yet again, Fuzzy Math.

This won’t be news to most people out there, but nevertheless: The Bush White House has been lying about job creation for awhile now. “Over three years, the administration has repeatedly and significantly overstated the government’s fiscal health and the number of jobs the economy would create,” reports Dana Milbank of the Washington Post. Surprise, surprise, surprise.

Stirrings in the Heartland.

Here’s a riddle: What do shuttered factories manufacture? Democrats. Or at least they might, if the national Democratic Party had the balls to do what needs to be done.Rick Perlstein treks through Illinois to evaluate the growing cracks in the Dubya (and Wal-Mart) coalition.