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Coming to Kindle and Smashwords
November 2013

Nov 3, 2012

Jack Welch Invents '2009 Recession' And New Economic Metric To Criticize Barack Obama

WASHINGTON -- Former General Electric CEO Jack Welch rewrote economic history during a Saturday appearance on Fox News, criticizing President Barack Obama for "the 2009 recession," while offering a new metric by which unemployment would be 11 percent.
"The real unemployment rate, if you take the last 10 years prior to the 2009 recession, a 10-year average of what's called the participation rate -- how many people are working temporarily, full-time, and wanting to work -- if you take that number, and you take the 10-year average, and you run it now with this workforce, you would have an unemployment rate close to 11 percent," Welch said.
There is, in fact, no specific "2009 recession." According to the National Bureau of Economic Research, the official committee that measures and studies economic cycles, the U.S. economy entered a recession in December 2007, which ended in June 2009. Recessions are categorized as periods in which gross domestic product -- a measure of economic output -- declines. The effects of this decline can reverberate in the labor market for years after growth resumes. By referring to "the 2009 recession," however, Welch creates a timeline in which Obama is the only president presiding over economic hardship.
Welch's reference to a "10-year average" is also curious. Ten years ago, it was 2002. George W. Bush was in his second year as president of the United States.
The official unemployment rate is currently 7.9 percen

Chris Christie Praise For Obama Frustrated Romney Campaign: Report

Chris Christie Praise For Obama Frustrated Romney Campaign: Report

Chris Christie Obama
After a year of campaigning for GOP presidential nominee, New Jersey Gov. Chris Christie rankled the campaign this week by praising President Barack Obama, Politico reported Saturday. (AP Photo/Charles Dharapak, File)
Romney insiders told Politico this week that New Jersey Gov. Chris Christie was Mitt Romney's first choice for the vice president, until he decided Rep. Paul Ryan (R-Wis.) would be a safer choice due to some problems with Christie.
The information comes just days before the 2012 election and was released in a story on Saturday, adding another narrative to the campaign as Romney and Ryan make their final pitch to voters. But it also comes during a week in which Christie has repeatedly praised President Barack Obama for his help during superstorm Sandy -- a move that, according to Politico, rankled the Romney campaign and could lead to tension should he become president