Saturday Night Live had fun at President Barack Obama‘s expense last night in another special Thursday installment leading up to the election, mocking the president for a message that the economy will get better — sometime in the not-specific future.
Jay Pharoah, cast as Obama this season, was at a town-hall-style rally in Ohio, where he found it difficult to find a supporter who was “better off” under his economy — or who had a job at all.
“I understand your frustration,” Pharoah said to one woman who said she had been unable to find a job since 2009. “I said from Day One that real change takes more than one term, or even one president. I don’t know if it will even happen in eight years. Might take 12. Frankly, I might be long dead. Maybe you’ll be dead too.”
There was only one person SNL’s
Obama could find at the rally who even had a job — but he turned out to be a manager at Burger King who had been a former executive at Bank of America
. In calling on other supporters, he encountered a woman who sells actual apples, a man who chases raccoons out of foreclosed homes, and … a meth cook who SNL’s
Obama said was “fired up.”
Jay Leno took some surprising shots at President Obama Thursday night.
During the opening monologue of NBC’s Tonight Show, the host said Americans wasted four years for the current White House resident to do something about the economy (video follows with transcribed highlights and commentary):
“I love how the politicians capitalize on this kind of thing,” teased Leno. “Like the minute the replacement refs were fired, President Obama said, ‘See, sometimes losing jobs can be a good thing. It’s a good thing.'”
When the laughter subsided, Leno continued, “A new survey out today shows how much time we waste every day in our lives. For example, we waste seven minutes in line every time we go to get coffee, 28 minutes getting through airport security, four years waiting for Obama to do something about the economy. Every year, we waste a lot. We wasted a lot of time.”
When it comes to spying, eavesdropping on its citizens as well as the complete invasion of American privacy, the first thing that comes to mind is the Patriot ACT and Dubya. And with good reason: because while the rest of the world may “hate us for our freedoms”, they certainly love us for the fact that the NSA usually can autocomplete sentences before they are written in any electronic medium (recall: NSA Whistleblower Speaks Live: “The Government Is Lying To You“). However, as it turns out that the first thing that should be coming to mind is none other than the current administration and Barack Obama. Here are the facts: as the ACLU reveals using documents released by the Justice Department following months of litigation, “federal law enforcement agencies are increasingly monitoring Americans’ electronic communications, and doing so without warrants, sufficient oversight, or meaningful accountability.” How “increasingly”? Look at the chart below and decide.
Congress seems not to understand this. There is going to be a political crisis when the government begins cutting of the special-interest group most responsible for this deficit: retired people.
This 6-minute video proves that it is oldsters who are breaking the federal government’s bank. It presents the official government numbers in a clear fashion. It shows what a well-designed screencast video can do. It has been seen by 2.6 million people. If you are impressed, forward this page to a friend.
What we see here is the tip of the famous iceberg. The video deals with the so-called on-budget debt. It does not assess the impact of the off-budget deficit: the unfunded liabilities
of Social Security and Medicare. Prof. Lawrence Kotlikoff of Boston University has estimated the annual deficit of this budget — the real deficit — is rising by at least $11 trillion a year. Worse: this is the present value
of the annual increase in unfunded liabilities — what we must set aside today
to invest in the world economy, and which will earn 5% or so for the next 75 years. The total deficit is now over $222 trillion
: present value, not future red ink. The story is here
Since it is now quite clear that despite calling for even endless-er QE, the uberdovish Chicago Fed, and by implication the entire FOMC, is still
clueless about the two most critical processes of modern fiat-based economics, namely bubble formation, and its counterpart, bubble bursting, we decided to give them a helping hand, and to explain just how these two fundamental events occur, with flow charts so simple, even an Economics PhD can get it.