Who can forget that infamous declaration by Greg Manikiw, Outsourcing is good for America, backed up by fictional economics from an an offshore outsourcing group. Despite the never ending alarming U.S. unemployment rate, the jobs crisis and the stagnant wages, it seems Obama is touting the same philosophy. Economists, on the other hand, refuse to dare challenge this corporate party line and mention the O word, outsourcing.

Where are the jobs? John Bougearel really nails it on fictional CBO and BLS future employment projections.

American policies must take steps to stop the bleeding of jobs overseas, Obama’s new Council on Jobs and Competitiveness should be enacting policies and proposing legislation that repatriates US jobs and disincentivizes further outsourcing of US jobs. These policies would of course be hugely unpopular with Corporate America, but that is the crossroads where we now stand.

Bougearel lists the never ending fiction BLS job growth projections and now similar delusional numbers by the CBO for 2011-2015.

The CBO is projecting 2.5 million jobs will be created annually from 2011 to 2015. From the CBO: “As the recovery continues, the economy will add roughly 2.5 million jobs per year over the 2011–2016 period.”

The Financial Crisis Inquiry Commission has released their final report and to no one's surprise it's a mealy-mouthed white wash to reduce real accountability of many facts already known. Read it here. Basically the report rehashes a lot of information already discovered as the causes of Financial Armageddon. Case in point is Goldman Sachs obtaining $2.9 billion through the AIG bail out.

Goldman Sachs collected $2.9 billion from the American International Group as payout on a speculative trade it placed for the benefit of its own account, receiving the bulk of those funds after AIG received an enormous taxpayer rescue,

The report does drive home the overriding message Financial Armageddon didn't have to happen. It was a direct result of fictional derivatives, deregulation and a host of other financial lobbyists' wish lists which were granted absolute in the last 30 years.

Yves Smith, Naked Capitalism who has been following every nitty gritty detail since day one:

As CEOs descend to pay tribute to China in the White House and all Hail the Chief at a Celebrity filled state dinner, the American people are once again left out in the cold. Literally, Barack Obama denies China has captured American manufacturing and our jobs along with it.

Obama and Hu greeted the CEOs in a room in the Eisenhower Executive Office Building (the mammoth building next to the White House that looks like a Victorian-era hotel) and made a few remarks before leaving for their presser.

“I think our goal here today was to make sure that we break out of the old stereotypes that somehow China is simply taking manufacturing jobs and taking advantage of low wages,” thereby straining the U.S. employment base, Obama said. “The relationship is much more complex than that, and it has much more potential than that.”

“I also have a message to American entrepreneurs,” Hu added. “That is, we welcome you as companies to China….We will, as always, try to provide a transparent, just, fair, highly efficient investment climate to U.S. companies and other foreign companies.”

Nice huh? China wants what is left of American innovators. Obama rolls out the red carpet to have a meet and greet.

In November, the United States trade deficit was $38.3 billion and only shrunk during the global recession, where all trade slowed. Now Joseph E. Gagnon has new research, showing the trade deficit will come roaring back, wrecking havoc once again on the U.S. economy. Why? Currency manipulation in a nutshell.