Part 1 was supposed to happen last summer but apparently that did not work out to well. Now 2 years into a supposed recovery (the recession technically ended June of 2009) when we should be booming, especially after being told that we needed the stimulus to prevent the unemployment rate from reaching 8% and 2 1/2 years later it is 9.1%, we still have 13.9 million unemployed. A STUNNING 44% of the nearly 14 million unemployed now deemed LONG TERM-more than 26 weeks.
Just this last week housing prices hit an all time low again. Manufacturing was worse then expected. GDP growth for the 1st Quarter was 1.8%. That is not even remotely enough to get unemployment down significantly. You need to be growing at a least a 4% clip, AT LEAST. And should be by now in what should be a V-shaped recovery.
And it continues, ADP jobs report on Wed. just 39K private sector jobs. Unemployment report today, just 54K jobs WAAAYYY below the estimates even after the estimates were revised DOWN after the bad ADP report.
Consumer sentiment down for April and May significantly.
Again no way to spin this. We should be booming. Keep in mind the arguments we had on this board when those who defended the stimulus (remember shovel ready jobs, REMEMBER, in addition to keeping the unemployment rate UNDER 8%) that the summer of 09 was TOO early to get a report card on the stimulus effect.
Almost every number out the last two weeks has been a DISASTER. This is by all accounts the weakest recovery in a generation.
The Obama people are clinging to the Reagan 84 model. He inherited a difficult recession and even went into a brief double dip in 82. But that is where the comparisions end. Reagan cut taxes. Reagan did not impose huge EPA mandates and Health Care mandates, in fact he moved to deregulate the economy. (Put it to you another way can you imagine if Ronald Reagan in a middle of a recession and high unemployment was pushing a HUGE reform of say Social Security. He would have been screamed at for having the wrong priorities. Even though Social Security was a major and still is a major budgetary issue. That is exactly what this administration did for more than a year with Health Care. Then he had his party use Parlimentary manuevers in the House and Senate to force it down our throats even after poll after poll said it was very unpopular). And Reagan sure as hell did not believe that government spending was the answer in the form of a nearly $1 trillion dollar stimulus unpaid for. Basically a slush fund for municipal unions.
By 1983 the economy was smoking. Economy grew between 7-8% for all of 83 and most of 84. Brought the unemployment rate down a full 3% from over 10% to just over 7%.
All the estimates are now saying GDP will grow between 2-2.5% for this year. That is pathetic. And keep this in mind. Reagan did not have the benefit of all of this artificial stimulus. The Fed pumping all of this money into the money supply and keeping the Fed Funds rate at near 0 for 3 FULL years. We have had BOTTOM basement interest rates for 3 years I mean the Keynesians should be crowing that their philosophy is working but they are not. In addition to all of the Government spending from this administration. Just the opposite, the Fed during the Reagan years hiked interest rates considerably early on to squeeze the inflation out of the economy. Remember the Prime Rate in the early 80's was near 20%.
Again I don't know how you spin this but I can tell this President owns this. I will admit that the President, regardless of Party, does not always have a great impact on the economy. Certainly not as much credit or blame as they get. But this President, with the rewriting of labor laws in their taxpayer bailout of the car industry, the $1 trillion stimulus, their HUGE Health Care mandate, their decision to pursue onerous environmental regulations with the EPA, their NLRB suing Boeing for trying to open a plant in right to work South Carolina where as many as 190K jobs would be created in a state being crushed by high unemployment has done more to reshape the American economy in just 2 1/2 years then any President since Roosevelt. And the fact that he and his party still have not passed a budget for 2011 even though the debate for 2012 has started AND they have no plan to deal with long terms deficits or entitlement spending other then to demogogue Paul Ryan and scare the hell out of seniors. Completely irresponsible.
Now you tell me, is this really Hope and Change?
This post was edited on 6/3 12:37 PM by michstfr
This post was edited on 6/3 4:32 PM by michstfr
This post was edited on 6/3 4:36 PM by michstfr
Just this last week housing prices hit an all time low again. Manufacturing was worse then expected. GDP growth for the 1st Quarter was 1.8%. That is not even remotely enough to get unemployment down significantly. You need to be growing at a least a 4% clip, AT LEAST. And should be by now in what should be a V-shaped recovery.
And it continues, ADP jobs report on Wed. just 39K private sector jobs. Unemployment report today, just 54K jobs WAAAYYY below the estimates even after the estimates were revised DOWN after the bad ADP report.
Consumer sentiment down for April and May significantly.
Again no way to spin this. We should be booming. Keep in mind the arguments we had on this board when those who defended the stimulus (remember shovel ready jobs, REMEMBER, in addition to keeping the unemployment rate UNDER 8%) that the summer of 09 was TOO early to get a report card on the stimulus effect.
Almost every number out the last two weeks has been a DISASTER. This is by all accounts the weakest recovery in a generation.
The Obama people are clinging to the Reagan 84 model. He inherited a difficult recession and even went into a brief double dip in 82. But that is where the comparisions end. Reagan cut taxes. Reagan did not impose huge EPA mandates and Health Care mandates, in fact he moved to deregulate the economy. (Put it to you another way can you imagine if Ronald Reagan in a middle of a recession and high unemployment was pushing a HUGE reform of say Social Security. He would have been screamed at for having the wrong priorities. Even though Social Security was a major and still is a major budgetary issue. That is exactly what this administration did for more than a year with Health Care. Then he had his party use Parlimentary manuevers in the House and Senate to force it down our throats even after poll after poll said it was very unpopular). And Reagan sure as hell did not believe that government spending was the answer in the form of a nearly $1 trillion dollar stimulus unpaid for. Basically a slush fund for municipal unions.
By 1983 the economy was smoking. Economy grew between 7-8% for all of 83 and most of 84. Brought the unemployment rate down a full 3% from over 10% to just over 7%.
All the estimates are now saying GDP will grow between 2-2.5% for this year. That is pathetic. And keep this in mind. Reagan did not have the benefit of all of this artificial stimulus. The Fed pumping all of this money into the money supply and keeping the Fed Funds rate at near 0 for 3 FULL years. We have had BOTTOM basement interest rates for 3 years I mean the Keynesians should be crowing that their philosophy is working but they are not. In addition to all of the Government spending from this administration. Just the opposite, the Fed during the Reagan years hiked interest rates considerably early on to squeeze the inflation out of the economy. Remember the Prime Rate in the early 80's was near 20%.
Again I don't know how you spin this but I can tell this President owns this. I will admit that the President, regardless of Party, does not always have a great impact on the economy. Certainly not as much credit or blame as they get. But this President, with the rewriting of labor laws in their taxpayer bailout of the car industry, the $1 trillion stimulus, their HUGE Health Care mandate, their decision to pursue onerous environmental regulations with the EPA, their NLRB suing Boeing for trying to open a plant in right to work South Carolina where as many as 190K jobs would be created in a state being crushed by high unemployment has done more to reshape the American economy in just 2 1/2 years then any President since Roosevelt. And the fact that he and his party still have not passed a budget for 2011 even though the debate for 2012 has started AND they have no plan to deal with long terms deficits or entitlement spending other then to demogogue Paul Ryan and scare the hell out of seniors. Completely irresponsible.
Now you tell me, is this really Hope and Change?
This post was edited on 6/3 12:37 PM by michstfr
This post was edited on 6/3 4:32 PM by michstfr
This post was edited on 6/3 4:36 PM by michstfr
