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Well some feel that is Wall St is making money all is well. Over the last week dems and their MSM mouthpieces have begun floating the Obama reelection strategy. In essence there is noting anyone could do about the economy and the recovery will take years. Stay the course IOW.
Now there certainly are business cycles that government cannot control (contrary to what the Keynsian's would tell you. However the government can have a large role in creating the environment that can hinder or help the economy, help recovery, moderate the effects of downturns and so on.
Jobs are the issue, there is money on the sidelines, little investment by business and unemployment not going down.
In May 2011, using the latest figures available from the BLS, the unemployment rate reached 9.1%. In contrast, the Romer and Bernstein projections estimated that the unemployment rate would be around 8.1% for this month without a recovery plan, or 6.8% with a stimulus plan (which was ultimately passed). The actual unemployment rate has been consistently above Romer and Bernstein’s worse case scenario for the economy – and by a considerable margin.
[E]ven if you buy the White House’s argument that the $800 billion package created 3 million jobs, that works out to $266,000 per job. Taxing or borrowing $266,000 from the private sector to create a single job is simply not a cost effective way of putting America back to work. The long-term debt burden of that $266,000 swamps any benefit that the single job created might provide.
10 steps in this article to help turn things around.
Quote:
According to Standard & Poor's, at December 31, 2010, the 500 big American companies in its S & P 500 Index were sitting on $2.4 trillion in cash and short-term investments.
The existence of this huge accumulation of corporate capital in cash and marketable securities over the last three years means that the United States is experiencing a classic "capital strike." A capital strike occurs under a system of democratic capitalism where unacceptable political risk discourages private investment from taking place. The result is economic stagnation and a steady build-up of uninvested capital
There is little doubt that today’s economy belongs to Presient Barack Obama, regardless of his blaming George W. Bush for all of his problems. “Now, my administration has a job to do as well, and that job is to get this economy back on its feet,” President Obama declared on July 14, 2009, in Warren, Mich. “That’s my job, and it’s a job I gladly accept. I love these folks who helped get us in this mess and then suddenly say, well, this is Obama’s economy. That’s fine. Give it to me.”2 This month’s unemployment rate is 9.1%. When Obama gave the above mentioned speech, it was 9.5%. This month’s unemployment rate is still well above the 8% rate we were promised if the stimulus was enacted. What is really sad is that his advisors said the unemployment rate would top out at 8.8% if the stimulus was not enacted. Since Obama gave that speech in 2009, the country has spent $2.8 trilion, run up $3.7 trillion in debt, and lost 2.8 million jobs.
"I'm not concerned about a double-dip recession," Obama said recently. Nor would I be if I had government housing, a car and driver, and a social secretary for the missus. But I wonder if it's such a smart idea to let one's breezy insouciance out of the bag when you're giving a press conference.
In May the U.S. economy added just 54,000 jobs. For the purposes of comparison, that same month over 100,000 new immigrants arrived in America.
So what kind of jobs were those 54,000? Economics professorships at the University of Berkeley? Nonexecutive directorships at Goldman Sachs? That sort of thing? No, according to an analysis by Morgan Stanley, half the new jobs created were at McDonald's.
More on how and why Obamacare will cause more working people to lose their health insurance, which will cause Obamacare to cost far more than the administration projected, as some here projected:
quote]Another study found that among businesses with a "high awareness" of what ObamaCare is all about, more than half are planning to drop health care insurance benefits for their workers.
AT&T calculated that dropping coverage and paying the penalty will save them $1.8 billion annually.
The phony budget projections used to sell ObamaCare were based on just 2.5 percent of workers with current employer provided plans to switch – not 30 or even 50 percent!
The real resulting impact to the federal treasury will be in the trillions according to former budget officials Douglas Holtz-Eakin and James Capretta. [/quote]
This is on top of the Trillions in debt Obama is admitting to piling up
No wonder why business isn't going to invest they see the writing on the wall.
Last but not least the Housing's Double Dip and how policies made a bad situation worse congrats to the administration:
The recent Case-Shiller data make clear that the tax credit not only wasted tens of billions of dollars, it actually aggravated the problem. As predicted here last June, by inducing prospective buyers to move purchases forward to take advantage of the credit, the tax credit spared sellers from having to lower prices to generate sales. Eventually, those first-time buyers who were intending to buy had done so, which necessitated expanding the credit’s reach to cover all homebuyers to maintain buying activity. At that point, so many sales have already been transferred forward in time that maintaining current price and sales activity levels would have required making available an even more generous tax credit to an even greater universe of taxpayers. Congress decided against further extensions and expansions, resulting in the inevitable downturn in prices and transactions we are currently witnessing.
The bitter irony of the downturn is that those homebuyers who accelerated transactions to take advantage of the credit probably lost money by doing so. Average home prices have fallen by 4.34% since June 2010 when the credit expired.
No wonder his whole economic team is bailing and Axelrod says the next election isn't about Obama's record.
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"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
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Obama Economy – Why Are We Here and What Do His Policies Portend for 2012? [Reader Post] | Flopping Aces[/url]
Great....an opinion piece on a blog called "Flopping Aces" by someone who calls himself "Warren Beaty." Warren doesn't seem to be a regular writer there - they have much more original made-up names like, "Skye," and "Wordsmith," and "Skookum," and, (my personal favorite,) "MataHarley."
Yes, brilliant indeed, considering Mark Steyn is a writer, political commentator, and cultural critic of Canadian citizenship who sometimes fills in for Rush Limbaugh on Rush's show and doesn't seem to have any financial background as far as I can tell. He does have an interesting history of Islamophobia and is right quick to explain why his Jewish heritage isn't really his. Still, while interesting, neither qualifies him as someone I'd take my financial outlook from.
Sorry, didn't bother reading anything else.
Last edited by Mrs.PatsFanInVa; 06-12-2011 at 02:17 PM..
Yes, brilliant indeed, considering Mark Steyn is a writer, political commentator, and cultural critic of Canadian citizenship who sometimes fills in for Rush Limbaugh on Rush's show and doesn't seem to have any financial background as far as I can tell. He does have an interesting history of Islamophobia and is right quick to explain why his Jewish heritage isn't really his. Still, while interesting, neither qualifies him as someone I'd take my financial outlook from.
Well, he certainly couldn't do any worse than Obama's own team of financial advisors and consultants and the predictions they made regarding how Obama's policies (specifically the stimulus package) would impact our economy.
Heck, a well trained monkey would certainly have better results than that group of morons.
Well, he certainly couldn't do any worse than Obama's own team of financial advisors and consultants and the predictions they made regarding how Obama's policies (specifically the stimulus package) would impact our economy.
Heck, a well trained monkey would certainly have better results than that group of morons.
Yet the pubbie morons who preceded Obama's team helped create the dire economy Obama inherited.
Who said anything about "all still George Bush's fault"?
Oh, gee, sorry. When you said "pubbie morons who preceded Obama" I didn't realize you were talking about Bill Clinton.
At least be man enough to stick by your own statements Chico, instead of cowardly throwing something out there and then running away from your own statements as fast as you can 60 seconds later.
I wonder what people would be saying if the economy's woeful job creation two years after the recovery had started had included half of the jobs being created coming from one employer: McDonald's.
Oh, gee, sorry. When you said "pubbie morons who preceded Obama" I didn't realize you were talking about Bill Clinton.
At least be man enough to stick by your own statements Chico, instead of cowardly throwing something out there and then running away from your own statements as fast as you can 60 seconds later.
Learn to read, then you'll at least have a chance of responding intelligently.
I didn't say what you claim I said. Be man enough to admit when you make a mistake instead of cowardly flinging crap in the form of a response.
Steyn if partly Jewish and attends a Baptist church in NH, next to the Connecticut River, in a town that's eminently livable.
Any sources of his Islamophobia to back up your statement, Mrs. Pats? I read his book _America Alone_, and I think you should too. Besides, there are several wonderful interviews with him by the best interviewer in the English language, Milt Rosenberg, out of WGN in Chicago. MUST-LISTEN: 80-minute interview with Mark Steyn on the Milt Rosenberg show
I'm against bigotry against religions, but the rising tide of anti-semitism is a scary recurrence that makes me very sad, angry, and frustrated. I'm glad to be living in the United States rather than Europe.
And as Dennis Prager has remarked: If the 200 or so nukes that Israel has were in Islamic hands and Israel were nuclear free, we all know that that beautiful country would be extinguished.
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Jobs and the Permanent Recession
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