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EDITORIAL
The Obama recovery
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The Obama economic recovery continues to lumber forward with all the momentum of a blind, three-legged elephant. On Friday, the Labor Department revealed that job creation was virtually nonexistent in July, with private employers adding just 71,000 new workers. The unemployment rate remained at 9.5 percent.
At the same time, the department revised its June job numbers, lowering private-sector job gains to 31,000 from the 83,000 originally guesstimated.
The economy lost 8.4 million jobs in 2008 and 2009.
"People have a long worry list they're looking at," Ethan Harris, chief economist at Bank of America Merrill Lynch, told The Associated Press.
Indeed, many employers remain reluctant to expand -- perhaps either still smarting from the hit of the 2008 economic meltdown or worried about the direction this president has taken the economy. With the Bush tax cuts set to expire at the end of the year, thousands of business owners and potential entrepreneurs face an uncertain future. Mr. Obama's class warfare rhetoric and desire to expand the regulatory state only exacerbates the problem.
Meantime, one of the president's top economic advisors has resigned to go back to teaching at Cal-Berkley. Christina Romer -- one of the architects of the "stimulus" package who erroneously maintained that unemployment wouldn't exceed 8 percent if the administration ramped up government spending -- announced Thursday she was leaving to spend more time with her family.
Yeah, right.
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Harry Reid and Obama don't know what they are doing. Unless they want us not to have jobs, pay more taxes, and have more national debt.
Just the facts, Ma'am.
Don't worry folks!! The Offices of Diversity will help the economy.
I was once perplexed on why Libtards hate Conservative (moral, responsible) beliefs. I now realize it must be insanity and not treatable. Libtards have no shame in taking welfare, such as EBT cards, even when able bodied, and are therefore immoral and selfish animals. They have no shame in the fact that they make other people their personal slave.
The AM radio crowd posting here consistently lights-up with a cackling, taunting glee at every single report of bad economic news and widespread suffering. Bad news really makes their day. Why?
Because it supports their false premise that things would be hunky dory of only Dirty Sharry were a Nevada senator, and if Sarah Palin were president.
Ya' got that? To repeat: things would be hunky dory if Sarah Palin were president and Dirty Sharry was a Nevada senator.
Uh, huh. Yeah. That's it. That's the ticket.
Fed set to downgrade outlook for US
"The Federal Reserve is set to downgrade its assessment of US economic prospects when it meets on Tuesday to discuss ways to reboot the flagging recovery.
Faced with weak economic data and rising fears of a double-dip recession, the Federal Open Market Committee is likely to ensure its policy is not constraining growth and to use its statement to signal greater concern about the economy. It is, however, unlikely to agree big new steps to boost growth."
Are we still waiting on that hope and change that the Messiah of Hope and Change promised us? How long are we going to have to wait?
EXCERPTS FROM TODAY'S WASHINGTON POST
According to the St. Louis Federal Reserve, corporate profits hit $1.37 trillion in the first quarter -- an all-time high. Businesses are sitting on about $2 trillion in cash reserves. Business spending jumped 20 percent last quarter and is up by 13 percent against 2009. And the Obama administration has cut taxes for small businesses and big ones alike.
The reality is that America's supposedly anti-business president has led an extremely pro-business recovery. The corporate community has recovered first, and best.
s corporate America's position is getting better and better, the recovery is looking shakier and shakier. Unemployment is high. Housing looks perilously close to a double dip. Job growth is weak. Businesses aren't hiring. The 71,000 jobs the private sector added in July aren't sufficient to keep up with population growth, much less cut into the ranks of the unemployed.
That is the catch-22 of the recovery: Businesses will start hiring when the economy recovers. And the economy will start to recover when businesses start hiring.
Recently, it has been popular to blame the tension between skyrocketing corporate profits and weak job growth on the White House and the Hill -- hence the Chamber of Commerce and Weekly Standard quotes. Something must have gone wrong, right? And it's probably Washington's fault.
In fact, no: A look at the history of financial crises shows that our slow, halting recovery is right on schedule and the business community's caution is predictable.
Not all recessions are created equal. Recessions caused by financial crises take a lot longer to dig out of than their more common cousins. One is like the flu. The other, a car crash. When the flu goes away, you're good. When a collision spins to a stop, that's when the long, slow process of healing begins.
Ha ha ha ha....tee hee! BlackVegas is a comedian! Ha ha ha!
I can see it now......Spring, 2011..... Nevada's Senators are Ensign and Angle..... Nevada becomes America's embarrassment. .. Unemployment soars....Some casinos shut down.... Foreclosures skyrocket..... Chuck Schumer is leader of the Senate..... He does away with making deals with Neocons and Corrupt Democrats who vote "No" anyway..... Senate Leader Schumer's eloquence vigorously exposes Republicans as corrupt hypocrites...... Angle voters leave Nevada by the thousands and merge into the general population like the religious fundamentalist insurgents they are....... A vibrant Senate Leader Schumer invigorates the Democrats base......... Obama and Co. win 2012 in a landslide.....Dems win a filibuster proof Senate and over 2/3 majority of the House...... Unfortunately Reid's opponent is such a nut job, Sen. Reid might actually win reelection......(Boring!!!!)