No hope here. But lots of change, and for the worse, in a poll taken last week:
Eight of 10 say the economy is in a recession, and nearly as many say it hasn’t improved over the past year. Even more ominous: Six in 10 predict the economy a year from now will be the same or worse than today, a downturn from the public’s views last year and the year before.
In the USA TODAY survey, the public’s economic expectations were reversed from where they stood two years ago, soon after economists calculated the recession officially had ended. In September 2009, 65% predicted the economy would be better in a year; 35% said it would be about the same or worse.
Now, 37% say things will be better in a year; 61% say they will be the same or worse.
While a third of the respondents still attribute some of the blame to President Bush, that particular Democrat talking point is fading:
Twenty-four percent say Obama deserves a great deal of the blame, up 10 points since 2009. For the first time since he took office, a majority of Americans — including six in 10 independents — say he deserves a great deal or moderate amount of blame for the nation’s economic woes.
“The blame-it-on-my-predecessor line is of decreasing help to an incumbent,” says political scientist William Mayer of Northeastern University. “It was perfectly fine when he took office, and even reasonable a year or two in, but eventually, increasingly, it becomes Obama’s economy.
I think Obama pushed the blame-it-on-Bush string much too long. About two years too long. When you campaign on vague promises of hope and change, as the savior of an economy that was teetering on disaster, there had better be solid improvements in people’s economic well-being, relatively quickly. Especially after you made it a point to tell everyone that your predecessor’s economic policies failed, with the implication being that yours are so much better.
So much for that.
Even the dollar stores aren’t immune to the failures of Keynesianism on steroids, porkulus, Obamanomics and Decmocratic economic stewardship:
While the demand at stores like the 99-Cent Store or Dollar Tree is still relatively high, the biggest chains in the nation have fallen short of Wall Street’s expectations for several months, a trend that may prove even more ominous for the economy at large.
“I think what’s going on in those stores is that we are in a depression for 80 percent of Americans,” top retail analyst Howard Davidowitz told KNX 1070.
America’s three largest discount chains — Dollar General Corp., Family Dollar Stores Inc. and Dollar Tree Inc. — all recently missed their quarterly earnings targets.Davidowitz pointed to the weakness of the dollar and a gloomy consumer outlook as some of the factors behind the stores’ slump.“In other words, the economy is continuing to be worse, the Obama depression continues to explode,” he added.
Here’s hoping Peggy Joseph was able to get her mortgage and gas money before the cash runs out.
It’s amazing. A month ago, our national pundits were all excited about how POTUS “got” Osama bin Laden and how he would now be unbeatable in 2012.
That buzz lasted slightly over a week.
About four weeks later, the only buzz from Democrats included Weinergate and the indictment of presidential/vice-presidential nominee for the people’s party, John Edwards.
is continuing to create tons of shovel-ready jobs and we’re on the verge of a real Recovery Summer continues with its stranglehold on the economy.
With full control of the White House and both chambers of Congress for nearly four years has the housing market in a double dip, a record number of people on federal assistance, about 14 million people looking for work and anemic economic growth. Behold, the Obama’s McEconomy!
Hey, remember when Obama was elected and how the Democrats were constantly telling us how they would be pulling us back from the precipice of a repeat of the Great Depression?
With the election season officially kicking off this week, and with the dismal results of 18 months of Obamanomics in full view, the President has come out with
yet more government spending his new economic rescue plan: $50 billion in stimulus money.
Vulnerable Democrats have seen this movie before:
In a sign that Democrats are not on-board with what was supposed to be a major cornerstone of their platform this fall, an increasing number of Democratic incumbents and candidates are criticizing Pres. Obama’s economic plan.
Within 24 hours of Obama’s major address in Ohio on Thursday, a Democratic senator, three House Democrats and another two Democrats vying for open House seats all distanced themselves from Obama’s economic plan.
Their remarks indicate that it will be difficult for Obama to get his plan through Congress before the November elections. They also show that Democrats are increasingly on shaky political footing on the economy — the top issue for voters this year.
Do Democrats have a solution to anything that does not require more taxes and more spending?
The problem with this, especially after having passed a $800 billion stimulus program, which was designed to…wait for it…stimulate the economy, and has failed miserably, is that it’s hard to get people on board for yet another round. Especially for Democrats who realize that the President really has no other answer besides spending more money and hoping that Republicans oppose it.
Good luck with that.
Sales of previously owned U.S. homes took a record plunge in July to their slowest pace in 15 years, underlining the housing market’s struggle to find its footing without government aid.
Tuesday’s report from the National Association of Realtors, which was much worse than market expectations, was the latest data that indicated economic activity continued to slacken into the third quarter.
The NAR said overall sales were at their lowest since it started the existing-home sales data series in 1999, with single-family home sales that account for most business at their lowest since 1995. Association chief economist Lawrence Yun characterized overall sales as the softest since 1995.
The dismal sales report came as Chicago Federal Reserve President Charles Evans warned the risk of a double-dip recession was higher than six months ago. He doubted that output will actually shrink but said recovery will be modest.
“It is becoming abundantly clear that the housing market is undermining the already faltering wider economic recovery. With the increasingly inevitable double-dip in prices yet to come, things could yet get a lot worse,” said Paul Dales, a U.S. economist at Capital Economics in Toronto.
How bad was this report? Very bad:
This is a really, really bad report. The awfulness of July’s sales were a little exaggerated due to all of the demand having been pulled forward form the buyer credit. But it’s unclear how many months of demand were captured early by the credit, so it’s hard to know when its effect will wear off.
Bah! It’s all good. Joe Biden, the Veep in charge of overseeing economic stimulus says we’re on the right track.
This morning’s job report was ugly:
The economy is looking bleaker as new applications for jobless benefits rose last week to the highest level in almost six months.
It’s a sign that hiring remains weak and employers may be going back to cutting their staffs. Analysts say the increase suggests companies won’t be adding enough workers in August to lower 9.5 percent unemployement rate.
First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. That’s the highest total since February. Analysts had expected claims to fall.
Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.
Claims fell steadily last year from their peak of 651,000, reached in March 2009. But they have mostly leveled out this year at or above 450,000. In a healthy economy with rapid hiring, claims usually drop below 400,000.
Seeing the endless stream of bad economic news over the past several months, and especially the weak jobs situation, I can’t help but think about the early days of the Obama administration, and their push for the
trillion dollar $800+ stimulus package.
Remember the boasts made by both the administration and congressional Democrats, about the number of shovel-ready jobs that were lined up, waiting for federal funding? And how those jobs would set in motion this miraculous economic recovery rooted in Keynesian economics? And how not one Republican representative voted for that monstrosity in the House?
The ball’s in the American people’s court this November–hold the politicians accountable for the lies.
Some call it Obamanomics, but really it’s just more of the same failed Keynesianism. The same economic theories that the left was praising in the pre-inauguration winter of 2009, as the salvation for our economic woes.
No coincidence that Peter Orszag and now, Christina Romer have jumped ship:
Romer is best known for drafting the February 2009 report “The Job Impact of the American Recovery and Reinvestment Plan,” which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included).
Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That’s not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.
Those who fail miserably in the real world, go back to teaching at Berkeley I guess.
Meanwhile, the $787 billion porkulus is flushed down the toilet:
…[T]he stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.
As Romer fades back to her teaching post at Berkeley, Obama is adding to the economic misery by creating an environment of regulatory uncertainty.
There is no accountability at all to what these people bring to the table. The Obama administration was heralded by the press and the blogosphere as young blood, a haven of Democratic intellectualism that was supposed to do away with fiscal recklessness of the past, repudiate a failed Republican agenda, and jump-start the economy.
Now, with the better part of two years behind them (not to mention almost four years of a Democratically-controlled congress), the administration is trying to put lipstick on a pig of an economic landscape.
The worst part of all of this is that real Americans are suffering. Nobody is asking for a handout, but the government’s actions appear to exacerbate the problems.