“Shovel-ready was not as shovel-ready as we expected.” ~ Barack Hussein Obama (guffaws from the President and panel; editor’s note – that was a real knee slapper as the unemployment lines come into mind.)
The President sees humor in the fact that a nearly trillion dollar Stimulus did little more than create more debt and deficit, but he was not to be outdone by DNC Chair, Debbie Wasserman-Schultz, this week. She thinks the economy has turned around thanks to the Stimulus and other administration policies.
DNC Chair, Debbie Wasserman Schultz iterated the party line with seemingly little concern as to whether it is believable or not.
Is it true? Take a look at this chart. Is what we are doing actually working?
Debbie is probably referring to this mini-recovery: – Read here: Teeny economic hope
And then there is this housing news: “…Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.
The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.
“The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression,” Paul Dales, senior economist at Capital Economics in Toronto, wrote in research for clients…” And it’s hardly over. Read here: Housing Crisis Worsens
I guess Debbie didn’t see this manufacturing information: – – June 2011, Business Insider Survey states the following, According to respondents to the June Business Outlook Survey, the region’s manufacturing sector weakened this month. The survey’s broad indicators for general activity and new orders suggested slight declines, while indicators for shipments and employment suggested only slight growth. Fewer firms cited input price pressures this month, and fewer firms reported higher prices for their own manufactured goods. The broadest indicators for future activity continued to decline and are now at their lowest reading in over two years. Read here: Send this to Debbie
Maybe Debbie missed the unemployment figures. Take a look at these charts on unemployment. The first two are from the St. Louis Fed site. They show the median duration of unemployment.
Lastly, a chart from the CalculatedRisk.com site, from the June 3 post titled “Employment Summary, Part Time Workers and Unemployed over 26 Weeks.” This shows the employment situation vs. that of previous recessions, as shown: –
Read more here: – Critical Unemployment
Redistribution and Keynesian economics do not work. Excessive entitlements do not work. Taxing and overly regulating the producers and employers does not work. QE 1 & 2 did not work and they likely go for a third with a new name meant to fool us.