Thursday, August 13, 2009

Barack Obama vs.The Economy: A Race To The Bottom!

Yeah, sure....the economy has "bottomed out", the recession is "just about over", etc., etc., etc....

Yeah...you're all full of sh*t:

Retail sales disappointed in July and the number of newly laid-off workers filing claims for unemployment benefits rose unexpectedly last week. The latest government reports reinforced concerns about how quickly consumers will be able to contribute to a broad economic recovery.
"There is really no positive spin to put on these numbers," Jennifer Lee, an economist with BMO Capital Markets, wrote in a research note. "The U.S. consumer remains very weak. The jobs situation, while slowly improving, is still dismal."


The Commerce Department said Thursday that retail sales fell 0.1 percent last month. Economists had expected a gain of 0.7 percent.

While autos, helped by the start of the Cash for Clunkers program, showed a 2.4 percent jump — the biggest in six months — there was widespread weakness elsewhere. Gasoline stations, department stores, electronics outlets and furniture stores all reported declines.

More:

The Labor Department said initial claims increased to a seasonally adjusted 558,000, from 554,000 the previous week. Analysts expected new claims to drop to 545,000, according to Thomson Reuters.

Seems to me things are even worse than we believe, or are being told. Look at comparable numbers from recent recessions:

Looking at the recessions of the post-war period, average monthly job losses ranged between 150,000 and 260,000. Average monthly losses in this recession are still at 350,000. For the first four months of the year, the average was at 648,000. . .

For the labor market to stabilize, job losses need to slow to 100,000 to 150,000 per month, and jobless claims need to fall to around 400,000.


We're a long, long way away from those numbers. And claims are still rising....

Well, Barack Obama thinks this is a swell time to pass legislation that will cause electricity bills to skyrocket, and to reform the heath care system of the United States in such a way that no one knows what the hell will happen, except that it is way more likely things will get worse for the average American rather than better. So this bit of news is no surprise either:

The Rasmussen Reports daily Presidential Tracking Poll for Thursday shows that 29% of the nation's voters Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-seven percent (37%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -8 ...

Overall, 47% of voters say they at least somewhat approve of the President's performance. That’s the lowest level of total approval yet recorded. The President’s ratings first fell below 50% just a few weeks ago on July 25. Fifty-two percent (52%) now disapprove.

Even in Deep Blue Jersey, Obama is spinning towards mediocrity:

President Obama has a 56%-39% job approval rating in New Jersey, down from 61%-33% last month, according to a Quinnipiac University poll released today.

"For President Barack Obama, the bloom is fading in the Garden State as his approval rating wilts," said Maurice Carroll, director of the Quinnipiac University Polling Institute. "The President still is on the positive side when we ask about his overall job approval and his grades for handling the economy. But the trend - and that's what you always look at - is heading down."

Among independents voters, Obama has an upside-down 45%-48% approval rating.


Remember - no matter what the media tries to sell you - for both the President and the economy, the bottom is nowhere yet in sight.

1 comment:

Janet Brown said...

Our leaders in Washington must seriously consider new and innovative policies that promote a better, more confident, prosperous, and secure America in the 21st century. One of the things I think we can do to help make that happen is support American businesses and the U.S. Chamber of Commerce (http://bit.ly/oanAT). They're doing things to reach out and show people that they can get involved, too.