Told You So, Economy in the Toliet
By Larry Johnson on August 27, 2010 at 8:16 PM in Current Affairs
Don’t know if you recall some of the comments made last May by some of the Obama kool-aid drinkers who frequent NoQuarter and attempt to enlighten us about our failure to appreciate the brilliance of the Golden Child Obama. Here’s what I wrote last May in the appropriately titled, It is Still the Economy Stupid:
Pundits and politicians still don’t get it–we do not have an economic recovery and we are headed for a double-dip recession. Fox News, for example, was spinning like a top today trumpeting the so-called “good” news that new jobless claims “fell”:
In the week ending May 22, the advance figure for seasonally adjusted initial claims was 460,000, a decrease of 14,000 from the previous week’s revised figure of 474,000. The 4-week moving average was 456,500, an increase of 2,250 from the previous week’s revised average of 454,250.
Until the number of new jobs being created exceeds the number being lost by at least 200,000 then we are not getting out of the economic hole. The key to this lies in the housing market. One part of this equation is the sale of existing homes–those sales are accompanied by subsequent purchases of new furnishings, painting, rugs and appliances. Another part is the sale of new housing, which means carpenters, plumbers, electricians, brick layers and supply companies are working. If more houses are being built you will need more laborers.
That little bit elicited this nonsense from an Obama-boob:
Economy (68.194.22.229)
Larry it is not clearly how much the housing market is impacting or not impacting the economic recovery at this point, but there are plenty of other indicators that point to an economy well on its way back.As for your other thesis about the consumer, every weak there are more indicators that the consumer is coming back.
Really? Coming back? You, Mr. or Ms. Economy, must be Joe Biden’s navigator. No wonder you clowns are lost. Did you see the news today?
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.6 percent in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 percent.
A contracting GDP does not create jobs. It is a jobs killer. It is time for the Obama team to take off their rose-colored glasses and get a grip on understanding what make the economy tick. More Government regulation? NOPE!! KILLER. More Government imposed taxes? DEATH WISH. More Government workers? BLOOD SUCKING PARASITES.
Obama and team and incapable of making the changes that are needed to revive the economy. Repeal the health care legislation that imposes significant costs on mid-size businesses. Promise to keep the Bush tax cuts in place for four years. Freeze Federal Government hiring and cut Federal pay by 10 percent. At least create the appearance that you have clue about the economy.
But that’s not likely. Obama and Biden are so committed to their dead end dream that they will continue to insist, like Chip Diller, that everything is fine and we must remain calm:

















