Lake Minnetonka Liberty

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Tag Archives: obamanomics

U.S. Unemployment Woes Persist

After the headline rate of unemployment (U-3) reached 8.5 percent in December 2011 ( the most recent month reported), some commentators began to talk as if the employment situation is now improving rapidly. Some have gone on to suggest that those of us who have emphasized the role of regime uncertainty in retarding the current recovery are now barking up the wrong tree, if indeed we ever had a valid point. To speak of employment woes as old news, however, is highly premature.

Read the rest at Big Government

White House Economic Memo Showed Obama Team Played Loosely With Numbers to Hide Costs

A lot of attention has been drawn to the official White memo authored by economist Larry Summers that shows the Obama administration purposely hid costs of Obama’s healthcare legislation and his overall agenda. Ryan Lizza at The New Yorker released the full document.

Many have waded through the document and came to an obvious conclusion.

Read the rest at Big Government

OBAMANOMICS: Consumer Confidence Drops 15 Points

Hey! How about another four years of this shit?

Consumers’ confidence in August dropped almost 15 points to the lowest level since April 2009 as worries about the economy fueled the wildest stock market swings since the financial meltdown in 2008.

At a time when Americans are growing increasing worried about a weak job market, higher costs for food and clothing and recent stock market turmoil, the falling confidence numbers raise new concerns about their willingness to spend and jumpstart the economy.

That’s particularly important since consumer spending accounts for 70 percent of U.S. economic activity.

“Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the short-term outlook,” said Lynn Franco, director of The Conference Board Consumer Research Center in a statement. Read the rest

OBAMANOMICS: Double-dip recession has begun

I told you so, and I did. No regular reader can deny that. The double-dip has begun, quite frankly I think we’re in a depression, but that’s another subject for another post. Things will get worse. Trust me on this, I haven’t been wrong yet.

Now for those of you ideologue types, this news comes from MSNBC. Your network. A source that is well-known not to be a bastion of conservative ideology.

Friday’s news on GDP shows the double dip has arrived — an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account.[...]

The U.S. has entered a second recession. It may not be as bad as the first. Economists say that the Great Recession began in December 2007 and lasted until July 2009. That may be the way that the economy was seen through the eyes of experts, but many Americans do not believe that the 2008-2009 downturn ever ended. A Gallup poll released in April found that 29 percent of those queried thought the economy was in a “depression” and 26 percent said that the original recession had persisted into 2011.

It is any wonder that many Americans believe that the economic downturn is still in progress? Home prices have fallen to 2002 levels. Values have dropped nearly 50 percent in parts of Florida, California, Nevada and Arizona. Property values are also down that much in parts of troubled big cities like Detroit. Estimates are that as many as 11 million homes have underwater mortgages. Banks have inventories of as many as 2 million foreclosed homes which have not even been released to the market. Home prices could fall another 10 percent if current trends persist.

Perhaps the most powerful argument that the recession never ended or that a new one has begun is the persistence of unemployment. Fourteen million people are out of work. A third of those have been jobless for more than a year. May employment data showed the jobless rate rose unexpectedly and that the economy added only 58,000 jobs. Experts believe that the unemployment rate will not improve significantly until the monthly gain in jobs is consistently 300,000 jobs or more. And, at that rate the gains would have to go one for more than two years to bring the economy back to what is traditionally considered a reasonable unemployment figure.

There are several signs that a recession is firmly in place again and that the downturn could last for several quarters. Most are already easy for the average American to see. Read the rest

Worse than Jimmy Carter. He needs to leave.

OBAMANOMICS: Manufacturing growth hits lowest level in 2 years

I hate to say I told you so, but I did. I’ve been saying for a couple of years now that things are going to get worse as a result of Obama’s policies, and we still haven’t seen the worst of it yet. Sorry to be the bearer of bad news, but…

Manufacturers had their weakest growth in two years in July, a sign that the economy could weaken this summer.[...]

The disappointing report on manufacturing is the first major reading on how the economy performed in July. It suggests the dismal economic growth in the first half of the year could extend into the July-September quarter.[...]

The economy expanded at a dismal 1.3 percent annual rate in the April-June period after an even worse 0.4 percent increase in the first three months of the year, the government said Friday.[...]

Employers have responded by pulling back on hiring. The economy added just 18,000 net jobs in June, the fewest in nine months, and the unemployment rate rose to 9.2 percent. Hiring by manufacturers was nearly flat in the April-June period.

The government issues its July employment report on Friday.

Worse than Jimmy Carter. He needs to leave.

A kinder, gentler and more sensitive Admiral

It would be downright disgusting of me to say I hope the economy stays rotten, unemployment remains high and inflation continues to rise just so Obama gets voted out of office, right? That would be pretty vile and disgusting. So I’m not going to say it, wish it or think it. What I am going to do instead, is propose a toast.

Here’s to another year of Obamanomics!

Under Obamanomics, most Americans fear another great depression

I think that’s a reasonable fear. Obama and his failed policies have made it worse, unless you consider growing government with no way to pay for it by 5.3 trillion dollars last year alone is a success.

Stimulus packages… total failure. Financial reform… total failure. More regulations via  executive orders…. total failure. Unemployment “no higher than 8%”… total failure. Inflation… total failure. Energy and gas… total failure. Everything he and his kind have done have one thing in common. Total failure. Do you want another four years of this? More importantly, can you afford another 4 years of this? Is this really the “Hope & Change” you believe in?

Do you think under this regime’s policies we are heading for another great depression? If you say no, you’re in the minority, and you might as well start passing around whatever you’re smoking.

via CNN:

(CNN) – President Barack Obama’s overall approval rating has dropped below 50 percent as a growing number of Americans worry that the U.S. is likely to slip into another Great Depression within the next 12 months, according to a new national poll.

A CNN/Opinion Research Corporation poll released Wednesday also indicate that the economy overall remains issue number one to voters, with other economic issues – unemployment, gas prices and the federal deficit – taking three of the remaining four spots in the top five.

Do you really think Obama cares about these things? Maybe indirectly, but he cares most about the ideology, and he wrongly believes once the ideology is in place… Utopia! Karl Marx had the same view about the ideology. It’s not going to work, it’s doomed to failure, history has proven that 100% of the time.

Let’s look at the facts. We’ve had almost three years of this guy’s policies. Are you better off? I rest my case.