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Subscribe to RSSFriday's jobs report was discouraging news for the White House. The unemployment number ticked up for a second-straight month -- to 9.1% -- and 54,000 jobs were created, lower than most forecasts.
President Obama today seemed to express frustration with the speed of recovery and even some of the coverage of jobs data.
"I'm not concerned about a double-dip recession," Obama said during a bilateral news conference with German Chancellor Angela Merkel. "I am concerned about the fact that the recovery that we're on is not producing jobs as quickly as I want it to happen. ... We are on the path of a recovery, but it's got to accelerate."
We noted in First Read on Friday that "the real fear" in the White House is "a jobless recovery," akin to Japan in the 1990s.
"Prior to this month we had seen three months of very robust job growth in the private sector," Obama added. "And so we were very encouraged by that. This month you still saw job growth in the private sector, but it had slowed down. We don't yet know whether this is a one-month episode or a longer trend."
He added that "economic data that in better times would pass without comment, now suddenly people wonder, well, are we going to go back to this terrible crisis?" And he said, in part, "[O]ur task is to not panic, not overreact."
The economy is the most important issue to this president's reelection chances. If unemployment doesn't improve, it could doom his prospects for a second term. The opposite is also true -- an improving jobs climate would bolster those chances.
He again noted "headwinds" facing the economy, in particular high gas prices. "It has an enormous impact on family budgets and on the psychology of consumers," Obama said.
He, once again, however, underscored the severity of the crisis he inherited and blamed "policy decisions" made over the past decade.
"[I]t's just very important for folks to remember how close we came to complete disaster," Obama said. "The world economy took a severe blow two and a half years ago. And in part that was because of a whole set of policy decisions that had been made and challenges that had been unaddressed over the course of the previous decade. And recovering from that kind of body blow takes time. And recovery is going to be uneven...."
Merkel gave Obama a measure of credit and cover.
"Two and a half years ago," she said, "we experienced something that didn't exist for decades -- ever since the '20s and '30s of the previous Century. And generally around, because we cooperated so well, we were able to ward off the worst that could have happened."
She acknowledged that the world's powers, including the U.S. and Germany, sometimes disagree, even in a "controversial manner" on how to right the economic ship.
"For example," she said, "do we need more stimulus? How much do we need? How many savings programs and cuts programs do we need? What structural programs do we need? I think that shows great openness, because we're all breaking new ground.
"These are unchartered waters, and we cannot, with all due respect, rely completely on the financial business community to give us good advice every day. They have their own vested interest."
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Before everyone starts with the pin the blame on Obama game, keep in mind all of the natural disasters that occurred, both here and abroad!
Manufacturing took a direct hit!!!
If this trend continues for a quarter or more, then I think it should be a cause of concern, until then, it's nothing more than catnip for the right wingers who have to holler about something!
He, once again, however, underscored the severity of the crisis he inherited and blamed "policy decisions" made over the past decade.
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Ahhhh, yes....... the old it's all GWB's fault pablum.
noun 2. ( lowercase ) trite, naive, or simplistic ideas or writings; intellectual pap.
If this trend continues for a quarter or more, then I think it should be a cause of concern, until then, it's nothing more than catnip for the right wingers who have to holler about something!
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Yes, don't worry, be happy. The Great Obama has everything nder control.
Joe in Albany
Ahhhh, yes....... the old it's all GWB's fault pablum.
How 'bout this GWB didn't care PRESIDENT OBAMA DOES. The President said "I am concerned about the fact that the recovery that we're on is not producing jobs as quickly as I want it to happen"...
He is totally clueless. Sad part is it is starting to dawn on him.
I understand that Feisty and Bev. are hardcore O cheerleaders, but ladies conserve your energy - this is unfortunately going to get a whole lot worse.
Durable goods, real estate, gas prices, and food inflation are all you need to see to know this is Wreckovery Summer part II.
Why else do you thing Goolsbee hit the road? He knows it too, and he can't keep the "Bagdad Bob" impression up any longer.
Oh, and Obama's real problem is precisely that everyone is starting to "blame" the policiy decision that he has made in the last 2 and 1/2 years.
The business community is telling Obama to stick his anti-business, over regulatory policies where the sun don't shine and go take a hike. In a couple of month, Obama will be dying to have a positive 54,000 job creation month. His "wishing and hoping" just won't cut it. What the talk in the White House today is, "HOW DO WE SPIN the sure to come JOB LOSSES" and increase in the unemployment rate between now and election day into a positive message. Does Obama the Magician have any Magic Dust left? How's that hope and change working for you?
Red, you stuck you head into the wrong hole this time.
Keep in mind ....... you don't have to keep reminding us what an idiot you are.
The tornados that he didn't with for a week?
Anyway, back to Obama ....
Yea, it's like being stuck in traffic for 2 years ...... "we do need to accelerate."
News Flash for Obama - THE RECESSION OFFICIALLY ENDED IN JUNE 2009 - TWO YEARS AGO. We are in a "recovery." This is a trend.
Obama might want to read up on history. There have been 11 recessions since WW II -
News Flash for Obama - YOUR RECOVERY IS QUANTIFIABLY THE WORST. Read up on a guy that had a clue, his name was Reagan. He inherited unemployment that peaked at 10.8% - worse than yours! Yet at this point in his recovery - unemployment had dropped to almost 7%! Yours just went up again. 9.1%! At this point in the recovery Reagan had created the percentage size of work force equivelent to 6 MILLION JOBS.
I heard Obama doesn't bother with Daily Economic Briefings anymore, so he is probably inclined to not read up. Doesn't matter - Reagan did the opposite in every category of what Obama is doing.
Do what Reagan did Obama - the opposite of what you are doing.
The blow that the economy took was the result of the (Bipartisan) Commodity Futures Modernization Act of 2000 and the collapse of Fannie and Freddie. Obama and the Dems have bit the responsibility for the collapse as Bush and the Repubs.
FACT.
Actually Bush at least tried to re-organize Fannie and Freddie (Dems obstructed 55 R - 45 D) and by the way - Bush wasn't a big recipient of Fannie money. Dodd #1, Obama #2, Kerry #3.
The collapse was a credit problem - not a tax policy problem.
Sad, but Obama is so clueless he probably doesn't even understand that statement.
Do anyone think republicants care......nope. why should they? since those they care for are the super rich. they can afford to sit back and do nothing. they can afford to posture around like vultures. we are wiser. we know the truth.
republican negative approach known to all as obstructionism, is what is affecting the job market. 7 times, they voted to raise the dept ceiling under bush without no debate. now, there must be a spending cut before anything is done. sending wrong signals to investors. this is how they think they'll win back the white house. NY26 should be clue.
The real problem is that we have become a society of instant gratification, and on the flipside, instant panic. No one looks at the big picture anymore, but only at what the market did on any given day and what the price of oil is today. We read each month's unemployment numbers as stand alone indicator, rather than as evidence of trends.
The numbers are troubling, there is no doubt. The larger job growth in April could be predicted by seasonal hiring, and may not have signaled any trend. But weak job growth in May suggests that seasonal hiring is really weaker than it should be, and that long-term hiring for high school and college graduates entering the workforce for the first time is still problematic.
Ultimately, however, a big part of the problem is that corporate executives are routinely rewarded for what's on the bottom line at the end of the year rather than for their forward vision. They live in a revolving-door stratosphere where the decisions they make have much more to do with finance -- and only in the short-term -- than they do with business. If it takes firing people to achieve better numbers, then by golly, that's what we'll do. If we don't hire so we can claim higher productivity results, and get a larger bonus, then by golly, THAT'S what we'll do. Knowing that they will be rewarded richly for maximizing the bottom line TODAY, what do they care about what happens to the company tomorrow?
And frankly, many of them don't.
"He is totally clueless"
Speaking of clueless playas- anyone know where we can find a good, dedicated dick photographer around here?
I hear some lawyer out West is looking for some 'action'.....
Spanky-
I understand that Feisty and Bev. are hardcore O cheerleaders, but ladies conserve your energy - this is unfortunately going to get a whole lot worse.
Durable goods, real estate, gas prices, and food inflation are all you need to see to know this is Wreckovery Summer part II.
You are so keen to jump on fallacies. You're a liar and you know it. Why do mean old Republicans like you LIE so much?
The Commodity Futures Trading Commission a group of financial speculators, mostly ole white republican men make/made prices rise by speculating; not President Obama .
Why else do you thing Goolsbee hit the road? He knows it too, and he can't keep the "Bagdad Bob" impression up any longer.
You're doing a good "Bagdad Bob" impersonation. An adult watching Sponge Bob would believe him more than you you Spanky.
Bev in Chicago
If Obama is so "concerned" why did his NLRB block Boeing from opening it's plant in South Carolina?
If Obama is so "concerned" why did his EPA pull the Shell drilling permit in Alaska?
If Obama is so "concerned" why did he disobey 2 Court Orders and stopped drilling in the Gulf?
If Obama is so "conserned" why did he "loan" $2 Billion to Brazil for Off Shore Drilling?
If Obama is so "concerned" why did he "loan" $2 Billion to Columbia to build a refinery?
Yep! He sure is "concerned"!
"These are unchartered waters, and we cannot, with all due respect, rely completely on the financial business community to give us good advice every day. They have their own vested interest."
Wise words from Ms Merkel. We can't rely on economic advice from the opposition party either. The Republican Party has a vested interest in a stagnating jobs picture.
Good ole Bev...always has to make a race issue out of everything.
How would this accomplish anything except transfer jobs from one state to another, cramming down wages and benefits in the process?
Maybe he values lives over profits. Heaven forbid.
Maybe he values both lives and the environment over profit. Heaven forbid.
Maybe he knows what you evidently don't -- that the oil doesn't stay where you drill it, and it all goes into this great big pool, so the larger the supply generally, the more than helps us here, and the drilling there doesn't wreck our environment here. And maybe the oil is more economical to drill for there than it is here, meaning it will keep the costs down for us. And maybe it might be nice for some other countries to be paying interest to US rather than having them borrowing from China and paying their interest there. And maybe just because those countries are in THIS hemisphere, where people are at least somewhat more friendly to the United States than they are in that other big oil-producing area in the Middle East. A security consideration, you know.
You pseudo-hawks always love to talk about those security considerations, but not actually do anything about them until a catastrophe happens.
slodon
Bev in Chicago
If Obama is so "concerned" why did his NLRB block Boeing from opening it's plant in South Carolina?
Because the President cares about the middle class; unlike union busting T-baggers.
The rest of it is plotted on Glenn Beck's blackboard incorrectly.
Aww Drive By, so predictable, always fixated on the Weiner jokes. Hey did you see how close the Wash. State student's statement was to the statement Weiner's people gave to Ginger Lee? Hilariously funny, right? And DBO - Ginger Lee. Had Weiner goten to tapp that I'd have donated to his campaign.
Bev. Durable goods sales are down. These are so called big ticket items like washing machines or equipment used in business. They are down because people are not buying them.
Bev. you are just going to have to deal with the fact that the economy is headed in the wrong direction. Until real estate prices reset, gas comes down to at or below $3.00, and interest rates rise, there will be no recovery.
But listen dear, if it makes you feel better to believe I am lying, that's ok. Ignorance is bliss.
And AM - it is only ever about the bottome line. We got away from that, especially in real estate, and are now paying for it.
Oh and Amy - it is the vested interest of the government that is scary. I hope, but don't think, you understand that. Maybe someday you will. Likely not.
Now opff with you - go read some tax code. Get educated, it's fun.
There's nothing that trumps Obama's own words: "I'm not concerned about a double-dip recession," Obama said.
Hmmmm. Either he's smarter than all of us or he's more ignorant than any of us. I guess it's a matter of perspective. The libs think he's smarter than all of us. So tell me libs... if he's so smart, how come we are in this mess? You keep saying he's this brilliant thinker... has a degree from Haaavaard and Sum Kuma Satra, something or other. I don't see it... something's missing... something like a positive move in the correct direction (notice I didn't say right direction). Not enough time? How much time does a "brilliant" thinker need? Ohhhhhhhh..... 8 years say you? Fat chance! Your brilliant thinker's time is running out since he's done nothing except spend, spend and spend.
Feisty, How did your post collapse you said nothing offensive. I would like to read the posts on newsvine and not just the ones I might agree with.
Obama's concerned about the recovery not happening fast enough?? What recovery??
Is this going to be another "summer of recovery" that wasn't??
What has this so called "President" done but stifle business growth, and waste our money at a historic rate??
So much time and effort spent on the discussion of President Obama vs the prospective 2012 Republican presidential nominees.
The real contest will be between President Obama and his record on the economy.
President Obama was elected largely because of the economic crisis and collapse that occurred in the fall of 2008...just before the 2008 presidential election.
He's had about two and a half years, mostly with a Democratic House and Senate rubber-stamping his economic policies, to turn it around.
Last month's unemployment figures suggest that, not only has the Obama Administration not instituted economic policies resulting in a robust recovery, a double-dip recession remains a serious possibility. And now, yet another prominent member of the Obama economic team, Council of Economic Advisers Chairman Austan Goolsby, has resigned.
Meanwhile, the impasse over raising the debt limit and how to address the trajectory of U.S. debt overall remains unresolved.
If President Obama doesn't show substantial progress in creating jobs and economic growth and addressing the U.S. debt trajectory between now and Election Day 2012, the personalities involved in the Republican presidential candidate selection process won't matter much, really.
Because, the 2012 presidential contest will be between President Obama and the alternative...any alternative.
In 2010, I said if the UE rate was above 8% the democrats would lose the house, and they did.
Not so sure about the 2012 presidential election. It's an albatross, there is no doubting that, but Obama could survive as FDR did, as the "lesser of evils". The Ryan plan is the republican's HCR; unpopular and prone to be spun in the democrats' favor, particularly MEDICARE. Also, there is a lot of time between today and Nov. 2012, and no one can predict what will happen.
In the run-up to the 2008 election the OBVIOUS issue was the war in IRAQ, but by election day it was the economy, with the war not even 2nd place, so anyone prognosticating the economy being the big issue in Nov. 2012 would be well served to be a student of history.
As that famous philosopher and baseball player, Joaquín Andújar said about baseball, I can sum up the preidential election of 2012 in one word;
You Never Know...
the one I like is- "Give us tax breaks, THEN we'll hire some people". Never mind that no increase in demand would cause them to leave prodution where it is. They just want to share their tax breaks with those less fortunate than themselves.
Anybody that believes that gets a nickel.
Then raise taxes on them. Double'em. Heck triple'em. Then have Obama have another Business Summit where he can tell businesses, "Hey, you like that? You want some more?" That will show them.
Isn't revenge fun?
Oh just let Drive By be. He's clueless, but harmless. Not like we are in danger of Drive By actually hiring anyone, right Drive By?
He still thinks the government is the answer. Of course what else does he got?
So come on Drive By - man up and get out there and start up a nice business. Hire some people. Then you just might have some credibility on the subject of Hiring, taxes, or handing out nickels.
Spankie- I'm hiring dick photogs. Y' interested?
Hey- yesterday, you said I was making fun of gays and women, by indicating you were a gay, or a woman in earlier posts (way earlier posts). Think about that. Indicating YOU are gay is denigrating gays?? Indicating YOU are a woman is denigrating women? Your'e right, of course- I shouldn't be picking on 'em by comparing them to you, should I?
Guess I'll have to change my ways.
btw- if we ALL start businesses and hire people, who's gonna be left to start all the businesses (and hire all the people)? Just imagine- w country where everyone owns their own business, yet works for someone else. You don't make a lot of sense sometimes, you know? Do judges ever get tired of your nonsense, and throw you out of their courts?
swampfox6actual
Please keep the spin going Ms. Bev.....you may have to drop back and punt as you had to do with the Weiner
Not spinning Your FOX NOISE does that. Should I change my mind? Maybe depending on the investigation if government equipment was used.
I will however maintain that Andrew Breibert is a lying scum bag. Wherever this flimsy character is involved it's always a LIE. So you may have to punt too.
What a maroon. This line should go down in the annals of history: "I'm not concerned about a double-dip recession," Obama said.
In fact I am going to keep this on everyone's mind as we slip into a double-dip. If you think Weinergate was bad for democrats, just let the double-dip occur.
As housing prices keep falling and homeowners watch their equity tumble into oblivion, people losing jobs and wonder what they are going to do, along with gasoline prices wanting to edge upward, the stock market in the skids and the dollar losing value every day, it sure seems to fall squarely on the heads of democrats. More particularly the head of the one not worrying about a double dip recession.
What a wonderful thing "hope and change" seems to be. I hope we change the current Bozo in the white house. I'd vote for Mickey Mouse over this ideologue.
Come on Drive By, why go the Weiner spin route? You called me gay/a women to poke fun of me. Didn't you see the new NBA promos - it is not cool.
But then, you already know that. But do keep bringing it up. It really highlights how silly you are.
As for the rest - I don't imagine there is much worry you, just like most, will start a business. You see Drive By - it's hard, and most people could not handle it.
Worker Bees Drive By. We always need a steady supply of the worker bees. Good news is these days the worker bees are just so happy to have jobs they actually appreciate the "man." Well, at least sometimes.
And just what do you know about courts or judges Drive By? Too funny.
I wonder when the cowards will realize when they vote to collapse Fiesty they shut up the whole parade that follows her: Spanky, Bob, JoanneSmith, Bob, Joe, et al. What a hoot!
Fiesty, thanks for taking one for the team! Looks like you took a whole platoon of enemy posters with you this time!
Happy to oblige Amy! ;o)
Amy, dear, you do know that you can open the collapsed threads with just on click?
Not much of an issue really, is it Amy. Not like all those evil corporations that don't pay "any" taxes, right?
Have you tried to review any code sections today? Might really educate yourself. Come on, give it a whirl. My personal favorite - cause I have gotten so much money from the government from it is IRC Sec. 179. Best section EVAH!
Awwww Amy - how sweet. If Carrot Top in drag wouldn't have an inside connection with FR, she might be the second to post. Who cares if the second to post gets collapsed. Unfortunately her flaming remarks are enough to set off everyone to the point, they don't care if we have to click on a plus sign to read what follows.
And before you accuse me of saying her remarks are inflammatory, think again. I don't agree with collapsing anyone. We all have freedom of speech, no matter how stupid it makes one look.
Obama isn't sure of a lot of things. He has no clue about the economy. None. Job growth hasn't been pitiful for just one month, it's been awful since Obama has been making his misguided predictions years ago. 'Shovel ready jobs (Obama)', 'Green shoots (Obama) 'Recovery Summer (Obama)', 'Stimulous needed or we'll go over 8% unemployment' (Romer), 'Will be creating 400,000 jobs a month (Biden)', 'ObamaCare will produce 400,000 almost immediately and 4 million jobs total (Pelosi).
Every month it's the same thing with Obama, "We're disappointed, but we see progress". Quit lying Obama.
how is he lying? we are seeing progress...from losing millions of jobs to months and months in row of job GROWTH. BTW...how much they paying you per post, $0.25?
The stimulaus money went to all the States to keep them afloat - even those States that said they didn't want the money, none of them gave it back.
Companies aren't hiring because they don't need to.One employee does the job of 2 or 3 and they label it as a productivity gain. Good jobs are going offshore where American companies don't have to worry about healthcare costs and all that fun stuff.
Green Jobs - well you need money to stimulate that field and Congress ain't giving out any money unless you are building a weapon system.
Private Sector is hiring people slowly while the Public Sector fires people in record numbers. This equals out to less jobs and more unemployed.
We could build up our infrastrcuture and higher close to 2million per year but Congress would never approve that kind of bill. We are too worried about our long-term deficit issue to worry about the problems today.
Too bad we can't do both huh? Like chewing gum and patting your head at the same time
JoAnnaSmith1
that talking is old. the truth is, you and your teapublicants goons are in denial rather than be disappointed.
Ah, Pius it appears that you have not watched to tv, or logged in anywhere but here.
Brother, things are getting bad. Obama just said he has no clue. Getting worse: Wreckovery Summer part 2.
Pius remember when Biden was out last summer touting the "recovery." Seen him around much?
Right JoAnna,
They should have just shortened the title to this article to: " Obama is not sure"
I think they put the muzzle on ol' Biden. Every time he runs his mouth, it comes back to bite them all in the a$$.
Obama says he isn't concerned about a double dip recession. Well hell no. Why should he be concerned at all?? Would that interrupt his golf?? Forestall another exotic vacation??
Besides, the liberal media will back him and just attempt to spin away any bad news.
His arrogance and high living have got to make the average Americans grind their teeth. These same Americans have his number now and have found he is all too predictable. Another tele-prompted speech, another round of golf, there, got that done. Whew, time for another photo op somewhere. Warm up Air Force One. C'mon Moochelle, lets get out of this hot old house and go cruise around the country.
obama just dont seem to understand that our country is broke nor does the repubs,do you know that sinve obama took office his staff is at one thousand eight hundred staff members and along with that the white house has purchase 73% more lemos at a cost of 60.000 dollars per unit and I bet not a one of them lemos runs on electricity.and what happened to the drilling he proposed,well we all know that was just a way to try to make himself look concerned while all the time he knew his dem. senate would block it.
I'm curious about something and I'm turning to my FR friends here to help me out. We hear a lot of people who like to say this was the "worst recession since the Great Depression." Here's my question...by what measure was it the worst? I was way too young to remember the recession of the early 80's, but my understanding is that it featured higher unemployment and higher interest rates. I'm not looking for talking points, but genuine statistics or measures that show that this was the worst. Thanks!
Frank,
Try this article & Graph.
http://www.huffingtonpost.com/2010/08/06/6-disturbing-charts-from_n_673499.html
Frank: That's an excellent question. As I recall it the 81-82 recession Reagan "inherited" from Jimmy Carter was just as long (16 months compared to 07-09's 18 months), with a higher unemployment rate, and much higher interest and inflation rates.
BTW, the NBER, considered the "official" arbiter of recessions start and end dates, notes that this recession ended a full two years ago in June of 2009. Barry has had more than enough time to get things going. and yet he has accomplished little of substance in getting the economy going.
Grimey, bad as it was, unemployment did not reach this level and I'm not sure the economic problems met the definition of a recession. Interest rates were higher (prime hit 22% in '82), but unemployment was about 7%. It sucked, but not this badly.
Joe,
That is because Reagan had a manufacturing and export
base that was three times what it is
today. He also started with a much higher tax rate which allowed him to cut
taxes without doing damage to government services.
Grimey and Auntie Fascist
At this point in Reagan's presidency, overall unemployment was at 10.8%. Reagan inherited an unemployment figure of 7.5% whereas Obama inherited an unemployment rate of 7.6% (plus two wars and a crisis on Wall Street.)
I don't remember much about the Reagan recession, except the steep rise in homelessness that occurred in the 80's, but the mortgage crisis this time was the scariest economic turmoil I've seen. And the way it went global.
I don't like remarks that begin with look what we inherited. It's been 2 1/2 years and there has been some modest growth and the markets have stabilized but this is a recovery without job growth, with falling housing prices and foreclosures still on the rise. In fact, unemployment has increased by 2% during Obama's first 2 years.. The psychological impact of the stagnant economy on business and ordinary people cannot be under estimated. People hear $61 trillion in unfunded debt and their share is $535,000 and they panic. Most have no idea what unfunded debt is but it's the fear factor.
Someone posted something about natural disasters as the cause. Not even close. Manufacturing and GNP are down because no one wants to invest in this economy. Too much uncertainty. Too much risk. Reducing corporate tax rates will only serve to reduce Treasury revenues and not create jobs.
Unless the administration can generate additional revenues through job creation which in turn means more taxes paid, the economy is stuck in this rut for a while.
Well, something is changing, I just got offered a credit card and I consider myself a lousy risk!
Amy B. Portland, ME..
...and at 29.99%, paying the minimum, it will only take you 25 years to pay it off if you max it out.
Natural disasters may not be the main cause but they have contributed. When towns are wiped out by tornadoes, the people who live there don't go to work. When businesses are wiped out, there's no job to have there. In addition, we don't think much about Japan anymore (old news), but the earthquake has disrupted the supply chain and has had repercussions here. These issues are temporary.
That said, the government does not create jobs. The government can create an environment that makes doing business here attractive. Ease up on regulations, cut taxes, approve permits, allow companies to open plants wherever they want inside the U.S. and don't run around making business the villian.
That the President continues to blame the past is incredible. He wants to be seen as the victim. We need a leader. Not a victim.
Saying he's not concerned about a double dip says he's not concerned about the Americans that would suffer even more through a double dip. He needs to morph into Bill "I feel your pain" Clinton right about now. And he needs to take some of Merkel's advice. Wasn't Germany was one of the first to pull out of the financial crisis?
Candice,
“That the President continues to blame the past is incredible. He wants to be seen as the victim. We need a leader. Not a victim.” In 1984 while running for reelection President Reagan was still blaming Carter for his economic woes. Not making excuses but some problems are worse than others. The Depression of 1929 took nearly 15 years for recovery.
“Wasn't Germany was one of the first to pull out of the financial crisis?” Yes and it is because, unlike us, a large part of their economy is based on manufacturing. Our manufacturing and export industries are only one-third the size they were in the 80’s making recovery much more difficult and much slower.
As for the business slow down here because of the disasters in Japan they have told us it will be several more months before they will get back to full production.
Hi, Dennis.
Yes, and President Reagan is not depicted kindly in the history books. The difference, I think, is that during President Reagan's terms, we still felt good as a country. I remember thinking there wasn't much actually getting accomplished but I felt good as an American.
President Obama had the opportunity and the skill to inspire the country and lift us up. Unfortunately,once in office he pandered to his special interests, blamed everyone from bankers, CEO's, and doctors to small business owners and, of course, the previous administration. He, in my perception, is one of the most divisive Presidents I've every experienced. An economy can't recover if half the country, or more, loses their spirit. Even if you think that's the way it will be, are you comfortable with a time frame of 15 years, or 8 or 4 to recover? I don't think it's helpful for the President to imply we're just impatient and need to get a grip.
Unfortunately, we are not a nation of manufacturing anymore. We probably never will be again. It's too expensive and too restrictive to produce anything here vs overseas. We need to accept that and train our people in other skills - technology, math, science and innovation. Let's not strive to pull scrap in a steel mill. Let's strive to invent the next affordable energy source, or medical device. There's certainly plenty of problems that can be solved by invention and innovation.
Germany recovered because they cut spending, made wage concessions, and learned how to compete in the the global economy. They set themselves up to survive disaster long before 2008, and as a result recovered quicker. Here, we react only when a crisis hits. Even if we foresee, we don't act. It's not politically expedient.
Markets have stabilized?? Isn't the DOW down over 700 points in the last quarter??
So what do you call stable??
Spanky, Goolsbee hit the road to return to the University of Chicago. Had he not, he'd've lost his tenure. But, hey, never let the facts stand in the way of a mindless rant!
Who needs those stinkin facts when they've got spin?
If they ever attempted to debate on facts they'd get their collective a@@es handed to them!
You BETCHA!
A debate with Feisty? The mind spins with wonder.
Is this you ignoring me old girl?
Fascist you say facts, but cite to one fact. Nice one, but far from all of them, no?
So Auntie,
Was Goolsbee's dedication to public service limited to the time frame in which he would lose his tenure? If that's the case, then why would he take the job as Chairman of the CEA when he only had one year left before his tenure issue came to the forefront of his decision making? Is he just so shortsighted that he thought he would cure all of the problems in one year, or was he padding his resume so that when he went back to the U of C, they'd pay him more? Note, I'm not picking on you, but since you seem to know the inner working of his decision making process, I'd like to know more.
Too many unneeded houses were built.
Too many people got mortgage loans they could not afford.
Banks got into the mortgage back securities ponzi scheme.
Two unfunded wars.
Lowest corporate taxes in decades leading companies with little incentive to hire to increase output since their overhead was lowered with the lower taxes.
Too low tarrifs.
We just don't make stuff here anymore.
These are the real reasons why our economy tanked this time, and because of their nature, it'll take a miracle to get out.
None of these problems caused by President Obama but he has worked tirelessly to try to turn some of this around. We are better off than we were and heading in the right direction.
Obama ?? Working tirelessly??
C'mon, I know a round of golf can wear you down. Too much golf, and you may need to go on vacation again.
Im sorry but it is obamas fault, if he would have made jobs and the economy no. one when he was elected instead of trieing to impress his party by wasteing over a year on a health care that the majority dont want also( all these waivers for the unions to get out of the law of haveing to use the new healthcare) going all over the world opologizeing for america and promiseing billions of dollars to the countries instead of takeing care of no. one america. adding 4 trillion dollars to our debt , adding more gov. employees and 73 % more 60.000 dollar lemos ,now spending billions in libbia,and what about pelosi, I thought she was suppose to drain the swamp, Rangel (tax cheat) geithner(tax cheat) and now little wienee makeing a mockerie of congress ,and wait there will be more pictures to come,how about it pisalotsie and obuama.I have to hand it to ya. you sure did make changes we can believe in like 4.00 gasoloine and 9% unemployment and the most welfare and foodstamps in the histrory.
As an FYI…
What is unfunded federal debt?
Many people are of the impression that the $15 trillion dollars plus that the United States has in public debt is the extent of the money that it owes. This is not the case.
To figure out the "unfunded federal debt" of the United States, you simply take the government's total liabilities, set it aside into a lump sum (plus interest), and subtract projected future taxes.
You are left with the federal government's unfunded liabilities, or unfunded federal debt.
Included in unfunded debt is underfunded Medicare obligations, underfunded Social Security obligations, underfunded military and civil servant pension obligations and so on.
Unfunded debt is a projection, a calculation of what we may owe for total future projected liabilities.
The bottom line is that the Federal government is not collecting enough in revenues nor does it have adequate reserves to cover the projected liabilities that are due in the near future.
Welcome back Ira, I always enjoy your posts. You seem to know what you are talking about. Have you seen this chart entitled
Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits:
http://www.cbpp.org/cms/?fa=view&id=3490
Amy B. Portland, ME..
Was just passing through reading some posts. Just added that explanation figuring some posters didn't know what Spanky was talking about.
Will read the article later.
Take care and Thanks.
What's up Ira?
Stick around - Amy chose today to talk about taxes. Big fun, as per usual.
Still ignoring you Spanky.
Ira, Nice to see you back on FR.
He'll be sure in just a few more months! Guaranteed! Ichabod Goolsbye read the tea leaves!
"[I]t's just very important for folks to remember how close we came to complete disaster," Obama said.
True enough, the economy was close to a disaster in late 2008. Then Obama was elected, and thanks to his radical leftist policies we have had complete economic disaster!
How are the Repugnants going to grow the economy? They said lower taxes create jobs, so where are they? They are the devils that are holding our country hostage, they are merciless fools. Catering to Wall Street and the top 1%ers in this country has divided us, and they think we are too stupid to understand. I cannot imagine what our country will look like in 50 years or so if they get things their way. WE WILL ALL BE SLAVES.
Well, Barb, one of the solutions proposed by the Republican majority in our state legislature was to allow 16-17 year olds to work longer and later hours for a lower minimum wage. The Republicans vowed to make Maine more "business-friendly" by lowering the teens wage to $5.25.
Yup, cheap labor, repealing environmental laws, tax cuts for the wealthiest Mainers, killing the unions, these are all on the right-wing agenda in Maine for creating jobs.
"He, once again, however, underscored the severity of the crisis he inherited and blamed "policy decisions" made over the past decade."
HEY MR. President, what about your OWN policy decisions? What ever happened to HOPE AND CHANGE? Did you mean to say " I am HOPING things will CHANGE (on their own) ? "
Is there no one in the Senate who can sit both sides down and reach a compromise. We used to have Statesmen who could look out for the good of the American people. We seem to have lost them and maybe a bit of ourselves.
lisa s
Senator Mark Warner! My favorite senator. He is a part of the "Gang of 6 (now5)" trying to work out a bill to address the deficits the majority will support. He is defintely a Statesman and a credit to Virginia.
http://warner.senate.gov/public/
I see some people think that 2 1/2 years is long enough for a President to correct a finanical disastour like never before seen.
Who exactly are these so called experts - I tell you who- people that are not the President.
My gosh...it's not like he sat in office and applied all of his attention to the finanical crisis that was bestowed upon, other major things happened too - REMEMBER?!.
I don't know but America's people can be the most impatient and unrealistic folks on the face of this planet!
And also extremely forgetful - how in GODs name can one man force 50 or so people to impliment his plan for success - when their sole purpose is to see him fail?
President Obama with all the negative energy and people around him- has still done more than any other President before him.
And his vision for the country could bare fruit - but we all know ...every single Republican in our government is trying to do whatever they can; at the expense of America's finanical soverenty to destroy his tenture as a successful President.
The GOP seems to know how "short" Americans attention spand is...and they are extremely uncaring and patient - because they know that all they have to do is stall President Obama's progress and blame him for America's ill wills and they may just succeed.
Open your eyes America - if you want Hope and Promises kept by our President - then we need to help him make it happen and vote every single Republican out of office!!!!
That simple - then we will see the three PROGRESS and PROSPERITY, !!!
TRUTH - not CRAP
Thank you and GOD BLESS AMERICA
RELAX...one month's statistics don't mean much over the long haul....
Obama's job creation record is MUCH better than Bush's. Job creation has been fluctuating since Obama pulled us out of the Bush hole. Look at the graphs...it doesn't shoot straight up, it fluctuates.
You GOP guys need to quit wetting your pants every month and look at the long term trends. We're way better than we were under Bush/Cheney. God only knows where we'd be if McCain/Palin had taken over. We'd be suffering through the worst attempt at trickle down economics that the world has seen since Louis XIV...and we all know what happened to him.
http://www.wealthvest.com/blog/sean-browne/barack-obama-created-more-jobs-in-one-year-than-george-bush-created-in-eight-years/
The doom sayers will attempt to nullify all positive comments to the point of discredit. America and Americans will push them selves up from Bush's recession. The GOP/TEA party will toil endlessly to tear down the previous Congress's great legislation. Paul Ryan and the Republican(GOP/TEA) agenda of completely dismantling Medicare, Medicaid and Social Security as we know it along with Tim Pawlenty proposed Reaganesque Economic proposals accurately color the GOP/TEA party as Social Conservatives. Who are these self appointed politicians to force their Social conservative values on the American public? Who do these people think they are, shoving their agenda down the throat of the American public? This is going to be a Great GOP primary!
obama has failed; he only gets more time because you feel; in your racist mind; that obama deserves unlimited chances on account of his being part Black; because of course, in an ignorant mind prone to pandering and excuse-making; if obama hasnt succeeded by now it must be due to mean ol white people holding him down
Here's to the muck raker posing retorts to engage in personal fighting. Spoken like bona fide, grade "A", Asses -- I tell it like it is and y'all call names and blow smoke. Truth hurts don't it? Look at who's calling who stupid - Nit Noi brain infected! I've never been, nor ever will be "Liberal" as you speak - I live in a real "RED" state - Texas, Born and raised! And you better smile when you say Texas! You are a closed minded, know nothing, retard-o's with negative mental capability and I'll bet you kiss baby boy Bush's butt! Bush wasn't even a Texan! I think with my brain! I do not write meaningless garbage to distract. My statements are backed by others who dig out trash the old fashioned way! And here I've found you! I'm retired, a property manager, and live well on my retirement. I got this way by earning my way! I served proudly and honorably so that y'all can voice your opinion. KISS IT!
It is time to get out the rouge and lipstick, pick ourselves up, dust ourselves off...and in the prophet words of George W Bush...GO SHOPPING!!!
There is nothing to fear but fear itself. If the Republican leadership wants the government to default on its debt...go for it!! What are you waiting for? Why delay? What's taking you so long? How about a vote tomorrow morning?
The American people are not stupid and are no longer going to play victim to your antics. Go ahead and just default on the debt...and...you can forget about those tax breaks for your political campaign donors.
No body's gonna break-a-my-stride; nobody's gonna hold me down....
Obama's Unemployment record is much better than Bushs ? LOL
Based on what ?
Democrat Soldier " Obama has done more for our country than any President Before him " All I can say is tell me why Obama is reading Ronald Reagan stories and why Obama thinks Abe Lincoln was the greatest American President . What a complete lack of realithy Democrat Soldier. Check Obama's poll numbers to see what America thinks of Obama. Check November 2010 election numbers to see what Americans think of him. The Liberals are so brainwashed they can no longer be in touch with reality.
Obama has been an undeniable disaster as far as unemployment. The Stimulus cost $1 Trillion to hang on to Government workers jobs and union jobs and entitlements. But even the Feds can't cover those costs at the State level very long. See Wisconsin, Indiana, Ohio ,, and watch other States follow, including New York.
Barb H,, you ask what Republicans would do to put Americans back to work ?
1. Immediately, the Republicans would open up Oil , Gas and Coal leases and put people back to work. Rather than shut down drilling like Obama did costing 13,500 jobs,, Republicans would unleash Industry to find and develope our own resources adding millions of jobs building pipe, motors, computers, tanks, more jobs than Obama could imagine.
2. Republicans would Repeal and Replace Obama Care,, and you would see small and medium size businessess immediately start hiring people rather than hiring temps. Good bye with Waivers :-)
3. Republicans would revise the Income Tax, eliminating loops holes so everyone pays a fair share, including GE and Goldman Sachs, then lower the tax rates creating more jobs in the long run.
4. Republicans would preserve Medicare and get control of health care increases,, which Obama care does NOT do. How your insurance rates ?
5. Republicans would severely limit EPA from blocking farming and business operations .
6. Republicans will do a lot of things ,, they have only been in power in the House5 months,, and they have passed a Budget and passed a reduction of spending,, something the Democrats have not accomplished in 2 1/2 years .
How can Democrats suggest they can run this country when they are incapble of passing a budget ? Democrats are the only party that NEVER PASSED A BUDGET !
A college trainee knows a business must have a budget . The Annointed One doesn't see the need.
of course that depends on how long loser Lefties are in office
good point; Dems couldnt even be bothered to write a budget for two years; but we are being lectured to by lemmings on economic matters by obama and the legions of brainwashed fools on the left about responsible fiscal behavior and what is the best economic policy?
What the far Right fails to understand is that this slow recovery is the positive result of the Bush/GOP incompetence. The negative result should have been a full blown depression, the result of the Bush/GOP incompetence, but for the massive spending and bailouts which were able to stave off the negative result. It is great to complain about the economy, and jobs, but when you consider that Corporate America has had record profits over the past year of so, but has created very few jobs, then you realize that the GOP plan for more tax cuts for them will not work. Corporate America is happy with the way things are. They have no incentive to hire more workers. More tax cuts will give them less incentive, just more income to accumulate more assets.
The GOP has done nothing towards creating jobs. They prefer a stagnant economy, it means a dissatisfied electorate, and a vote for change. They do not want the economy to recover, for if it did, Obama would be re elected. So, the GOP does nothing to work for real improvements, but only stalls and blocks. The Ryan/GOP plans for America are not solutions. They are a means to accomplish the true Right Wing plan for American, radically smaller Federal Government. The fact that the economy will lose another million jobs as a result of smaller government and resulting business layoffs is of no consequence to the Right Wing. Rand Paul even thinks a US default on the Federal Debt would be "a good thing".
If you want corporate America to create jobs, revise the tax code, eliminate loopholes, raise the basic rates, then provide a tax credit for each new employee hired.
The GOP has no solutions, just the same failed policies which got us to this point in our economic history. Start reading the fine print in the GOP "solutions for America" and ignore the smoke and mirrors.
So, Feisty is making excuses for her chosen one, if a repub was in office they would be asking for their head on a platter. The headline says it all, "Obama on economy: Not sure if 'one month episode or a longer trend'". He has no clue what he is doing and no economic team left to guide him. He does not care about the economy and the effect it is having on us, the middle class. He needs to go.
"If you want corporate America to create jobs, revise the tax code, eliminate loopholes, raise the basic rates, then provide a tax credit for each new employee hired."
This is typical, give us your money and we will give some of it back to you if you do what we say... So act, what have the Dems done over the past 2 and 1/2 years to get private business to hire? It's not working. I guess piling 4000 pages of government regulation on them is not doing the trick.