Wait…The Economy is Still Failing?
Michael Barone of The Washington Examiner pointed out that despite consistent reports that the economy is not picking up as quickly as predicted, news outlets always deem the data “unexpected.”
“Wall Street Baffled by Slowing Economy, Low Yields”
“New U.S. claims for unemployment benefits unexpectedly climbed”
The major news networks all seem flabbergasted that the economy continues to decline or grow only slowly. You know what? SOME of us did expect these kinds of results back when President Obama first mentioned the now-failed stimulus. We knew that temporary “make-work” spending wasn’t going to lead to any kind of lasting recovery because those jobs were not sustainable.
Reports that the stimulus destroyed more jobs than it created, that U.S. manufacturing activity has slowed faster than expected, and that gas prices hold steady and home sales remain stagnant – never seem to get through to the mainstream media.
At some point…you know things aren’t going to pick up as dramatically as you want. President Obama and his administration continue to claim that the stimulus worked or that their policies are working, but according to an editorial in Investor’s Business Daily, that simply isn’t so. They list five examples of areas of the economy that have seen little positive to very negative changes since the “recovery” began 2 years ago:
- Jobs: The number of people with jobs has barely changed since June 2009 – up just 0.4%
- Unemployment: While the unemployment rate has dropped a bit, the number of long-term unemployed is up by a third, and the average length of unemployment is now a staggering 38 weeks.
- Earnings: Median weekly earnings are down slightly between Q3 2009 and Q1 2011, after adjusting for inflation, according to the Bureau of Labor Statistics.
- Housing prices: The National Association of Realtors reports that median price for existing home sales dropped 10% since June 2009.
- Gas prices: Pump prices climbed 52% over the past two years, according to the Department of Energy.
The President’s main response is still that this is all President Bush’s fault. Apparently, the former President left the country in such bad shape that President Obama’s brilliant policies can’t even turn it around.
I don’t want to say, “we told you so,” but we told you so.