Streamlining our patent process? Yes, that was one of the remedies President Obama offered Friday in response to news the unemployment reached 9.2 percent in June and job growth was pitiful.
It raises once again this question: Does the president have any idea how a free market economy is supposed to work or how to fix it when it’s ailing? The answer, based on Obama’s remarks in recent months, is no and no.Read more
This is a tale of two cities. Well, two streets, Wall Street and Main Street, with a stop on Pennsylvania Avenue along the way. On Wall Street all is cheery, if you don’t count the investment banks that are faced with rising costs, lower incomes, and the need to pare staffs. Investors have watched shares soar: the Dow Jones Industrial Average, the S&P index of 500 stocks and the Nasdaq are all well up on the year – by 9.3 percent, 6.8 percent and 7.8 percent, respectively, even after the sell-off that followed today’s jobs report.Read more
White House economic adviser Austan Goolsbee on Friday cautioned against overreading a dismal June unemployment report showing just 18,000 jobs added. Don’t “read too much into any one monthly jobs report,” he said.
Goolsbee said the same thing after a disappointing jobs report last month. “One month is not a trend.”Read more
The latest jobs numbers arrived this morning and are especially devastating -- the number of jobs added was the lowest in nine months:
U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dampening hopes the economy was on the cusp of regaining momentum after stumbling in recent months.Read more
When the Obama administration releases a report on the Friday before a long weekend, it’s clearly not trying to draw attention to the report’s contents. Sure enough, the “Seventh Quarterly Report” on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that President Obama’s economic “stimulus” did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.Read more
A new CNN poll shows which issues Americans say will most influence their votes in next year’s presidential election. The issues that respondents most often listed as being “extremely important” were the economy (51 percent), health care (45 percent), unemployment (45 percent), and federal deficits (44 percent).Read more
The Obama administration is 0-for-3 in meeting economic expectations. In 2009, President Obama and his advisers believed the bountiful stimulus package would give the economy a strong jolt. It didn’t, and still hasn’t. In 2010, Obama declared Recovery Summer and predicted a surge in employment. The economy lost 283,000 jobs over the summer. This year, Obama expected a significant ratcheting up of jobs and growth. There’s been a ratcheting down.
The White House always has an excuse. Obama’sRead more
The only question now is whether the slowdown in the economy is what economists at the HSBC bank call “a speed bump” on the road to continued recovery, or the first step down the road to a double-dip recession. No less an expert than former Federal Reserve Board chairman Alan Greenspan answers, “I don’t know” when asked whether it’s speed bump or double dip.Read more
This doesn't sound good: "Shadow Stat Misery Index Highest on Record"Read more
A media meme has developed about the economy and the 2012 election: if Barack Obama gets the unemployment rate at or below 8 percent, he will be well positioned to win reelection. To that end, the press greeted last Friday’s jobs report (the addition of 216,000 jobs, and unemployment falling to 8.8 percent) as though it was the first sunbeam of Morning in America, Version 2.0.Read more
Let me bore you with some numbers. Employment dipped to 137,960,000 in December 2009. That may seem like a lot of Americans with jobs, but it happened to be the low point in the recession that began before President Obama took office the prior January.Read more
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