Obama Recovery Still Feeble After Two Years

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Joe Kawfi
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Obama Recovery Still Feeble After Two Years

But the fact is that the Obama recovery is one of the worst ever. Certainly the worst since the Great Depression. It's so bad, in fact, that even 24 months after the recession officially ended there are few places beyond the stock market and corporate profits that have shown much, if any, improvement. A few examples:

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.

Chris P. Bacon
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83,000 jobs created in May

83,000 private sector jobs created in May.

Eat spit and die, coughy.

The Wedge
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Nuance and selective gleenings
Chris P. Bacon wrote:

83,000 private sector jobs created in May.

83,000 private sector jobs gained; 29 thousand public sector jobs lost: net employment positive 54,000 jobs. However more than 54,000 people entered the workforce last month; therefore unemploment went up to a posted 9.1%. We all trumpet what we want to hear. Dogmatic to the end

Chris P. Bacon
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Naturally, brother Wedge!

As a big government conservative, I'm not surprised you're lamenting the loss of all those government jobs.

The Great Recession is winding down, and overall employment has been positive for many months now, but the economy sure could use a boost. Unfortunately, congressional Republicans are still pushin' for austerity measures (the kind that failed miserably in Europe) which of course only adds to unemployment.

The Wedge
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Actually not lamenting at all

The question really remains as to what public sector jobs were cut, now huh? Were they DOD jobs or DHS or GAO? No way to tell for me right now. Employment is still not a net positive until more people find jobs than enter the workforce. it is that expanding pie concept that you seem to be struggling with. Did you happen to read Robert Reich this week? You and Joe K have the same type of blogging technique, and neither are effective at convincing anyone else.

Chris P. Bacon
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Your question answered, brother Wedge

In my never ending quest to lessen your ignorance, I found this chart detailing the proportion of gummint jobs cut in the past month LINK

As you can see, the vast majority of gummint jobs cut last month were at the local level.

The Wedge
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How much did the McDonald's Hiring day add?

Thanks for the link. Was not motivated to find it myself. here is a quote that gave me a chuckle:

"McDonald’s ran a big hiring day on April 19 — after the Labor Department’s April survey for the payrolls report was conducted — in which 62,000 jobs were added. That’s not a net number, of course, and seasonal adjustment will reduce the Hamburglar impact on payrolls. (In simpler terms — restaurants always staff up for the summer; the Labor Department makes allowance for this effect.) Morgan Stanley estimates McDonald’s hiring will boost the overall number by 25,000 to 30,000. The Labor Department won’t detail an exact McDonald’s figure — they won’t identify any company they survey — but there will be data in the report to give a rough estimate"

Observerofu
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Want fries with that?

Yep Micky D's is fine employment. Yes sir. Wasn't some one pilloried over Job creation in the minimum wage sector? I just can't think who it was. Maybe if I beat the bushes it will pop out at me.

Gort
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Listen to OofU mock people

Listen to OofU mock people that want to work for McDonalds! Is that what supermen do to amuse themselves while eating shrimp and tar balls on Gulf Shores? Would you rather they just stay home?

Besides, all that money from “Bush Tax Cuts” was used to create the new jobs in China, India, and Brazil. At the same time “supply side economics” killed the housing industry, for at least another year. Should I mention again the two wars that we didn’t pay for? Then we have the Republican’s obstructing or watering down any kind of spending to stimulate the economy.

That my friend is why we have a feeble recovery and why applying for work at McDonalds is not something to mock.

NUK_1
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McDonald's

OoU is right about how the left howled long and hard about "low wage service jobs" being created while Bush was Prez and now these are considered to be accomplishments since it's a Dem in office. Bunk.

The big problem with the US economy is that consumers are showing the government how to better manage their money by paying down their personal debt and saving money instead of recklessly spending it and being irresponsible. People woke up and decided that having 3 or 4 credit cards with insanely high interest rates of 18% and way higher is flat-out economic slavery and to be avoided.

The housing industry needed a big adjustment and it got one. The asinine idea that every American should own their own home(the better idea is that they have an option to own their own home) got thrown out the window finally when banks stopped acting like idiots and loaning money to anyone with a pen. Artificially low interest rates and inflation with the Greenspan vision was a disaster and it doesn't correct itself quickly. Dumping more money into the economy by firing up the printing presses isn't the answer.

Gort
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NUK_1, the criticism of Bush

NUK_1, the criticism of Bush and the Republicans is justifiable. Whatever prosperity that era brought was bought with borrowed money and did not last.

If you want to fix the housing and personal debt problem, repeal The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It would reintroduce the term “Due Diligence” to the lending industry and remind them, ‘you can’t squeeze blood from a stone.’

Anyway, that’s my opinion.

maximus
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Gort, do have a brother named roundabout?

First you say that the republicans won't allow more spending for "stimulus", and then you say that the Bush prosperity was bought with borrowed money. Where do you think that the money for the failed stimulus came from?

roundabout
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Maximus

Using Bush and prosperity in the same sentence is sickening to 90% of our population!

Time to quit covering up for that incompetent!

Georgia Patriot
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So Roundabout

Using your analogy, using Obama and prosperity together must send one to intensive care! -GP

Gort
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Maximus, what I said was,

Maximus, what I said was, Bush and the Republicans already borrowed us out before Obama ever became President.

Here is what they borrowed the money for. The “Bush Tax Cuts” that were used to create new jobs in China, India, and Brazil. A, “supply side economics policy,” that killed the housing industry for at least another year. Two wars and let’s not forget the unfunded Medicare Prescription Drug Plan.

The stimulus is a failure? Compared to what, Bush and the Republicans? Lets compare.

http://thinkprogress.org/politics/2011/01/07/137866/obama-more-jobs-bush/

maximus
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Still grasping, gort

The average unemployment rate during Bush's 8 years was 5.3%! Compare that to the dismal failure of obumbles' s Keynesian/socialist stupidity. And talking about Bush's overspending with this guy in the white house is absurd. Try to expand your thinking beyond your "thinkmarxist" links.

Gort
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Maximus, right you are,

Maximus, right you are, unemployment 5.3%, all bought with borrowed money. Now it's time to pay for the extravagance and you guys still want a free ride!

Don’t tell me you really believe those two unpaid wars, unfunded Medicare Prescription Drug mandates, and unfunded tax breaks for the rich were really free?

If you do, then I think you’re the one with the closed mind.

Observerofu
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Are we not STILL in those wars and now in a 3rd?

So what has changed? You like to point over your shoulder and say it was their fault. They did it. But when the current administration is doing the exact SAME THING and MORE then that sort of dilutes your argument don't cha think?

Gort
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OofU, so far the 3rd war

OofU, so far the 3rd war looks like a little better model than the first two. At least it’s the Libyan’s doing the bulk of the ground fighting for their country.

I believe the Democrats did make an attempt to start paying down the debt. Didn't you tell me they took $500 Billion out of Medicare? You didn’t lie to me now did you? Oh, that’s right you used that against the Democrats in the last election.

Democrats also tried to increase taxes on the top 2% of wage earners but it was the Republican's that said No to that. It died in the Senate I think. It had something to do with their mindless philosophy or something.

Now tell me again. Besides grandstanding, what exactly have the Republican’s done about the debt?

PTC Observer
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Maximus - Sorry

I have to step in here.

It is true that Mr. Obama is a socialist and his ideas are driven somewhat by a vague notion concerning Keynesian theory, however; it isn't Mr. Obama's fault really. He's merely the end point of a long line of abuses by our government.

The fault is put squarely at the feet of Congress and voters that re-elect them so they can acquire seniority, so they can send money back home, to get re-elected. If they don't have the money then they just borrow it. You know as well as anyone that this has been going on for over a century. And it as been going on in a big way since Mr. Obama has been elected, but to blame him for our ills is simply wrongheaded.

In a way, I feel a little sorry for Mr. Obama, he is so clearly over his head when it comes to leadership, it is pathetic. However, we could say the same about Bush the Second as well, he never vetoed a bill until the last days of his tenure. He let Congress run with the money as long as he got his war.

We need leadership, and we aren't going to get any. Not from the President (no matter who's elected) and certainly not from the Congress. How about the people? Nope, they are just waiting for the money to come home, they want their "fair" share. The last spoils of a defunct system.

Georgia Patriot
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Gort - Spending and Debt?

Not defending nation building neocon Georga Bush but Barrack Obama wins the spending prize hands down http://blog.heritage.org/?p=4210 This is a problem that must be delt with, there is plenty of blame to go around. -GP

Gort
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Georgia Patriot, I’ll tell

Georgia Patriot, I’ll tell you what. I’ll accept your statement of “there is plenty of blame to go around” if you accept my statement, “it takes a lot more money to fix something after it’s broken through negligence.”

Fair enough?

Observerofu
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Or it might just take STOP spending money

to fix an economy that is broke. Throwing good money after bad has never worked Gort. You liberals standard answer is always spend more money.

Gort
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OofU, beware matey, the old

OofU, beware matey, the old “Laffer Curve” is coming and this time its going to find the ever elusive “X”!

Georgia Patriot
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Gort
Gort wrote:

Georgia Patriot, I’ll tell you what. I’ll accept your statement of “there is plenty of blame to go around” if you accept my statement, “it takes a lot more money to fix something after it’s broken through negligence.”

Fair enough?

As the great American Philosopher Cool Hand Luke once said, "What we have here is a failure to communicate". It is my contention that excessive spending IS THE PROBLEM, the answer can not be MORE spending and the answer is certainly NOT HIGHER TAXES in an economy that is sputtering along at best. More spending to me would be like filling one credit card to the limit and then getting another credit card to pay the interest on the first card....but wait.., that is EXACTLY what we are doing MONETIZING THE DEBT . FED creates FIAT currency and gives it to the banks who then loan it back to the government to pay debts, ..now what could be wrong with that??. And don't get me started on QE3 and M2...Weimar Republic here we come! Give me a break, what we are doing on a national level puts Bernie Madoff's Ponzi Scheme to shame. Oh yea, I can eat fifty eggs. -GP

hutch866
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Actually

It was Strother Martin, as the "Captain", who uttered those famous words.

Georgia Patriot
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Hutch

Au Contraire my fine furniture friend http://www.youtube.com/watch?v=kNyl6gXLMLQ -GP

hutch866
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GP

This is the one I was responding to..
http://www.youtube.com/watch?v=TRvnxMA2oJ8&feature=related

That was the only quote you attributed to anyone.

Georgia Patriot
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Hutch is Right!

It was boss speaking to Luke. Thanks for the correction. -GP

Gort
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{{{{{EDITED & WARNED}}}}}Georgia Patriot, sorry we

Georgia Patriot, sorry we couldn’t agree on even that much.

There are only three ways I know to reduce debt for a family, business, or country that has been borrowed out to the maximum. That is increase revenues, spending reductions, and growth.

If the situation is so dire, why do you insist on not using all three methods? If you rely on spending reductions and growth alone to solve the problem won’t the problem just take longer to resolve?

IMHO, the Republicans have already wasted two years by their foot dragging. At least publicly, I have not seen them act serious and even attempt to negotiation in good faith. I suggest they spend less time talking about their mindless philosophy EDITED & WARNED about violating terms of service, roll up their sleeves, and get to work in earnest. 8 - )

Observerofu
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What's up with the cussing you and bacon are doing here?

You know this is a family forum right?

Gort why does it have to be a static measure? The Government takes in on average $194 Billion per month. Yet they pay out almost 8 times what they take in.

Businesses and Individuals are already dealing with an over-burdensome tax structure. We already pay more Corporate tax then any other Country in the World. We spend thousands per individual to comply with an out of date overly cumbersome system that even the IRS can't get straight.

Until the Government can get their fiscal house in order I will not pay one more dime then I have to. You and your party wants to increase taxes. That's like giving a fifth of Jack Daniels to a Alcoholic expecting them to not drink it. They get the extra bump in revenue what gives you the idea they will put it towards debt? What actions can you point to that would convince us they would actually pay down debt and not spend it for votes in their districts?

Until they can show me that they are serious about the debt they will get no more from me and I am not alone.

Like I said before...You have too much faith in Government.

Gort
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OofU, don’t get the idea I

OofU, don’t get the idea I have blind faith toward Government. The truth of the matter is, I have less faith in the Republican Party, (and their TeaParty water carriers,) than I do of our “Government.” When the Republicans were in charge I was suspicious as ‘heck’ of the government. As it turned out, with good reason too!

IMHO, both require watching but it’s them Republican’s you really got to keep your eye on! You guys broke the bank in the Bush era and now you want a free pass on paying the bill for the results.

Listen to yourself. "Taxes! Regulations! IRS! Boo-hoo-hoo! How will the top 5% ever get by, they only own 70% of the wealth in the nation. Let us prey on the pensioners for even more!"

Observerofu
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Hooray for Socialism

take all the wealth give them the power.

I hear you gort.

Gort
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OofU, slogans and sarcasm

is all you got left? Well it’s been a long weekend. Go to bed and get some rest.

See you in the funny papers!

Observerofu
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Oh Gort I got plenty

it's just hard to talk to someone who believes in Socialism about the advantages of Capitalism.

Anyone who has as much wealth envy as you and wants to confiscate same has as a platform that is alien to my own.

Noticed how you are OK with the Libyan war without "paying" for it first. Wonder why?

Gort
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To the editor, sorry about that

I'll try to be more careful in the future and thank you for bringing it to my attention.

Gort

NUK_1
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Bankruptcy act of 2005

I don't know if that law has really changed much on bankruptcy protection for individuals as they can still protect their primary residence(or walk away from it entirely owing nothing). All credit card debt? BYE-BYE in Chapter 7 which makes a lot more sense than Chapter 13 after that law. While bankruptcy is definitely a serious decision to make, some don't have any other choice and I sure don't mind seeing stupid bankers and mortgage companies taking hits for making loans that they knew the borrower had little to no chance of ever paying back and the loans were primarily made to simply have more paper to "monetize further" and bundle together to sell to other fools.

roundabout
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Bacon and KAWFI

83,000 new jobs is just a slight percentage of the new people entering th workplace (people do become 18!)--the unemployment number will go up.

Doesn't decrease the out of work at all.

Th number needs to be about 500,000 or more.

If you wish to blame the current administration instead of the last one it makes no difference---the damage was done, indeed it was.

roundabout
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Forgot to mention.......

......that kids turning 18 are not counted as being out of work until they actually get a job, lose it, and start drawing unemployment. If they stay in college, if they go, until 40, they still aren't counted!

One of the reasons that the 9.1% number is highly inaccurate.
Best estimates of real unemployment is about 25.0% ---even more if people who have never worked or haven't looked for work in recent years are counted.

Then there are people in the military at half salary, prisons at 0, hospitals at 0, handicapped at 0, and tax paid employees!

About 1/2 of us work to support the other 1/2!

Now what about retired people who don't work?

And those on here who mostly, obviously don't do much work.

Good Times if you can keep them.
What we need is Saudi Oil or Kuwaiti oil, and then no one works except the Filipinos who are brought in for that.

Georgia Patriot
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roundabout

I agree with you, we are being deceived on unemployment, real unemployment is AT LEAST 25 percent http://www.shadowstats.com/alternate_data/unemployment-charts. And EXCLUDING food and energy from CPI is also very deceitful, just tell the people on social security the truth that you are cutting their checks instead. But then again that would cost votes. So many blind sheeple headed for the cliff. -GP

roundabout
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JOBS

83,000 jobs created in one month is not enough for the people geting old enough to work.

It takes about 155,000 new jobs (more or less) for those new job seekers.

Plus, to bring unemployment down from 15,000,000 to about 7,000,000 would require a million new jobs over eight years. That is another 80,000 needed, for a total of 235,000 needed every month for eight years.

Want it done in two years? Well you do the math!

Of course the military and the governments could hire that many if they want to borrow the money.

Joe Kawfi
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1/2 of Last Month's New Jobs Came from McDonalds

Half of Last Month's New Jobs Came from a Single Employer — McDonald's

According to the unemployment data released this morning, the economy added only 54,000 jobs, pushing the unemployment rate up to 9.1 percent. However, this report from MarketWatch suggests data is much worse than that. If Morgan Stanley is correct, about half of last month's job growth came from the venerable fast-food chain. That is hardly the sign of a healthy economy.

maximus
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83000 jobs created? Pathetic!

Unemployment went up by 167,000. Unemployment rate up to 9.1%. Two years after the recession ended, and two years of obamarx's meddling, and trillions more in debt, this is where we are.

Georgia Patriot
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Administration Creating Jobs?

Business Economics lesson one: Government does not create jobs! If that is true let's just let everyone work at the post office and sing Kum Ba Yah! Now someone will bring up the military, OK what if we expanded the military greatly, would that help the economy? Business's are afraid to hire and expand under this current administration. -GP

Davids mom
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Two Years?

It took the Democrats and the Republicans at least eight years of fiscal mismanagement and 'politics' as usual to get us in this mess. We are taking longer than necessary to recover because Congress has refused to work together for the American people. Our country is part of a world economy, and most major countries in the world are experiencing economical difficulties. Mitch McConnel said it best after Obama's election. The goal of the Republican Party is to ensure that Obama is a one term president.. Well, with that as the goal, we have a Congress that has not accomplished anything because of misguided leadership working for political power and not the citizens of the US. The bankers and corporate America won. The citizens lost. . . .maybe. We'll see in 2012.

Observerofu
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Dmom you sound surprised

that a political party wants the other party out of power. New to politics? I only asked since that has been the standard for oh about 200+ years.

Davids mom
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OOU The 'standard' has been

to serve one's constituents. When big business started 'buying' leaders in order to fulfill their 'agenda' - the people came in second, Where have you been?

L.Sussberg
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Obama Recovery?

How can anyone blame 1 president for what has happened to the U.S. economy?

For years we have been be hollowing out the economy by allowing mega-mergers, banks to expand through acquisition and manufacturing firms to out-source jobs to cheap labor countries.

Corporate America has outsourced most of the middle class manufacturing jobs in America and companies like GE hide their profits overseas showing no profit in the U.S.

Today its fashionable to blame the unions, Obama, the Democrats for our financal problems but this die was cast years ago and both the Democrats and Republicans are responsible.

Neither party is offering a good solution, clearly we need to cut spending by ending the wars, cut social security, medicare, medicaid and other entitlements which no politican wants to do and, we must grow our economy by bringing back our manufacturing jobs through incentives to produce in America plus create new industries which includes the elimination of fossil fuel and our dependence on it.

Let's hope in 2012 someone rises above the crowd to offer solutions. So far, the field is not impressive!

Observerofu
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Where were you three + years ago?

Out of the Country maybe? Under a rock? Just wondering. It's the political blame game. Now it's the dems turn to take it. Sucks don't it?

Spyglass
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Every candidate I've seen is more impressive

than the current POTUS. That includes the currently unannounced dog catcher in Griffin.

Georgia Patriot
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FAILURE

The economy is collapsing and all we hear is we inherited this mess. There is no Obama recovery but the communist Kool-Aid drinkers still chose to point fingers and blame others. Socialism is a failure, let's boot these robbers and thieves in 2012. -GP

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