One question: how’s that hopey changey thing working out for ya? Because even ABC News is wondering if you feel better yet: The Economic Recovery Turns 2: Feel Better yet?
This is one anniversary few feel like celebrating.
Two years after economists say the Great Recession ended, the recovery has been the weakest and most lopsided of any since the 1930s.
After previous recessions, people in all income groups tended to benefit. This time, ordinary Americans are struggling with job insecurity, too much debt and pay raises that haven’t kept up with prices at the grocery store and gas station. The economy’s meager gains are going mostly to the wealthiest.
Workers’ wages and benefits make up 57.5 percent of the economy, an all-time low. Until the mid-2000s, that figure had been remarkably stable — about 64 percent through boom and bust alike.
Well, this is what happens when you put academics and career lawmakers in charge of trying to create jobs, instead of depending on the private sector.
Unemployment has never been so high — 9.1 percent — this long after any recession since World War II. At the same point after the previous three recessions, unemployment averaged just 6.8 percent.
So, ABC is saying that the Stimulus failed? Because unemployment is well above 8% and real wages are down.
Because the labor market remains so weak, most workers can’t demand bigger raises or look for better jobs.
Obviously, ABC avoids blaming Obama and the Democrats for their idiotic and destructive policies and spending, but, as the liberal talking point went while Bush was president and Republicans had the House “who’s in charge?” You don’t let kids play with power tools and you don’t put people who’ve had no experience running a business in charge of creating jobs, because in both instances, something bad will happen.
The toll of all this shows in consumer confidence, a measure of how good people feel about the economy. According to the Conference Board’s index, it’s at 58.5. Healthy is more like 90. By this point after the past three recessions, it was an average of 87.
Well, jeez, you’d think painting bridges, repaving roads, and giving money to “green tech” companies which produce nothing but ideas would make consumers confident.
Crossed at Right Wing News and Stop The ACLU.
One thing that people have not mentioned in the economic crisis is the cost of labor. I am wondering if the Dems put the cost too high with the last bump in the minimum wage. Understanding that the minimum wage indexes other salaries.
David above brings up a very valid point. The takeover of congress in 2007 gave the Democrats the necessary forum to raise the minimum wage.
In January of 2007 the economy was still going strong despite the drastic rises in gasoline prices. With the raising of the Minimum wage in 2007 and 2008 the economy almost immediately took a nose dive right into the toilet.
More pay. Less jobs. Its not rocket science. The only way to get more pay and more jobs and more benefits is to turn to the central and powerful nanny state.
Just ask Greece, Iceland, Portugal, Spain as they all struggle to avoid insolvency and riot in the streets.
The Progressives understand……..
In 2000, the last full-year of President Clinton’s administration, tax revenues were 20.6 percent of GDP, according to the CBO. (The White House Office of Management and Budget puts it slightly higher, at 20.9 percent, which places it in a tie with 1944 for the highest ever level in U.S. history). But the CBO’s long-term fiscal outlook released yesterday predicts that by 2035, total spending will reach a stunning 33.9 percent of GDP if lawmakers pursue their predictable course. That means even if revenues returned to the coveted pre-Bush tax cut levels, there would be a 13 percent difference.
and so…….as Lenin proclaimed……
It is the duty of the revolution to put an end to compromise, and to put an end to compromise means taking the path of socialist revolution.
Lenin, Speech On The Agrarian Question November 14 (1917)
anyone ever…..seriously wondered why the Democrats led by Progressive refuse to compromise anymore?
It is the fault of the ATM’s that cost people their jobs.