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Thursday, August 26, 2010

Obama Time

So Obama is facing his "Mission-Accomplished" moment .... only this time its the ...
SUMMER OF RECOVERY
moment .... a term that the White House & Congress used during speaches.
"slowly, but surely, we are moving in the right direction. We're on the
right track. The economy is getting stronger, but it really suffered a big
trauma. Now we aren't going to get all 8 million jobs that were lost back
over-night. Its gonna take some time." President Obama 18AUG2010


This summer:
  • 352,000 jobs lost over last 2 months
  • 470,555 weekly average of 1st time unemployment claims
  • 9.5% unemployment thru out summer [remember this is based on those 1st time claims, not actual number of unemployed]
  • 17 states have unemployment at 10% or higher
  • $13.8 Trillion - Gross federal debt by end of 2010
  • $16.3 Trillion - federal debt by end of 2012 (projected)
  • 100.8% - amount of GDP, projected Gross federal debt by end of 2012

Economists worry of double dip recession because:
retail sales are down
international trade is hurting
weekly jobless claims are up
monthly unemployment rate is disturbing
housing sales (used) are down - 27.2% down
housing sales (new) are down - 12.9% down - lowest on record

GDP growth over since pass of stimulus package

  • 5.0% growth: 2009 4th qtr
  • 3.5% growth: 2010 1st qtr
  • 2.4% growth: 2010 2nd qtr
  • 1.0% growth: 2010 3 qtr (expected - number comes out tomorrow sometime)

I even heard one this morning say that had the government done nothing from the beginning - letting the banks work it out, letting the car companies struggle, letting business sink-or-swim on their own ... we would be out of this recession by now.

That's the theory ...

I feel different ...

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