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 ...