Recovery Summer
 

June

President Barack Obama said on Friday he welcomed news that the U.S. economy grew by 2.4 percent in the second quarter, but said more work was needed to increase that growth rate and generate jobs.


OOPS...

Q2 GDP Growth Could Be Revised To Just 1% After Trade Data
By Ed Carson
Wed., Aug. 11, 2010 12:38 PM ET

June’s trade deficit swelled 18.8% to $49.9 billion, the highest since October 2008. That was much worse than Wall Street predicted — or what the Commerce Department estimated in the recent Q2 GDP report. The new report, along with recent inventory data, suggest Commerce will revise down Q2 economic growth from the already-sluggish 2.4% annual rate to about 1%, according to Action Economics.

They've also looked back and said the recession Obama inherited was much more severe than was previously believed. Pretty much everyone has predicted the recovery would be very slow.

Growth is growth and I'm glad the number is positive.

-spence

Growth is good,but it fell from 3.7 and economic growth is slowing... Scary times ahead.

I'm not sure you can say that it's slowing. While growth hasn't been great, there are plenty of signs it's there.

A bigger issue is how the markets are responding to short-term data. It's like the world is "ending" or "saved" based on the last few hours of trading...and the media loves to string us along.

-spence

No Jobs, blame NAFTA and CFTA... Guess who the chosen one inherited those from (hint not Bush) and if you follow the money the root cause is the dumbocratic union base the administration is pandering to now.......

I am 100% sure you can say its slowing. The fed said it is. See this week's report?
Lots and lots of talk of a double dip recession.
Now here is where all my whining hits the road - If that happens you need to add in (from Obamas watch)
- higher taxes on the wealthy
- health care taxes/expenses
- states reliance on bailout $
- effects of higher deficit spending
- increased regulatory spend from companies
- crap housing market (its still TERRIBLE)

Add all that up and thanks to Obama and Co, we will be much, much worse than we where. Based on past experience, his solution will be to borrow, tax and stimulate. Putting us deeper in the hole and prolonging the economic downturn for DECADES

see why the party of "NO" makes sense? Repubs may not have solutions but I also think they wont be making things worse which is what this admin is doing.

CNN reports- 484,000 new unemployment claims last week, highest # since Feb 20th.
Where are all the saved jobs?

4,452,000 on unemployment as of July 31st..

Not good, along with my own family, most of my friends and others I talk to have a family member or friend unemployed.

lets keep up with the good news:
FACTS -
Consumer confidence fell in early August to the lowest level since October 2008, a month after the collapse of Lehman Bros. sent the economy tumbling into a severe recession and financial crisis, according to the IBD/TIPP Economic Optimism Index out Tuesday.

Americans are also losing faith in the government. The index of confidence in federal economic policies plunged 9.6% to 36.6. The IBD Presidential Leadership Index fell 1.1 points to 47.2, the lowest since Barack Obama took office.

Separately, the National Federation of Independent Business' small-business optimism index fell 0.9 point in July to 88.1, the second straight decline and typical of a "weak or recession-mired economy."

The recovery in optimism that we are currently experiencing is very weak compared to recoveries after the 1982 and 1975 recessions," Bill Dunkelberg, NFIB's chief economist, said in a statement. "The small-business sector is not on a sustained positive trajectory, and with this half of the private sector missing in action, the economy's poor growth performance is not surprising."

My conclusion? Labeling it the "summer of recovery" or spending thousands on reinvestment and revovery act signs aint gonna do it. Obama cant charm his way through this. This is where the criticisms of his experience are validated. This is not community organizer, junior sentator level work. As I stated above, look at his so called "legislative victories" they are putting us deeper in a hole and causing businesses to spend more in admin and consumers to spend more on taxes. Its all the wrong stuff at the wrong time!!! look at this data - people have had it!

Don't forget the worst trade deficit in 20 months.