Wednesday - June 15, 2011

You Are Welcome To It

Debbie Wasserman Schultz: ‘We own the economy’

Democrats are ready to take responsibility for the state of the economy and they deserve credit for putting it on the right track, the party’s chairwoman, Rep. Debbie Wasserman Schultz, said on Wednesday.

“We own the economy. We own the beginning of the turnaround and we want to make sure that we continue that pace of recovery, not go back to the policies of the past under the Bush administration that put us in the ditch in the first place,” Wasserman Schultz told Mike Allen at POLITICO’s ‘Playbook Breakfast.’

The economy, she said, “has turned around” since President Obama took office, with steady job growth evident even if the pace leaves something to be desired.

Republicans have ridiculed Democrats’ claims of economic success in the wake of disappointing jobs numbers and an uptick in the unemployment rate.

At least she’s one Democrat taking a bit of responsibility for once. And she’s their party chair. That means she sets the talking points. So if they all own it now, then they can’t blame Bush for any of it any more.

And that means that all of these “winning"s are her parties fault:

• Homebuilder Confidence in U.S. Slides to Nine-Month Low on Sales Outlook

  Confidence among U.S. homebuilders slumped in June to the lowest level in nine months as executives turned more pessimistic on the outlook for sales, a sign that any pickup will take time to develop.

  The National Association of Home Builders/Wells Fargo sentiment index unexpectedly fell to 13 from 16 in May, the biggest drop in a year, data from the Washington-based group showed today. The median forecast of economists surveyed by Bloomberg News projected it would hold at 16.

  Further declines in real-estate values and more foreclosures in the pipeline mean builders will be hesitant to break ground on projects. Unemployment at 9.1 percent suggests demand for new homes may take years to rebound.

• Inflation rises to highest level in 3 years, key manufacturing index goes negative

  Yesterday’s economic news was at best a mixed bag, with indicators all dropping, but not as much as analysts expected.  Stocks rallied a bit on the news, picking up about 1% — but don’t expect that to last.  Today’s news was all bad, starting with news that consumer inflation has reached a three-year high without any evidence of economic strength

• More small businesses plan to reduce jobs: report

  Small business owners have a grim outlook on the economy, with a gathering number planning to reduce jobs over the next three months, according to survey results from an industry group.

  The percentage of independent businesses planning to increase employment in the next three months fell to 13% in May, compared to 16% in April and 18% in March, according to the National Federation of Independent Business.

  At the same time, the percentage of small businesses planning to reduce their work force has increased to 8% in May, compared to 6% in the month before, the group said.

• Study: Housing Collapse Steeper Than During Great Depression

  The author of a study claiming the U.S. housing collapse is now worse than during the Great Depression warned Wednesday that the market likely will continue to fall for the rest of the year before going stagnant.

  Paul Dales, senior U.S. economist for Capital Economics, predicted home prices would fall another 3 percent over the rest of 2011 before potentially hitting bottom.

  “Even when that happens, I don’t think we’re going to see any significant or sustained rises,” he told FoxNews.com Wednesday, predicting “a couple years of pretty much no recovery whatsoever.”

  The bleak prediction comes after he released a report estimating that since the collapse began from the pricing peak of 2006, prices have fallen 33 percent—more than the 31 percent dive recorded between the 1920s and 1930s.
  

But we shouldn’t try to make her and her party feel too badly. After all, some see the truth that the economy is already dead. And if already dead, it can’t get much deader can it? Or can it? Can it become ... undead???

Zombinomics

We aren’t going to have another financial crash. In fact, nothing at all is going to happen. Forecasting the United States economy is about as exciting as predicting next quarter’s gross domestic product in 1957 Poland. You want to know what’s going to happen, comrade? Read the Five Year Plan. With 40% of US personal income coming from transfer payments, it’s almost nostalgic to call it capitalism.

The so-called American economic recovery won’t die, because it’s undead. It was a zombie to begin with. Equity investors during the past six weeks came to the collective conclusion that the US is not in the early phase of an economic recovery, but in the endless middle of a structural slump, in the term of Nobel Prize winner Edmund Phelps.

Posted by Drew458     on 06/15/2011 at 02:07 PM   
Filed Under: • Democrats-Liberals-Moonbat Leftists • Economics •  
• Comments (0) • Trackbacks(0)  Permalink •  

DISCLAIMER

THE SERVICES AND MATERIALS ON THIS WEBSITE ARE PROVIDED "AS IS" AND THE HOSTS OF THIS SITE EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, TO THE EXTENT PERMITTED BY LAW INCLUDING BUT NOT LIMITED TO WARRANTIES OF SATISFACTORY QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE SERVICE OR ANY MATERIALS.

Not that very many people ever read this far down, but this blog was the creation of Allan Kelly and his friend Vilmar. Vilmar moved on to his own blog some time ago, and Allan ran this place alone until his sudden and unexpected death partway through 2006. We all miss him. A lot. Even though he is gone this site will always still be more than a little bit his. We who are left to carry on the BMEWS tradition owe him a great debt of gratitude, and we hope to be able to pay that back by following his last advice to us all:

1. Keep a firm grasp of Right and Wrong
2. Stay involved with government on every level and don't let those bastards get away with a thing
3. Use every legal means to defend yourself in the event of real internal trouble, and, most importantly:
4. Keep talking to each other, whether here or elsewhere

It's been a long strange trip without you Skipper, but thanks for pointing us in the right direction and giving us a swift kick in the behind to get us going. Keep lookin' down on us, will ya? Thanks.

THE INFORMATION AND OTHER CONTENTS OF THIS WEBSITE ARE DESIGNED TO COMPLY WITH THE LAWS OF THE UNITED STATES OF AMERICA. THIS WEBSITE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE UNITED STATES OF AMERICA AND ALL PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE AMERICAN COURTS. IF ANYTHING ON THIS WEBSITE IS CONSTRUED AS BEING CONTRARY TO THE LAWS APPLICABLE IN ANY OTHER COUNTRY, THEN THIS WEBSITE IS NOT INTENDED TO BE ACCESSED BY PERSONS FROM THAT COUNTRY AND ANY PERSONS WHO ARE SUBJECT TO SUCH LAWS SHALL NOT BE ENTITLED TO USE OUR SERVICES UNLESS THEY CAN SATISFY US THAT SUCH USE WOULD BE LAWFUL.

Copyright © 2004-2015 Domain Owner