Sunday, March 14, 2010

Update on sluggish economy

The past few weeks have seen a lot of optimistic talk, and just a few naysayers. Some people, mostly the Democratic Party Clueless and Obama Worshipers think this thing is behind us and even when confronted with evidence to the contrary, will say things are rosy.

A recent speech by Obama shows he is out of touch with reality. And a quote from that speech is all I need as evidence of his delusion:
"it is largely thanks to the Recovery Act that a second depression is no longer a possibility,"

The "recovery" (not even a real recovery yet) is so fragile at this time, that the weather can bring it down.

And in addition, China is facing its own banking crisis, this time because of their role in the Chinese stimulus programs.

Looking at a six month chart on the manufacturing sector shows after last month's little jobs growth the growth in manufacturing is now back to flat.

The Wall Street Journal has a little blurb that, while the facts are correct, over all gist is bologna. (Many think that this is a conservative paper, but really, it is just one segment of their staff and much of their readership that is conservative.) Even in a six paragraph article, the author tries to spin bad news to sound good.

Surprisingly, the Milwaukee Journal Sentinel presents the same facts, without the spin (but I don't know if that link will stay up).
A quote from that article shows the real story:
"This 2.9% loss of jobs over the decade continues to be the first decade-long decline in jobs since the Great Depression," the firm wrote in a report Friday. Reflecting the nation's growing trade deficit, "the manufacturing sector suffered most over the past decade," losing 5.7 million jobs - "perhaps the worst decade for manufacturing in U.S. history," the forecasting firm noted.

So, dig your heels in for the long haul. Real recovery, with jobs and good wages, is still years (maybe 3 years, maybe 10 years) away.

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