This is the biggest lie since the “9/11 is an inside job” lie. The Progressive propaganda media keeps claiming we are in an economic boom. They are ignoring data showing the economy is not well. This is done to help Obama and create a perception of good times. The media is acting as cheerleaders of this regime in the tradition of Pravda.
NEW YORK (CNNMoney.com) — Investors need to follow the immortal words of the 80’s one-hit wonder Frankie Goes to Hollywood: Relax.
Yes, the economic recovery is losing pace. But based on Wednesday’s big sell-off, you would have thought that we were heading for an imminent repeat of a 2008-style crisis.
Consider that one of the bits of news that investors were worried about was the fact that the Fed said Tuesday it was going to be buying more bonds to keep rates low. That shouldn’t come as a surprise to anybody following the economy. It’s painfully obvious that growth is slowing. But it’s still growth.
Read the rest: Don’t panic. Growth is still growth
If a Republican was President could you imagine the media saying not to worry about slow growth? They would be screaming about an anemic economy and jobless recovery. Instead they tell people to not panic. When a Republican is President they call it unemployment, and when it’s a Democrat in office they call it Funemployment. This is pure intellectually dishonest on the part of the Left.
Update: The Recovery Summer of the great Obama Boom continues with wages falling!
Real average hourly earnings for all employees fell 0.2 percent from June to July, seasonally adjusted, the
U.S. Bureau of Labor Statistics reported today. This decrease stems from a 0.2 percent increase in
average hourly earnings combined with a 0.3 percent increase in the Consumer Price Index for All Urban
Consumers (CPI-U).
Plus retail sales remain sluggish and only were up because of auto sales!
WASHINGTON – A busy month for car dealerships lifted retail sales for the first time in three months while more expensive food and gas boosted consumer prices by the most in nearly a year.
Retail sales rose 0.4 percent last month, buoyed by auto and gasoline station purchases. Most retailers reported declines for the month. Excluding autos, sales climbed 0.2 percent, the Commerce Department said Friday.
[…]
Broad declines in retail sales have economists concerned that spending will slow further in the second half of this year. Households are saving more and spending less as they struggle with high unemployment and lackluster job growth.
Economists note that the government revised activity in the previous two months to show slightly smaller decreases. But overall, the declines for most retailers in July suggest the recovery is losing momentum.
“There is only one thing that’s for sure — economic momentum has slowed,” said Jennifer Lee, senior economist for BMO Capital Markets.
The Obama Boom continues to roar, in the minds of the media!
Update II: This is a must read! What is going on in America is a structural change that began in 2000. The Real Estate bubble just masked the rot from within and when it popped, we saw that America is an economic paper tiger.
What made America great was her unsurpassed ability to innovate. Equally important was also her ability to rapidly adapt to the change that this innovation fostered. For decades the combination has been a self reinforcing growth dynamic with innovation offering a continuously improving standard of living and higher corporate productivity levels, which the US quickly embraced and adapted to.
This in turn financed further innovation. No country in the world could match the American culture that flourished on technology advancements in all areas of human endeavor. However, something serious and major has changed across America. Daily, more and more are becoming acutely aware of this, but few grasp exactly what it is. It is called Creative Destruction.
It turns out that what made America great is now killing her!
Our political leaders are presently addressing what they perceive as an intractable cyclical recovery problem when in fact it is a structural problem that is secular in nature. Like generals fighting the last war with outdated perceptions, we face a new and daunting challenge. A challenge that needs to be addressed with the urgency and scope of a Marshall plan that saved Europe from the ravages of a different type of destruction. We need a modern US centric Marshall plan focused on growth, but orders of magnitude larger than the one in the 1940’s. A plan even more brash than Kennedy’s plan in the 60’s to put a man of the moon by the end of the decade. America needs to again think and act boldly. First however, we need to see the enemy. As the great philosopher Pogo said: “I saw the enemy and it was I”.
Read the rest: What made America great is now Killing her!
The fact is the economic crisis has been a decade in making and we need real solutions to this structural problem.
