Mike Hendrix is on it as usual!
Private-sector job growth is anemic, new jobless claims are still well over 400,000, the unemployment numbers are grim, manufacturing has slowed to a crawl, home prices are falling again, the dollar keeps sinking, 44 million people are now on food stamps, layoffs continue, consumer confidence has hit the skids and the stock market lost 280 points Wednesday and 38 more yesterday.
Welcome to Recovery Summer II.
Two years into the Obama administration, the country’s finances are a looming calamity. An unemployment rate of more than 8 percent has become the new normal, and even that understates real unemployment, because so many Americans have simply left the job market.
The $800 billion stimulus was a complete failure, unless you count “government jobs saved” as a useful goal. “Quantitative easing” — the Federal Reserve’s printing money to buy Treasury debt — has already failed twice, yet it’s being contemplated again.
And does anyone doubt Obama and the Democrats would have hiked taxes last fall had they not suffered such a humiliating defeat in the 2010 election?