You're Awesome, America! (Why the U.S. recovery will be bigger, faster, stronger than expected)

Slate ^ | 04/10/2010 | Daniel Gross

[thecabal]

The pump monkeys (as Denninger would call them) are desperately looking for some new suckers to buy their trash. They sure have been banging this drum loudly the last few days.

Happy days are here again...

[MrB]

I hope this “analyst” isn’t counting government jobs as employment.

I don’t know of any government job, save maybe something like NASA that actually creates any tangible wealth.

Anyone? Bueller?

[indthkr]

Recovery bump for later..........

[Altura Ct.]

a willingness to write off bad debts and restructure

Bwawawawawawawawa! Write off bad debts. Really? Who did that? All that bad mortgage debt has been written off? Lord have mercy. The government has been printing overtime to prop up the bad debts and this clown thinks it has been written off.

[SonOfDarkSkies]

The problem that has yet to be felt is the bill is arriving for Obama's consumption-oriented (as opposed to investment-oriented) stimulus plan. And add all his other spending to that bill.

He will either have to raise taxes, borrow more or monetize the debt (or some combination of all three).

Taxes will pull capital out of the economy at the very time it is needed most (a recovery both requires new capital for investment and usually creates it...but Obama's taxes will gobble it up just when it is needed most).

Additional borrowing and debt monetization will both shove interest rates up and that exerts a downward pressure on a economy (particularly when that economy is frail).

There is one other problem Obama poses for the economy...he is perceived (and rightly so) as being anti-business. This causes business managers and owners to be particularly cautious in their planning for growth. It is hard to plan when you don't know what new ideas Obama will try to implement but are confident that whatever they are, such new plans will not be good for business!

[Russ]

You are correct for not including a “barf alert” to this post. As with anything coming from Slate, the barf alert is a given...

[kittymyrib]

The phony stock market rally is based on very low volume of stock traded...about 25% of the volume it once was.

[SeekAndFind]

You might be surprised to know that I am not entirely in disagreement with SLATE.

Compare the USA with most countries in the world ( even the so-called prosperous countries in Western Europe ) and you will see that we have it within us to recover from this recession.

And all signs point to an economy that is starting to pick itself up from the doldrums. This is DESPITE what this administration is doing.

So, I believe the economy will grow even with Obama’s damaging policies. But I will add two caveats :

1) It will grow MORE SLOWLY that what it would have because of all these business killing taxes, government control and regulations being added. But grow she will.;

2) Job growth will be VERY TAME. Don’t expect unemployment to reach the levels of what it was during the time of Bush, Clinton or Reagan. Which is BAD NEWS for the long term unemployed and for young people looking for work.

[flowerplough]

But the long-term decline of the U.S. economy has been greatly exaggerated. America is coming back stronger, better, and faster than nearly anyone expected—and faster than most of its international rivals. The Dow Jones industrial average, hovering near 11,000, is up 70 percent in the past year, and auto sales in the first quarter were up 16 percent from 2009.

So the DJIA's up nearly 70 percent? Hooray, but so is the price of oil. Auto sales up 16 percent, too, but where the hell are the autos sold here actually made?

[stephenjohnbanker]

Precisely.

[SeekAndFind]

but where the hell are the autos sold here actually made?

Toyota and Honda make their cars here in the USA.

See This Kentucky Toyota Car Plant

Honda makes their cars in Alabama. See here

The Korean car maker -- Hyundai, makes their cars in Alabama as well. see here

[Safrguns]

>>> Any comments on Post #15 above ?

I was for the economy before I was against it?

[MBB1984]

The writer will know soon that the Obama Kool Aid is laced with Arsenic.

[PSYCHO-FREEP]

Any economic “growth” numbers currently being sold to the publik are all smoke and mirrors, manipulated by the Government.

They are dumping the “Stimulus” money into Blue State budgets to keep them running. The Government is also hiring millions of people for temporary jobs, etc, in order to manipulate the employment statistics for the coming 2010 elections.

As far as the economy gaining based on Wall Street, Wall Street has been slowly increasing in total spite of what the actual economy has been doing. It fails to react to things that would have crashed the market in past years. What is missing are trade volumes. The market is merely based of the last few die hard traders and trade volumes is less than half of what it used to be and should be.

This is a completely false economy you are looking at through the media fog.

[SeekAndFind]

I was for the economy before I was against it?

I was never against the American economy. I'm always for it regardless of who the President is.

Don't misunderstand me, the economy has never been worse.... but I believe that we have the capability to rise above this. We always have.

[KeyLargo]

“I’m not familiar with “Slate”.

What are their leanings.........left, right, moderate, nonpartisan?”

Slate Editorial stance

Slate’s focus and editorial slant is politically liberal, as seen in choice of columnists, choice of and position on topics, and featured cartoon, Doonesbury. During the 2004 U.S. presidential campaign, a significant majority of staff and contributors supported Democratic challenger John I’m “not familiar with “Slate”.

in 2008, Slate staff overwhelmingly favored

Democrat Barack Obama.

http://en.wikipedia.org/wiki/Slate_%28magazine%29

Slate VotesObama wins this magazine in a rout.
Updated Tuesday, Oct. 28, 2008, at 2:23 PM ET

http://www.slate.com/id/2203151/pagenum/all/

[reagan_fanatic]

We’ve seen no such signs of a recovery around here. In fact, we’ve seen the exact opposite - everyone cutting back in the face of huge, continuing job losses, rising utility and tax rates, rising fuel costs and a pervasive fear of the future.

If the economy’s getting better, we sure as hell don’t see it.

[PSYCHO-FREEP]

You are also unaware that all those new workers coming into working age have fewer jobs to go to than the number of young people who are coming of age.

There are now record numbers of kids still living at home with their parents when they should be out on their own.

They now include temporary work as if it were a full time career/job in their statistics, to make the numbers look better.

>>SeekAndFind wrote:
You might be surprised to know that I am not entirely in disagreement with SLATE.<<

(No surprise here.)

[SeekAndFind]

Sorry to hear that. What state and city do you live in ?

The reason I ask is economies also vary from region to region depending on state and local policies.

You can have the best President and Congress in Washington but still have state and local government that stinks.

Heck, even a great governor like Mitch Daniels can’t undo the stinkhole called Gary, Indiana.

[servantboy777]

Well then....there ya have it.

Thanx, hitting the “Slate Disregard” button...three, two, one.....boom.