Yikes
Posted on 08/04/2010 1:48:59 AM PDT by Scanian
A day after Ben Bernanke said rising wages would likely spur household spending, a spate of weak economic reports is painting an entirely different picture.
While the US has "a considerable way to go" before the economy fully recovers, the Federal Reserve chairman said on Monday that rising demand from households and businesses should sustain growth.
Undercutting Bernanke's optimistic outlook was a series of economic reports yesterday showing consumer spending was flat in June as personal income growth ground to a halt.
"The data confirm the growth momentum doesn't look good," said economist Bill Cheney at John Hancock Financial Service, adding that the government may have to downgrade its already weakened outlook later this month.
Aware that unemployment may worsen in Friday's new jobs report, Treasury Secretary Timothy Geithner tried to soften the blow with an appearance yesterday on ABC's "Good Morning America."
"What we expect to see is an economy that's gradually healing," Geithner said.
The government is expected to report non-farm payrolls fell by 65,000 in July after declining by 125,000 in June, while the unemployment rate could rise to 9.6 percent from 9.5 percent.
In other bad news, contracts for buying existing homes plunged 19 percent in June from a year ago to its lowest level in nine years, according to the National Association of Realtors. Its separate index for all pending home sales collapsed to its lowest level ever.
(Excerpt) Read more at nypost.com ...
Not spending helps stop Obama. Why collaborate with your own destruction. Short term pain is worth long term gain to eliminate the Socialist/Marxists. Like chemotherapy killing the cancer.
You know, it seems that every time this admin comes out and says things are fine a mountain of data follows disputing their claims.
I find it hard to believe that they did not know about the data beforehand so it really begs the question what the hell is this bunch smoking
Begging the question is a type of logical fallacy in which the proposition to be proved is assumed implicitly or explicitly in the premise. The word beg, when used in this phrase, does not mean "asking for something", but instead means to dodge or avoid.
Click this for more.
Nobody wants to stick their neck out financially anyhow as long as the Bummer is in office. Rule of law? What rule of law? If it feels good (to Rats), do it, seems to be the Bummer motto.
OK, it begs to be asked. Fair enough?
There ya go.
Obamacare to the rescue... they've already got the care provider talking points in place. The pain is spreading? Wound getting larger? Feeling sicker by the hour? You're "gradually healing", so don't call back.
Rodent control is needed.
“You know, it seems that every time this admin comes out and says things are fine a mountain of data follows disputing their claims.”
I hate to quote “The Swimmer” Teddy, but I recall his “lie after lie after lie” quote.
He was just early in using it.
The lies out of this administration are almost pathological.
Unless of course we do right by them now.
Funny thing,these Leftists HAVE to know that Sharia will behead them first!
Such idiots.
I was posting to another thread and it ended up here.
Odd,
Can we please call in some pragmatic realists off the bench for the next inning?
Maybe that food vendor that Joe Bite-me called a "smartass", or Joe the Plumber.
Bet they would do a better job. Certainly Biden has no clue.
Yikes
why would a Julliard-trained Economist ever expect wages to start rising in this current environment?
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