Skip to comments.Libs Lament the Rotten Obama "Recovery"
Posted on 04/11/2012 2:07:08 PM PDT by Kaslin
RUSH: Harold Meyerson writing in the Washington Post. Harold Meyerson, huge leftist, I mean radical. Bill Ayers without the bombs kind of leftist. He's got a piece in the Washington Post: "An Economic Recovery that Leaves Workers Further Behind." This is a guy that supports Obama, supported Obama, wants Obama to be king. "Many of the reasons are widely known: Rebounding from a financial crisis takes an excruciatingly long time; the huge decline in housing values has reduced Americans purchasing power; large corporations are making do with fewer employees -- at least, in this country. But what really sets the current recovery apart from all its predecessors --"
By the way, there isn't one. But we'll play long here. "But what really sets the current recovery apart from all its predecessors is this: Almost three years after economic growth resumed --" This guy wants us to believe we've been in economic growth for three years! Three years we've been in a recovery. There was no recession, I guess. I'm sorry. I can't help interrupting myself, folks. Let me go back to the beginning here. "But what really sets the current recovery apart from all its predecessors is this: Almost three years after economic growth resumed, the real value of Americans paychecks is stubbornly still shrinking." So after three years of the Obama recovery -- ahem -- people are getting poorer.
"According to Fridays Bloomberg Brief, 'the pace of income gains is well below that of the past two jobless recoveries and real average hourly earnings continue to decline.' The Bloomberg report cites one reason for this anomaly: Most of the jobs being created are in low-wage sectors. According to Bloomberg, fully 70 percent of all job gains in the past six months were concentrated in restaurants and hotels --" Oh. Oh. Who would wanna work there? Oh, heaven forbid. What a rotten recovery. This is the problem, 70% of the jobs are in restaurants and hotels. Hence, it's a modern day hamburger flipper thing, exactly right. In fact, you would almost expect to hear that in the rest of this column. This is a huge leftist complaining Obama's jobs are nothing but hamburger flipper jobs, except now they're happening in hotels and restaurants.
Oh, and health care and home health care. That's where the jobs are. Also retail trade and temporary employment agencies. "These four sectors employ just 29 percent of the countrys workforce but account for the vast majority of the jobs being created." And he goes on to lament on page two, only the rich are recovering. Wonder why that is? Traditionally what the Democrats have told us is that the rich are recovering because they're stealing from the poor. The math on that I've never understood, but they keep making the claim. The rich are getting rich by stealing from the poor. And I guess that's happening now. The rich are stealing from restaurant and hotel workers, because the rich are recovering. "This recovery differs from its predecessors because it is concentrated among the affluent, and almost entirely among the very rich." You think there might be a reason for that?
And here's Obama, USA Today: "Tax the Rich to Help Grow the Economy." Worked in Europe, didn't it? You know, Europe is really booming. Greece, Spain, Germany, UK, really booming, the way they tax the rich. Obama said, "Let me ask you, what's the better way to make our economy stronger? Do we give ... tax breaks to every millionaire and billionaire in the country? Or should we make investments in education and research and health care and our veterans?" I am 61 years old. We have been making "investments" in education my whole life. What do we have to show for it?
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You have to be impressed with the media.
They turned $4 gas (an economic disaster under Bush) into Baraq’s energy conservation success story.
I got the blues today, it's so depressing, it makes me think of getting sloshed and I'm a recovering alcoholic with 31 years of sobriety.
(Not really quite serious about "getting sloshed")
“Rebounding from a financial crisis takes an excruciatingly long time”
Didn’t have to be that way. In the aftermath of the economic downturn that began in late 2009, companies laid off their least productive and least experienced employees and got rid of their debt. The stock market bottomed out and made sharp around in March 2009, after Wall Street decided that there would be no general banking collapse.
All Obama had to do was sit back and watch and he could have taken credit for a great secular bull market economy. Instead, high Corporate taxes and EPA regulations have sent jobs overseas and given us high unemployment and a weak recovery. Obama took Rahm Emanuel’s advice to make “The Bush Crisis” permanent in order to ram through his radical agenda.
“...the economic downturn that began in late 2007...
If you noticed, it started to fall in August of 2008 until it was down to $1.61 a gal by the end of the year. The reason it went down was because on July 14, 2008 President Bush lifted the ban on the Outer-continental shelf exploration.
If you look at the chart you will notice that after 0bama took over and reversed President Bush's lift on the ban the price of gas started to rise again
Maybe we could get together and talk about how we USED TO “get sloshed”. I still have a glass of wine sometimes and on very rare occasions a stiff shot of bourbon but my annual alcohol intake is about what I used to consume in a long weekend.
I couldn’t go back to that if I tried, I probably would not live more than a month.
Actually, the Dems have been trying to repeal the law of gravity ever since 1960’s, with laws that prohibited “discrimination” in loans made to people in low income neighborhoods. In the 1990’s, Clinton pushed to make home ownership “affordable” to people who couldn’t afford it. It’s still going on, with Obama pursuing his own subprime housing boondoggle.
Simple economic principles like lenders demanding higher interest rates from borrowers with higher credit risk , or that borrowers should come up with a down payment to discourage them from walking away from a loan, have been demagogued as “racist”.
Well before 2008, Bush and McCain tried to warn about the mortgage credit risk on several occasions, but were shouted down by people like Frank and Dodd. Even after the collapse, the Dodd - Frank Financial regulation Bill did not address housing finance.