Showing posts with label Recovery. Show all posts
Showing posts with label Recovery. Show all posts

Friday, May 16, 2014

Black Americans Are Worse Off Under Obama-- Yet They Still Support Him Almost Unanimously

May 16, 2014 Black Americans , Obama Administration 1 Comments
By Deroy Murdock, May 16, 2014, Nationalreview.com

According to a Fox News survey released on Wednesday, Obama’s approval rating stands at 45 percent among all registered voters. However, among black voters, Obama’s job approval soars to 86 percent.

Given Obama’s devastating impact on black Americans, this is even more confounding than the whereabouts of Malaysia Airlines Flight 370.

Obama’s election, no doubt, generated considerable ethnic pride. Seeing a black man (or, precisely, a half-black man) inaugurated was a truly exceptional milestone for all Americans — black and otherwise.

But Obama reached the Oval Office nearly five years and four months ago. Since then, his performance should have dimmed his halo among blacks, especially considering how much they have suffered on his watch.

• When Obama entered office on January 20, 2009, U.S. unemployment stood at 7.8 percent. By April 2014, that Bureau of Labor Statistics figurehad fallen to 6.3 percent — a modest improvement. Among blacks overall, joblessness dropped, though less significantly — from 12.7 to 11.6 percent. But for blacks aged 16 to 19, unemployment grew from 35.3 to 36.8 percent.

Read the full story:  www.nationalreview.com

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Thursday, May 8, 2014

The 50 Percent Recovery By Larry Elder

May 08, 2014 Articles by Larry Elder , Job Numbers 0 Comments
By Larry Elder, May 8, 2014

UCLA economist Lee Ohanion says that this recovery is light 10,000,000 jobs.

Historically, the deeper the recession, the bigger the bounce back. Economics Professor John Lott shows uses two graphs to depict how poorly this recovery compares to those in the past:
Source:  John R. Lott, Twitter


And:
Source:  John R. Lott, Twitter
UCLA’s Ohanian says the average post-recession growth would have created some 200,000 jobs per month more than what we see in the fifth year of the Obama “recovery.”  Bottom line:  10,000,000 jobs that would have been created simply do not exist.

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Wednesday, May 7, 2014

800K Stop Looking For Work In April -- Media Cheers By Larry Elder

May 07, 2014 Articles by Larry Elder , GDP 0 Comments
By Larry Elder, May 7, 2014

Headlines used verbs like "surge" to describe the April job numbers.

The USA Today newspaper was typical: “Spring Stunner: Jobs Report Blows Past Forecasts.”

Unemployment has fallen to 6.3 percent and April added 288,000 jobs. But as has been typical throughout this five-year "recovery," the real news is the weak nature of this recovery.

The Obama recovery has averaged 2.2 GDP per year. Previous recoveries since 1960, seven in all, have averaged 4.1 percent annual GDP growth – or almost twice the rate of growth we have experienced under this president.

Forbes wrote a few days ago: “The U.S. economy sustained a real rate of economic growth of 3.3 percent from 1945 to 1973, and achieved the same 3.3 percent sustained real growth from 1982 to 2007. It was only during the stagflation decade of 1973 to 1982, reflecting the deeply misguided reigning intellectual leadership of the time, that real growth fell to only half long term trends.

“If we could revive and sustain that same 3.3 percent real growth for 20 years, our total economic production (GDP) would double in that time. After 30 years, our economic output would grow by 2 and two-thirds. After 40 years, our prosperity bounty would grow by 3 and two-thirds. … President Obama is not on the path to that restoration. The latest report on real GDP growth estimates this year’s first quarter at a pitiful 0.1 percent.”

Pointing out that the last recession ended five years ago, Forbes continues: “Recoveries always involve above average growth, well over the 3.3 percent long term trendline, as the economy catches up to that world leading American growth pace. That is why the American historical record is the deeper the recession, the stronger the recovery, as the economy grows faster in the recovery to make up the lost ground from the long-term trendline.

“Obama’s supposed economic recovery during the last five years has never even gotten back to the 3.3 percent long term trendline. The high points were 2.5 percent in 2010 and 2.8 percent in 2012. The high point for Reagan’s recovery was nearly 7 percent, in 1984, the highest in 50 years.

“As the Wall Street Journal reported this week: ‘Average growth over the 19 quarters for this [Obama] recovery has been 2.2 percent, with total economic growth [over the 5 years of the recovery] of 11.1 percent. The average for all post-1960 recoveries is 4.1 percent with total growth of 21.1 percent. The average for the Reagan expansion was 4.9 percent and total growth of 25.6 percent.’”

Economist Stephen Moore, formerly with the Wall Street Journal and now with the Heritage Foundation, says it is the worst recovery -- ever. Here's how the Associated Press, in 2012 -- more than three after the recession ended -- described the recovery:

“Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest…. Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower. More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.”

Finally, who else says this recovery is awful? The then-newly elected President Barack Obama.

“There is no disagreement," said then-President-elect Barack Obama, "that we need action by our government, a recovery plan that will help to jump-start the economy.” Defying the objections made by hundreds of this country’s most reputable economists, Obama later doubled down, saying: “This is what independent economists have said -- not politicians, not just people in my administration. Independent experts who do this for a living have said this jobs bill will have a significant effect for our economy and for middle-class families all across America. And what these independent experts have also said is that if we don’t act, the opposite will be true. There will be fewer jobs; there will be weaker growth.”

When his economic team took over, it made projections for how they expected the economy to perform under their economic policies, including raising taxes on the wealthy, a $1 trillion “stimulus,” new financial and environmental regulations, “investments” in green jobs and Obamacare.

Four months into office, Obama’s budget update for May 2009 predicted the economy would be cranking by 2011, with real term economic growth of 4 percent and unemployment down to 7.1 percent. Later that year their optimism waned a bit, but they still put 2011 GDP growth at a very respectable 3.8 percent and an unemployment average of 8.6 percent. The real GDP growth rate for 2011 was 2.0 percent -- almost half of the Obama administration’s predictions. The 2011 unemployment rate averaged 9 percent -- 27 percent higher than their first prediction, and still 4.6 percent higher than their revised prediction.

Moore, the economist, recently said this about the economy: “President Obama’s economic strategy of redistribution -- more welfare spending, more debt, more bailouts, a socialized health care system and higher tax rates -- has crash-landed the U.S. economy. The middle class is fighting over a smaller share of a smaller pie, and the ranks of those in poverty keep rising.

“By the way, all the [income equality] obsession in this White House the past five years has managed only to make income disparities wider. The latest IRS data, through 2012, show that the richest 3 percent have made income gains, and nearly everyone else is losing ground.”

The media works hard to convince us that this recovery is about as good as one could reasonably expect. No, it isn’t. Not by a long shot.

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Saturday, May 3, 2014

Peter Schiff: Largest Exodus From Workforce Since Stats Were Kept --Weakest recovery ever?

Peter Schiff: Largest Exodus From Workforce Since Stats Were Kept --Weakest recovery ever?

May 03, 2014 Jobs , Newsmax.com 0 Comments

By Courtney Coren, May 2, 2014, Newsmax.com

"In April, almost a million Americans left the labor force in one month. I think that's the largest exodus from the labor force since they began keeping the statistics," economist Peter Schiff says, adding that he doesn't believe 280,000 jobs were created.

"Better than 80 percent of them potentially were just made up by the government because over 240,000 of the jobs were the result of the birth-death assumptions where the government simply assumes that new businesses were created in April and that they hired people," Schiff told J.D. Hayworth and Miranda Kahn on "America's Forum" on Newsmax TV.

"But they don't have any actual proof that any of this happened and it's the statisticians at the Bureau of Labor Department — everybody assumed that people hired more people in April because the weather got better," he added.

And that is why Schiff says that he doesn't "even believe the 280,000 jobs being created."

The other problem with the jobs report is the quality of jobs that were created, Schiff argues.

"They're most in low-paying, service sector type jobs, part-time jobs, temporary jobs," he explains. "They're not legitimate jobs where you can support a family, pay a mortgage, they're not indicative of a growing economy but of a weakening economy."

The CEO of Euro Pacific Capital says that the only answer to the economic woes is "to change the leadership in this country because all that we're doing now is digging the hole deeper."

Schiff doesn't think the federal reserve will respond by raising interest rates until the coming currency crisis demands it.

"That is ultimately going to force the Fed to do the right thing, but unfortunately, they will have waited far too long to do it, and we're going to have to suffer a lot more because of the Fed's incompetence," he added.

He says the best thing Americans can do is to invest in countries where their "central banks aren't acting as recklessly" and invest in gold and silver.

"Ultimately, the solution to our problems is going to involve a remonetization of gold," Schiff added. "But by the time they remonetize it, the price is going to be substantially higher than it is now."

Read the full story: www.newsmax.com

More About Peter Schiff:  www.schiffradio.com

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Wednesday, April 30, 2014

US Economy Slowed To 0.1 Percent Growth Rate In Q1 ---5th year of "recovery"

April 30, 2014 Breitbart.com , Commerce Department 0 Comments
By Breitbart.com, Apr. 30, 2014

 WASHINGTON (AP) — The U.S. economy slowed sharply in the first three months of the year as a harsh winter exacted a toll on business activity. The slowdown, while worse than expected, is likely to be temporary as growth rebounds with warmer weather.

 Growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, the Commerce Department said Wednesday. That was the weakest pace since the end of 2012 and was down from a 2.6 percent rate in the previous quarter.

 Many economists said the government's first estimate of growth in the January-March quarter was skewed by weak figures early in the quarter. They noted that several sectors — from retail sales to manufacturing output — rebounded in March. That strength should provide momentum for the rest of the year.

 And on Friday, economists expect the government to report a solid 200,000-plus job gain for April.

 "While quarter one was weak, many measures of sentiment and output improved in March and April, suggesting that the quarter ended better than it began," said Dan Greenhaus, chief investment strategist at global financial services firm BTIG.

 Still, the anemic growth last quarter is surely a topic for discussion at the Federal Reserve's latest policy meeting, which ends Wednesday afternoon.

 In its report, the government said consumer spending grew at a 3 percent annual rate last quarter. But that gain was dominated by a 4.4 percent rise in spending on services, reflecting higher utility bills and an expansion in health care spending from provisions of the Affordable Care Act. Spending on goods barely rose. Also dampening growth were a drop in business investment, a rise in the trade deficit and a fall in housing construction.

 The scant 0.1 percent growth rate in the gross domestic product, the country's total output of goods and services, was well below the 1.1 percent rise economists had predicted. The last time a quarterly growth rate was so slow was in the final three months of 2012, when it was also 0.1 percent.

Read the full story:  www.breitbart.com
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