The Worst Recovery Ever

[Jroc]

he characterized the latest numbers as “a step in the right direction.” For those Americans determined to continue believing a president who plays it fast and loose with the facts, perhaps such “steps” are comforting. Yet the actual facts tell another story: president Obama has presided over the weakest recovery on record.

The stats are daunting. The unemployment rate has been above 8 percent for 41 consecutive months, yet as cited above, that number only reflects those people participating in the labor force. The labor force participation rate was 63.8 percent last month, one of the lowest percentages on record. If not for that convenient anomaly, unemployment would be 11 percent. Chronic unemployment, which reflects the length of time people remain out of work, rose to 39.9 weeks in June. That number is sixteen weeks higher than the number in June 2009, when the recession “officially” ended. And despite the president’s assertion that “businesses have created 4.4 million new jobs over the past 28 months, including 500,000 new manufacturing jobs,” the nation has endured a net decline of roughly half a million jobs during the president’s tenure in office.

Yet jobs tell only part of the story. 2011 was the worst sales year ever recorded for housing, and home values remain nearly 35 percent lower than they were five years ago. The decline in Americans’ standard of living is the steepest since government began keeping records 50 ago, and family income has declined more post-recession than it did in the actual recession itself. In addition, record numbers of Americans are living on food stamps and a record number are living in poverty. Thus it is no surprise that overall government dependency, defined as the percentage of persons receiving one or more federal benefit payments, is the highest in American history.

Economist Michael Boskin reveals a list of other dubious, post-WW II records set by this administration. They include federal spending as a percentage of GDP at 25 percent, federal debt as a percentage of GDP at 67 percent, and a budget deficit as a percentage of GDP at 10 percent.

The Worst Recovery Ever | FrontPage Magazine

 

[Douger]

[ame=http://www.youtube.com/watch?v=OY_SEMf9UhE]Gerald Celente: Economic recovery a cover up - YouTube[/ame]

 

[uscitizen]

Recovery? This ain't no stinkin recovery.
This is but a level pause on the stairsteps downward.

 

[Avorysuds]

Recovery? This ain't no stinkin recovery.
This is but a level pause on the stairsteps downward.

This is the Uscitizen I like to see. It's nice to see there are liberals and conservatives out there that can be honest and not blindingly partisan.

What we are seeing is what happened under Hoover and FDR during the great depression. Massive programs that never even come close to living up to the claims Presidents make. Cost the nation shit tons of money, create massive welfare and dependency but when falling short of even the most “worst case scenarios” we get, “It could have been worse without the program.”

This is where dishonest people start dragging Bush into this as if he was some sort of small Government conservative despite the massive welfare programs and wars he did.

 

[iamwhatiseem]

Recovery? This ain't no stinkin recovery.
This is but a level pause on the stairsteps downward.

Unfortunately this is true.
Anyone watching the talking heads on the MSM in the past few months will have noticed a change in the economic discussions no matter the channel - everyone agrees the cards are bending and the house is eventually going to fall.
I have noticed this myself. It isn't just the Celentes and Schiffs talking about a serious downturn - they all are.
The only thing they are disagreeing on is what the government needs to do/not do to alleviate the fall or what to do afterwords. What changes to make in a thoroughly corrupt financial system, how to hold the government responsible etc.

I just want it to happen so it gets over with.
I am 47 years old. I don't want to still be doing business in a lousy environment 10 years from now. Let's get it over with for Pete's sake.

 

[Jroc]

The Single Most Accurate Indicator of Labor Market Health

The release of the June labor market data marks the third anniversary of the official end of the recession in June 2009. Thus, this is a good moment to look at the single best indicator of U.S. labor market health. As is so often the case, it is also one of the simplest: the employment-to-population ratio. In essence, this tells us what share of the working-age population (16-years old and above) has a job. When the ratio goes up, things are getting better. When it doesn’t, the labor market is not recovering.

So, what kind of labor market recovery have we seen over the past three years? As the graph shows, the answer is simple: NONE. Job growth hasn’t been strong enough to support our growing population

The Single Most Accurate Indicator of Labor Market Health | Mercatus

 

[uscitizen]

Recovery? This ain't no stinkin recovery.
This is but a level pause on the stairsteps downward.

Unfortunately this is true.
Anyone watching the talking heads on the MSM in the past few months will have noticed a change in the economic discussions no matter the channel - everyone agrees the cards are bending and the house is eventually going to fall.
I have noticed this myself. It isn't just the Celentes and Schiffs talking about a serious downturn - they all are.
The only thing they are disagreeing on is what the government needs to do/not do to alleviate the fall or what to do afterwords. What changes to make in a thoroughly corrupt financial system, how to hold the government responsible etc.

I just want it to happen so it gets over with.
I am 47 years old. I don't want to still be doing business in a lousy environment 10 years from now. Let's get it over with for Pete's sake.

We need to privatize Social Security and Medicare really quick!

 

[uscitizen]

Recovery? This ain't no stinkin recovery.
This is but a level pause on the stairsteps downward.

This is the Uscitizen I like to see. It's nice to see there are liberals and conservatives out there that can be honest and not blindingly partisan.

What we are seeing is what happened under Hoover and FDR during the great depression. Massive programs that never even come close to living up to the claims Presidents make. Cost the nation shit tons of money, create massive welfare and dependency but when falling short of even the most “worst case scenarios” we get, “It could have been worse without the program.”

This is where dishonest people start dragging Bush into this as if he was some sort of small Government conservative despite the massive welfare programs and wars he did.

I been saying for a decade this was coming and when it hit it would last at least a decade.
Longer if we don't get our collective heads out of our butts.

 

[iamwhatiseem]

Recovery? This ain't no stinkin recovery.
This is but a level pause on the stairsteps downward.

This is the Uscitizen I like to see. It's nice to see there are liberals and conservatives out there that can be honest and not blindingly partisan.

What we are seeing is what happened under Hoover and FDR during the great depression. Massive programs that never even come close to living up to the claims Presidents make. Cost the nation shit tons of money, create massive welfare and dependency but when falling short of even the most “worst case scenarios” we get, “It could have been worse without the program.”

This is where dishonest people start dragging Bush into this as if he was some sort of small Government conservative despite the massive welfare programs and wars he did.

IMO - All of this began in the last couple year of Reagan's presidency. His Alzheimer was beginning to set in and I believe cabinet members began to operate the White House.
Enter - Larry Summers and Alan Greenspan. Two of the three people I personally hold accountable for setting up 2007.
Then there was Clinton, who brought in another viper named Robert Rubin. Clinton allowed these three to do basically whatever they wanted if they could give him economic prosperity...they did.
Then there was Bush JR. Whose economic policies any fiscal conservative should be shaking their collective heads at. Like Clinton, he allowed "the experts" to have free will while he was President. Also - under George Bush, more lower income people had a negative tax liability than anyother President in history...I'll say that again...under Bush Jr. - fewer American wage earners actually paid income tax than ever before.
Then there is Obama...or better known as "Bush II" when describing his economic policies. Obama's highest ranking economic adviser in two capacities is none other than Larry Summers - "Mr. Derivative" himself.

Yes, I am aware I left out Bush Sr. He was the "vacant" President. Whose greatest contribution was appointing great Generals and getting out of their way to fight Desert Storm - one of the most successful military engagements in world history.

 

[waltky]

Recovery bein' hampered by financial shenanigans?...

Is the US caught in the slow lane?
5 July 2012 - People living in bankrupt Stockton give their verdict on the US economy

At a California racetrack the souped-up cars that have been revving their way around the circuit stop and fall silent. Their roar is replaced by a deeply soulful rendition of the Star-Spangled Banner as a gigantic American flag is unfurled across the course as part of 4 July celebrations. The race commentator, Wild Wayne, gives a patriotic pep talk emphasising that Independence Day means more than an opportunity to eat hot dogs and sink a few Buds.

For a nation so geographically isolated from any rivals and for a people so brimming with self-confidence it still amazes me how much emphasis is placed on the very word "American", whether it is placed before "hero" or "race car", as an affirmation of identity. Mind you, when I observe that America must be the most showily patriotic country in the world, an American friend points out the celebration of the Queen's Jubilee in Britain was hardly discreet and muted. Still, I think there is a nostalgic nuance to our patriotism, whereas America has traditionally looked to the future.

Unstoppable damage

But the US is changing and at the moment there is an uneasy edge to the pride and the patriotism. There have been a whole host of books about American decline. There is also a more general malaise, a worry that America, still the biggest economic and military power in the world, has lost its place and its way. Such fretting is not exactly new, but there are differences between today and the Sputnik moment, or of fears of Japan's rise, or of post-Vietnam angst.

For a start, conservatives argue that President Barack Obama has embraced decline, and made America less forceful on the world stage and less successful at home. Some of those I spoke to at the racetrack thought the country was coming back up, and going in the right direction, but they were a small minority.

More BBC News - Is the US caught in the slow lane?

See also:

San Bernardino Bankruptcy: Exacerbated By Criminal Acts?
July 12, 2012 - An investigation into possible criminal activity related to San Bernardino, California's woeful financial state is ongoing. Allegations suggest that some of the city's financial documents were falsified.

Law enforcement officials said Thursday that they have an open criminal investigation regarding allegations of misconduct in the city government of San Bernardino, which announced this week it was going to file for bankruptcy. The San Bernardino County Sheriff’s Department released a statement confirming the probe but released few other details. “Several months ago at the request of San Bernardino city officials, the San Bernardino County Sheriff’s Department, along with the San Bernardino Police Department and the district attorney’s office began an investigation related to allegations of possible criminal activity within departments of the San Bernardino city government,” the statement said. “The investigation is continuing, and details will not be released at this time. Updates will be provided as new information becomes available.”

There have been allegations that some financial documents were falsified to hide the seriousness of San Bernardino’s financial woes. Meanwhile, San Bernardino’s police and fire chiefs Thursday assured residents that the agencies will continue to aggressively respond to crime, fires and medical emergencies despite the city’s decision to seek bankruptcyprotection. Police Chief Rob Handy, who took over the job in October, said he plans to shift officers from specialized assignments, including gang units, to patrol duty to ensure quick response to reports of crime. “We will continue to provide emergency and essential services to the residents of this community. We will do what it takes,” Handy told reporters at a morning news conference at police headquarters.

Still, Handy expects more officers to leave or retire as the cloud of bankruptcy hangs over the city, an attrition that he said could eventually affect crime prevention and community policing programs. The city already has seen an increase in violent crime this year. Handy and acting Fire Chief Paul Drasil said officers and firefighters are concerned that they may feel the brunt of the city’s fiscal crisis, given that public safety agencies account for 75 percent of the city’s budget. But they declined to address austerity proposals, including suggestions the city could either share fire services with other areas or contract other public safety agencies, such as the San Bernardino County Sheriff’s Department and the state firefighting agency.

Drasil said San Bernardino poses unique challenges for firefighters, with its aging urban neighborhoods and proximity to the San Bernardino Mountains. On Tuesday, the City Council voted to seek Chapter 9 bankruptcy protection, a section of federal law for municipalities facing insolvency. Interim City Manager Andrea Miller told the council that the city faced a $45.8-million budget shortfall, the equivalent of about 35% of the city’s annual budget, and would not be able make payroll this summer. San Bernardino is the third California city to seek bankruptcy protection in the last month, joining Stockton, in the Central Valley, and Mammoth Lakes in the eastern Sierra Nevada.

Source

 

[william the wie]

The game is last man standing not recovery. Virtually all of Eurasia is depopulating and lack the workers needed to support their entitlements. The question is when not if the daisy-chain explodes as it is starting to do in the Euro-zone. Obama is playing the game poorly but the alternatives do not look a lot better.

 

[waltky]

Europe holdin' back global recovery...

Global recovery still under threat, says IMF outlook
16 July 2012 - IMF Chief Economist Olivier Blanchard: "Europe is just not growing and that's a very major issue"

The global economic recovery is still at risk, and eurozone economies remain in a "precarious" situation, the International Monetary Fund has said. A delayed or insufficient response from European leaders to the crisis would further derail the recovery, it said.

The IMF downgraded its forecast for global growth for 2013 to 3.9% from the 4.1% prediction it made in April. One of the biggest downward revisions was to the UK, now expected to grow by 1.4% in 2013. In April it predicted 2%.

The forecast for growth in 2012 was also reduced for the UK, down to 0.2% from the 0.8% cited in April. The IMF's prediction for world output this year - as measured by gross domestic product - was little changed at 3.5%.

In its updated World Economic Outlook, which is published twice each year, the Washington-based lender said: "Downside risks continue to loom large, importantly reflecting risks of delayed or insufficient policy action."

Source

 

[The Rabbi]

Perhaps someone should tell Obama that high taxes, high regulations, and cheap money are not the fuels for growth he's been led to believe.

 

[waltky]

Rabbi wrote: Perhaps someone should tell Obama that high taxes, high regulations, and cheap money are not the fuels for growth he's been led to believe.

As to the high regulations part...

... read my signature.

 

[Nova78]

National debt is now 15 trillion and climbing,it is staggering,and the numbers are only getting scarier. That $15 trillion tab is growing at a staggering pace of more than $58,000 per second. "It's truly huge—we're talking 9, 10 percent of GDP," "We haven't seen anything like that in most people's lifetime. For most people, this is unprecedented......
Expect to see your taxes to skyrocket in the future...........

 

[The Rabbi]

Rabbi wrote: Perhaps someone should tell Obama that high taxes, high regulations, and cheap money are not the fuels for growth he's been led to believe.

As to the high regulations part...

... read my signature.

There was no deregulation, skippy.

 

[Widdekind]

2011 was the worst sales year ever recorded for housing, and home values remain nearly 35 percent lower than they were five years ago.

5 years ago, housing was over-valued, due to the "housing bubble". Since then, the housing market has "corrected", and now housing prices reflect reasoned reality. How can Pres. Obama be blamed, for a housing bubble, years before he took office?

If you want to impugn some policies (e.g. arguably ineffective "Fiscal Stimulus", in the form of huge government deficits), then arguable facts & numbers should not be mixed, with blame-game "griping" about the aftermath of 2008. Should Pres. Obama create another housing bubble, to inflate home prices?? (Did Democrats secretly sabotage the US economy, helping generate the housing bubble in 2006, to undermine Republicans, and get a Democrat elected in 2008, or something??)

 

[The Rabbi]

2011 was the worst sales year ever recorded for housing, and home values remain nearly 35 percent lower than they were five years ago.

5 years ago, housing was over-valued, due to the "housing bubble". Since then, the housing market has "corrected", and now housing prices reflect reasoned reality. How can Pres. Obama be blamed, for a housing bubble, years before he took office?

If you want to impugn some policies (e.g. arguably ineffective "Fiscal Stimulus", in the form of huge government deficits), then arguable facts & numbers should not be mixed, with blame-game "griping" about the aftermath of 2008. Should Pres. Obama create another housing bubble, to inflate home prices?? (Did Democrats secretly sabotage the US economy, helping generate the housing bubble in 2006, to undermine Republicans, and get a Democrat elected in 2008, or something??)

A house is worth what someone is willing to pay for it. So there is no over valuing or undervaluing.

 

[rdean]

he characterized the latest numbers as “a step in the right direction.” For those Americans determined to continue believing a president who plays it fast and loose with the facts, perhaps such “steps” are comforting. Yet the actual facts tell another story: president Obama has presided over the weakest recovery on record.

The stats are daunting. The unemployment rate has been above 8 percent for 41 consecutive months, yet as cited above, that number only reflects those people participating in the labor force. The labor force participation rate was 63.8 percent last month, one of the lowest percentages on record. If not for that convenient anomaly, unemployment would be 11 percent. Chronic unemployment, which reflects the length of time people remain out of work, rose to 39.9 weeks in June. That number is sixteen weeks higher than the number in June 2009, when the recession “officially” ended. And despite the president’s assertion that “businesses have created 4.4 million new jobs over the past 28 months, including 500,000 new manufacturing jobs,” the nation has endured a net decline of roughly half a million jobs during the president’s tenure in office.

Yet jobs tell only part of the story. 2011 was the worst sales year ever recorded for housing, and home values remain nearly 35 percent lower than they were five years ago. The decline in Americans’ standard of living is the steepest since government began keeping records 50 ago, and family income has declined more post-recession than it did in the actual recession itself. In addition, record numbers of Americans are living on food stamps and a record number are living in poverty. Thus it is no surprise that overall government dependency, defined as the percentage of persons receiving one or more federal benefit payments, is the highest in American history.

Economist Michael Boskin reveals a list of other dubious, post-WW II records set by this administration. They include federal spending as a percentage of GDP at 25 percent, federal debt as a percentage of GDP at 67 percent, and a budget deficit as a percentage of GDP at 10 percent.

The Worst Recovery Ever | FrontPage Magazine

And Republicans fight to keep it that way.

 

[uscitizen]

5 years ago, housing was over-valued, due to the "housing bubble". Since then, the housing market has "corrected", and now housing prices reflect reasoned reality. How can Pres. Obama be blamed, for a housing bubble, years before he took office?

If you want to impugn some policies (e.g. arguably ineffective "Fiscal Stimulus", in the form of huge government deficits), then arguable facts & numbers should not be mixed, with blame-game "griping" about the aftermath of 2008. Should Pres. Obama create another housing bubble, to inflate home prices?? (Did Democrats secretly sabotage the US economy, helping generate the housing bubble in 2006, to undermine Republicans, and get a Democrat elected in 2008, or something??)

A house is worth what someone is willing to pay for it. So there is no over valuing or undervaluing.

Umm interest rates and no collateral, etc loans have a bit to do with housing prices.