What Happened to the White House's "Summer of Recovery"?

Discussion in 'Economy' started by expat_panama, Jun 20, 2011.

  1. expat_panama
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    expat_panama Silver Member

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    The smartest guys in the room here are the ones who do our statistical research for us at FOX News and FOX Business. Stephen Joachim is one of them. He regularly analyzes reams of data from the U.S. government and elsewhere.

    This is what he found out about "the Summer of Recovery" that really never was:

    June 17, 2010 -- The White House declares: "This summer is sure to be a Summer of Economic Recovery"

    Summer 2010 -- Summer of Job Losses

    "The point of my talking to you today is that, although more people are going to be put to work this summer" -- Vice President Joe Biden, June 17, 2010. The job losses came in as follows, according to the Bureau of Labor Statistics:

    June: -192,000
    July: -49,000
    August: -59,000
    September: -29,000

    Job Creation

    "The pace on the ball continues to increase, not decrease, as the Act rolls out in the final -- or this final summer." -- VP Biden, June 17, 2010
    * Yes, the economy has added jobs since this statement, but at an average of 72,500 per month over the past 12 months. If this "pace on the ball" as Biden talked about continues.... it will take 93 months [nearly 8 years] to make up the jobs lost since the recession began in Dec 2007.

    A Year Later .....

    * The country is still plagued by high unemployment (9.1%) and even higher underemployment (15.8%, BLS // 18.6%, Gallup)
    * May 2011: Unemployment increases for the second consecutive month
    * May 2011: Overall consumer spending drops for the first time in 11 months
    * May 2011: New-home construction rose to adjusted annual rate of 560,000 units per year---but still far below the 1.2 million new homes per year that Economists say is needed to sustain a healthy housing market
    * Applications for new weekly unemployment benefits have average 434,792 since last summer
    * Consumer prices for all goods have increased each month since June 2010
    * Cost of food for a family of four, on average, up 5% since last summer
    * 6.2 million Americans have been unemployed for 6 months or longer
    * Nearly 1 of every 3 people unemployed have been out of work for more than 1 year
    * About 25 of mortgage holders nationwide are now underwater -- owe more than their homes are worth
    * GDP revised down to a disappointing annual rate increase of 1.8% in the first quarter of 2011, (that is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau of Economic Analysis.

    Read more at What Happened to the White House's "Summer of Recovery"? - FoxBusiness.com
     
  2. Oddball
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    Oddball BANNED Supporting Member

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    Obviously a bunch of racists!
     
  3. expat_panama
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    expat_panama Silver Member

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    LOL!

    Nothing like throwing rocks at a hornets nest to liven things up on a Monday morning...
     
  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Please see my

    Summer of Recovery, Part II: Rise of the ATM's

    Thread
     
  5. expat_panama
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    expat_panama Silver Member

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    Please share any link you've got on the video of Obama's ATM statement, seems the powers that be are suppressing it...
     
  6. California Girl
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    California Girl BANNED

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    It turned into a winter of discontent.
     
  7. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    I will say this: if the pols in DC can come up with some kind of deal that curbs future spending and has some near term spending cuts, it might be a positive sign for investors and entrepeneurs. Maybe. But there's an awful lot of uncertainty out there, what with ObamaCare, more regulations, tax questions, EPA, NLRB, all kinds of thorny issues that influence business decisions. All we need os for some new problem to arise, maybe another big hurricane in the Gulf, or unrest in a place like Saudi Arabia, or a terrorist event somewhere. The market could tank big time.
     
  8. expat_panama
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    expat_panama Silver Member

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    No, the crash right before the Nov. '08 election. Since then the lack of jobs/economic activity is the result of certainty. Smart money knows full well what's going on.
     
  9. iamwhatiseem
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    iamwhatiseem Gold Member

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    You misunderstood.
    He said these things while standing in SEVERAL green energy companies that received TARP money...he was talking to THEM...not us.
     
  10. Sherry
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    Sherry You're not the boss of me Supporting Member

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    Cloudy with a chance of meatballs.
     
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