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July 08, 2010

President Pitching Wedge: "Absolutely Clear" Economy Is Heading In The Right Direction

If bankruptcy is your goal, I guess.

“But what is absolutely clear is that we are headed in the right direction — and that the surest way out of these storms we’ve been in is to keep moving forward, not back,” the president said in prepared remarks set for delivery at Smith Electric Vehicles in Kansas City, Mo.

...

Obama made the trip to Kansas City as part of his “recovery summer” tour, promoting efforts by his administration to quell concerns that the United States has not added as many jobs as promised and could be slipping into a second recession. While the unemployment rate fell in June, the government estimated that a net 125,000 jobs were lost that month.

“All of our efforts, taken together, are making a difference. A year and a half ago, our economy was shrinking rapidly; now it’s growing,” Obama said. “The economy was bleeding jobs; it’s now adding private-sector jobs, and has been for six straight months.”

Meanwhile, Obama posts the third-biggest single-day debt increase in American history.

The champion debt increase title is also held by Obama, as is the runner-up.

The nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.

The one-day increase for June 30 totaled $165,931,038,264.30 - bigger than the entire annual deficit for fiscal year 2007...

Daily debt calculations jump and fall, and big shifts are common. But all three of the biggest one-day debt increases have occurred under the tenure of President Obama...

On Wednesday, the Congressional Budget Office said the government has recorded a $1 trillion deficit for the first nine months of fiscal 2010, which began Oct. 1. That's slightly down from 2009's record $1.1 trillion deficit at this point.



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posted by Ace at 03:14 PM

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