Sponsored Content

Intermarkets' Privacy Policy

Donate to Ace of Spades HQ!

Recent Entries
Absent Friends
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info
Cutting The Cord And Email Security
Moron Meet-Ups

Partisan Fringe Extremists Promise Filibuster In Senate If Their Narrow Ideological Agenda Is Compromised To The Slightest Degree | Main | Gunwalker Synopsis: ATF + FBI = FUBAR
July 08, 2011

AP notices we've driven out of the ditch and are heading towards a cliff. [ArthurK]

Here's a quick and dirty fisking of this afternoon's AP version of DOOM! Stimulus isn't mentioned, Obama is only mentioned once.

The job market is defying history.

A dismal June employment report shows that employers are adding nowhere near as many jobs as they normally do this long after a recession has ended.

Unemployment has climbed for three straight months and is now at 9.2 percent. There's no precedent, in data going back to 1948, for such a high rate two years into what economists say is a recovery.

Picked the wrong time span. Try the 1930s and you'll have a similar "recovery" caused by a similar "president".

Sometimes disappointing economic reports look better on closer inspection. This one gets uglier.

One Term President.

And 16.2 percent of those who wanted to work were either unemployed, forced to settle for part-time jobs or had given up looking for work. That figure was up from 15.8 percent in May.

That U-6 number we just remembered. Up .4%! A lot bigger than the .1% unemployment rate bump.

Even if President Barack Obama and congressional Republicans agree to raise the borrowing limit, the deal will likely require deep cuts in government spending and possibly tax increases.

Ooooh. I like that conventional wisdom. Cuts = likely. Tax increases = only a possibility. Change the way people think you change the way things work out.

Heightening the uncertainty are Europe's debt crisis and the possibility that China's efforts to tame inflation will slow its booming economy.

China's a real time bomb.

The Conference Board business group said last week that its consumer confidence index fell to 58.5 in June. A healthy reading is 90. At this point after the previous three recessions, the index averaged 87.

Holy Moly.

"The policy cupboard is pretty bare, and we can see what the emperor looks like disrobed," Rosenberg says. "It's not a pretty picture."

My eyes!

I skipped some choice paragraphs worthy of sarcastic comment. Feel free to slip those in the comments.

-------------- update ---------------

Just thought of something relevant to that 1930s crack I made above. This country has had a lot of practice dealing with the bust part (recession) of the boom and bust cycle since the Great Depression. The interventionist way we've dealt with them may not have been ideal - it may not have been even good! - but it wasn't bad enough to wreck the country. Maybe we don't grow at +5% annual GDP but, overall, the economic performance of the US is one of the wonders of the world.

Now this professor cons his way into the White House and we're hanging on by our fingernails! What would have been a larger-than-average-but-not-unprecdented financial panic has, thanks to President Obama, morphed into the Great Recession with the best plausible outcome (barring the right person winning in 2012) a decade or two of stagflation.

digg this
posted by Open Blogger at 08:33 PM

| Access Comments

Recent Comments
Eric2: "I used to be a neocon. Then I noticed that neocons ..."

Mike Hammer, etc., etc.: "Meanwhile: "The ACLU blasted the Anti-Defamation ..."

Anonosaurus Wrecks, Abandon All Hope Ye Who Enter Here [/s] [/b] [/i]: "Joe Biden a miracle worker! Planned Parenthood ..."

Alberta Oil Peon: "who TF is this guy Posted by: Don Black at Decemb ..."

Count de Monet: "Kenneth Roth @KenRoth Given the modest Hamas pre ..."

mindful webworker - automatically z: "old chick: [i]Stuck On Stupid and I think he named ..."

Former Mass Resident: "So, which one of the presidential candidates is go ..."

Don Black: ">Kenneth Roth @KenRoth --- who TF is thi ..."

Catch Thirty-Thr33: "246 If something like Pearl Harbor happened today ..."

Anonosaurus Wrecks, Abandon All Hope Ye Who Enter Here [/s] [/b] [/i]: "Kenneth Roth @KenRoth Given the modest Hamas pre ..."

Lone Watie, Endeaver to Persevere!: "If something like Pearl Harbor happened today Amer ..."

Catch Thirty-Thr33: "260 More detail. In January 2022, James was cha ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64