Three years ago today Obama said …

And the media keeps mentioning what Romney said about the very poor.

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10 comments on “Three years ago today Obama said …

  1. nyp10025 says:

    “The United States economy gained momentum in January, adding 243,000 jobs, the second straight month of better-than-expected gains….As measured by both the unemployment rate and the number of jobless β€” which fell to 12.7 million β€” it was the strongest signal yet that an economic recovery was spreading to the jobs market. …The private sector remained the engine of new job gains. While state and local governments continued to lay off workers, private-sector employers added 257,000 payroll jobs in January.”

  2. Lede on WSJ op-ed piece Thursday:

    “By PHIL GRAMM AND MIKE SOLON

    “Commerce Department data released last Friday show that four years after the recession began, real gross domestic product per person is down $1,112, while 5.8 million fewer Americans are working than when the recession started.

    “Never before in postwar America has either real per capita GDP or employment still been lower four years after a recession began. If in this “recovery” our economy had grown and generated jobs at the average rate achieved following the 10 previous postwar recessions, GDP per person would be $4,528 higher and 13.7 million more Americans would be working today.”

    http://online.wsj.com/article/SB10001424052970204740904577193382505500756.html?mod=googlenews_wsj

    ________________________________

  3. CENSORED! When I clicked on the clip this is what I got; Not Found
    The requested URL /=http://www.youtube.com/watch was not found on this server.

  4. Read the end of the NYT story, Petey:

    http://www.nytimes.com/2012/02/04/business/economy/us-economy-added-243000-jobs-in-january-unemployment-rate-is-8-3.html?_r=1&emc=na

    “According to an analysis of December’s Labor Department numbers released earlier this week by the Pew Fiscal Analysis Initiative, nearly a third of the jobless have been unemployed for a year or more. In January, the Labor Department reported that 5.5 million people had been out of work for six months or more.

    “Underemployment is another stubborn problem. The number of people working part time because they could not find full-time work was 8.2 million in January. Including that group and those who have stopped looking for work altogether, the broader measure of unemployment was 15.1 percent.”

  5. Try this:

    or this:

    ________________________________

  6. nyp10025 says:

    Funny how conservatives insist on using the standard measure of unemployment when Republicans control the executive branch, but want to use broader, non-standard measures when Democrats control the executive branch.

    In any event, it is certainly true that the the Great Recession, the single worst economic contraction since the Great Depression, has lasted longer and has been more severe than other, more conventional recessions. It is very poor economics to compare an asset/credit collapse to a normal business cycle recession, particularly when it is part of an ongoing global crisis. I also admit that the ongoing recovery for which President Obama deserves credit would have been far more robust had the macroeconomic stimulus been larger, as people such as Paul Krugman advocated in 2009. Conversely, we would now be in a calamitous Great Depression had the Republicans succeeded in blocking any stimulus and in permitting the American auto industry to liquidate in the spring of 2009 – as Mitt Romney and New Gingrich wanted.

  7. Steve says:

    So the pre tax fiat money stimulus is fixing the recession?

    I think its much simpler than all the fancy equations economists throw around.

    People who are still working have been holding their money in case they were next to lose their jobs.

    After a while these people simply think” OK I have a bunch of savings now, Its time to spend some of it.”

    The fiat money amounts to 40 buck a week on average. When people decide to spend what they have earned they will usually spend a bunch more than an average 40 bucks a week.

    It is this spending that spiked the economy during the holiday season last year. It is also going to be this type of spending that can truly pull the economy out of recession. It is this spending that most will not do once they get back to that cusion level they set for themselves in savings.

    Most people have some kind of cushion in savings after holding on to their money for the last 3 or so years, amounts greater than what makes them feel comfortable can be spent.

    http://latimesblogs.latimes.com/money_co/2011/12/us-savings-rate-falls-again-as-consumer-spending-rises.html

    Unfortunately they miss the point of their own article at the end but it is clear consumers are the drivers of the economy.

    Note they say savings fell, this would mean they were at a higher rate prior to the holidays. This is shown in tracking info.

    http://research.stlouisfed.org/fred2/data/PSAVERT.txt

    Fiat money must be paid back, this can only happen once it gets taxed. Personal and corporate savings are what will restore economic activity. This will only happen with stability, mostly in how our government applies tax policy and for crying out loud would they please pass a frikin’ budget?

  8. nyp10025 says:

    “fiat money”

  9. Steve says:

    Fiat money is borrowed money that has not yet been taxed.

    http://en.wikipedia.org/wiki/Deficit_spending

    Somehow I knew nyp would harp on that word.

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