Some Democrats argue that Republican “obstructionism” and “constant DC infighting” is holding back the job market, but looking back at some of the most chaotic moments in Washington politics of the last 40 years, one sees that the job market continued doing just fine despite “infighting.” Heck, even with an economy 1/3 the current size and off the heels of the 1973 oil crisis, the US produced 1.3 million jobs in the 12 months leading up to Nixon’s resignation. Perhaps the two millions jobs of the last 12 months is not the best considering the current size of the economy, but that is at the feet of Obama’s weak economic policies. Infighting, as recent history shows, has nothing to do with it. See Chart Here
Category Archives: Economy
In a post on his Facebook page, former Massachusetts governor and presidential candidate Mitt Romney tears down Obama, on his prior claims that he built Obama care on the same platform as the Massachusetts’ Health Care system implemented by Romney. Here is what Romney wrote:
In the years since the Massachusetts health care law went into effect nothing has changed my view that a plan crafted to fit the unique circumstances of a single state should not be grafted onto the entire country. Beyond that, had President Obama actually learned the lessons of Massachusetts health care, millions of Americans would not lose the insurance they were promised they could keep, millions more would not see their premiums skyrocket, and the installation of the program would not have been a frustrating embarrassment.
The Dollar has continued to drop in value against the shekel and was traded at a two year low of 3.5328. The Euro also dropped slightly by 0.35% and was traded at 4.7209 NIS. The announcement of Larry Summers decision not to stand for the soon to be vacated position of head up United States Federal Reserve caused the weaknenig of the dollar. Summer’s had been US President Barack Obama’s choice for the position which will become vacant in January. – INN
Imagine the economy grows now at a rate of 3.4%; not a mere 1.5%.
Imagine the economy produced 236,000 jobs per month; not 192,000 per month.
Imagine the Unemployment Rate was at 5.1%; not 7.4%.
Imagine most jobs created are full time; not part time.
Imagine income was rising instead of being flat or contracting.
With the July jobs report in the bag, the Economy gained a net one million 613 thousands jobs under President Obama; using the math that says 23 million jobs were added under Clinton. While the Unemployment Rate fell to 7.4%, the average under Obama will be 6.9% even if the Rate drops next month to 4.5% and stays there until the end of Obama’s term. But few economists expected the UR to drop under 5% during Obama’s Presidency; certainly no one projects a sudden drop to 4.5% by next month.
The average Unemployment Under Bush was 5.8%; slightly above Clinton’s average of 5.3%.
Fox News: Most voters are unhappy with the way things are going in the country, and over half say they don’t see signs the economy has turned the corner, according to a Fox News poll released Wednesday. Those are two of the reasons why President Obama’s job approval remains below 50 percent – and hits a new low among independents.
Just 25 percent of independents approve of the job the president is doing, down from 31 percent last month…
The Hasidic photo magazine ‘Dee Voch’ did a street interview with Orthodox Jewish writer and political commentator Jacob Kornbluh. See the video
NY Governor Andrew Cuomo met up with Republican NYC Mayoral Candidate Joe Lhota at the Israel Day parade on Sunday. “Hoe you doin’ Brother?’ Dem Cuomo asked before physically embracing the Republican. See Video Here
JNO: The Globes 2013 Capital Markets Conference is bringing together some of the financial leaders in Israel from both the private and public sector to discuss Israel’s economic future. See Video
Herbalife shares gained more than two percent today following yesterday’s report that the company’s sales/revenue rose in the last quarter by 18% compared to the same time last year. Profit rose almost 10% compared to the same quarter last year. Both numbers were better than Wall Street’s expectations. Herbalife beat Wall Street’s expectations for 17 straight quarters! The firm’s robust earnings is good news for Carl Icahn, who owns a 15.6% stake in the company, and puts a damper on Bill Ackman’s massive short position on the stock. However a recent report says that Ackman has already gained on paper $230 million due to his short. – Market Watch/GestetnerUpdates
Through the end of November, the USA gained a net 305,000 jobs since Obama came into office. The State of Texas in the same time gained 381,700. In other words, job growth under Governor Rick Perry is the only reason why Obama through the end of November has a net jobs gain for all of America. (Job figures for states is only available now through November.)
Israel Hayom Reports: In defiance of expectations, Bank of Israel Governor Stanley Fischer decided on Monday night to lower the interest rate from the current 2 percent to 1.75% in January. The goal is to bolster economic activity and growth in the Israeli economy, which has slowed down. Over the past 15 months, the Bank of Israel has lowered the interest rate six times from its September 2011 peak of 3.25%.
January’s interest rate reduction follows a two-month moratorium during which Israel’s interest rate remained at 2%. Fischer said that in recent months the economy had displayed real signs of weakness, and the reduction was needed to give the economy a push. It would also contribute to increasing workforce participation and lowering unemployment.
In the 2008-2009 Global Competitive Index, the USA was number one! Now, in the 2012-2013, the USA is seventh! Yes, the USA was indeed seven times stronger on the world economic stage in the “Bad” Bush Economy than what we are now three years into the Obama Recovery.
A new CNN/Opinion Research poll finds optimism about how things are going in the country now at 36% — down seven points from April… In addition, the number of people who say that the economy is starting to recover has dropped five points since April, from 24% to 19% – Political Wire.
This poll is from registered voters and Obama leads it 52% to 45%.
H/T Political Wire for this one from the NYT:
“The private equity firm, co-founded and run by Mitt Romney, held a majority stake in more than 40 United States-based companies from its inception in 1984 to early 1999, when Mr. Romney left Bain to lead the Salt Lake City Olympics. Of those companies, at least seven eventually filed for bankruptcy while Bain remained involved, or shortly afterward.”
In other words, 32 or even 33 firms (at least 80%) survived a Bain takeover.
Putting aside that some numbers are twisted, let’s us remember that MA is a liberally-run Democrat strong-hold. Let us remember that the Democrat Legislature repeatedly overrode Romney vetoes from HealthCare reform to green energy and to everything else in the middle. So putting aside that the “bad Romney Economy” had a better Unemployment Rate that we will ever have under Obama, the national Democrats – when looking for bad economic numbers of MA – are essentially telling you that when Dems run things, when a GOP Governor needs to deal with a strong Dem Majority in both houses, it’s a mess all over.
NYT Writes: The bleak jobs report on Friday predictably had heads snapping toward the White House, looking to President Obama to do something. Yet his proposed remedies only underscore how much the president, just five months before he faces voters, is at the mercy of actors in Europe, China and Congress whose political interests often conflict with his own.
President Barack Obama prepared to deliver a speech on the economy Tuesday, using the backdrop of a high-technology facility in Albany created out of a partnership with private enterprise and bipartisanship. Beside him through much of the visit will be Gov. Andrew Cuomo, who made jobs and the economy part of his “new Democrat” movement in his campaign in 2010. Cuomo also shows a Democratic executive can forge a fiscally conservative agenda and work closely with Republicans, something with the president has struggled with in Washington. “This Presidential appearance proves by inference what is wrong in Washington, by showing what is right in Albany,” said Bruce Gyory, consultant to governors and a political science professor at the University at Albany. – WSJ
The state Senate approved a bipartisan jobs bill Friday evening that was designed to expand on a similar bill that was passed last year to kick-start Connecticut’s sluggish economy. Known as Senate Bill 1, the Democratic-written bill gained Republican support on a measure to help small businesses with up to 100 employees. The previous bill last fall had been targeted at companies with up to 50 employees. The vote was 32 to 2 with two Republicans voting against the measure. Senators Rob Kane of Watertown and Joseph Markley of Southington were against the bill, while Senators Kevin Witkos of Canton and Edith Prague of Columbia were absent. – CT Courant
The Federal Deposit Insurance Corporation closed five banks this weekend, bringing to 22 the total banks it closed in the first four months of 2012. For context, the FDIC closed 25 banks for all of 2008, bush’s last year in office. This time last year, the FDIC had already closed 39 banks; less than the 64 closed in the first four months of 2010, and above the 29 closed in the first four months of 2009. Only two banks were closed in the first four months of 2008, since the economy, despite the light recession and housing bust was relatively stable at the time. In total, the FDIC closed 411 (four hundred and eleven) banks in Obama’s first three-plus years in office, versus only fifty banks for all of Bush’s eight year’s in office.
As of December 2011, the latest figures available, 31 percent of the U.S. home loans that were in negative equity – in which the outstanding loan balance exceeds the value of the home – were FHA-insured mortgages, according to CoreLogic. Many borrowers, particularly since late 2010, thought they were buying at the bottom of a housing market that had already suffered steep declines, but have been caught out by a continued fall in prices in wide swaths of America. Even for loans taken out in December – less than four months ago and the last month for which data is available – nearly 44,000 borrowers, or about 7.5 percent of the total, now find themselves under water. – Reuters