Republican Recession Watch: Unemployment Up, Retail Sales Down

10:34 am EST September 4th, 2008 | Republicans | 3 Comments

To paraphrase a Nobel prize winner, everything that’s supposed to be up is down, and everything that’s down should be up.

Republicans on the economy.

Wall Street tumbled Thursday on more disappointing economic news — retailers posted sluggish back-to-school sales reports and the government said the number of workers seeking unemployment benefits spiked last week. The Dow Jones industrials fell more than 200 points.

Investors, highly anxious about the overall state of the economy, were further unsettled when many of the nation’s retailers said shoppers curtailed spending last month due to higher gas and food prices. Wal-Mart Stores Inc., the world’s largest retailer, beat Wall Street projections because of its discounts.

Meanwhile, the Labor Department said new applications for unemployment insurance rose by 15,000 from the previous week. That broadly missed expectations for a fourth-straight week of declines.

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3 Responses to “Republican Recession Watch: Unemployment Up, Retail Sales Down”

  1. KXB says:
    September 4, 2008 at 10:43 am

    Well, maybe Cindy McCain knows how to fix the economy. After all, her outfit cost $300,000

    Vanity Fair has the details:

    http://www.vanityfair.com/online/politics/2008/09/cindy-mccains-300000-outfit.html

  2. jr says:
    September 4, 2008 at 12:34 pm

    cable news allows these Hooverists to claim their policies are “pro growth” when the only thing that grows is inflation and unemployment

  3. Quaker in a Basement says:
    September 4, 2008 at 2:30 pm

    To paraphrase a Nobel prize winner, everything that’s supposed to be up is down, and everything that’s down should be up.

    That explains a lot. The GOP has been telling us up is down for the last 16 years.