’)Slowly but surely we recover from the mess George W. Bush and the Republican congress created.
First-time claims for jobless benefits dropped to a seasonally adjusted 550,000 for the week ending Aug. 1, down from an upwardly revised figure of 588,000 in the previous week, the Labor Department said.
That was much lower than analysts’ estimates of 580,000, according to a survey by Thomson Reuters. And the four-week average of claims, which smooths out fluctuations, dropped to 555,250, its lowest point since late January.
>> Christina Romer Makes the Case for ARRA
What about the mess the Democratic Congress created/added since 2006? Are we recovering from that, too?
Reach.
Coming in at 550,000 new jobless claims for benefits from last week’s 588,000 number when concensus estimates were for 580,000 is hardly indicative of a recovery.
Not with the unemployment rate tomorrow expected to rise to 9.6% from 9.5%
“The department did have some sobering news: The number of people continuing to claim benefits rose by 69,000 to 6.3 million after dropping for three straight weeks.”
Do you guys like walking around with your hands on your eyes?
Buzz, maybe you can remind me how many economy-busting programs the (barely) Democratic congress enacted in 2007-8 over the vetoes of pres. Bush.
Dennis, thank you for reminding us that there are no immediate miracles.
Turning an economy around is like doing doughnuts with a super tanker.
So Democrats can do no wrong, but I’m the one with hands on my eyes? If so, I do enjoy it, yes.
Oliver loves reading the headline and ignoring the story:
We’ve turned the corner!!!!
Sorry Duros. I know you don’t want to hear it, but it’s Barack Obama’s economy now.
You’re welcome, Wilbur. But I’m afraid Oliver would characterize you as having your hands over your eyes not to see the obvious full recovery we are in because of this week’s jobless claims being 550,000 instead of 580,000. You’re being thrown under the bus, a popular pasttime for liberals apparently.
Did anyone say that Democrats can do no wrong, Buzz? You’re desperately trying to mask your own inadequacies.
“Do you guys like walking around with your hands on your eyes?”
From the the guy whose favorite economist has correctly predicted 33 of the last 5 recessions, that’s pretty damn funny!
whose favorite economist
I don’t have a “favorite economist”, but history shows we benefit from Democratic presidents.
Wilbur, the retort to my question, “What about the mess the Democratic Congress created/added since 2006? Are we recovering from that, too?” was apparently “Do you guys like walking around with your hands on your eyes?”
So implicitly, yes, I take that to mean Democrats can do no wrong. What inadequacies could I be making up for that comment, anyway?
What inadequacies could I be making up for that comment, anyway?
The fact that you can’t answer the question I asked you originally, which pretty much invalidates your comment: it doesn’t matter much if dems were in power in congress in 2007-8 if they didn’t accomplish anything that pres. Bush didn’t agree with (or in fact, initiate: TARP, remember, was an administration initiative).
From the article Save Farris loves to link to, dated May 29, 2001:
But, now that [Bush has] offered himself as the economy’s savior, say some Republicans, he has potentially opened himself up for a big hit if six months from now people still feel the country isn’t going in the right direction.
So the author was giving Bush a whole Friedman unit after 5/29. Write back to us after 11/29, SaveFarris.
You’re welcome, Wilbur. But I’m afraid Oliver would characterize you as having your hands over your eyes…
Can’t speak for Oliver, but I doubt it. He’s optimistic, so am I. Doesn’t mean either of us think that we’re completely out of the woods or that there aren’t some potholes in the road ahead.
Look, children, nothing that Obama has done so far could have much of an effect on the metrics that you all are pointing to as evidence of his epic failure. For instance, the stimulus may not work in the long run, but there is no way – no way at all – that it could be causing unemployment to increase already. The dynamics causing unemployment were in progress before Obama took office.
So its far too early to tell if we’re well on the road to recovery, but the signs look good so far. Instead of griping and sniping on some internet site why not show your confidence in America by going out and buying one of those neat-o Black and Decker cordless reciprocating saws?
Wilbur, I don’t know how much more clearly I can answer your question than I did. To review, I said:
specifically to address your question. Your satisfaction with my answer does not change the fact that it was an answer.
At the end of the day the Libertarian’s free trade means freely trading jobs for cheaper products. After 9-11 most American citizens pretty much did as Bush suggested and did the patriotic thing to go about their lives as normal. But America’s corporations quickened their pace of outsourcing manufacturing and technology jobs. Is it patriotic for government to try and replace these?
Which one is that, Wilbur? Black and Decker has been coming up with some decent stuff lately, I just never know if some of it is too gimicky or not. I will say this though, going into Home Depot and Lowes is a lot more pleasurable lately with their sales off. People are a lot more helpful, that’s for sure.
Sorry Duros. I know you don’t want to hear it, but it’s Barack Obama’s economy now.
I will try to remember that next year, thanks. Hope you do too.
Buzz, at 2:18 pm I said:
Buzz, maybe you can remind me how many economy-busting programs the (barely) Democratic congress enacted in 2007-8 over the vetoes of pres. Bush.
I guess it’s my fault for not phrasing it in the form of a question with a question mark at the end, but it is that “question” to which I was referring. Anything to say about that?
Dennis, here you go, nothing gimmicky about it. There are better ones, but you can’t beat the price, and for a weekend tinkerer it’s more than adequate. Buy and be happy!
If Obama creates one single job as president, he’s doing a better job than Bush.
He’s already done a better job when it comes to the DOW.
We can all feel better about ourselves when it comes to 2012 and we see whether or not Barry fixed the Bush Recession. All signs point to the fact that he will.
Wilbur, I see, I was typing my comment before you had posted yours (I was responding to Oliver’s), so I understand now. However, since Democrats were in control of Congress and the economy continued to get worse, I believe the impetus is on supporters of said Congress to explain how they made the situation better. Don’t forget, in the post, Oliver explicitly blamed Republicans for the current situation.
Not a single job was created between 2001-2009?
I believe the impetus is on supporters of said Congress to explain how they made the situation better.
Okay, I will explain: they did not have a big enough majority in either house to effect any positive change against the will of the administration, but they did prevent, if only by deterrence, the adminsitration from doing any more damage than it had already done over the past 6.5 years in concert with the Republican controlled congress. Hence any blame they have for the current economic mess is miniscule in comparison.
I’m off for a long weekend, will check your detailed demolition of my point, if you have one, when I get back.
Thanks, and have a nice long weekend. Actually it was the battery operated wrench and some of the cordless drills that I thought looked cool but was wondering if they might be somewhat gimmicky. But I’ll take a look at this saw.
from doing any more damage than it had already done over the past 6.5 years
Uh… say what now? 2 words for you my friend: Jim Jeffords.
I wonder how many jobs will be shed when the losses from the increase in minimum wage begin to show.
whose favorite economist
I don’t have a “favorite economist”, but history shows we benefit from Democratic presidents.
If you are counting Clinton in that, he has 2 people to thank for it: Newt Gengrich & Bill Gates.
/that is all.
“I wonder how many jobs will be shed when the losses from the increase in minimum wage begin to show.”
God, you guys still try and bring this out?
There will be no job losses. There will be net job gains, since people making more money buy more things, and those things need to be manufactured and sold.
Take an econ course, for God’s sake.
That said, this is a good sign but we’re still not out of the woods yet. Bush had eight years to fuck things up, Obamas has had a little over six months to fix them. We owe him at least two years, and the American people can make their own decision in the 2010 and 2012 elections.