Wednesday, August 18, 2010

Obama: Recession Recovery to Take a Few More Years















On the perpetual campaign trail in Washington, today, Obama stated that wary, financially strapped Americans were going to have to wait a few years for economic recovery.

Wow. Did I hear that right? A few years? What happened to the summer of recovery? The green shoots that surely must be full grown trees by now? Has Obama jumped the shark here? I will be the first to admit Americans have short memories but I am guessing most are going to remember that they have been out of work for two years, when the strip malls in their communities were not boarded up and when they could afford the little luxuries that they once took for granted. Just a hunch.

Assuming this is not Obama's "Fonzi moment", why would he say this? What does he know about the economy that we do not know? Perhaps the next job numbers can not be massaged and we are going to breech the 10% unemployment mark? That would be a huge psychological blow to the American people. It would also be an albatross around the necks of Democrats heading into the midterm elections.

July unemployment was at 9.5%, almost a full 4% higher than July 2008. The Labor Department reported first time claims for unemployment benefits jumped to 479,000 last week from 460,000 a week earlier. The median duration of unemployment has jumped to 26 weeks and is growing. This is already the longest recession since the depression.

Obama concluded his appearance accusing the Republican party of offering cynicism and fear. So, projecting another few years of downward economics and declining standard of living is pushing optimism? It may be, because this country will not recover under the Obama administration. It may not survive a second term.

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