The country received more bad news this morning. No, not that news, not the satan sandwich, sad though it may be. The manufacturing numbers released today are further confirmation of what Americans already suspect. The American economy has slipped back into recession. The signs of downturn are everywhere.
Was the economy ever really improving? At best it was a very weak recovery. The recently revised GDP growth for the first half of 2011 is .8%. Pathetic. Nearly three years in, this dead economy and the double dip belong to Obama. It’s on him, so give it to him:
While the horrible economic news might be unexpected to Obama supporters and the mainstream media (but I repeat myself), how could anyone expect the economy to come roaring back? Our socialist president has done just about everything wrong that he possibly could. Did anyone besides Nancy Pelosi really think Obamacare would grow jobs? More likely the right question is does the president really want to grow private sector jobs? He seems most intent on growing government and virtually all small businessman view that as a threat. They are hunkered down and the bigger businesses are concentrating on their profits, cash reserves and squeezing the last ounce of productivity out the employees they have left.
Where’s the jobs? Don’t ask President Obama. . . even his favored government jobs are disappearing as the deficit spending begins to bite and the nation’s GDP heads south.
“Our GDP number on Friday was an indication that states and local governments, which make up 12 percent of GDP, are really pulling back,” she added. “We’re certainly in a double dip on housing,” which is putting “enormous pressure on the economy.”
The states most tied to housing have had to cut social programs and raise taxes, which, in turn, pushes home values down even further, she said. Those states with “clean” balance sheets in areas she calls “the emerging markets of the United States” attract more business, have more tax surpluses and don’t have to raise taxes.
Some states are in bad shape because they relied so heavily on federal stimulus money, which ran out at the end of June, she said. Forty-six states have passed balanced budgets that include big cuts. –Merideth Whitney for CNBC
What of the $850 Billion in Obama stimulus? Black hole, nothing more. Wasted on nonsense and unions. It proves what the sober voters were thinking back before the ’08 election. Obama is a zero, a total dipstick. Now, we have proof the president is a double dip…stick.