Posted in Politics by Pete Spiliakos
The new job creation numbers are appalling. It looks like another recovery summer.
Someone has to win the forthcoming presidential election.
Run Bobby Run. For President.
Corporate profits are through the roof. The stock market is high. Government payrolls are being cut month after month. Sounds like the perfect conservative economic plan. Why the whining?
Possibly because the federal government is still borrowing 40% of the money it spends and the labor market remains stagnant. Get over your own narratives. I'm pretty cynical about the benefits of any new short-term stimulus program of left or right.
Though I think I mean skeptical when I wrote cynical.
Where did I even hint at either a short- or long-term stimulus? I honestly don't see why you're whining because the conservative economic plan is working just fine...federal, state, and local government payrolls are being reduced, corporations are making loads of money through increases in efficiency, and the stock market is doing correspondingly well. Seriously, what part of this is not good?
Perhaps because an economy characterized by large profit-taking and low hiring suggests pessimism--or at least a great deal of uncertainty--about the future. And while the past couple of weeks have been good ones for the NYSE, recent performance has suggested a great deal of volatility, which does not bode well.
Perhaps profit taking and low (US) hiring reflects a commitment to shareholders. Over the past 2 years, there has been about a 50% rise that has been steady (with normal periodic 'adjustments') from 8K to 12K. Try again.
Or maybe this is just what growth often looks like after a major financial crisis and there is fairly little that short-term polices favored by the left (more not-so-shovel-ready projects and delaying fiscal consolidation among state and municipal governments - or else raising taxes in a stagnant labor market - until the political incentives are different) or right (tax cuts, drilling, suspending environmental regulations) will do much good. http://www.businessweek.com/news/2010-08-27/reinhart-s-seven-more-years-of-high-unemployment-hit-fed-today.html h/t Megan McArdle
Or maybe one can look at federal spending being 25% of GDP, federal revenues being 15% of GDP, and real growth being about 2% and public debt (federal only) is projected to be 70% of gdp by the end of the year.
Don't worry, Pete--the president has a plan . . . to play a lot more golf.
Actually, I'm hoping the voters will be facilitating that for him . . . .
Some numbers from VodkaPundit Stephen Green:
Has anyone pressed Condi Rice? I can't think of a better candidate. She would destroy Obama in any debate forum and could assemble a great team to pull us out of this debacle. Who would be her running mate?
She has actually superintended a public bureaucracy and has had to contend with an unfriendly media. However, she has never held elective office, is wrong on the most salient social question, and is an unknown as regards her judgment on matters economic.
Downloaded Reckless Endangerment to my nook yesterday and started reading it.... So far so good...
I can't help thinking however the road to home ownership is paved with good intentions.....
Have a good weekend.
But she has more experience than you run of the mill community organizer...
She does compare favorably to the incumbent. You said you could not think of a better candidate. There are many better candidates.
Pete, get with the program, man. You keep blaming the government, but government is actively shedding jobs! This is good. This is exactly what conservatives want. Private companies are the ones that are hiring people, not government, and they are hiring! Stop blaming the government for the poor labor market.
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