June 17, 2011

Happy Birthday Recovery Summer

One Year Later, Obamas Recovery Remains A Failure While Economists Are Delivering A Grim Prognosis For The Future
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FLASHBACK: One Year Ago: The Administration today kicks off Recovery Summer, a six-week-long focus on the surge in Recovery Act infrastructure projects that will be underway across the country in the coming months - and the jobs they'll create well into the fall and through the end of the year. (Press Secretary Robert Gibbs,
Administration Kicks Off Recovery Summer With Groundbreakings And Events Across The Country, WhiteHouse.gov, 6/17/10)

Less Than Three Months Later: Lets See, What Happened This Summer? Easy Question. The Recovery Went Missing. (Bill Bonner, The Summer The Recovery Went Missing, The Christian Science Monitors The Daily
Reckoning Blog, 9/2/10)

ONE YEAR LATER, THE RECOVERY IS STILL MISSING AND SO IS THE PRESIDENTS LEADERSHIP ON THE ECONOMY
Since The Start Of Obamas Recovery Summer, The Average Length Of Unemployment Has Increased From 34.8 Weeks To A Record 39.7 Weeks. (Bureau Of Labor Statistics, BLS.gov, Accessed 6/16/11) The Unemployment Rate Has Remained Above 8 Percent For A Record 28 Straight Months And 13.9 Million Americans Remain Out Of Work. (Bureau Of Labor Statistics, BLS.gov, Accessed 6/16/11) 6.2 Million Are Working Part-Time Jobs Due To Economic Reasons. (Bureau Of Labor Statistics, BLS.gov,
Accessed 6/16/11)

In The One Year Since, The Average Price Of Regular Gasoline Has Increased From $2.74 A Gallon To $3.71 A Gallon. (Energy Information Administration, EIA.gov, Accessed 6/16/11) In The One Year Since, There Have Been Over 2.8 Million Foreclosure Filings, One For Every 45 Housing Units. (RealtyTrac, RealtyTrac.com, Accessed 6/16/11)

And Americans Overwhelmingly Feel Were Headed In The Wrong Direction

NBC/WSJ Poll:54 Percent Of Americans Disapprove Of Obamas Handling Of The Economy. (NBC News/Wall
Street Journal Survey, 1000 A, MoE 3.1%, 6/9-13/11)

NBC/WSJ Poll: 62 Percent Of Americans Think The Country Is On The Wrong Track. (NBC News/Wall Street
Journal Survey, 1000 A, MoE 3.1%, 6/9-13/11)

NBC/WSJ Poll: Only 29 Percent Of Americans Think Were Heading In The Right Direction. (NBC
News/Wall Street Journal Survey, 1000 A, MoE 3.1%, 6/9-13/11)

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NOW THE ECONOMY IS THREATENED BY A DOUBLE DIP AS SMALL BUSINESSES, MANUFACTURING AND THE HOUSING MARKET RUN OUT OF STEAM
In The Latest Sign That The Economic Recovery May Have Lost Whatever Modest Oomph It Had, More Small Businesses Plan To Shrink Payrolls Than Expand Them. In the latest sign that the economic recovery may have lost whatever modest oomph it had, more small businesses say that they are planning to shrink their payrolls than say they want to expand them. That is according to a new report released Tuesday by the National Federation of Independent Business, a trade group that regularly surveys its membership of small businesses across America. (Catherine Rampell, A Slowdown For Small Business, The New York Times,
6/14/11)

Economists Have Been Steadily Downgrading Their Forecasts For Economic Growth In The Second Quarter. The quarter when the economy was supposed to stage its comeback is looking just as bad as its disappointing predecessor. Weve had a slew of distressing economic data come in during the last few weeks. As a result, economists have been steadily downgrading their forecasts for economic growth in the second quarter. (Catherine Rampell, The Great Growth Disappointment, The New York Times Economix, 6/15/11) The Commerce Department Has Revised Its Projection For GDP Growth Down To A Meager 1.8 Percent. That quarter began with a forecast of 3.5 percent, which slid downward as the weeks rolled on and ugly economic indicators rolled in. The Commerce Departments latest estimate for growth that quarter was 1.8 percent. (Catherine Rampell, The Great Growth Disappointment, The New York Times Economix, 6/15/11) The New York Empire State Manufacturing Index Fell For The First Time In Seven Months Dramatically Disappoint[ing] Economists Expectations. Conditions for New York manufacturers deteriorated in June, according to the Federal Reserve Bank of New Yorks Empire State Manufacturing Survey released Wednesday. The general business conditions index dipped for the first time since November 2010 below zero, falling 20 points to -7.79 from the previous report in May. The index dramatically disappointed economists expectations of a 12 reading for the index. (Bradley Davis, New York Area
Manufacturing Detriorates, The Wall Street Journal, 6/15/11)

And In Another Darkening Sign For The Long-Distressed Labor Market, The Index For Number Of Employees Dropped 15 Points To 10.2. (Bradley Davis, New York Area Manufacturing Detriorates, The
Wall Street Journal, 6/15/11)

[T]he Tumbling Real Estate Market Threatens To Drag The Economy Back Into Recession. The Obama administration's inability to stem the foreclosure crisis ricocheted dramatically on Friday, as the Labor Department released unexpectedly low job-growth numbers that pushed the unemployment rate back over 9 percent. The jobs report comes on the heels of both a devastating report that found housing prices hit new lows in March and warnings from economists that the tumbling real estate market threatens to drag the economy back into recession. (Zach Carter and Jeremy Bendery, How Failed Obama Foreclosure Relief Plan Contributes To Jobs
Crisis, The Huffington Post, 6/3/11)

Home Price Data Indicated A Clear Double-Dip For Housing As Home Prices Fell To Mid-2002 Levels. S&P/Case-Shiller home-price data indicated a clear double-dip for housing, as a tax-credit-induced bump last year was erased and national prices fell back to mid-2002 levels. (Phil Izzo, A Look At Case-Shiller, By Metro
Area, The Wall Street Journals Real Time Economics, 5/31/11)

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