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Title: Obama Economy Worse Than 1970s
Source:
PU
URL Source: http://patriotupdate.com/articles/obama-economy-worse-than-1970s
Published: May 29, 2011
Author: Floyd Brown
Post Date: 2011-05-29 08:53:25 by CZ82
Keywords: None
Views: 124161
Comments: 113
Obama Economy Worse Than 1970s
Written on May 28, 2011 by Floyd Brown
The worst economic conditions in recent memory were during the Jimmy Carter era of stagflation. Stagflation was a term coined in the 1970s to describe high unemployment with high inflation. Stagflation is back. Translation: America’s middle class is getting poorer; a record number of middle class workers are out of work. If you are lucky enough to have a job, your wages aren’t going up, but you are facing higher prices for everything.
“Recent data suggests that the current economic recovery is both sluggish and slowing with unemployment stubbornly high,” this from a page one story in Investor’s Business Daily.
The Obama/ Bernanke partnership has been a bust.
The Fed is winding down Ben Bernanke’s experiment in money printing called “QE2”. He trumpets his success saying that QE2 has pointed the U.S. economy “in the right direction.” But did it really? It turns out that QE2 has created maybe 700,000 full-time jobs, but at a cost of about $850,000 for each job.
All QE2 did was create a boom in the stock market. Wall Street bankers reaped millions while the average investors barely madeback some small amount of the money that they lost during the 2008 crash.
We believe this boom is an easy money mirage, as MarketWatch.com reports, “But even the stock market boom hasn’t been what it appears. An analysis shows that most of the rise in the Standard & Poor’s 500 Index under QE2 has simply been a result of the decline in the dollar in which shares are measured.Measured in hard currencies, the stock market boom has been much less impressive. In Swiss francs, the S&P has risen by just 8.4% since Aug. 27. In currencies like the Swedish krone and Australian dollars it’s even less. Measured in gold, the S&P 500 is up just 4.5%.”
QE2 has had little visible effect on the real economy. Over the same period, the number of part-time workers has gone down by 600,000. In other words, we’ve basically shifted 600,000 or 700,000 workers from part-time jobs to full-time jobs.
Marketwatch.com continues: “The percentage of the population in work is actually lower today – 58.4%, compared to 58.5% last August. The percentage of the work force in actual work, the so-called ‘participation rate,’ has fallen by half a percentage point.”
Housing is no better because of QE2, April housing starts fell 11%. Marketwatch.com says, “Housing is double-dipping. According to the National Association of Realtors, the average price of an ‘existing’ home was $177,300 in August, just before QE2. Now it’s $163,700 – or 8% less.Economic growth has slowed. It was 2.6% last summer. It’s a miserable 1.8% now.Meanwhile inflation has risen, from 1.2% before QE2 to 3.1% now.”
We all wish for better news, but Obama’s policies are pointing us in the wrong direction. Regulation of business is growing. One CEO of a mining firm we talked with said he is looking for new projects abroad. “I have been fighting for nearly a decade to open a new mine in Montana, and at every turn the government places roadblocks in my way. How am I to create any jobs?”
If Obama’s tax policies are enacted then we could see marginal income tax rates of 60% in some states. Obama clings to socialism and his new programs in healthcare and welfare. They all retard growth. Unemployment taxes are at record highs in most states and this further depresses hiring.
The Fed has invested nearly $2 trillion in Treasury debt since 2008. The investment hasn’t paid off, but when the relentless buying of US Treasury debt ends, we have no similar experience to guide us. One result could be even further collapse and a full blown depression.
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Begin Trace Mode for Comment # 74.
America’s middle class is getting poorer; a record number of middle class workers are out of work.
The middle class has been getting poorer (while the rich have been getting richer) since 1975.
Since 1975, practically all the gains in household income have gone to the top 20% of households. CIA World Factbook
But darn, we could always live on credit.
#3. To: lucysmom (#1)
The middle class has been getting poorer (while the rich have been getting richer) since 1975.Since 1975, practically all the gains in household income have gone to the top 20% of households. CIA World Factbook
But darn, we could always live on credit.
Doesn't change the simple undeniable fact, goofy.
Owe-bama's economic policies, such as they are, have failed spectacularly.
And thats why he's going to get fired in a landslide next year.
#8. To: Badeye (#3) (Edited)
Owe-bama's economic policies, such as they are, have failed spectacularly.
The stim was too shallow but, even so, did what a good portion of what it was supposed to do which was to halt the recession and restart growth. The auto makers have paid the US back.
Or are you referring to his agreeing to extend the moronic Bush era tax cuts?
#13. To: war (#8)
The stim was too shallow...
Uh-HUH. So you're a die-hard Keynesian, just like "Helicopter Ben" Bernanke.
the stim ...did what a good portion of what it was supposed to do which was to halt the recession and restart growth.
Complete and utter bullshit.
Blue represents REAL numbers, with the government manipulations removed. Red represents government propaganda:
Notice that, even with "the stim," the GDP never even makes it back to positive. In fact, we've been in a downward spiral for a LONG time, which any moron on the street already knows. Bottom line is quite simple: "the stim" NEVER caused "growth," but simply lined the banksters pockets. That you would promote such gross and wholesale theft, tells me who YOU are... a shill, and an idiot.
Let's look at inflation... The money-printing that you so DEARLY love:
Since the inflation rate has hovered around 10% for the last five years, this means that prices of goods have gone up (on average) ~61%, in just five years... Oh, yeah, we ARE seeing the effects of your Keynesian philosophies...
'Nuff said on THAT.
Of course, no economy can survive when the workforce doesn't work... So what about unemployment? As before, blue is the reality, red is the government propaganda, which only a shill or idiot would believe:
As I have just shown with a few simple graphs (that you'll attack, but NOT be able to successfully refute in any way), the economy has NOT "recovered," but continues its downward slide into oblivion- just as Bernanke and the rest of the globalist banksters want. After all, they're after a world-wide central bank, to control ALL economies, and gain more power... But to do that, they must destroy the dollar (and as an end-result, the American economy). Basically, they're applying the Cloward-Piven strategy on a national level.
Thanks for playing.
#23. To: Capitalist Eric (#13) (Edited)
Don't post bullshit that you are neither able to defend nor explain, Erica.
#67. To: war (#23)
Don't post bullshit that you are neither able to defend nor explain, Erica.
I post extensive data, and you, unsupported opinions. I present facts, you bloviate and bluster, trying to avoid the facts.
Shall I post the various Rules of Disinformation you're (again) using, to attempt to win a debate you you cannot *possibly* win?
If you were half as smart as you think you are, you'd simply not comment on threads such as this one.
But no.... Your idiot leftist ego compels you to get into discussions that FAR exceed your intellectual capabilities. And the result- predictably- is making a complete ASS of yourself.
It'd be funny, if you weren't such a loser. Instead... It's just pathetic.
#71. To: Capitalist Eric (#67)
Erica...I ripped those charts apart previously. I ASKED you to defend them and you gave me a link to shadowstats. After I ripped that site apart you flew into a little snit.
Not once were you able to defend anything that you have posted.
And here we are again...
#73. To: war (#71)
Keep it up and I'll post the rules of disinformation at you.
#74. To: Biff Tannen (#73)
"We'll give 'em the old number 6...where we go a-ridin' into town, a-whompin' and a-whumpin' every livin' thing that moves within an inch of its life. Except the women folks, of course."
Replies to Comment # 74.
They come into town rapin' our cattle and stampedin' our women.
End Trace Mode for Comment # 74.
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