James Pethokoukis

Goldman Sachs: Debt default is “extremely unlikely”

July 11, 2011

Here is what President Obama said this morning:

As all of you know, I met with congressional leaders yesterday. We’re going to be meeting again today, and we’re going to meet every single day until we get this thing resolved.

Eat our peas? When will government eat its peas?

July 11, 2011

The President of the United States, this morning:

It’s not going to get easier; it’s gonna to get harder.┬áSo we might as well do it now, pull off the Band-Aid, eat our peas

The declining ‘stimulus’

July 11, 2011

During Obama’s news conference today (more on that later), the president said he thought lower stimulus spending was affecting economic growth. Now I doubt how much impact, if any, the $800 billion package had in the U.S. economy. But I thought this JPMorgan chart did illustrate the decline in spending:

[Chart] The unemployment rate they don’t want you to know about

July 11, 2011

The official U.S. unemployment rate is 9.2 percent. But what if that rate was adjusted just for all the discouraged folks who’ve dropped out of the labor force during the past few years? It would be over 11 percent. (And over 16 percent if you counted the underemployed.) This chart from JPMorgan makes the point: