The President of the United States, this morning:
It’s not going to get easier; it’s gonna to get harder. So we might as well do it now, pull off the Band-Aid, eat our peas
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:
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:
My old boss John Merline of Investor’s Business Daily eviscerates President Obama’s recent claim that back in 2009 “we had to hit the ground running and do everything we could to prevent a second Great Depression.”
Obamaland’s assault on Boeing went from economic tragedy to political farce during a House Oversight Committee field hearing in South Carolina on Friday. Lafe Solomon, acting counsel of the National Labor Relations Board, dropped this gem:
Another downgrade for the US economy:
(Reuters) – The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are “playing with fire” unless they take immediate steps to reduce their budget deficits.
This Larry Kudlow commentary is a nice companion piece to my previous post:
In one fell swoop, Obamanomics is out the window. Reaganomics 2.0 is now in the driver’s seat. … In the new session of Congress — which will feature a true Tea Party GOP conservative majority — new spending-limit policies can fill in the blanks left by the tax deal. But if President Obama has the acumen to see that a pro-growth economic policy is tied to low tax rates, the GOP should take great care not to cede that message and lose the economic-growth high ground. … A great battle will be joined over the spending, taxing, and regulatory mandates of Obamacare, which is probably the biggest job-killer of all. Conservative reformers in the new Congress will force this fight, along with tax, spending, entitlement, and monetary reform. Behind all this, however, the new Tea Party GOP must maintain a message of economic growth and prosperity.