Comments on: Economic recovery may come too late for Obama http://blogs.reuters.com/nicholas-wapshott/2012/10/26/economic-recovery-may-come-too-late-for-obama/ Wed, 26 Nov 2014 19:47:54 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: AdamSmith http://blogs.reuters.com/nicholas-wapshott/2012/10/26/economic-recovery-may-come-too-late-for-obama/#comment-36 Wed, 31 Oct 2012 04:57:21 +0000 http://blogs.reuters.com/nicholas-wapshott/?p=37#comment-36 Continuing massive immigration into the United States is the only thing driving up all the numbers cited in this article.

There are giant cities all over the world, not just China, brimming with impoverished people and wealthy people, both. All of them, both the impoverished foreigner and the rich foreigner, are being allowed free access to enter America, and take what they can. The only precedent would be the fall of Rome.

Impoverished immigrants, accustomed to living in slums of giant foreign cities, or the huts foreign farming villages, are flooding into America, faster and faster, willing to work for any wage, and thus driving down American wages.

Of course the official statistics then show that employment has grown. What the statistics don’t tell you is that those jobs went to immigrants, while wage rates for Americans went further down, and many Americans lost their jobs to the immigrants willing to work for almost nothing.

Never mentioned in public is the fact that large-scale immigration into the US from China, Mexico, India, Indonesia, and every impoverished country, has sharply driven up American apartment rents, adding more and more distress to American middle class apartment renters.

But the influx of poor immigrants is only part of the story. The wealthy classes from the same foreign countries (literally all foreign countries, including China) are bringing their ill-begotten money to America and buying up American real estate at an unprecedented rate.

The increase in house prices cited by this article was not caused by Americans being better off; it was caused by more and more wealthy foreigners buying more and more of the housing stock of America, from Americans who can’t pay their monthly bills anymore. It was caused by poorer immigrants moving 10 people into a small house, and paying for it that way.

Millions of foreigners — Chinese and others — are buying not just Manhattan and Miami trophy condominiums, but small properties on, literally, almost every corner in every city and town in America.

This article simply parrots the official propaganda.

How can an economist write about jobs and housing in America today without even mentioning the giant influx of immigrants that is ever accelerating, every hour, as we speak, and overwhelming all other economic factors?

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By: matthewslyman http://blogs.reuters.com/nicholas-wapshott/2012/10/26/economic-recovery-may-come-too-late-for-obama/#comment-31 Mon, 29 Oct 2012 06:30:57 +0000 http://blogs.reuters.com/nicholas-wapshott/?p=37#comment-31 It’s dangerous to extrapolate into another four years, based on one month’s data (which have been seasonally adjusted, and are subject to government borrowing/spending policy which is presently unsustainable). In order to see past the headline numbers, we will need to dig a little deeper.

Americans must ask themselves:

• IF the President knew what he was doing with the economy, what would the American economy have looked like over the last four years? (Take into account the economic meltdown from Bush II’s policies, and the real difficulty of getting out of the resulting economic strait-jacket. Is it fair to expect a competent president to fix that in four years?)

• Is this what we are seeing? The fruits of competent economic policy? Would a genuine recovery have looked different from what we see now? (Take into account all economic data: for example, GDP growth must be taken in context of the budget deficit/surplus, and in context of population growth.) For one starting point, take a look at these charts:
http://slyman.org/m_politics/US-Economic -Indicators-graphs-1950-2011-wide.png
Are we witnessing the beginnings of a genuine, sustainable recovery from the economic policies of the Bush II administration, led by a president with a vision who is setting an agenda for another American century?
OR, are we witnessing an administration that has spent the last four years papering over the cracks, kicking the real issues into the long grass of the next administration’s agenda; hoping just to get past the next set of elections before handing the problems back to the other party gift-wrapped in economic numbers that have been generated by continued deficit spending whilst a president who was out of his depth was treading water?

• Does re-election of the current president, or a change of administration, offer the best chance for the real underlying economic problems of North America to be solved near-term, medium-term or long-term?

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There may be more than one way to answer these questions.

When considering these points, it’s interesting to re-read the history of the Great Depression and the contemporary political era.
1.Is four years long enough to fix a depressed economy?
2.Should we praise Franklin D. Roosevelt’s New Deal as a roaring success whilst criticizing Herbert Hoover as an abject failure?
— If the answer to Q2 is YES, then the answer to Q1 is surely YES also…

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By: donee http://blogs.reuters.com/nicholas-wapshott/2012/10/26/economic-recovery-may-come-too-late-for-obama/#comment-30 Mon, 29 Oct 2012 02:11:56 +0000 http://blogs.reuters.com/nicholas-wapshott/?p=37#comment-30 You can’t mend an economy that operates amidst failure to force reciprocation and global political uncertainty!

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By: Gordon2352 http://blogs.reuters.com/nicholas-wapshott/2012/10/26/economic-recovery-may-come-too-late-for-obama/#comment-29 Sun, 28 Oct 2012 18:03:16 +0000 http://blogs.reuters.com/nicholas-wapshott/?p=37#comment-29 Nice try, but all the recent improvements in GDP have been due solely to increased government spending.

I wonder if that is related somehow to getting their “boss” reelected.

Naah! The government wouldn’t deliberately fudge figures — or would they?

By the way, your choice of “L” to signify the type of recovery we are in presently is somewhat poor, since — if you notice — the bottom of the letter “L” is flat and one would naturally assume it would extend that way permanently under the present “recovery”.

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By: advocatusdiabol http://blogs.reuters.com/nicholas-wapshott/2012/10/26/economic-recovery-may-come-too-late-for-obama/#comment-28 Sat, 27 Oct 2012 14:12:11 +0000 http://blogs.reuters.com/nicholas-wapshott/?p=37#comment-28 With the EU heading down and CHina and USA sure to follow, the author promulgating the very idea that recovery is coming is nonsensical. I stopped reading after that. Why not just wear an Obama campaign button and instead if propaganda is the aim and factual reporting is not?

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By: usagadfly http://blogs.reuters.com/nicholas-wapshott/2012/10/26/economic-recovery-may-come-too-late-for-obama/#comment-27 Sat, 27 Oct 2012 01:59:23 +0000 http://blogs.reuters.com/nicholas-wapshott/?p=37#comment-27 Houses are very much like cars. They are manufactured. There are good ones and bad ones. They are expensive or more expensive. And they can be overproduced.

Without the demand from a stable and secure middle class, there is no housing industry except for overheated Government pumping. This growth will cause a further decline in the value of existing houses, further sinking the middle class, which will cause further economic decline.

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