The U.S. economy continues to swim with the fishes – weekly unemployment claims are at a nine-month high and the director of the Congressional Budget Office says the unemployment rate won’t fall to around 5 percent until 2014. Not much in the way of economic sunshine today.
President Barack Obama commented on the economic cloud before heading to Martha’s Vineyard where his family is taking their end-of-summer vacation.
We’re wondering if the Secret Service will allow the First Family to frolic in the waters off the Massachusetts island given that several great white sharks were spotted close to the Cape Cod shore at the end of July. Remember, “Jaws” the movie was filmed on Martha’s Vineyard (it’s hard to write out the movie sound of the shark approaching, but you get the picture).
Onshore there will undoubtedly be golf outings for the First Golfer in what is a truly natural setting — as The New York Times pointed out earlier this week, the Vineyard Golf Club is a completely organic course. Perhaps they also serve arugula salad for lunch.
Here are our top stories from today…
More tough economic times forecast by CBO
The U.S. economy faces even more difficult times ahead with chronic unemployment and slow manufacturing hurting the recovery, the head of Congress’ budget agency said. The warning from the non-partisan Congressional Budget Office came on top of more bad economic data that heightened concerns about a return to recession. It could also spell trouble for Democrats facing November elections.