Here are the top economic issues, and where we stand on them Currently:
1. Growth: "Cumulative" growth over the past 12 quarters was 6.3%, which is the slowest, post-recession growth
we've experienced following 11 recessions recorded since World War II. Abysmal.
2. Deficits: Projections are for about $875 to $900 billion provided economic growth picks up. More of the 1 to 2%
growth we've been experiencing, however, will nail us to another one of Obama's famous $Trillion
dollar deficits. Every year of the obama presidency has delivered deficits between 2 and 3 TIMES any
deficit that the U.S. has ever experienced before Obama took office.
3. Jobs: Although the unemployment rate ticked down to 7.7% on an abysmal 88,000 new jobs in March, most
of the improvement was due to job seekers "giving up", as the "labor participation" rate hit the lowest
reading since 1979.
4. Money Printing: The fed continues to support Obama's no-growth economy with $45 billion a month spent on
each of 2 programs, "operation twist" and "QE3" The result is ~$90 billion/month of money printing
and a fed balance sheet that now exceeds $3.2 Trillion... a huge, all-time record.
5. Leadership: The Senate STILL hasn't produce a budget in 4 years. The country's "leader", Barack Obama,
yet to propose anything that can pass congress... just a big tax increase and the "sequestration",
which everyone, Obama included, is saying was a HORRIBLE solution.
It's clear to any objective-minded economist that the past 4 years have been the worst 4 years in American history from a purely objective look at what is happening to our economy. With investment captial continuing to flee offshore, and foreign earnings of American corporations continuing to STAY offshore, it looks pretty bad.
She aimed to be the moral equivalent of military trauma, shaking her nation into vigor through rigor. As stable societies mature, they resemble long-simmering stews — viscous and lumpy with organizations resistant to change and hence inimical to dynamism. Her program was sound money, laissez faire, social fluidity and upward mobility through self-reliance and other “vigorous virtues.” She is the only prime minister whose name came to denote a doctrine — Thatcherism. (“Churchillian” denotes not a political philosophy but a leadership style.) When she left office in 1990, the trade unions had been tamed by democratizing them, the political argument was about how to achieve economic growth rather than redistribute wealth, and individualism and nationalism were revitalized.
Thatcher and Ronald Reagan held power in the early to the later 80s. Taxes were lowered, ambition and risk taking were rewarded, and spending programs, while not cut, were at least held in check.
Thus began the greatest bull market and economic success in decades... from 1982 until 2001.
Obama supporters have no idea how well they would fare if our Government supported those who would in turn, need their help in achieving what the government could once again make possible in America.
Instead, Obama punishes those who would otherwise enlist the support of Obama's supporters... who, in turn, end up dependent on the largess that Obama lavishes on them in return for their vote.
"Populism", is almost as insidious as socialism itself is.
... and when the unemployment numbers are uncomfortably big and going up, change the metrics to stop counting people who have dropped out and quit looking for job. Also, don't count the 'comfortably' disabled drawing a check that choose not to get better to work but could.
The unemployment number has always been a less-emphasized metric given that it is improved by people who give up and drop out of the "workforce". That's why the payroll number is more influential than the un-employment rate number. For march, the payroll number was poor, at +88k, whereas the unemployment number appeared better... down 2 ticks from 7.9 to 7.7 I believe it was.
Yesterday, I heard an economist on Bloomberg saying that if 2 million people, net, dropped out of the workforce in a single month, that it could result in the unemployment rate dropping to 0% and get Obama elected for a 3rd term!
Combining the unemployment rate with the labor participation rate gives one a reasonable read on the jobs market, I might add.