OK, now here comes the spin:First, the good news. Workers probably got slapped with fewer pink slips in July as the worst recession since World War II winds down.
Now, the reality check. A paucity of job openings means nearly 15 million unemployed Americans are still looking for jobs, and their ranks are likely to keep growing into 2010.
Labor Department data due out Friday is expected to show job losses slowing in July to a pace of around 320,000, with unemployment rising to 9.6 percent, up from 9.5 percent the previous month. If the job-loss estimate is on target, it would be a heartening improvement from June's 467,000 job losses — and the slowest pace for job losses since August 2008.
1) From the Republicans - This is the Obama recession, despite the fact that the worst unemployment was in January, and it was the worst month since 1949.
2) From the Democrats - Obama cured the recession, despite the fact that stimuli to the economy takes many months, sometimes even years to do their work.
Now a few facts:
1) This recession was caused not by Bush, nor was it caused by Obama. The groundwork was laid during the Clinton administration, and both Republicans and Democrats are the culprits here. This happened when the Glass-Steagall protections, which effectively separated the banking, investment, and insurance sectors of the economy, so that one sector could not take other sectors with it if it crashed, were dismantled. The bill was created by a Republican (Phil Gramm), overwhelmingly passed (by both Republicans and Democrats), and signed into law by a Democrat (Bill Clinton). Pure, unadulterated greed and dishonesty did the rest.
2) We have not seen any results directly by either the Bush stimulus or the Obama stimulus. Most of what we have seen has been the actual market adjusting to conditions caused by government intervention in the marketplace in the 1990's. The economy took a hit, but is able to recover on its own.
3) Because of government meddling in the markets, by both Democrats and Republicans, we may see the recession ending, but economic growth is going to be weak for many years to come. And that does not even take the inflation, which is going to hit, into account.
4) Democrats and Republicans will still be pointing fingers at each other for years to come, but it takes two to tango, and both parties danced our nation into this mess quite superbly. It is not irony that those who smelt it surely dealt it, and that is all of them, Democrats and Republicans alike. Neither party has cause to whine. Both are responsible.
5) Finally, if you know the real story of this recession, the namecalling, finger pointing, and general douchebaggery from both parties, is going to be quite entertaining in itself. So grab some popcorn, pop open a beer, and enjoy the show.
Article is here.