Wealthy Reduce Buying in a Blow to the Recovery Options

[2old4this]

So the recession is over?

Wanta talk triple dip?

The economic recovery has been helped in large part by the spending of the most affluent. Now, even the rich appear to be tightening their belts.

STORY

[marv]

Isn't it funny how the unemployment rate increased as soon as the Democrats took over Congress in '06? After all, it's the House (of ill repute) that controls economic matters. Then the mongrel president comes along and "improves" it to over 9 percent! It's in the history books now Robby, get used to it!

BTW, figures out today are that the annualized GDP continues to slide down. Now the mongrel president is going to Government Motors and Chrysler in Detroit to talk......jobs! But not Ford, which didn't take government money, and seems to be doing quite well.

So maybe he just wants to get in a few rounds at Chandler Park!

EDIT: Thought I'd add:
http://www.google.com/hostednews/ap/articl...ofCQfAD9H8FSJ80

(snip)

The latest quarterly AP Economy Survey shows economists have turned gloomier in the past three months. They foresee weaker growth and higher unemployment than they did before.

(snip)

The AP survey compiles forecasts of leading private, corporate and academic economists on a range of indicators, including employment, consumer spending and inflation. Among their forecasts:

_ Economic growth the rest of this year and early next year will weaken, to less than 3 percent. From January through May, the economy grew at roughly a 3.5 percent pace.

_ The unemployment rate will be no lower at the end of the year than it is now — 9.5 percent. A majority think it will be 2015 or later before the rate falls to a historically normal 5 percent.

_ State budget shortfalls pose a "significant" or "severe" risk to the national economy. The loss of tax revenue has forced state and local governments to cut services and lay off workers.

(snip)

Americans' confidence in the economy has declined, leading shoppers to reduce spending. And the housing market has weakened further with the end of a homebuyer tax credit that had buoyed sales earlier this year.

(snip)

That's why growth of less than 3 percent is forecast into 2011. And weak growth helps explain why unemployment is likely to stay high. It takes about 3 percent growth just to create enough jobs to keep pace with the population increase.

Growth would have to equal 5 percent for a full year to drive the unemployment rate down by 1 percentage point. Neither the economists in the AP survey nor the Obama administration expects that to happen.

(snip)

This post has been edited by marv: Jul 30 2010, 09:19 AM

[RoBair]

Isn't it funny how the unemployment rate increased as soon as the Democrats took over Congress in '06? After all, it's the House (of ill repute) that controls economic matters. Then the mongrel president comes along and "improves" it to over 9 percent! It's in the history books now Robby, get used to it!

BTW, figures out today are that the annualized GDP continues to slide down. Now the mongrel president is going to Government Motors and Chrysler in Detroit to talk......jobs! But not Ford, which didn't take government money, and seems to be doing quite well.

So maybe he just wants to get in a few rounds at Chandler Park!

EDIT: Thought I'd add:
http://www.google.com/hostednews/ap/articl...ofCQfAD9H8FSJ80

(snip)

The latest quarterly AP Economy Survey shows economists have turned gloomier in the past three months. They foresee weaker growth and higher unemployment than they did before.

(snip)



The AP survey compiles forecasts of leading private, corporate and academic economists on a range of indicators, including employment, consumer spending and inflation. Among their forecasts:

_ Economic growth the rest of this year and early next year will weaken, to less than 3 percent. From January through May, the economy grew at roughly a 3.5 percent pace.

_ The unemployment rate will be no lower at the end of the year than it is now — 9.5 percent. A majority think it will be 2015 or later before the rate falls to a historically normal 5 percent.

_ State budget shortfalls pose a "significant" or "severe" risk to the national economy. The loss of tax revenue has forced state and local governments to cut services and lay off workers.

(snip)

Americans' confidence in the economy has declined, leading shoppers to reduce spending. And the housing market has weakened further with the end of a homebuyer tax credit that had buoyed sales earlier this year.

(snip)

That's why growth of less than 3 percent is forecast into 2011. And weak growth helps explain why unemployment is likely to stay high. It takes about 3 percent growth just to create enough jobs to keep pace with the population increase.

Growth would have to equal 5 percent for a full year to drive the unemployment rate down by 1 percentage point. Neither the economists in the AP survey nor the Obama administration expects that to happen.

(snip)

Trouble is marv, you overeact to the latest news when it's bad....never when it's good. Every time a disappointing number comes in, the media snatches upon it and predicts a gloomy outlook....and you go along for the ride.

[Joekwondo]

Trouble is marv, you overeact to the latest news when it's bad....never when it's good. Every time a disappointing number comes in, the media snatches upon it and predicts a gloomy outlook....and you go along for the ride.

Care to go back and read your GWB posts on the same subject - in fact you did everything you complain about now that the right is doing. As always sux to be you.

[marv]

Trouble is marv, you overeact to the latest news when it's bad....never when it's good. Every time a disappointing number comes in, the media snatches upon it and predicts a gloomy outlook....and you go along for the ride.

Care to go back and read your GWB posts on the same subject - in fact you did everything you complain about now that the right is doing. As always sux to be you.

Robby's only a retired music teacher who never had to get his hands dirty........