Friday, August 5, 2011

Can't We Just Get Along? Putting Economic #'s in Perspective; No There There; Is Florida--A Swing State--Bad Sign For The President?

There was no birthday Party. At least, that's what they told Joe Biden--Leno.
  • What the hell is going on with black youth mobs beating up on white people so often? Phiadelphia has been hit with a rash of  these "flash mob" black thugs who target mostly white people. And now ABC News is reporting mobs of black youth attacking whites at the Wisconsin  State Fair.
Let's Review the Economic Data and Put it in Perspective:
  • A day after the Market crash ---when over $1.1 TRILLION of wealth just few out the window (and that's not wealth of just the wealthy, that's wealth from other hard-working and retired Americans with pension plans as their 401 K's)--- the jobs news for July was fair, but not good. Initial reports are that 117,000 jobs were created . That's certainly better than a pathetic 18,000 in June. But let's put this in perspective: over 400,000 people have applied for unemployment benefits each week for the last 17 weeks. That means it would take triple the number we had today to equal just one week of people applying for unemployment.
  • Just 58% of Americans have jobs--the lowest in almost 30 years (Bloomberg News).
  • That means 42% of Americans DO NOT HAVE JOBS!!!
  • CNBC is reporting now there are 38,000 less people who worked in July than in June (that's why I have a problem with this unemployment number. Something is fishy here).
  • And there is some "Recession Is Over News"--now almost 46 million people are on food stamps--a record.
  • CNBC is reporting there are some "ugly truths" deep inside this jobs report. For example, the average length of unemployment is now over 40 weeks. Double what is was when Pres. Obama took office, and it was not good news then. Although the jobs news for younger Blacks and Latinos is a tad better this past month, USA Today is reporting---among senior Blacks and Latinos--- 76% of Latinos and 69% of Blacks are "unable to meet basic need compared with 44% of Whites." In the last 6 years, Hispanic households saw their net worth drop 66% and among Blacks, 53%.
  • The IRS is now reporting the average income dropped over $3 grand since 2008.
  • And the bad economic news in Europe is impacting us. Don't pay attention to some conservatives who want to mitigate the impact of the European on us. If you have several homes in your community that are foreclosed, it's going to impact the value to your home too. But also don't accept the spin from the Left either. They want to put more of the blame on the global meltdown, ie. from the Philadelphia Inquirer today, "Global Turmoil Spurs Dow's 512 Point Plunge." There's some truth to that, but no one can now deny this administration's economic strategy has been a complete failure.
  • In fact, the Markets entire 2011 gains to-date have been wiped out.
  • So with all of this continued horrific economy news, what are Americans finally realizing: the White House has no idea what to do. As one commentator said, "there's no there there." And that's why confidence is at an all time low.
  • Even the NY Times is reporting it's time to admit we're in a double-dip recession (in my opinion, we've never got over the first one).
  • Florida is a swing state, an important state for anyone running for president. And the numbers for Pres. Obama are devastating.  51% of Floridians polled said they do not approve of the president's job performance. 50% responded he does NOT deserve a second term.  And Obama is now tied with Romney in Florida, 44% each (Quinnipiac).
  • Interesting comment on Slo Joe Biden's calling Tea Party folks "terrorist" last week. "This is the same guy who, along with the rest of the White House and left-wing Democrats, refuses to even utter the word 'terrorist' about the Islamic extremists who have attacked and continue to attack the United States." Walter M. from Clearwarter, F.
  • Next week, Pres. Obama will be attending a $71,000 a plate fundraiser to be held by his Hollywood friends. To date, he's had over 30 of these fundraisers. At the same time in his presidency, George W. Bush had a whopping SEVEN.

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