Filed under: Politics | Tags: Cut the Spending., Free Markets / Free People, It's Not Working.
Yesterday was designed to produce bad dreams and sheer fear as the Dow dropped over 500 points through the floor. Our own nation’s refusal to get real about cutting back on spending has roiled the markets, and with Europe’s debt turmoil added in, it created a real panic.
Today, the announcement that U.S. job growth accelerated more than expected in July as private sector employers stepped up hiring, eased fears that the economy is slipping into a double-dip recession.
Nonfarm payrolls increased by 117,000, according to the Labor Department, above market expectations for an 85,000 gain.
The unemployment rate dipped to 9.1 percent from 9.2 percent in June—mostly as a result of discouraged workers who quit looking for jobs. Oh. Nevermind.
The market rallied by about 1 percent, but at least it was in the right direction.
Standard&Poors downgraded the U.S. credit rating from AAA to AA+, just like they said the would. This is a first. Obama says their calculations are wrong.
President Obama announced that he wanted to extend the elimination of the payroll tax. And he wants an Infrastructure Bank, and lots more spending on infrastructure. His views are fixed, set in concrete, and he does not change his mind.
Jobs, he believes, are created by government spending. If it didn’t work with all the “investment spending” that added more than $4 trillion to the national debt, it’s simply because he didn’t invest enough.
I don’t know how we get through to him that his convictions are wrong and his ideas don’t work. He simply doesn’t want to listen.
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