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Obama Given a Gift by McCain
McCain has assured us that the economy is fine many times throughout the last few months. But on this day, his comments will get extra attention. A gift to Obama? Perhaps. Obama can really hit home his "out of touch" message. The quote-given on this very "nervous" day-certainly won't be helpful to McCain. Mayor Bloomberg defended the comment but he is another very wealthy man-so that will just hit home the point that some are doing OK (especially if you own 7 homes) but most are struggling.
There are problems in the economy, but McCain is basically right.
We are currently not in a recession.
Unemployment rate is 6.1 about the same as it was in most of 1994.
Hi Suzi - the state of the economy did not cause the failures of Lehman or the mortgage crisis. That is an important distinction. The mortgage crisis will affect the economy.
Poor regulation for the GSEs and lack of business sense for the public companies is the reason for the situation.
If unemployment is 1 percent and I lose my job it is of little consolation to me personally, but we are talking about the economy overall.
Yes, there are fundamental problems, but we aren't even in a recession.
It really matters little whether or not we are in actually "defined" recession. It's the perception that counts. Tell me I'm wrong about that, Brandon!
I'd agree that it is perception that counts.
I blame the media and the average person's lack of understanding of basic economics.
"How do you know he (McCain) does not understand?"
Since we are a nation of whiners, and the economy is fundamentally sound (McCain's words, not mine), then I will stand by my statement that McCain does not understand the "average" American.
Again those who have lost jobs or homes aren't going to be happy right now, but the vast majority do not fit into either of those categories.
Also, once Americans understand Obama's economic plans, they will reject it.
From Gallup 6/27/08
PRINCETON, NJ -- When given a choice about how government should address the numerous economic difficulties facing today's consumer, Americans overwhelmingly -- by 84% to 13% -- prefer that the government focus on improving overall economic conditions and the jobs situation in the United States as opposed to taking steps to distribute wealth more evenly among Americans.
McCain wants to keep lower taxes on small business owners who are currently taxed to death. Obama wants to raise their taxes.
52 percent of all Americans work for a small business.
McCain wants to cut the corporate tax rate from 35 percent to 25 percent. As other countries have lowered their tax rates, we've been raising ours. Our country in order to prosper must have a pro business environment.
Obama wants to eliminate capital gains taxes for small business, and eliminate income tax for senior citizens.
McCain over the past few years has actually wanted to privatize social security by investing it in CDO's. It has been estimated by economists that approx. 65% of the social security fund would have been eliminated because of the sub-prime meltdown had the investment been made.
This weekend on Bloomberg I believe, they said that the US is ranked #3 in the world as a pro business environment - #1 was Singapore, and #2 was New Zealand I believe.
It is evident that McCain wants to continue the Bush tax cuts, and make them permanent. If those tax cuts were as effective as Reps. claim them to be, we wouldn't have such a hostile business environment right now.
Today's Empire State Manufacturing Index was forecast for +1.5, and actually came in -7.8. Industrial production figures for the past month came in at -1.1%. The month prior to that it was +0.1% - that is a sizeable industrial production loss on a month/month basis.
Last month's Trade Balance came in -$4 billion than forecast, for a deficit of 62.2 Billion. Unemployment was higher than forecast last week. And retail sales were lower than forecast, figures being negative.
And that is just Industrial production, which is what "recession" is calculated on. The untold and unexpressed factor is the credit crisis - mounting debt, devaluation of homes, increased number of bankruptcy filings. Our banking system is failing because of deregulation (and McCain wants to deregulate things even more).
Believe whatever talking points the GOP gives you. Lower taxes for the wealthy will NOT produce jobs.
Years before Phil Gramm was a McCain campaign adviser and a lobbyist for a Swiss bank at the center of the housing credit crisis, he pulled a sly maneuver in the Senate that helped create today's subprime meltdown. McCain voted for the Senate version.
Obama/Biden 2008
I am the first to admit that I am no where near an expert on what makes the economy tick. What I do know is this... whatever is being done now just isn't working.
What I also know is that our paychecks don't go nearly as far as they used to. The price of EVERYTHING is skyrocketing, while our income is not. Call me crazy but, that is a problem. It is a classic case of "the rich are getting richer, while the poor are getting poorer."
I, for one, have had enough. There is no way that any middle class American citizen can literally afford to have more of the past 8 years. At least, my family can't.
The Wall Street disaster that happened yesterday was a nightmare for so many different reasons and it's implications will be felt for a very, very long time.