Where do you feel the economy is headed?
(PHOTO CREDIT: KAREN BLEIER/AFP/Getty Images)
FROM CNN's Jack Cafferty:
When it comes to the economy - it's tough to find much to be optimistic about these days.
For starters, economic confidence is sinking again. A Gallup index shows fewer people say the economy is "getting better" than at any time in the past year.
As for the jobs picture - it just keeps getting more bleak. Last week's employment report showed job recovery hitting a wall - with the U.S. economy losing jobs for the first time this year in June.
And even though the unemployment rate fell to 9.5 percent from 9.7 percent - this was due mainly to discouraged job seekers not even looking for work anymore. That means they're not counted as part of the labor force.
A whopping 1.2 million people want to work but say they aren't looking because of the weak job market; and it's not so surprising when you consider there are five workers for every available opening.
What's more, many of the people - who worked in sectors like manufacturing and construction - will need entirely new skill sets to switch industries.
Since the start of the recession - 7.9 million jobs have been lost; and it's likely that many of them will never come back.
Even for people who have jobs, it's not necessarily all good. In California, they're looking to cut the salaries of more than 200,000 state employees to federal minimum wage. It's a way to save money since government officials can't agree on a new budget.
To top it all off, the $787 billion in stimulus money is almost all spent. If that was supposed to jump start the economy, then what now?
Here’s my question to you: Where do you feel the economy is headed?
Interested to know which ones made it on air?
Kevin in California writes:
It would seem that the economy is heading toward a very ugly bout of stagflation. American wages will flat-line or continue to decrease because of chronic high unemployment. At the same time, the price of imported (Chinese) goods will increase because of currency decoupling and 10++ growth rates in China. As a result, prices will increase and wages will remain flat at best.
Gerry in Ash Fork, Arizona writes:
Unless the private sector can pull off a miracle, we're doomed for another five years at least. Contrary to this administration's propaganda, the government doesn't create jobs. Growth is delayed with heavier taxation. Kinda like strangling the chicken to increase egg production. I hear of more people walking away from their homes and forfeiting their equity. After listening to Obama's alibi this morning – blaming all previous administrations – I can only believe that he too sees a pretty bleak financial future.
EDJ in Charlestown, New Hampshire writes:
Hey Jack. In general, the economy is improving. As an example, my son (who has a master's in journalism) recently got his first job as a reporter for a newspaper. Okay, so he's making $10.50 an hour and it's in Wyoming, but it's a job!
Becker writes:
I sell to large corporations every day and I can tell you this: they do not want to spend money unless it is absolutely necessary. If we are recovering, it is slow ride. When consumers and corporations start spending, things will turn around and not before. Even businesses that do not experience traditional bumps in the road are reporting lower revenue.
Sandra in California writes:
Stalled at the bottom. Come January, the expiration of the Bush tax cuts and the new taxation on our employer-provided health plans will sink it closer to a depression. How is this going to help the struggling middle class?
Cat writes:
We're in deep trouble and this is only the beginning.
@jackcafferty on Twitter
Jack,
Most economic data, fairly interpreted, seems to suggest that the economy is circling the drain. New home loan financing and new home sales are way down, existing home sales are poor, unemployment remains a huge issue, high and lower end retail is stagnant if not actually declining and there is tremendous uncertainty about deficit spending, the enormous increase in the national debt and tax policy going forward. Then there's the oil spill, immigration and on and on and on. Few reasons for the consumer who we keep hearing is responsible for 70% of total spending........so circling the drain is my assessment
When you flush the toilet it makes that sucking sound as everything goes down the drain....that's where the economy is headed.
The toilet.
The Buffett and Gates crowd are sitting pretty and predicting great things, but the forget the millions unemployed.
It will get worse before better.
We are headed for a depression.
Unfortunately, the stimulus has only delayed the inevitable. Most of the World's countries have been fueling growth with debt, both in the public and private sectors, and it has now hit critical mass. Countries are now having trouble refinancing their existing debt, let alone try to add new debt. Can you say Greece, Spain, Italy, Portugal and Ireland. A painful period of debt deleveraging, and in the case of the US, liquidation of unsold real estate inventory needs to take place before countries can begin to grow again. This most likely means an extended recession or depression period, depending on if you are one of those who has a job.
Since we have an admitted partisan President, I feel the economy headed further south until China wants their money back. Then, we'll be known as the United States of China.
Jack, it's headed for a double dip recession thanks to the incompetent response of a President who can't seem to get it on the front burner. Health care, gays in the military, immigration reform; a whole host of liberal priorities seem to be the only thing he cares about.
The economy is headed in the right direction. It is clear the Democrates are better for the economy dating back to the Bill Clinton years. Obama has us on the right track. It' s taking a little longer that he anticipated, but we're headed back to prosperity. Stay out of the way Republicans..
I sell to large corporations every day and I can tell you this they do not want to spend money unless it is absolutely necessary. If we are recovering it is slow ride. When consumers and corporations start spending things will turn around and not before. Even businesses that do not experience traditional bumps in the road are reporting lower revenue.
I think in the end Jack we all hold out hope and pray that things will change when it comes to the economy but since your asking me today where do I feel the economy is headed I would say that quite simply our economy is on a downward spiral and it keeps going down further and further and is getting worse! We all knew when President Obama ran for President and then even after he won the election that he was to inexperienced to run this country especially with all the problems this nation is facing, maybe now the American people can now see that Hillary would have been the better woman for the job!
Scott Stodden (Freeport,Illinois)
Of course our economy is headed for destruction. We can not ever pay off the debt.
down thats about it jack plain and simple
South. Into the dumper. Pick a phrase. This is not going to be a short recovery. The Bush budgets started some of this mess, but the amature hour at the White House gang has made thing exponentially worse. This health care package will ruin our economy.
the economy is heading towards collapsing.
I keep saying the same thing over and over again. if the rich CEOs do not start spending soon money to hire people, nothing will improve. The government has so much money that they can spend. It really comes down to the rich people to save us from disaster. they are the ones who brought us here, they are the ones who have to do something to change things.
I read in the washington post the other day the same thing I have been saying for years. the rich CEOs are sitting on huge amounts of money that they do not want to spend, because of evil greediness. just spend that money before it is too late. bring jobs back from China and India and hire people to revive the economy. there is no other way.
companies do not want to hire. I had at least 20 interviews in the last 3 months with good companies that I know they have money to hire, but refuse to hire. they have ridiculous expectations from candidates and they ask ridiculous hard questions just so they don't hire you. just drop that damn bar and hire the people who are desperate for a job! and treat people well in your companies. we are not your slaves. Obama should steal from the rich and give it to the poor.
Well, eventually the bottom 90% won’t have anything left to give the top 10%, who will be forced to start “sharing the wealth” again if they want to make more wealth. A lot of us will die off in the process, not that anyone actually cares about that. Greed won – checkmate.
I lost my job managing a movie theatre when it was sold from one millionaire to another. The new owner replaced full time people with part time inexperianced workers promoted to management for $8.00 an hour.
I worked in the theatre business for almost 20 years and in 15 more was going to retire. Now I don't know what the future holds but I hope the millionaire that bought our business and 34 others is happy, he ruined alot of people's lives.
It will be headed back down the toilet if the lousy Republicans don't get their heads out of the toilet and help Obama get some bills passed to help turn the economy around.
Right where you want it to Jack. Though the numbers and the reality paint a completely different picture, the right wingnuts like Jack here constant gloom and doom is hurting more than any other single factor. Every up turn is followed by spin, every downturn is a lie or a deliberate misrepresentation. The last thing the right wants is the country to do well. Yes Jack the damage your party did to our country was severe and the recovery is slow. Can anyone name one thing the right has done to help?
Hello Jack,
It's going to get worse before it gets better – much worse. We've incurred debt that will be passed on to our great-grandchildren and Obama still thinks throwing money at the problem will make it go away. Living near the Kennedy Space Center, we're seeing first-hand where the economy and jobs are headed as the end of the Shuttle program nears and the Constellation was cancelled by Obama. Pretty damned disgusting if you ask me.
It is hard to say exactly where the economy is going. The fact that I have not heard any reports of further banks closing or any layoffs in the transportation sector, to me is a good sign. I do feel that there are going to be some severe consequences if we do not control this out of control spending. In the near future our massive spending, I believe, will shake the market and this will lead to further declines in our economy. Another huge piece to the puzzle will be what Obama chooses to do with Bush's tax cuts. If Obama lets them expire in this weak economy, plus with the uncertainty of health-care costs, I am sure that we will see another deep decline in our economy. I see America struggling to recover for at least another 2 years. God Bless this great country!!
Jack:
As a small business owner, my sense is that we are in long holding pattern where we receive mixed reviews of good & bad stats. No one believes Washington will contribute to a better economy, so my vote is on "time". Only time will get us thru this malaise, so i suggest everyone buckle up and hold on for a ride that will be years , not weeks. Bet on the long term and that the American people will solve this, not public officials nor bureacrats.
I started a business 2+ years ago, my advice to others, go start something, you just might be pleasantly surprised.
Jack, it just simply dosen't make sense that the american economy can be as bad as political pundits make it out to be if 1.2 million unemployed people can afford to not even LOOK for work because "of the weak job market". Regardless of discouraged job seekers not even looking for work anymore, today's statistics on the economy are certainly no indication that the recovery act has failed.
Madison, WI
The economy is headed straight to a very very warm place!!!!
The Dow gained nearly twice it's value in this last year, so it's only natural that the road would become a little bumpier now. From a low of 6547 it fought it's way all the way up to 11,782. That couldn't go on for ever. Even today, it closed above 10,000. Some people want the market to fail, and they're the first to start the alarm bells. They probably have invested in failure. That's what the gold market's all about. Anyone trying to sell you gold thinks it's at the peak of it's value. Anyone trying to buy gold thinks it's value will go up. Either way, they're not your friend.
Jakc: our economy is built on consumerism. Until the unemplyment numbers get back to the 6% range there is no recovery. Of course comapnies won't hire until money is flowing again so a circular effect sets in.
It seems to me that we are in a better shape than we were an year ago...I see more happy faces around me...Federal govt is trying it's best and I have good confidence on them....CA should collect more taxes from those who make more than 150000/Annum and give it to the low wage workers instead of bringing the already low paying people to rock bottom pays.
The economy will remain exactly where it is. Say hello to 10% unemployment for the rest of your life.
Where's the economy headed?? Without a change in the employment situation we are headed right down the toilet!!! Until the unemployed have jobs and the employed feel confident they will have a job next week consumer spending will suffer. When consumer spending goes down, companies loose revenue and then need to lay-off more employees. We seem to be stuck in a nasty cycle of lay-offs (or potential lay-offs) causing a reduction in spending which leads to more lay-offs.
In my humble opinion we need some huge public works projects. Fix the roads and bridges, build new buildings and improve/maintain infrastructure. These public works projects will not only create jobs they will also provide the necessary infrastructure and resources a growing economy needs to sustain its self.
The Economy will never recover unless more jobs are created. America is on a decline and will continue like this until every single current government official is voted out for someone who is willing to make changes for the good of the American citizen. I really think lowering the pay to 50-60K for a government position is what's needed. Then people will work for job itself, not the lucrative pay and benefits that come with the job. More and more students are coming out of college with worthless pieces of paper and are drowning in student loan debt. Universities and the government let 18 year old KIDS take out 150 thousand dollars in student loans. You've got to be kidding me. Open your eyes people!
St. Louis MO
At the end of the last administration, I thought Obama should have the chance to fix all that had been broken... if it even could be fixed. Now I am beginning to wonder. Do we have the government we deserve when we have loud, obnoxious and uneducated Tea parties, the economic genius of Sarah Palin, and the Gulf flooded with greed? The polls say we are ready to turn over the keys to the economy to the thieves who got us into this mess. If that happens, Jack our economy and our country are doomed.
look at the bright side china gained 7.9 million jobs
Jack, We'd make a fast u-turn to the right direction if the Republican Party of "NO" would start acting like patriots and work WITH Obama to bring about results instead of always putting on the brakes. I blame them for the slowdown.
I truly believe that the economy is headed in a better place than it was headed two years ago. Take away all of the emotions and the politics and the numbers speak for themselves.. Had it not been for the change of administrations in 2008, God knows where the economy of this country would be.
I'd say, "in the tank!"
I don't care long as it is not back with the GOP
Where is the economy headed? It's Sanked! No point in giving the people false hope! The economy has sunk and it wont be getting better for years! Get ready for millions of people who will lose their homes...
One word...Depression!!
Do some research on planet x folks. It does exist. None of that bailout money can be accounted for and it went somewhere. Now our government is devising new schemes to take even more of what little money we have. Wake up and look around people this is the end of days.
I don't believe that our economy has seen the bottom yet. With all the spending and inevitable taxes that will be laid on us, we will never get ahead personally or as a Country. We continue to get penalized for just breathing and have nothing to show for it. I'm looking for the bottom and it's no where to be found. But we know it's there lurking.
honestly i think our economy is dying... quicker each day. with this huge loss for unemployment bennefits im sure it has officially killed our economy and im sure the backlash ripple effect will probably hit within the next 60 days when bills arent getting paid and rent cant be paid and evictions will run rampant. i think we need to take a page from roosevelt and get some huge public works projects. IE the gulf cleanup. itll cost a lot of money im sure but it could put a ton of people back to work! we need to pull together in this pinch instead of pointing fingers of whose fault it is... who cares! fix the damn problem before u start blaming people! we need to get this unemployment thing fixed, if we cant create jobs then obviously what were doing isnt right! try something else!
I think that there was a movie title that describes exactly the situation that we are in economically
REALITY BITES
The reality is that an economic hole the size of the Grand Canyon was created, not just by a single administration, though I strongly believed that Bush II's policies accelerated it, but by the attitude of our society starting with the Reagan Revolution.
This isn't going to be fixed by an adjustment of interest rates, cutting taxes (counterproductive at this point), etc... It is going to take a transformation of our society and our attitudes towards our economy. No more get rich quick schemes (real estate, junk bonds, dot coms, real estate), we need to focus on true economic growth and unfortunately now, major debt reduction.
If the republicans would stop blocking EVERYTHING our economy, and country might be better off.
Where is our economy going? Great question. As long as our Govt. continues to spend money within areas that we SHOULD NOT be spending money in, our economy WILL NOT get the jump start it needs.
Money needs to be spent within our own manufacturing infrastructure. This will provide jobs etc... The problem that we have is overseas manufacturing which has closed a ton of our own manufacturers within the U.S.
Our Govt needs to provide incentives for Americans to want to MFR here within the US.
Also, $787 billion spread out among the US taxpayers WOULD HAVE stimulated the economy. What a waste of money by our Govt.
Bottom line, we need lots of help.
Sincerely,
Dan from Ventura
It's obvious. Our government tossed a lot of money at large corporations again. When are they going to learn that the American economy no longer rests in their hands. Most are multinational's now. Profits on the stock exchange don't equate to a good economy due to the practices of slashing everything to a bare minimum (including wages) to post large profits. The days of Henry Ford are gone where he said, "I have to pay my people enough to afford my product" He didn't have a college degree however sparked the best practices a company could have to an economy. What have the so called, "college educated" done for us? Bank failures, and an economy in shambles. I'm supposed to feel positive about this???
Sorry Larry, I just can't afford to buy that. I'm broke.
After hearing that apple can't keep up with the orders of I phones and our town in adding 1,000 to 1200 jobs in the next month maybe it's heading that same place it always was, good for some bad for others.
It's headed right into the campaign rhetoric of the candidates in the upcoming mid-term elections. As Bill Clinton said, " it's the economy, stupid!"
The economy is headed for the same disaster that was predicted by the Republicans because of the econominc policies of Bill Clinton. Oh, yeah. Those were the years with the best economic prosperity since Wrold War II.
Down the toilet
The economy is headed into the toilet. We have lived beyond our means for far too long. The United States has spent too much, borrowed too much and printed too much money. Keynesian ecomics has failed, the government just hasn't woken up to this fact as yet.
Since Obama got elected a lot of Republicans pulled the jobs off the market to not help Obama's Presidency. Everthing is automated nowadays anyways, so we don't need more useless jobs created to pollute the planet we need more meaningful work created anyways and that takes time.Have a nice day everyone.
It's looking better, Jack. Much better than it has looked for about 9 years. Clinton left a great big surplus and if the Surpreme Court had ruled for Gore as it should have been, we wouldn't be in this mess. This isn't President Obama's making, it was handed over to him, by Republicans.
@Donaldo- I agree. I did the same thing in 2002 when I first recognized economic problems were kicking in then. We are in a holding pattern however sometimes I wish President Obama hadn't passed the stimulus package to see EXACTLY where we would be today cause alot of people have "amnesia". But be that it may, Americans have to realize we are in a Global economy, the Industrial Age has passed and we are now in the Information Age so old traditional, status quo will not work no matter how you try to retrofit. I believe its truly a time for American people to become creative and innovative and start PRODUCING for the US instead of consuming which we've been doing for a long time.
If the Federal Government doesn't quit blowing money as fast as they can print it, quit giving it to people without requiring anything from them and let businesses invest instead of giving it to he Fed in taxes – our economy is going to hell in a hand basket. Government programs are wrought with corruption, pork and have rarely accomplished anything without it costing 100 times what the private sector could have done the job for. The government isn't a bank, it isn't a management firm – it is a large, inefficient organization that has overstepped its authority – taking money from its citizens, highjacking private industry and doing it all in the name of "for the good of the people". Wake up America – if these idiots could do anything well, they would be in private industry. They cannot, so they feed off of the ones who can – much like a leech. Intellectual idiots that if you laid them all end to end, they couldn't make a logical business decision. Just pick the ones you would like to have running your business and let me know who they are – Frankly, I can't think of one. From Obama, Reid, Pelosi, Frank, Dodd and any of them – just give me one with a good explanation why.
Our economy is headed to China or any other country with cheap labor.What part of" the working man pays the countries bills "did our government miss.From a proud city,Martinsville Va., home of Virginia's highest unemployment(20%) plus.
jack we have sent almost all of our manufacturing jobs to foreign countrries over tha past 25 years and near every representative we send to washington is bought and paid for by special interest groups and lobbiests, i see our econaomy and the middle class in a world of hurt and nothing in the future seems to show a fix for it mr Obama said yes we can unfortuantely no you havent Barrack
Its always good to listen to our goverment for the economic forcast they seem to have the best handle on the situation. I mean after all they have worked extremely hard to make sure the rich economic forcast will continue to grow.
Until we penalize companies exporting jobs to other countries, pass laws to force all companies to have 90% of manufacturing or product service creation in this country, middle class will continue to collapse. You cannot keep creating products and services outside usa and expect us citizens to pay for it. It is not sustainable. No party talks about it. Everyone is on big corporation payroll, especially after supreme court gave the verdict. The end of american prosperity has begun.
Democrats are being prevented from implementing solutions by Republicans. Republicans then claim the Democrats are being ineffective. In the meantime, the problems go unsolved. At some point, the delay in addressing our problems will make those problems insurmountable or far more expensive to solve. Its time for everyone to remember that they are Americans before they are Democrats or Republicans. The Senate has become about as intractable as the middle east. Time to wake up before its too late.
Jack, I don't know where the economy is going, but I do know where it's been. For all of those who are waiting for the Republicans to jump in and save the middle class with a bunch of tax cuts for the wealthiest in the country, guess again. Trickle down economics does not and never has stimulated the economy. Don't expect any miracles from the party of no.
Right now it isn't improving, but an upturn will happen – that's how the economy functions. Success depends in part on consumer attitude, and the gloom and doom folks are doing a good job of keeping consumers worried. Success also depends on the state of the global economy. This isn't McDonald's drive through – it takes time to accomplish a solid upturn in the economy. YoYo Ma tells how he learned to play Bach one measure at a time, and that may well be the pace at which the economy grows.
Jack we've been gaining jobs in the private sector every month for six months, the loss last month was simply because temporary census work ended. In addition GDP is growing, manufacturing is increasing, and people have been paying down their debt. No matter how dismally you'd like to make it out to be, the economy is growing not shrinking. We need the government to continue to make targeted investments, and we'll be fine.
For the foreseeable future I can see the economy at best going sideways but much more likely down. There are 48 states like my own Maryland that have built in escalating expenditures and mandates to balance their budgets meaning no options left other than layoffs and RiF's. That spells higher unemployment and less tax revenue coming in. The interest on the debt which the republicans used to love to state in terms of % of GNP as a way to alibi going further in debt is now a whopping 96% or GNP and growing. I don't see the economy going anywhere but down.
The economy is heading further south. No jobs=no spending and no corporate spending=no jobs. We are going in circles with no end insight.
Martinsburg, WV
It's obvious. Our government tossed a lot of money at large corporations again. When are they going to learn that the American economy no longer rests in their hands. Most are multinational's now. Profits on the stock exchange don't equate to a good economy due to the practices of slashing everything to a bare minimum (including wages) to post large profits. The days of Henry Ford are gone where he said, "I have to pay my people enough to afford my product" He didn't have a college degree however sparked the best practices a company could have to an economy. What have the so called, "college educated" done for us? Bank failures, and an economy in shambles. I'm supposed to feel positive about this???
Sorry Larry, I just can't afford to buy that. I'm broke.
I'm no economist and I don't want to sound pesamistic, but it appears to me that our economy is heading for a fall that will make the "Great Depression" look like a picnic.
We are headed for Weimar republic type hyper-inflation. BOTH parties know this and are doing everything they can to destroy our economy. The global elite are hell bent on creating a one world currency and one world government. First they have to destroy the economy and then they can offer up the "solution". Welcome to the New World Order
It's headed into the tank, Jack. Sadly, this country is bankrupt. We need to kill the disaster called the income tax and bring in a national sales tax. That, along with less spending, is the only way out of this problem. Sadly, we will never see either happen. Its almost as if the government is purposely trying to bankrupt this country.
I don't think politicians care where the economy is headed, no one is talking about laying them off or cutting their pay. The economy will decline to the point where people will grow their own food in their front yards. We have gotten to the point where one man can do the job of 5 people via the internet or computers or cell phone. People will pack up and leave the city and move to a piece of land and be self sufficient. History tends to repeat itself, take a look at the 20s, that's where we are headed.
It's headed for the fricken' toilet Jack...where it deserves to be...because of own stupidity...that's what we get for always leaving things in the hands of the elite...everything revolves around pure politics, not the people!
I feel if something iis not done to slow down the outsourcing of American jobs , the situation is only going to worsen
Yes,
For the most part, some states have recvd stimulus money and to me the state who can buget and don't lie too people bring job to its state and be more create in new generation age.
I 'll tell you were everything is going Jack – in the crapper! I've been out of work 3 years now – and you find me a job when you're white male over 60 with 35 years corporate experience - they're ALL GONE!! ANd i'm considered either to over-qualified, too old, too anything – I've heard it all (no, I'll probably hear something new). Jobs – all companies want to do is pay minimum wage – and that is NOT job creation. By the way, where are all the jobs barach promised? Obama sold the Dems a bill of goods to get elected – hey Dems I've got a bridge for you! Can't wait til mid-term elections.
It's in the tanker, Jack. This all began when we taught Arabs to drill for oil and stopped drilling and refining it from our own, treated plastic (i.e. credit/debit cards) like it was gold, sent our manufacturing jobs and tech jobs overseas. We're a grandiose-sized, uglier version of Hong Kong – and we're in debt to China, among other nations.
Many of us, particularly along the Beltway, apparently failed to study world history, especially what happened to the Roman Empire when it intro'd the Welfare System.
New-era green economy, my out-of-work, flamin' fanny. To Hades with the eco-freaks!
We need to start drilling and refining our own oil because it's the only thing that's gonna save our economy now. Nothing short of THAT will put Americans back to work.
Steven V.
Pensacola, FL, USA
The economy is headed in the right direction. Obama says so. If you're a federal employee, the economy is great. Those who aren't, will be either on unemployment or working for a state or local government, or in the health field. All others are going to be competing for less and less private sector jobs. Actors and athletes have their own economy whose only direction is up.
Will from Arkansas
The economy is headed down hill possibly to a depression. The stimulus has been a stop gap but not a solution but that is probably better than the alternatives that have been put forth by the opposition.
The ONLY solution to jobs is to compel retailers to purchase a percentage of their resale goods in the form of american made goods in certain categories. This will force manufacturing jobs without tariffs or restrictions on imports. I can see no other effective method.
Jack,
I thought it was getting better... my investments were up and I was back in the job market. Now I'm back on unemployment again (my company has just gone through a round of lay offs) and my investments have lost $20k over the past two months. Is this going to be a cyclical pattern?
The economy will only get worse. The trouble is that the real problems have not been addressed. We look at the Dow to tell us in which direction the economy is going. But the truth is the economy has been in the toilet since Clinton left office.
Government officials think that everybody can do office work. Problem is we do not have every young person graduating from High School, and many who do graduate never go to College. So what happens to these people? Minimum Wage Jobs, Welfare, and other social programs become their norm. What happened to the day when a person without a High School education could get a job in a factory or in construction? Did we give all this work away to the Illegal Mexicans?
When this group of people starts to live a better life without the benefit of Wel-Fare, then we can state that the economy has recovered. Until that time, the economy will continue to collapse no matter who is in charge of the country.
The economy is going straight to HELL! As a parent I constantly worry about my children's future. All politicians are liars! There all rich and can't identify w/ the regular Sue or Joe. It's a damn shame this country is in this condition! Politicians just don't care obviously!
that 9.5 does not include the 10's of thousands if not millions of us self employed who never go to the unemployment office . many of us that were in the home construction industry and learned it on the job over many years have no other skills and see no where to turn.we've never relied on the government for support and only want to get back to work.i can't remember hearing anyone speak about us.kind of like we are just the forgotten one's.
Slowly in the right direction. Maybe to slow but going the right way. A slow steady growth is always better than an explosive period of growth because it's usually followed by a slow down and that puts fears in Wall Street.
The recovery from the Bush recession is going to be long and slow, especially if the Republicans continue to preach negativity about everything that is being done to try and correct the problem. President Obama is trying to work through the plate of crap he inherited from Bush and all the Republicans can do is piss and moan about everything.
(Flush) Right down the ole crapper. Green energy jobs are a joke. More than sixty percent of the wind turbines have been made in other countries. Big banks will suck us dry again. Corporate capitalism is slowing killing us all. I don't think we'll make it back up. Unemployement benefits need to have a time limit so myself, and everyone else who actually paid taxes this year, don't have to support this laxidasical and atrophied economy.
I do believe that the economy is starting to recover but very very slowly. Maybe if some of the fat cats on Wall St. who seem to be doing just fine again would invest some of that cash in some new clean energy manufacturing jobs and other such investments things would pick up. Furthermore, I think the govt needs to invest in building a new power grid as well as high speed rail. I think it's an embarrasment that the U.S. doesn't have high speed rail while Europe and China do. Where will the $ come from? How bout closing some of the many many bases we have around the world where there's no imminent threat or no threat at all? It's about time we stopped being the sole police force/protector for the free world. Let some other countries spend on their own defense.
I think the economy is in dire straits. I'm in the rail transportation business and funds for future economic development projects has disappeared. I'm in Texas and have seen at least 6 projects that I was
working on for the last 2-3 years come to a halt. Clients don't want to expand due to the lack of trust in our federal and state government. They don't have a clue where we are headed, as I don't. Banks are not even interested in talking about expansion or new development. The proposed "Cap & Trade " discussions have axed 2 enery projects
that I have been working on. I think confidence in our economy has hit aa all time low.......the Gulf Coast Oil Spill sorta of tells the story of where we are going.......it and our economy are out of control and no oone has a clue to how to fix it. Thanks for your time and Interest.
John Helsley
Jack, it is obvious – the economy is charging sideways. I am not even worried about a double dip because that would require us to be out of the first dip.
Like the vast majority of the people commenting, I am not an economist. That being said, I think we'll go through a rough patch lasting a few years before things begin to stabilize. But honestly, who knows? All I know is that things will be very different from the excesses we've grown used to over the last three decades.
Jack, I love the people on this forum who, in the same sentence, blame Obama for growing our debt by spending, and follow it up by complaining that Obama is killing jobs by not spending enough in government programs. It'd mindblowing, actually. I guess it depends by whom you get paid and how myopic your mindset is.
As for the economy...its stagnant currently. It'll be this way for awhile until those who are unemployed realize they need to retrain themselves and choose a different line of work. Health care is calling...geriatric services are calling...energy sector and energy efficiency work sectors are calling...time to pick up the phone, folks.
Jack,
You can pump as much money into the economy as you want but as long as you are pumping jobs overseas, it's all for not. Repealing NAFTA would go further to fix the ills of the economy than injecting tax dollars. Haven't we all figured out by now that NAFTA was a bad idea?
Tim – Wisconsin
I sense that it is going to China. We have outsourced the jobs that could provide Americans with good incomes (and a good tax base) to China, we now owe China a substantial amount of our debt, so, it seems to me that what we once had is not only dwindling but it going to the Far East faster than one can say "Campaign Finance Reform".
Our economy is in dire straights. I hope that we can somehow recover but, I am losing all hope. I have never seen such a depressing situation in this country in my 66 years. This administration is the worse thing to happen to this country in decades. Jimmy Carter and his administration is starting to look better every day.
America's problems, massive and chronic unemployment, stem from the fact that all those slicks from the business schools and law schools took over the economy,all swarming to high finance for short cuts to short term mega profitsby exporting good, productive American jobs bt the million in the name of maximize profit.
Statistics can prove almost anything but the numbers on this issue are depressing. Where the economy is headed is still up in the air but if this administration attaches many more lead balloons like the stimulus debt and healthcare reform it won't be in the air for long!
My guess is that the economy will continue to tank and early next year,2011,it will be announced that we are in a Depression. As if we don't know this already.
Jack,
The private sector began cutting salaries and benefits three years ago when this mess started. The states and municipalities are now feeling the pain and are starting to cut pay, people and benefits. Why have we not started to demand the Federal Government start cutting pay, pensions, and benefits, not to mention all the pork spending and worthless wars. The Feds are becoming an unbearable fat elephant that is crushing the private sector. Taxes from the private sector, the Feds Golden Goose, are what supports our government. The Golden Goose is going to stop laying eggs because the government is crushing it to death. The media and citizens must take control, because our government is simply out of control and out of touch with reality. Learn how to garden and buy a rifle for hunting is about the best advise anyone can give, because we will be an Agrarian state if this nonsense continues.
On California, the minimum wage pay reduction by the governor would be put in place UNTIL the budget is passed, then the state workers will begin to receive their regular pay plus the pay the missed retroactively. Overall, the U.S. economy is going to improve, and we are going in the correct direction.
Where its heading depends on whether our government continues to allow the banks, wall street and multi national corporations run the show.
Here's how to fix it. Put the money back in the American Workers pocket where it has been stolen from. Tell the banks there is a cap on credit card interest rates of 7% period. No shenanigans that if you are 5 minutes late making a payment they can screw you by charging you 29%.
Block the fees the banks are imposing on their customers. They stole the money with illegal bank instruments and then we gave them billions. I think they need to repay it by leaving the money in our pockets not theirs.
Declare a moratorium on foreclosures for 12 months. No exceptions.
I can tell you from experience banks like CHASE are lying when they say they are participating in loan modifications. I am on my third round of asking for the same paperwork. They just want the poor mortgage holders to get tired and quit the process.
It gets better when the government supports the workers not the people who got us in this mess in the first place.
Well Jack, Considering that the Bush administration did all it could do to bring this country to its knees, Obama was lucky to just save us from the abyss.
Since the republicans have offered little but party unison and hyperventilating about the next election, why not vote them back and hold our breathes to see what they and their friends , Big Business, can do to revive the economy. Do we want to go down that road again?
It's headed for the fricken' toilet Jack...where it deserves to be...because of own stupidity...that's what we get for always leaving things in the hands of the elite...everything revolves around pure politics, not the people!
Grand Rapids, MI.
Jack The extreme proggresives like Obama are purposley trying to bankrupt America, so they can change the form of government. I think this fall when the conservative republicans take over the house and the senate and gain control of the purse strings, then we can get america back on track. We need the type of politician that cares for America not the ones that pass bad laws to abuse the American taxpayer just to better them selves or their own personal agenda's.Like the ones in charge now.Remember the Proggresives were in charge the last 2 years of Bushes term. They are the ones responcible for our economic conditions now. Jerry/ Iowa
The economy is headed in the same direction as moderates and political compromise – it's going down the toilet. Business wants Washington consensus, with gives certainty needed for investment and hiring.
The dollar wants a lack of political interference, so we can wean off oil imports and start exporting again and electrolize the Rust Belt back into the Steel Belt. The bond market wants a reduction of government liabilities, with Medicare and Social Security deficits being more important than any war or stimulus plan. Financial markets want to know what the laws are now and what they will be in ten years.
If there's no certainty over the future, businesses and individuals will hoard cash and hide in their caves instead of creating jobs, just like the 1930's.
The U.S Economy is a headed wherever the shaddow government wants it to go! The international bankers have been maniplulating America's fake federal reserve economy for almost a century!
America has been in bankruptcy since the great depression!
Maybe we should take back are monetary system and start being a productive country again!
It is clear that the private sector will not act to create jobs as it is more concerned with shareholder profits and elite prosperity then new hires. As regulation is required to prevent the self-destruction of the financial sector (look at what has happened) so something must be done to reverse the "trickel-down" philosophy. When the pot isn't growing due to the reticence of those who hold the capital, it must be forced down from the top. They've already decided that no incentive will make a difference. Shake them down!
Jack,
The fact is one year ago, America was shook up violently by job loss...almost 1 million jobs lost a month.........NO JOB CREATION AT ALL!!!!!!!!! AT ALL!!!!! This year however, we have experienced GROWTH!!!!!! Albeit small (though small beginings should not be looked down on) Now everyone who didn't even see the Great Recession coming, are now experts!!! Experts who want to scream fire in a crowded movie theater. They may down play this, But how does any rational person expect a million jobs a month to be created, when the free market was just RAVAGED by the global meltdown????
All in 1 years time? Hmmmmm? From over 500,000 jobs a month being lost, to, we should have 500,000 jobs added a month in one years time?
It's just not logical.
The reason they call it a "Depression" is because depressed people create economic "Depression". If we want to get out of our economic Depression, then we need as a people to get out of our collective depression. The reason things look gloomy is because of an over abundance of gloomy, scared, angry and depressed people.
Seriously, we have wide-spread physiological depression in this country and the surgeon general should declare a national mental health crisis to deal with it. Now no one want to hear that, because few people will admit they are depressed or mentally sick, but that's what depression is, a mental sickness.
Wherever it's headed Jack, I hope the polls in November are on the way.
Sean Magee, Toronto
I find it ironical that on the same station we hear Obama saying how many jobs he has created and how much better the economy is doing then we hear the truth from Jack. Obama left out the fact that most of the jobs he said they created were temporary jobs and that we continue to loose jobs. He continues to spend money at an alarming rate that we don't have driving us deeper and deeper into a mountain of debt that we will eventually be crushed under. As China moves more an more toward Capitalism and prosperity we move closer and closer to the Socialism that has left Europe broke with Government owning 52% of the economy and moves to control more. We became the prosperous nation in the world as a free market society and now we move away from the very thing that made us great. I think we are headed for another depression if the mindless spending keeps up.
I work for Chrysler, a company bailed out by our tax payer money and I still see to this day a steady stream of Indian workers coming here for a number of weeks to learn jobs and take them to India with them. I know this is going on in all industries all over the country. Where to I think our economy is headed? To economic disaster.
With five applicants for every open position and many employers now restricting their employment preferences to hiring the employed (based on the perception reported by the WSJ that those who have continued to hold jobs are "the cream of the crop"), I'd guess that we're headed back to the proverbial ditch we've been in for the past several years... No jobs=no recovery. Period.
It's not heading anywhere...............it has arrived and is Parked !
Jack,
I really had hoped Obama would be different from Bush, no such luck, at times he's worse than Bush. Suing Arizona for trying to save it's state from an illegal invasion of illegals, what a joke he turned out to be.
The economy is heading for the second greatest depresion in American history .
In my opinion the economy will at some point come crashing back down. Based on the moves the government has made over the last couple of years, in my opinion, all it has done is prop these numbers up for an extended period of time. As far as I can see private sector jobs aren't picking up, government sector (passed with the stimulus jobs) will lose funding and dry up, and things unfortunatley will not be getting better any time soon. With the amount of money being pumped into the system artifically; and the country still not picking up steam (in the jobs market) inflation will soon catch up and I don't see how we will be able to recover. At the same time I think these moves had to be done otherwise we would have been looking at the 1930's all over again. However regulations should have been set in place a long time ago to ENSURE that a depression/recession never happened again.
(Issaquah, WA)
Well jack i see it going to hell, I've be out of work sence nov 2008 no one well hire me because i've had major knee surgery on both knee Obama said hes going to add jobs only thing i've seen is jobs in the goverment and health. Obama is a good talker but no show of jobs .I was a hard core Dem. but now i'm going to big I party and he not getting my vote hes all talk and no show Go PALIN she be the new pres.
Let's be patient and allow our President to unravel the mess that came along with his Presidency. It would certainly help if the banks were dragged back in and forced to climb off from their mountains of cash that were given to them at taxpayer expense and compel them to start making responsible lending available again.The banks are also their own party of no and don't buy their PR because they continue to say NO to lending to many small businesses and until that changes, our economy will be slow to recover, even though it may be pointed in the right direction.
The economy is definately headed up but at a slower pace than hoped for, mainly because of the NAYSAYERS in the Republican party.....I wonder quite often if they (Republicans) are for or against America?
If the United States does not turn to new industries such as renewable energy, electric cars, solar powered planes and produce these products domestically the economy will be in serious trouble. The housing market is still extremely fragile, health care is a mess, the golf oil spill is destroying tourism in the effected areas, the long term-costs of social security is a growing threat, pension plans are sucking millions of dollars from budgets each year and the banking industry is ready to implode. It is time we start doing our own research instead of listening to someone who wants you to think everything is just peachy.
The economy is headed down for the remainder of the year. It will likely stay at that level until 2014, and at that time will gradually start to improve. That assumes change in 2012, of course.
Back in 97 as they were printing money like it was playing cards, Greenspan called Gold a barbarous relic, I knew then we were in trouble and began buying when it was cheap. Jack it dont take a rocket scientist to know you cant fix a debt bubble with more debt. We are in so much debt that we can never get out of it. Add it up, only the osterich`s in DC cant see this.
jack abolish nafta! it is the worst thing to hit manufacturing in the u.s.and more people need to get together and do away with it before it is to late for all of us!
Hi Jack,
If California cuts wages to minimum wage they will make the economy worse.
When you cut wages people can't pay their mortgages now you will have more bankruptcies.
Obama should have never bailed out the FAT CATS.
You should never be bailing out people or businesses because it's the taxpayer that is bailing out everyone so therefore taxes will have to go up.
What you need is price controls so people CAN'T GET GREEDY AND LONG JAIL TERMS FOR THE FINANCIAL CROOKS.
I think Obama has Bankrupted the USA.
By the way I am from Edmonton, Alberta, Canada.
Why are you even asking this question? We ALL know the economy is headed for the toilet. You better grab your floaties fast!
What economy?
The economy is going slowly in the right direction. Maybe to slow but going the right way. A slow steady growth is always better than an explosive period of growth because it's usually followed by a slow down and that puts fears in Wall Street.
Untill the dems are out of power the country will continue to go down hill. they will spend us in to the poor house. We need to replace all the people in our Goverment.and start over with people who are willing to listen to the people. Health care reform they lieed to us about the cost and all the PRESIDENT DOES IS LIE TO THE PEOPLE WHO HE WORKS FOR.
Jack,
I live in Columbia, South Carolina so obviously the economy here is worse than almost anywhere else in the country. If you have a degree (or several), it is impossible to find a job. With so many people looking for work and willing to take any salary to obtain it, us early 30's educated folks don't stand a chance. We have the land here for big corporations to come, but nobody wants to come here because of our politics and high taxes on businesses. It will NEVER get better unless this state abandons its old ways of thinking and gives corporations tax breaks to come here and get some of these smaller towns a chance to prosper, just as Kia did in West Point, GA. Without jobs this economy will never get better. As long as we keep illegals in this country they will take jobs away from those people that HAVE to find work by any means necessary that are willing to do them. There's too much to fix Jack, but we need to get rid of all illegals by any means necessary and get AMERICANS back to work. How can we help the rest of the world when we can't even help ourselves anymore?
Jack:
It is headed "South" for the middle class and regular folk. And, I heard if you need to select a denomination for you invested dollars, try Canada (yeah, I know) or Singapoor, two well run countries !
The counted Unemployed Americans are at 9.5%, but the uncounted can put us anywhere around 15% total unemployed americans. There are still Cost of living standards that Americans have to meet, employed or unemployed. This group will turn into a 15% Homeless. The Alternative for a recovery is to transform this Capitolist system into a Socialist one. Families need a steady income, and with the fluctuating job market, a steady income is not a guarantee.
My husband and I are in our Pre Senior years (61 & 59) and we are among the people that lost their jobs in 2009 and had to move home to begin to rebuild. Both of us are accountants and have taken Hourly Jobs in a warehouse just to be able to survive being we had to use all our savings, retirement savings, etc. just to survive this past year.
The economy has not been kind to us and I really don't see any "light at the end of the tunnel". Unless our government begins to concentrate on our problems here at home, I don't feel we stand a chance of getting out of this economical mess.
Obama was elected because he wanted CHANGE – all his change has brought us is more poverty, less jobs and absolutely no plan to get us out of this. It just goes to show you what electing INEXPERIENCE gets you. And one more thing – I am sure I am not the only one who is SICK of Obama blaming everyone BUT himself and his administration and now he is out campainging. How about the oil situation – when is he going to FINALLY get that taken care of – it is 80 days already and I think it is 80 days too long!
There are a number of factors that will impede economic growth and the revitalization of the job market.
First the National Debt, Second Trade Deficits, Third Jobs that were staples in the economy are vanishing and being replaced by a very scary technology world, Fourth, Healthcare cost has a ripple effect in sustaining a health economy, Fifth, The ability of government decision makers to chart a course that entails sound governance, cheques and balances and the distribution of wealth, Sixth, The lack of liberty and flexibility that allows people to generate wealth while reducing significantly government tax spending on wants rather than needs, Seventh To much debt worldwide impede economic strength, Eighth, Eliminate war spending and put the military to better use, Nineth, To many unknowns as to what is really happening behind the scenes and Tenth, We are about to enter in an era of rising social tension and radicalism like the public in general and government has never seen in the history of this country. Ask yourself what happen to the Roman Empire and many other world powers historically, read your history.
It's going to go where ever the robber barons want it to go. They don't care about us or the country. They just want to make sure they are some of the fat cats in the worldwide economy. Think about it, in order to have a world wide economy there has to be a lot more poor people in America.
God help us and God ruin their plans. I'm glad you still seem to be an honest reporter, miss Lou Dobbs though.
No matter what Obama will make history as running one of the worst of historys desasters and crying about whos fault it was I dont remember that happening in the first depresion .
Jobs follow the economy, not the other way around. Jobs are created when business owners / managers believe that there will be demand in the future for their products and services. They do not hire today without feeling confident about tomorrow.
While Obama inherited an economic mess from the Bush administration and the Democrats in Congress (there is more than enough blame to go around - even back to Obama who was sitting quietly in Congress for a good portion of the time), Obama's policies have exacerbated the problem. How? By pushing through an economic stimulus package, healthcare program and financial sector reform that leaves business owners in doubt about the future. What are the costs? What is in the fine print? What will the final regulations say?
In short, the Obama administrations policies and priorities have left businesses in too much doubt for them to feel confident enough to invest or hire. Reagan and Clinton understood this. Obama does not.
The economy sucks and I never even felt the crunch. I was laid off twice in a year and had no trouble finding a job. The job I am doing now only pays half of what I was making before the recession, since I was not leaving above my means, this did not cause a problem. To many Americans do not prepare for lay-offs, illness, injury or in this case, a recession.
Jack, the economy isn't headed anywhere good. We are building debt and importing poverty. Our President is building new poverty, which fits with his agenda of making the broad middle class dependent on an ever growing government. This level of spending is unsustainable. If the people are content with an ever increasing, grinding poverty, just keep reelecting this same group of politicians. If you're not happy, you have to throw them out, start fresh, and demand they build wealth instead of demonizing it. It may be that simple.
"Our economy has now grown for three consecutive quarters and created nearly 600,000 private sector jobs in the first half of this year - a stark contrast to the 3.7 (million) we lost over the first half of last year," Obama said.
Stark Contrast? NOT. This president is living in La La Land, he's looney!
The economy is headed downward. We should have spent much more than 7% of the stimulus was spent on infrastructure, which would have put many back to work. Also, the uncertainty caused by Obama's anti-business agenda, combined with the inevitable job-killing tax increases that will be necessary to pay off Obama's spending spree are inhibiting growth and discouraging investment.
Lastly, the economic situation this year is actually much worse than the numbers reflect because people are shifting as much wealth as they can from next year into this year (i.e. cashing out investments) in order to avoid the coming tax increases. Laffer says the double dip is beginning in 2011; brace yourself for a bumpy ride.
I'm 48 and it's the worst I've ever seen. Corporate greed has finally bought both sides of the political isle. Now, they can donate their money freely to one of Karl Rove's coffers and take away the dems majority. Why any person of modest means ever votes republican, I'll never understand. They must be of modest intelligence, too. My best advice is to open a bar – lots to drink about these days....When President Palin makes her appearance, I'm headed to Canada.
I do not anticipate the economy getting better for atleast four more years, if that soon. Until Obama is gone, the economy will only get worst. He has no idea about how to fix it – a complete lack of economic leadership. The public will eventually realize this and be begging to get rid of him in 2012. Once, he is gone, it will take a couple of years to begin to recover. Until then – buckle up for a very rocky ride. History will remember him as the president that almost destroyed America.
Definetly economy is not heading in a right direction. The wrong steps for last 2 decades ended up here. Manufacturing is the back bone of any country and we lost this to China starting in 1990's when we given them most favored nation status to China. Thanks to President Mr. Clinton
People should also stay within our means. If you make $1, save 50 cents and don't borrow $2 to spend. Any extra borrowing will add more to the nation's already growing debt.
Govt. must invest in R&D and provide tax breaks for the companies who spend some parts of there revenues for R&D. Innovation of new products and services comes from R&D which will create new jobs. Provide tax breaks to companies and people on green energy so it's economical and cheaper for mass production.
Above all we need a strong visionary leader like Eisenower who built the world's best highway system that led America a great power on earth.
Jack,
There's no escape.. sooner or more probably soonerer(sic) the economy is headed DOWN. Like the soldiers credo, "you can't leave anyone behind".. that's the ultimate problem with our economic system.. it's a winner take all system that doesn't care nor realize that for any economy to work it has to be inclusive and it has to be win, win for EVERYone. Our corporate ruled economy has betrayed everyone including the executives at the top who are too stupid to realize that their days are numbered too.
Thanks,
The economy of this country is CONSUMER driven. Does anyone in Washington know that? You can bail out banks, and big businesses, but until you can restore the US consumer to strength, both monetary, and confidence wise, we are DEAD IN THE WATER. Since there is no leadership coming from Washington, expect the economy to stagnate for at least 2-3 more years.
I get a kick out of those who say we just have to retrain our workers. Well, it doesn't work that way.A well balance economy needs a segment of jobs for the capabilities of each segment of the population and we have shipped the jobs of a whole segment of the population overseas. It is simply not practical or even possible to retain these people for jobs that they are simply not suited for.
Jack: The economy is indeed getting better but at a slow pace. One has to realize that financially this nation was in a very large hole and it will take more than a "Stimulus Package" to get it back on its feet. Our economy has been in a "nose dive" for almost a decade. What needs to be done is to bring back manufacturing jobs lost over the past 8 years (electric cars, bio fuel production, solar power and wind turbine production could help the situation). Balancing the trade deficit with China could be the biggest winner of all. We need to export more of our manufactured items than we import from other nations.
Jack,
To Hell in a handbasket. Just wait till not only unemployment extensions end but COBRA subsidies as well. The Republicans think that ending both is the TKO that our country needs; but really it's a sucker punch.
Welcome to slavery, 21st century style. The economy is not getting any better unless you are part of the 1% who controls most of the wealth. Face it comrades, the walls have been built between "us" and "them", and "they" have no incentive to do a damn thing for the good of "us".
No, Jack, this economy is not recovering for the vast majority of Americans. You know, the people who don't have corporate sponsors.
Until the wealthy step up and do their patriotic duty to actually pay taxes, and as long as corporations ("people" according to the supreme court!!!!) bear little or no tax burden, this country will become even more dvided between the "have everythings" and the "have nothings".
Typical financial crises last 4-5 years, and this one is far from typical. The economy will take many years to wind down all the debt-laden structures we have amassed in the last thirty years, and there is nothing the government can or should do to prevent this process. All they can do is spread the pain out a bit, and provide enough support that the collapse doesn't feed upon itself and send the economy into a depression-like death spiral.
Am I allowed to say "to hell in a hand basket"?
Down to Cuba
Jack. the economy is headed in the right direction and would turn around a lot quicker if the Republicans in Congress would join in, instead of playing politics
Sadly, I believe we are headed for a continued downturn. I am a small business owner who is barely able to keep my doors open and have lost all confidence in this administration's ability to facilatate programs that will impact real growth. Stimulus $ have been wasted with ill conceived programs and horrendous execution all doomed to fall with this administration's leadership experience and focus. This administration seems more focused on programs for special interests, "spreading the wealth" and attending special events and golf outings than creating real sustainable jobs or help for the small business owner. The president and his team spread the blame and do not focus on the true needs and will of the people. This economy will take years to recover- if at all. I have no faith in the adminstration.
The economy is headed toward a major failure. The situation is simple and clear. Just like an individual or family, the US cannot continue to spend and borrow. The failure of the President and Congress has put the US in a "clear and present danger" where our national security is at risk. The failure of most people groups or nations has been a weakening from the inside that has cause an implosion or that has allowed an outside force to cause a collapse.
It is plausible, but not necessarily provable, that the President is purposely leading the US down this path in order to break the US so that the US will accept a one world economy and one world rule.
D
the economy is headed the wrong way. where is the credit for small businesses to expand. Not every job is tied to road work. And where are the all these jobs in green energy the President talks about? It appears alot of talk and no real action.
The economy is just as strong as ever Jack!
Not to mention Obama's approval is sky high!
At least that's what the liberal hacks on this thread would have you to believe.
Funny how those who attack the Tea Partiers are essentially saying "we want more of the status quo!"
I think we are headed to a double dip recession in the form of a W.
The government needs to inject more money into the economy as planned before we hit another bottom or else it will take longer to climb out of the depression. A great time to buy stocks and real estate. A horrible time to be unemployed, run out employment benefits or be hit by a disaster such as hurricanes, or oil rig sinking. I've noticed a lot less realtors, about 50% less and a lot less homes for sale. Plus, the government is getting aggressive about taxes because they need the money too to create jobs and pay debt too.
jack, the year 2012 is around the corner, and i don't mean the election year but the end of the world.
It will recover – a good attitude is a large part of it- also the banks
have to stop sitting on money they could loan out to small co..
down here i see expensive homes being built in areas where
houses are empty. something is rotten in the banking business..
ed
in january,when the tax cuts expire,within three nonths it will be announced that we are in a depression
The right direction ofcourse...if there is still some people in doubt, let them look back to where we are coming from.....it may take a little longer but Obama and co has put the right foot forward...politic apart
Just 20 years ago, a skilled worker (no college) was making $30-60 per hour including the benefit package. Today, this same job isn't available since it's replicated with skilled labor across the oceans at only a few dollars cost and no polution laws. Let's face it, US workers will have to take a major pay cut or simply not be employed. It's not complicated, but it's a sacrifice. Work cheaper or remain unemployed without unemployment compensation.
There isn't payroll tax for paid to the government since there isn't job pay to tax. The skilled worker must sacrifice to survive. It's not complicated.
We taught imported goods makers well using our universities as good capitalist. Damn, we're generous. They learned how to collapse our system without firing a bullet or missle. They're good learners and we are good teachers-too good. Let's inform today's new college graduates to make a choice. Either work cheaper or remain unemployed. Ask their parents about this unemployed issue since many adult children live with their parents cutting cost. College grads can't afford to pay their educational loans, living alone and basically are wondering what did they do wrong since they graduated and can't get a job.
Their parents brought this on by spending and not saving. Parents believed borrowing for material goods is a good plan. The plan doesn't work when there isn't income from a job.
Jack, the numbers are not pretty, and any of them are lies. Econony isn't looking so great. I've been trying to sell a home for 5 months at a 25% from where i bought it, in an area not hit by declining HPA, and not even one single offer. People just can't buy. Less jobs, Harder credit requirements, fear of layoffs, fear of higher taxes. People are hoarding. That will only prolong and deepen the recession (depression)
Praying everyday i keep my job to support the family.
r
The economy is a sail waiting for the breeze. The breeze is the level of confidence that the citizenry have for their future. Clearly we are in the doldrums because people are afraid, beset by issues that are as unmanageable as they were unforeseeable. Things like the war on terror, Iraq, Afghanistan, unrepentant financial firms, greedy banks, corrupt politicians, a never ending US Election cycle that breeds uncertainty.
But what we need to understand, as Adam Smith articulated more than two hundred years ago, is that value, real value, is the willingness of a person to do useful work. In that sense we are the masters of our fate. We can work harder, we can work smarter, we can work together where many hands make lighter work. We can do these things if we choose to. Communities are made up of many people and even the poorest ones in America have an overall affluence that is astounding. Make that work for us. Create community driven businesses, make every citizen a stakeholder, buy up vacant land and old buildings, renovate them yourselves and rent them to entrepreneurs who will pay that investment off. A community of 10,000 can have, for $10 apiece, $100,000 of investment capital. What could we do with that money if we could just direct it? I think the idea has limitless potential and the rules are very simple...every community rebuilds itself from the inside out...no government handouts, no waiting for a big corporation to locate a branch plant, no far away banks or Wall St. financiers to kowtow to, just your neighbours, and your friends and the basic tenets of human nature put to work in the most natural of ways.
Remember, a unit of value is the willingness of one person to do one unit of useful work. There is so much to be done in this country!
Jack the government started this mess by insisting EVERYONE should be a home owner (remember Bill Clinton?). By creating the artificle demand we also created a bubble. Fannie Mae and Freddie Mac are headed by Clinton-istas.
I love the people whi say banks should be foreced to do this or that. How about we say government should be forced to lower our taxes. My single biggest bill in my household are my taxes.
I was asked by a government worker why I was so against BIG government. I told him it conflicts with freedom. He then asked how... the answer is money is power... power to move.. power to spend the way you like.. power to save for your future.. power to keep a roof over your head... the more $ they take the less freedome we have.
having said all this, the economy is going nowhere because our leadership is clueless when it comes to creating environment that is condusive to growth.
I hate to tell you folks but many of us work @ BIG business. Without their jobs you aint going nowhere.... but down the chute.
There is no quick fix for this economy. For about the last 50 years the stewardship of the U.S. economy has been frightfully bad, possibly even negligent, and as a result all the chickens will come home to roost over a similar period.
There is no other course than to go back to fundamentals, notwithstanding the new technologies and such – which can help – but only if used appropriately – for they can do the other too, namely make things even worse.
Finally, all the business educational institutions, and also businesses themselves need to stress and consider "ethics" more often, more deeply. Especially the big players – banks, lenders, brokers, big pharma, etc. – you know them all.
Otherwise the lights will go out, the way of life will substantially change, and worse will happen.
The lies told to us the tax payers do not make the situation any better. How can the economy get any better when the same jobs are paid but from different pockets. Many employees, who worked on govt installations, worked as contractors. They now have been hired by DoD and get the same pay. We used to pay the contractors to pay them, all Obama did was cut out the middle man and took credit for hiring over 40,000 new govt employees. Go figure!! Politics at its finest.. How can anyone in their right mind feel that we are going to get better any time soon?
Straight into the toilet as long as the current administration cares more about PR than they do actions.
Jack the economy will not get any better as long as obama is in office. He is a detrament to this country and the sooner he is out of office the better.
How can one be negative about the economy without knowing what it would be if Obama, et al, had not taken the action they did? If you are starving, and you receive a sandwich, and you are still hungry, are you going to complain because you didn't receive a full meal?
I thought the goverment should have given each and every legal citizen a million dollars to last them for at least 20 years and our debt would be in the millions not trillions.
We can thank the politicians who put NAFTA together for the demise of our manufacturing sector but not many voters even remember that fiasco. Until we quite buying from 3rd world countries the job market will NEVER recover, i.e. VP Biden "the 8 million jobs are't coming back". That's the plan to make us all poverty stricken.
Another great question Jack. Until someone makes the tough choices and makes accross the board cuts in federal spending including all entitlements, college grants, military, veterans administration, etc. Then an across the board national sales tax that involves " everyone" but "no" federal tax increase or government tax increase "whatsoever"! Pass a constitutional amendment for a balance budget. When that person, party or thing does the above, then and only then will our economy rebound. Pie in the sky but we all know until these things happen, the economy will continue to suffer with the worse yet to come. We "all" know this!
Perhaps it's the glass story, half empty, half full, but when you look at what people do, there doesn't seem to be an indication everyone's worried, yet some are in very dire straits. I believe people will become flexible, cautious & frugal, but America needs to accept the future will require some personal financial sacrifices, then there will be a period of stability & then growth will resume more prominently. It isn't the first time we've been here, but if we can't accept change, the road will be hard & long!
Cortlandt Manor, NY
The problem is fairly basic. Jobs are not being created because the banks are not lending. Lending to consumers would kick start the entire work chain in our industry. Instead of giving the banks all the $$$ to enhance their balance sheets, the govt should have made it mandatory for the banks to at least dedicate a percentage of the bailout $$$ towards lending.
It's actually not headed down anymore. Our Former Commander In Chief hasn't been in office for a year and a half now. Wake up and smell the coffee.
Down the presidential crapper!
It has been hurt bad. It will limp for a long time. Eventually get better.
The screwy CA plan devised by the (ex)Terminator, if put into action, would temporarily reduce payments to a large fraction of statre employees, but pay them the witheld part once a budget (any budget) is passed. It isn't a true pay reduction, just a ploy to force the Legislature to act.
It's headed to the Chinese coffers..Jack....and they're laughing alll the way...we talk about leaving all this debt to are children...what.. would they be better off turning Chinese?!!...I worry about taking care of my children TODAY!!.. people.. TODAY!!
Unfortunately, most of the responses are depressing!! Try to get a job today and you are so humiliated you won't go back. How many people are trying to find work, anything, to put food on the table? The unemployment figures are going to start slowing down because people are no longer on the government's payroll with unemployment benefits and they can't find work. It is fuzzy math. This Administration, not just the President but the democratically controlled house and senate do not get the picture!! They are fat and happy in Washington – they got theirs – now you go get yours attitude. I have never felt so depressed in my life over the way this country is turning out. I am 62 years old and a retired legal secretary. I never had to worry about a paycheck coming from the law firm. It was always there on payday. Look at how many people are working right now and are terrified that they are next with the pink slip? I can't imagine working under the strain these people are working. Most Americans who have always worked feel like they have been kicked in the teeth! Pray for our country.
Its not possible to spend our way out of a depression. If our dollar is worth far less than its face value. We cannot regain what has been lost by more spending.more as a result. We are 77 trillion dollars in debt! Thats correct. I said 77 trillion. No one in the government is talking about this fact. Its an enormous debt load that has been accruing since the end world of war II and like the titanic its only a matter of time before the world economies start spiraling downward. A pessimist. No. A realist.
Blame the oil spill, or canada
With the large tax increase on EVERYONE starting in January, 2011, I see no possible way we are heading in the right direction. This administration is a total failure.
I have a neighbor who is 56 years old and was laid off for 10 months, retrained for a more modern job than he had before, and started his new job just last Monday making $3 more per hour than the job he lost (after 26 years). Go figure.
Clean energy jobs are just now getting started. Good time to train for them and get in on the bottom ground.
It looks good.
We have spring and then fall...seasons change.
Economy is same way.... bull markets...bear markets... up... down...
economies expand and economies compress.
We've had a difficult recession and we are in the midst of coming out. Globally we are likely about to embark on greatest expansion in history. This fact is supported by demographics.
So.... CHEER UP FOLKS. READING THIS EMAILS IS EVEN GETTING ME DOWN! Cheer up!