Obama Leaving the Economy Exactly How He Found It

Barack Obama likes to talk about how he was handed the economy in horrible shape.  Well I guess he learned his lesson about leaving things how you find them. The drumbeat of bad news drones on and on now 4 years after $1 trillion dollars in “stimulus” was wasted on crony capitalism that created no jobs and has yet to revive the economy.  The latest comes from business slowing and dropping investment orders for large manufacturing equipment as well as a revision to just how bad the economy has been this year:

The precarious position of the U.S. economy was evident Thursday as separate reports showed a steep decline in orders for big-ticket items in August and growth in the spring was lower than forecast. Orders for durable goods—those designed to last longer than three years, such as cars and televisions—fell 13% from July to a seasonally adjusted $198.5 billion, the Commerce Department said. The drop, the largest since January 2009, largely reflected fewer purchases of commercial aircraft, a volatile category that can skew the data. However, demand for most other items, including automobiles, also fell, albeit at more modest pace, which could mean continued sluggishness in the economy through the rest of 2012.

The report came as the government said the economy grew more slowly in the second quarter than previously thought. The Commerce Department said gross domestic product grew at an annual pace of 1.3% in the April-through-June quarter instead of 1.7%, as weak consumer spending and the drought in the Midwest held back growth. The decline in durable-goods orders caused concern that businesses and consumers are hunkering down as threats to the U.S. economy loom—including the prospect of tax increases and spending cuts at home, and a broad slowdown in economies abroad.

Notice the part highlighted above.  Business long-term faith in any economic revival is apace the exact time Obama entered the White House. Chilling if you think about it.

This is much the same as the manufacturing  sector which contracted for the third straight month in August.  We’ll find out next week of Obama can make it four-in-a-row.  There had not been three straight readings below this contraction line since May-July 2009.

And the job picture, already embarrassingly ugly,  grows gloomier by the day:

Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts.  Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas. Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.

This only adds to Business Insiders damning list of the 21 Biggest Layoffs of 2012. And next week’s monthly jobs report will most likely be another sad reminder of Obama’s inability to get America working again as well as the unbelievable truth that he has no plans to change anything in the future.

This is the reality of 4 years with Barack Obama as President.  No one, least of all the remaining employed Americans. can afford another four years of Obama’s “Economic Patriotism.”

2 Comments

  1. Posted September 27, 2012 at 3:43 pm | Permalink | Reply

    Phenomenal post. I’m new to blogging and looking for like-minded bloggers! Please check me out, I am in broadcast news and will be posting weekly on the topics of business, economics and various fun topics. Thanks!

  2. Posted September 27, 2012 at 4:33 pm | Permalink | Reply

    Keith, Keith, Keith….you cannot expect a man to fix the economy that George Bush DESTROYED the last 9 months of his presidency in only 4 years. I mean the poor man has been SWAMPED with you know healing the planet, giving all Americans healthcare, stremming the rising oceans and easing Muslim tension around the world and all. Your expectations of a man who said if he didn’t fix it in four years he was a one term president are just unimaginable. It is really here nor there that he claimed he was the only person who could fix it….you cannot fix Washington D.C. from the inside, no one can.

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  1. […] Yesterday I pointed out how today’s weak economy is mirroring the bad state of affairs when Barack Obama took over as President.  Obama decries how awful things were when he was handed the baton, but it looks like it will be […]

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