Matthew Zeitlin, The Daily Beast
For all the Romney/Ryan efforts to convince Americans the economy is getting worse, reality stubbornly keeps getting in the way.
Groundbreaking on new homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction and supporting the wider economic recovery. [...]
The U.S. economy has shown signs of faster growth in recent months as the jobless rate has fallen and retail sales data has pointed to stronger consumer spending.
The data showed housing, which was battered by the 2007-09 recession, is increasingly one of the brighter spots in the economy and could add to growth this year for the first time since 2005.
This morning's report was surprisingly good -- no one saw news this good coming -- and points to an economy that's picking up steam.
Indeed, keep in mind the economic news we discussed yesterday. The unemployment rate is at its best point in four years; consumer confidence is at its best point in five years; the federal budget deficit is at its best point in four years. Just this week, reports on retail sales, industrial production, and new housing construction showed sharp and unexpected improvements.
This probably isn't what Republicans wanted to hear.
To be sure, there's a school of thought that suggests Americans economic impressions were locked in months ago -- there are chunks of the population that likely decided "Obama presidency = bad economy," and will overlook the encouraging new data.
But for voters who are still paying attention and who consider the economy an important election issue, the Romney/Ryan argument that the economy's getting worse is now literally unbelievable. All of those folks who were eager recently to delve into the "are we better off than we were four years ago" question might want to take another look at where the economy currently stands.
To reiterate a point from yesterday, the Obama team's caution on this is understandable. Unemployment is still high and economic growth is still sluggish, and the last thing those struggling most want to hear from a politician is the how much better things are. Much of the country is still deeply frustrated with the status quo, and reject the idea that it's "morning in America."
But with every new report showing better and better economic news, the president will be missing a major opportunity if he fails to take advantage of the news: after inheriting the worst economic crisis since the Great Depression, the president took the lead in saving the nation. Nearly four years after taking office, by literally every relevant metric, the nation's economy is stronger and more secure than it was when he started.
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One of the depressing things in this election is the enjoyment the Republican candidates express in detailing how "terrible" things are. They seem to revel in America's economic distress and ignore or discount any of the many measures that show things ARE getting better.
I'm one of Romney's 47%, I am 59 years old, I was laid off during the height of the recession, and am still unemployed. I am a fervent fan of President Obama -- and in fact, am attending community college partly funded by the Workforce Initiative Act and Pell Grants.
I believe we would have foundered into a second great depression without the President's steady hand and brilliant mind. I'm all for four more years, and I believe in America's promise more than ever.
Romney is now the “Leader of the non-working, do nothing, filibustering GOP controlled congress with an all time low approval of 7%.”
With a record 500+ filibusters, PLEDGES to NEVER generate more cash for the government, ZERO compromises, voter suppression and intimidation, creating war on women, and with NO record of any accomplishments or anything done for the country in 40 years.
The undecided voters keep ignoring or are not aware that the REAL culprits behind the slow recovery on the economy and jobs are the “obstructionist” Republicans controlling congress with cloture and filibusters to stop job legislation and halt Obama’s agenda to fix the economy.
Only a "super majority" can stop the Republican obstruction of the past 3 years.
Obama doesn’t have a supermajority, Obama only has the senate by ONE and the GOP owns the house and CONTROLS all legislation.
We have a communication problem if these undecided voters are not aware that the GOP has done NOTHING but get in the way of passing bills to promote job and economy growth.
Remember that the President doesn't pass the bills, he just signs them.
Obama has a 51% approval and has been waiting for job bills on his table to sign but the GOP losers just won't pass any.
Stop blaming Obama. Put blame where blame is really deserved, on the 7% GOP owned congress.
I don't understand why Obama cannot lambaste the Republicans in Congress for filibusters and for refusing to consider all the jobs legislation that the Senate has tried to pass. It seems that this is not Obama's economy, but the Republican House's economy. The Constitution provides that only the House can pass budget bills and therefor it is the House's economy since they have refused to pass any of the the Dems bills for the last two years. Obama can demonstrate that his proposals work by arguing that the stimulus improved the economy while the Bush tax cuts did not. This is a no brainer.
The 2010 election was a national mandate to shut Congress down. Deal with it.
As for all that wonderful news...Real unemployment is still at 11%, food and fuel prices are rising, foreclosures have been held off the market to produce this kind of bounce, and the deficit is still bigger than all the personal income tax collected for the year.
And you people want four more years of misery? What is the matter with you?
Maybe we remember that fuel prices are set years before by speculators boosting the price per barrel of oil,so gas prices aren't determined by any president, and doesn't it seem as if there were weather related losses in crops earlier this spring and summer that people said would result in food prices escalating, and Wow! Shooter, unemployment is .4 higher than during the Reagan years, but the 7.8% in 2008 was an accurate number during the Bush years, but the 7.8 now is not. I remember Cheney saying deficits don't matter. I don't see four more years of misery unless Romney is elected. What is the matter with you?
Actually Blankman, the 2010 election which ushered in GOTP control was because the GOTP kept talking "we're the JOB CREATORS, JOBS, JOBS, JOBS"! So far they haven't crafted 1 jobs bill, and the JOBS bill that the President sent them, they haven't even taken up in committee! They've been too busy trying to regulate women's wombs to be "bothered", also they were trying to "make the President a 1 term President"!
So while the unemployment rate isn't where anyone of US would like, the blame lies squarely on the shoulders of the GOTP obstructionists! And just think the official unemployment rate of 7.8% would have been so much better had the GOTP obstructionists learned to play well with others!
Shooter,
The country did NOT give the Republicans, much less the tea party a mandate for anything. Obama's still President. HE has a mandate. The US Senate has a MAJORITY of Democrats. THAT'S a mandate.
The way that unemployment is calculated hasn't changed since the 90s. So if it's too low for Obama, it was too low for Bush his entire time in office.
Fuel prices are rising? Gee even FOX news will tell you that food and fuel prices are beyond the President's control. Guess you missed that 15 minutes on the channel.
And during Bush's war years, the costs of the wars couldn't be paid for because Bush and the Republicans refused to enact sensible laws to pay for the wars. Why?
Finally. Taxes have NOT changed since they were decreased under Bush. Yes or no? Trickle down says that jobs will be created simply by reducing taxes, NOTHING else is needed. So if that's true, where are the jobs? Since we don't have the jobs, then trickle down MUST be a lie.
And YOU want more of it?
Things are certainly better for me in the last 4 years. In 2007-08, the market was falling apart, housing was suffering and US was hemmoraging jobs left and right. Personally, since 2008, my company has grown and were over their growth/revenue projections each quarter since 2008. I have had a raise each year, my property values increased (but so did my property taxes), my company has added more jobs. A stock I had was falling faster than a boulder over a cliff trading at below $5/share, now it is at $69/share. There are so many vehicles in my middle class neighborhood from all over the country, my city it booming with growth. I am a single mom with a student in college and one in high school. Times are tough, but are getting better all the time. The momentum is there, yet GOP will not admit it. If you are a regular to the Rachel Maddow Show, you will understand the real story. I am living it.
Laurie - - - Good luck to you! We are of the same generation, and you can do it! I am very independent woman who is multi-degreed, put an ex-spouse through med school, is putting a daughter through college and another through high school. I own several properties, I am a minority, but I every time I fall down, I just dust myself off and plug away again. Have strength, you will make it. Women are really resilient, that is why we have the babies! LOL - no haters, now guys just kidding.
Obama should tell people to dig out their 401 K statements for the last 4 years. That will tell them whether the economy is improving.
A beginning, for sure, especially when taken with all of the other numbers that show recovery, which raises the question, why were voters in the polls last night so convinced that Romney would do a better job on the economy? I did not think his answers were convincing, but I am prejudiced that the President's were specific examples of what he has done to change the direction. I would like to see the Prez re-introduce the American Jobs Act to the public - the outcome of what that would look like since it seems people forget he has this plan for increasing jobs and productivity. I'd also like to see him talk about the specifics of infrastructure, identifying in specific states projects that need to be undertaken and the jobs that would come from doing them. He needs to talk about the numbers of jobs that getting broader Net coverage will provide and how that helps all business and long-term gains. That seems to be what other pundits and reporters say was lacking - that he needs now to focus on what his measures a) are b) what they will do c) that were it not for Republican obstruction, we would be doing even better as a nation. It will also lead into the discussion about strength at home leading to strength in our foreign relations. Hope someone on the President's team thinks the same.
It's important to not be overly optimistic but it's more important to make it clear what you've done is showing strong results, unlike Republican proposals and it's even more important to point out what more you would do along these lines to produce even stronger results. I totally agree, the American Jobs Act specifically lays out what president Obama will do for you in the next four years including, tax cuts for small business, tax credits for companies who hire veterans, manufacturing and construction jobs through rebuilding our infrastructure, modernizing 35,000 schools, keeping teachers, cops and firefighters on the job and $4,000 tax credit for companies that hire long-term unemployed workers. The best example of the sort of leadership you will get from the President in the next four years is his pushing a Veterans Jobs Bill, while Republicans are blocking it, preventing veterans from finding work just to block this President from creating more jobs. Republican leadership equals politics. President Obama's leadership equals jobs. Now is the time for the President's team to sell it like never before and we are a part of that team to,so if all of us don't sell it, all of us will pay for it.
Romney claimed on the debate that Obama "doubled the deficit"
MORE LIES...
http://www.usgovernmentspending.com/federal_deficit_chart.html
Obama brought the deficit down from $1.4 (Bush 2009) to 1 Trillion (2012)
DO NOT believe the GOP
A few weeks ago I decided that in place of posting negative comments about Romney, I would post good news about the positive changes in the country under the Obama administration. Two days ago I posted this fantastic news about the housing market and was accused of only posting hate messages. What I am figuring out is that those who want to hate Obama will hate him regardless of the positives that he has brought. The unemployment rate is down, the housing market is improving, the deficit is dropping, but that is all hateful comments to post to those that don't want to hear it. I was told by my son-in-law that and I quote. "There is obviously no getting through to you." to which I responded, "Exactly what are you trying to get through to me, I have done my research and Obama is my choice." This was my favorite "Did you really vote for Obama because you didn't want to feel racist?" I guess there is no way for me to vote for someone because they are the better candidate and because previous administration almost destroyed our country. Anyway, keep the good news flowing, I love it!
What was it Margret Thatcher said:
"If my critics saw me walking over the Thames they would say it was because I couldn't swim."
Coffeetalk, I know exactly what you are saying. I had a friend tell me yesterday in the most condescending manner, that he hoped I soon realized just how wrong I was in my support of the President. I have spent the last 40 years actively fighting for Women in the work place and I don't need a man to tell me how wrong I am about the problems that confront Women. I am a Mother, a Gradmother for 40 years a working Woman and for the last 5 years a business owner, so I am qualified to know what this election means to Women. Do these people just not listen to what these guys say? Does every Republican in America get their information through some right wing filter? The Republicans spent 8 years destroying this economy. they spent the last 4 years obstructing everying constructive this President has tried to do and in spite of them things are getting better. Why in the world would anyone want to give it back to them?
This is great news for our country. Rome wasn't built in a day. President Obama inherited a nightmare that is going to take a minimum of 8 years to overcome.
Big reality is presidents and politicians have little to do with employment other than the pace and scale of public works. Demand drives production whichthen drives employment. The mood in Congress is against public works. It may change after the election as there will be no more fear that increased employment might boost the other party's prospects. As for other public sector employment, it will continue to shrink as there is little evidence that Americans are willing to pay for the services they receive from government. They want strict border enforcement but don't want to pay for an enlarged effort; longer jail sentences for violent criminals but no money for the jails; etc.
True. The economic problems we face currently are problems of insufficient demand and a lack of consumers able to spend. This is the more relevant and critical "tipping point" that we face, an inevitable predicament after years and years of concentrating wealth to the top, to those who spend a smaller fraction of their incomes. This fact also invalidates the prescription of lowering taxation as an incentive for job creators - many corporations have cash-on-hand, but won't expand because consumption is sluggish.
Slow yet sustainable growth versus right wing think? The right would, after accusing Obama again of having this report falsified, reply that a good world war would bring better paying jobs and faster growth and...
Of course they would also refuse to re-enact the GI bill that helped bring about the housing boom and influx of College educated MBAs.
I think this new republican platform and the nuts that forced it upon us will serve to showcase the manipulations that have taken this Nation into a slide down the tube to oblivion. I just hope it is not to late or becomes too violent.
The president needs to discuss that there are 2 types of CEO's. Those like Henry Ford, who paid his employees more than the going rate so they could afford to buy Ford automobiles. That is a CEO who builds the economy by building the middle class.
Then there are the CEO's like Mitt Romney. They reduce the workforce, liquidate assets, and steal pensions. These CEO's build the 1% at the expense of the middle class.
The president needs to make sure that just being a CEO is not the solution. You have to ask what kind of CEO. The Henry Fords or the Mitt Romney.
This is certainly good news in many ways, but I have to wonder: with so many houses standing empty (repossessed by the banks) and unsellable all over the country, why do we have to build more new ones?
My flies in the "stupid salve"(trans-dermal!) Robme/Li'yn are busily applying to the dullard foreheads of our great Teabilly Nation!
Here's where the Obama campaign has missed the mark: optimism. Go back and look at the unemployment numbers durin Reagan's first term. He started in January of 1981 with 7.5% unemployment. In the middle of his term, unemployment skyrocketed to 10.8%. After a few rounds of stimulus, unemployment was back down to 7.4% in October of 1984 and it was "Morning Again in America." The economic tide had turned and President Reagan was able to run an optimistic campaign and crush Mondale. We know Obama started during an even worse economy than Reagan and unemployment skyrocketed from 7.8% to 10% mid-way through his term. But unemployment is back down to 7.8% and every indicator shows that we are set up from explosive employment growth in the next four years. Where is President Obama's "Morning Again In America" campaign?
Held up in Congress. This GOP congress has had one goal and that is to defeat this President. Have you missed that? Now they blame him becasue the numbers are not as good as they should or could be. Hasn't that been the big plan from the beginning? Obstruct and then blame him for not getting anything done. Other Presidents have had to deal with the opposite party before but none had taken pledges to obstruct any idea that might increase revenue or help lower the deficit that didn't involve tax cuts for the wealthy. In my humble opinion, this congress's actions are bordering on treason. The only bills they have put forth on anything contained such vile provisions that they knew Democrats in the house and the Senate would never support them. This has all been part of the grand scheme. Play to the base with unmeaning, time wasting legislation and then stand back and say "it was there fault-we tried". I guess the President was told he shouldn't bring this up so he didn't. In my opinion, he should have to remind the American people who has been responsible for this slow recovery. Every credible economist has said that the stimulus should have been greater and that austerity will not bring us out of this recession. Is no one listening on the right? Have they all bought into the conspiracy to get rid of this President. Have they sufficiently frightened the American public into think we are the next Greece, which we aren't. God knows they have tried every other mean, low down trick in the book and I fear they aren't finished yet.
Part of this housing problem is the fact that banks are making it very difficult to get loans to purchase these repossessed homes. Also they are hesitant to let them go at the low prices that make them attractive to investor.s . Once you do make a deal to buy one, it takes forever to get the banks to get the sale done. Months usually, so people who need to move will pass them by. Another problem is that many of them are in working class neighborhoods that have deteriorated because of the numbers of homes that stand empty. So a lot of people who would buy there, can't get the loans to buy them and investors don't like the red tape and uncertainty of purchasing them. If the Banks were interested in helping the economy, they could do the repairs that might be needed and get these properties back on the market with available loans to make that happen. It's really crazy that they let them sit.
So many people are now looking at the attractive interests rates and building new instead of taking on all the uncertainty of these repo's. The banks should be making this easy and they are not.
New housing starts are up 15%, the best we've seen in 4 years. Who says we are not going in the right direction?
I have a question for Mitt Romney. Last night he said he had to go out looking for qualified Women to fill positions in his administration. My question is why weren't Women applying in the first place for these positions? Did they feel unwelcome by his staff? Did they actually apply but their Resumes ended up in the trash? I find it very hard to believe that a new Administgration was taking over and no qualified Women were applying for positions unless someone was creating a hostile environment. I wish someone would ask him that question. Why would Women not want a job in your administration Mr. Romney?
Please don't give us silly ancedotes about how well they were treated once you found some since your goal was to use MA as a stepping stone to the White House, you certainly couldn't afford to be seen as anti-women, not in public anyway. But it seems you tend to say and do a lot of things in private that you wouldn't say or do in public.
For want of a more relevant thread, I post the following stats to debunk the GOP moniker of Obama representing big government and their taunts of "trickle down government". IRS revenue over the years 2009, 2010 and 2011 has ranged from 15.1% to 15.4%, the lowest since Truman clocked 14.4% in 1950. Reagan's revenue ranged from 19.6% to 17.5%, with Bush's low of 16.1% occurring in 2004. Taxation is historically low - it is TOO low. The nation is suffering the economic consequences, and Obama is (inexplicably) suffering the political consequences at both ends: being simultaneously blamed for deficit budgets AND labelled as high-taxing. Obama's failure to mention this in the debates is staggering. The starting point for any debate about taxation is the realization that tax revenue is at historic lows, revealing the extremism of a would-be president Romney who is beholden to a tax pledge, and demonstrating to the folks back home that we have tried his path before.
FWIW
October 17, 2012
U.S. unemployment, as measured by Gallup without seasonal adjustment, is 7.3% in mid-October. This is down considerably from 7.9% at the end of September and at a new low since Gallup began collecting employment data in January 2010.
The problem with that information is that it won't be released officially until after the election. GUess we will have to spread it ourselves. Thanks.
The threat is still the main factor as the economy worsens the inflation loom and with the continual cost the pound will be worthless. And with those effects banks are increasing their mortgage and their variable rates. quick cash