GOP Refuses To See Impoving Economy
Little attention in the blogosphere was paid to the front page New York Times article this week stating that the fed believes the recession is near the end and they are reverting to normal policies.
Though the central bank stopped well short of declaring victory, policy makers issued their most upbeat assessment in more than a year by saying that the downturn appears to have hit bottom and that consumer spending, financial markets and inventory-building by corporations all continued to stabilize.
If Bush were still president and had enacted Obama’s policies this story would have been all over talk radio and cable television. Yes, unemployment is still too high and full recovery will be slow; but the indicators are there that we’re headed in the right direction. And the first indicator of a recovering economy, the stock market, has seen steady gains in the last quarter. At the beginning of the Obama presidency, when market was still going down, conservatives were blaming the new president. So now, where’s the praise?
The government’s preliminary estimates show that the economy’s downturn slowed markedly in recent months, shrinking only 1 percent in the second quarter compared with 6.4 percent in the first. The rate of job losses has slowed sharply as well, though the nation still lost 247,000 jobs in July.
But to Senate Minority Leader Mitch McConnell of Kentucky, the Obama administration has not “had a whole lot to do with this.”
Click here for reuse options!
Copyright 2009 Liberaland