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Well, people can (and will) blame whoever they are going to blame and credit whoever they are going to credit. In the final analysis, their opinions are completely unimportant.
The fact is however that the "doom and gloom" crowd who screamed endless, inanely and apparently joyously that Obama was going to bring about an economic collapse were/are just plain WRONG.
And as time goes by more and more good news is showing just how WRONG.
I think most logical people don't credit Bush alone for the economic crisis just like I'm sure most logical people won't credit Obama alone if the economy recovers while he is in office.
The media probably will but the media isn't really catering to logical people these days.
Problem is, most people aren't logical. There's even a book about this called:
Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions
As the recovery picks up steam more and more good news is starting to appear. Yes there IS (and will continue to be) bad news as well - but as is the case with any recovery, as time goes on there will be less and less bad news and more and more good news.
Along with the much publicised news about Ford's big profit (and already announced news from GM that their September (post "Cash for Clunkers") sales are expected to the highest in a year) there is news that manufacturing is increasing.
"Institute for Supply Management says its index of manufacturing activity rose last month to its highest level in more than 3 years.
"NEW YORK (CNNMoney.com) -- A key index of U.S. manufacturing activity jumped in October, reaching its highest level in three and a-half years, a purchasing managers' group said Monday.
The Tempe, Ariz.-based Institute for Supply Management's (ISM) manufacturing index rose to a reading of 55.7 in October from 52.6 the month before. It was the highest reading since April 2006 when the index registered 56."
"NEW YORK (CNNMoney.com) -- The number of signed sales contracts to buy homes rose in September for the eighth straight month, according to a real estate industry report released Monday."
Recovery is coming. We're not done with hard times quite yet - but we're getting there.
Ken
Count me as a naysayer. All of this deficit spending is going to kill our economy at some point. Just the upcoming expenses for Social Security and Medicare alone might be enough to sink us.
Boy, today's "recovery" seemed shorter lived than Hugh Heffner's libido.
Well, considering that his "libido" been apparently pretty active for half century I'd say that's doing pretty darned good. If the economy moved forward for anywhere NEAR time length of time I'd be a happy camper.
Yeah but you just have to accept that there will always be crazy people. The people who blame Bush(or Obama or any other political figure) for everything are usually the main ones who are uninformed.
Exactly. The President in and of himself has very little influence over the economy. The economy moves based on the decisions made in board rooms. yes- major corporations control the economy hence the welfare of the American people
Well, considering that his "libido" been apparently pretty active for half century I'd say that's doing pretty darned good. If the economy moved forward for anywhere NEAR time length of time I'd be a happy camper.
Well, considering that his "libido" been apparently pretty active for half century I'd say that's doing pretty darned good. If the economy moved forward for anywhere NEAR time length of time I'd be a happy camper.
Ken
I'm talking about his libido in the present here and now. Like the economy, not so good. Gets itself up for a tiny epoch, and quickly dies down. The analogy holds.
Count me as a naysayer. All of this deficit spending is going to kill our economy at some point. Just the upcoming expenses for Social Security and Medicare alone might be enough to sink us.
Well, the deficit IS the next big crises to be sure and WILL need to be dealt with - it's just that we can't deal with it until we get economy back on it's feet - THEN it will be time to take it on.
Regarding SS - though it IS in trouble, the fact is that trouble is not nearly as severe as people think.
First of all - SS would not even been in such trouble had it's funds been left alone (as was intended) - instead of having it's money looted (by both the Democrats and the GOP) to feed the general fund. If that had happened SS would still be on it's feet and with a pretty good stockpile of funding available to it.
Secondly, the trouble is temporary and almost entirely revolves around the demographics of the Baby Boomer wave. Once that wave passes and the Baby Boomers die off the SS crises is over and there it's funding will be MUCH easier. That of course doesn't change the fact that there IS a short-term funding issue, but it DOES put it in perspective. The problem - though significant and real - is temporary.
Thirdly, even WITH the current SS shortfalls, the insovlency of the SS system is hardly a foregone conclusion. The fact is, if payments were reduced by less than 20% SS would NO PROBLEMS at all meeting it's current and future commitments. The problem of course is having the political will to do that - since it means cutbacks to the folks who depend on it - so it's a very difficult thing to do (politically). Still, it shows that SS is not a doomed program - merely one that needs considerable belt-tightening to become solvent again.
Medicare however IS a much tougher problem to deal with.
No simple solutions there AT ALL.
Ken
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