Academic

Obama?s Economy: ?It was supposed to be the summer of recovery. But the recovery isn?t happening,?

By Glenn Reynolds

Obama’s Economy: “It was supposed to be the summer of recovery. But the recovery isn?t happening, and consumers, employers, and investors have registered their votes on Obamanomics: thumbs down. The drop-off in housing sales tells us that despite historically low interest rates and available credit, consumers are nervous and lack confidence about the future. Better not to buy now. The stock market, the best indicator we have about expectations for the economy, has nosedived as well.”

Related: Second Quarter GDP Revised Down. “The GDP number for the second quarter got revised sharply downward by a third today, dropping from the initial estimate of 2.4% last month to 1.6% in the intermediate revision. The number represents a hard rebuke to White House attempts to paint a rosy long-term economic picture, as the anemic growth rate may indicate even more trouble ahead for joblessness.”

Well, as noted below, “No wonder the U.S. economy isn?t creating jobs when anyone who makes money and creates more jobs immediately becomes a political target.?

Full post as published by Instapundit.com on August 27, 2010 (boomark / email).