Remember, according to the Obama administration this is “Recovery Summer”. Jobless claims rose to 500,000 claims- the highest in 9 months. Analyst had predicted jobless claims to come in at 476,000. The latest jobless figures spooked Wall Street and the Dow fell more than 140 points. Economist now believe that a double dip recession is more likely… That’s no surprise to Republicans who have been warning that Obama’s economic policies and Stimulus Bill would lead us into a double-dip recession.
The Congressional Budget Office, CBO, is predicting more tough times ahead. Manufacturing activity in the Mid-Atlantic region contracted surprising economist. Also in the CBO report, the deficit will exceed $1 trillion for fiscal 2011 due to the worsening economic outlook. Under Obama, the deficit accounted for nearly 10% of the GDP.
If you thought that the bad news ended there, you’re wrong. Bankruptcies hit a record high last month while the housing market suffered another month of declining sales. Remember, the stimulus work to save the economy and we are in “Recovery Summer”.
Obama was unavailable to comment on the jobs report, the CBO report, or the the report on the record number of bankruptcy as he was enjoying his sixth vacation of the year in Martha’s Vineyard with his wife and daughter who just returned from vacationing in Spain.
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