May 21, 2009

Recovery or not, Obama's spending

Obama clearly has the recovery well under way. After all the stock market is doing great - the recovery has put us all the way back to February 2009 levels for the DJIA. There's worry that the hosuing bubble collapse hasn't seen it's worst days.

Note the Bloomberg spin on the drop in jobless claims;
May 21 (Bloomberg) -- More Americans than forecast filed claims for unemployment insurance last week, and the total number of workers receiving benefits rose to a record, signs the job market continues to weaken even as the economic slump eases.

Initial jobless claims fell by 12,000 to 631,000 in the week ended May 16, from a revised 643,000 the prior week that was higher than initially estimated, the Labor Department said today in Washington. The total number of people collecting benefits rose to 6.66 million, a record reading for a 16th straight week, and a sign companies are still not hiring.
The Congressional Budget Office sees the jobless rate growing through 2010
WASHINGTON (Reuters) - The U.S. economy will likely start growing again in the second half of this year but unemployment will likely keep rising through 2010 to peak over 10 percent, the Congressional Budget Office said on Thursday.

"The growth in output later this year and next year is likely to be sufficiently weak that the unemployment rate will probably continue to rise into the second half of next year and peak above 10 percent," CBO Director Douglas Elmendorf said in prepared testimony to the U.S. House Budget Committee.
The dollar could be ready to tank;
The U.S. dollar's day of reckoning may be inching closer as its status as a safe-haven currency fades with every uptick in stocks and commodities and its potential risks - debt and inflation - are brought under a harsher spotlight.

Ashraf Laidi, chief market strategist at CMC Markets, said Wednesday a "serious case of dollar damage" was underway.
So it seems like it would be the perfect time for this:

Remember when Obama said that not one single American making under $250,000 would pay a single dime more in federal taxes? Well the new emission standards Obama wants will make the cars we all buy as much as $600 - $1,300 more expensive.


President Barack Obama wants drivers to go farther on a gallon of gas and cause less damage to the environment ? and be willing to pick up the tab.

Obama on Tuesday planned to announce the first-ever national emissions limits for cars and trucks, as well as require a 35.5 miles per gallon standard. Consumers should expect to pay an extra $1,300 per vehicle by the time the plan is complete in 2016, officials said?

and this;

Cap and trade, CAFE standards are always a bad idea. Right now they are a terrible idea. But that won't stop Big O...

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