O’s mission failure
Courtesy of John Podhoretz: Ugly part:
Low interest rates here at home were theoretically supposed to serve as a spur to new investment in manufacturing and the restocking of inventories, since they make doing all that much cheaper. But the decline in foreign markets has made new spending pointless at the moment.
“I don’t see anything that suggests any major change over the next couple months,” said Bradley Holcomb, the chairman of the panel that measures manufacturing activity.
Today, jobs numbers for July come out, and they’ll likely be at best a slight improvement over June’s incredibly anemic 80,000 new jobs.
Urban centers are feeling the worst of it. The Labor Department reported yesterday that unemployment rates rose in 332 large metropolitan areas — and declined in only 29.
We’re now five years into our economic woes, with the mild recovery of 2010-2011 now giving way to something that looks perilously like stasis. Like Japan.
“The recession which kicked off Japan’s ‘lost decade’ lasted from 1991 to 1993,” notes Michael Feroli, an economist at JP Morgan. “Including the recovery experience from that recession is sobering: We are currently faring worse than Japan at the same point in their lost decade.”
Vote out the Idiocrats in November.