Wednesday, September 22, 2010

All Over But The Shouting

Economic experts, who have somehow managed to keep their jobs when everyone else has hit the breadlines, have made the startling declaration that the Recession is over...and what's more, it ended in June of last year.

And it's a darn good thing we have experts to tell us, because the average man on the street (or average man sleeping in the street) might have missed it - what with record unemployment, soaring home foreclosures, massive debt, and nearly nonexistent consumer confidence.

But even though we're in a "recovery-less recovery," at least one person has embraced the theoretical end of the Recession as good news: Barack Obama.

Because even he admitted that you shouldn't raise taxes during a Recession because it would further damage the economy.

Considering the huge tax hikes the president plans to implement, that makes it awfully lucky
that the Ivory Tower types believe the economy is booming again.

And awfully conveniently timed...



Buzz Bannister said...

Riiiiight! Much like Indian summer I think we might term this Indian prosperity or maybe just bullshit before an election.

Philip said...


I think that it means something new for Obama : If 2009 was the end of the recession, now it’s official : It’s HIS Economy. He cannot blame it on someone else.

The people can forget Dubya, because a second crash is coming for 2011.

Keynesian Ideology and the Coming Crash

Tax Hikes and the 2011 Economic Collapse

The Coming Crash of 2011

Pete(Detroit) said...

When it was pointed out to him on the campaign trail that CUTTING taxes RAISES revenue, his comment was "It's not about generating revenue, it's about re-distribution"
Appalling now as it was then.

John the Econ said...

As predicted by nearly every economy watcher outside of the DNC or MSM, it has indeed been a "jobless recovery". After all, how is it possible to create and move forward with a business plan when you haven't a clue as to what your labor, capital, tax or regulatory compliance costs are likely to be? ObamaCare, inevitable inflation, countless new regulation writers writing, Bush tax cuts likely expiring, cap-n-tax still lurking, card check being implemented by fiat, and nearly countless other forms of government intervention in the economy guarantee that movement in the private sector (at least on these shores) will be limited.

Obama doesn't understand business, or doesn't care. After all, under Marxism private industry isn't something you indulge. A much better system is like they have in Cuba, where even Fidel Castro now admits that Communism has been a failure.

Stilton Jarlsberg said...

Readers- Good comments. If the Recession ended in June of 2009, then why was all that "stimulus" money spent, where did it go, and why didn't it do anything good? Or, just maybe, is it time for people to admit that out of control government spending is the problem?

Per Pete(Detroit)'s comment, we remember hearing Obama specifically questioned about raising tax rates, which actually reduces the amount of money that comes in for government programs. The questioner pointed out that raising taxes on the wealthy ends up hurting those people who rely on government why do it? Obama said it was about "fairness" - meaning that in his mind there is no higher priority than punishing the "evil rich" even if it hurts everyone else in America.

We genuinely believe that Obama is anti-capitalist and has a strong desire to end that system. And give the devil his due: he's done more damage (with the help of an eager Democrat party) than we would have believed possible.

moronpolitics said...

They say a recession is over when we have a quarter with a positive growth of GNP. Unfortunately, GNP = GDP = C + I + G + (X - M)
where G equals...... GOVERNMENT SPENDING!!!!
(Consumption + Investment + G + exports minus imports) So if you blow enough "stimulus spending" it IS possible to end a recession. They need a new definition.

Suzy said...

I remember Bush's stimulus packages getting a bad rap...people actually complaining that the citizens were getting checks in their mailbox...but his were alot closer to "successful" than Obama's ever will be, because Obama doesn't believe in letting the American people spend their own hard-earned money.

Jenny the Pirate said...

Yeah. My wallet didn't get the memo.

Stilton Jarlsberg said...

Moronpolitics- That's a great point. Essentially, the $787 billion didn't end the Recession, but it forced the economists to change their technical description of the disaster.

Suzy- Obama doesn't want the American people to spend their own hard-earned money because they might spend it incorrectly.

Jenny the Pirate- It wasn't a memo so much as an "IOU."

Bobo said...

I am so happy to know the recession has been over for 14 months I could just sh*t.

Anonymous said...

What are we going to sleep under when all the major newspapers disappear?

Stilton Jarlsberg said...

Anonymous- We'll sleep under campaign posters.