Friday, November 2, 2012
It's pretty good, especially the upward revisions of the last two reports. Unemployment ticked up as people re-entered the job market. Again, good. Not great, but good.
We'll see if Jack Welsh has any thoughts on the matter.
The US was not hit as a hard by the fiscal crisis and a lot of other developed countries were. A lot of that was the damned stimulus. Countries in Europe that embraced austerity - or had austerity forced upon them - have suffered greatly. We've done alright.
Now it's still a weak recovery, in the sense that we still have to cope with Europe's weakness. I just moderated a mock presidential debate (I introduced myself as Candy Crowley), and I dropped the question about dealing with the EU mess, since the grownups can't answer the question either.
We have seen the housing market bottom out. We have seen good private sector job growth and significant public sector job contraction thanks to the enforced austerity at the state levels.
Which is why it's important to re-elect Obama. Unless Europe implodes again, the economy should keep ticking upwards. Obama has done the heavy lifting and it would be a shame for that lying weasel Mitt "Mitt" Romney to benefit politically. Especially since his economic policies will probably lead us right back down into the abyss.
Should Obama have done more? Yes. Could he have done more? Doubtful. Is he a better option than a plutocrat with economic policies from the Coolidge administration?