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July 30, 2010
GDP Down (most sluggish showing in nearly a year)
Topics: Political News and commentariesAs Ace quips, this must be Bush's fault:
The recovery lost momentum in the spring as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment.Meanwhile our Spinner-in-Chief is in Detroit declaring that his controversial bailout of the U.S. auto industry is a success and that he saved a million jobs. However, as Steve Forbes makes abundantly clear at Politico, nothing could be further from the truth.Consumers spent less, companies slowed their restocking of shelves and the nation's trade deficit dragged more on the economy in the April-to-June quarter. In a separate report, the Commerce Department said the recession was deeper than previously estimated.
Together, the reports raise doubts about whether employers will hire enough and consumers will spend enough to invigorate the economy.
We can debate the wisdom and value of government bailouts of private industry until the cows come home. There are plenty of us who decry, with ample reason, government meddling in private industry -- even if the intentions are to preserve jobs and pump cash flow into a fragile economy.More here ...Realistically though, the president cannot take credit for GM's post-bailout success. GM's management is using solid, conservative, free-market management principles to get the company back to long-term profitability. In fact, the implementation of these free-market principles is the real story behind GM's comeback -- not bailout money or the Obama administration, despite its public relations efforts to take credit for GM's success.
As Forbes goes on to point out, as the president travels around the country, taking bows for economic recovery that most Americans haven't seen, it's important to note that the real success at General Motors is new leadership, a new work ethic and a new spirit of free-market management principles that will restore GM's place as a formidable auto industry leader.
Barack Obama's stimulus did nothing that a bankruptcy declaration wouldn't have accomplished without taxpayer dollars. As even the New York Times pointed out back in November 08: the demise of the Big Three would not have eliminated all Big Three auto jobs. Many, but not all, of those jobs would be picked up by foreign automakers at existing or new plants here in the U.S., but those would be non-union jobs at lower wages and with fewer benefits.
As we are all now far too aware, it's those union benefits and the union leader's pockets that Obama is interested in; other than the political implications, he could care less about the American economy and American jobs. he just wants to take political credit for what he had nothing to do with, while he busies himself with radically transforming the country into a nanny state with a permanent Democrat majority using amnesty as a springboard.
Related: The Detroit Money Pit (The government shouldn't plan on getting its money back. President Obama concedes that the $24 billion Bush spent -- more than NASA's annual budget -- is gone for good. And Obama's claims to the contrary, the money he spent isn't coming back, either.)
Posted by Richard at July 30, 2010 1:44 PM
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