The bad news is that the Obama administration is still blaming Bush. The good news is that it's not working, specially with the independents jumping off the "hope and change" bandwagon.
Rasmussen Reports has a remarkable new poll and it will cause indigestion in "yes we can" land: 48% Blame Obama for Bad Economy, 47% Blame Bush
The GDP growth for the second quarter of 2010 was 2.4%, a rather pathetic figure considering the stimulus and all of the government intervention.
Why isn't this economy growing?
I agree with The WSJ:
"The message of 2.4% second quarter growth is closer to the opposite: The epic government stimulus has failed to produce the robust expansion the White House promised, and the prospect of higher taxes and more regulation is inhibiting the private animal spirits needed for growth to accelerate.
Americans may have to wait for November for Washington to get that message."
Yes, US businessmen are acting rationally. Would you hire people if you did not know how much the new employee would cost you or what mandates are included in BO-Care?
I have never seen so much uncertainty.
People are worried.
They are very worried that the guy at the top does not have a clue of what he is doing! Worse than that, he is also surrounded by people who don't have a clue either!
More bad news: The AP surveyed a group of economists and they painted an ugly picture for 2011:
• Economic growth the rest of this year and early next year will be weak — less than 3 percent.
For the April-to-June quarter, economists pegged growth at 2.8 percent.
That's far below the 3.7 percent pace predicted just three months ago.
• The unemployment rate will be no lower at the end of the year than it is now — 9.5 percent.
A majority think it will be 2015 or later before the rate falls to a historically normal 5 percent.
• State budget shortfalls pose a "significant" or "severe" risk to the national economy.
The loss of tax revenue has forced state and local governments to cut services and lay off workers. "
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