According to news gencies, we had tepid private sector growth and cutbacks in the public sector, such as the end of the census.
Here is the really bad news: Some economics are using that dreaded "double dip" recession expression!
It does not make for a nice weekend for US workers and families.
It does not make Michelle Obama's lavish trip to Spain look like a very smart political move either!I think that Ed Morrissey got it right:
"This isn’t a Recovery Summer.
It’s a slow slide, certainly better than the rapid disintegration of 2009, but we haven’t replaced those jobs yet, either.
Job losses are cumulative.
In a normal recovery with proper economic policies of lower barriers to investor entry, we would see a rapid replacement of jobs in this time frame that would take us back to somewhere around 80% of what was lost, with the remaining 20% being the most difficult to recover.
We have not yet even begun that ascent."
Ed is right when he speaks about a "normal recovery".
However, this is totally different, in large measure because of misguided legislation, foolish anti-business rhetoric and a squad in the White House who has never spent a day in the real world.