Bloomberg.com: Economy Peachy.
The U.S. lost more jobs in 2008 than in any year since 1945 as employers fired another 524,000 people in December, indicating a free-fall in the economy just days before President-elect Barack Obama takes office.
“Consumers are now going to get more and more scared at the prospect of losing their job,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts. Obama’s proposed fiscal stimulus “needs to be big, needs to be bold, needs to be swift. If they can do something quickly we can limit the hemorrhage by mid-year.”
The Labor Department reported that the nation lost 2.589 million jobs in 2008, just shy of the 2.75 million decline at the end of World War II. The unemployment rate climbed more than economists forecast, to 7.2 percent in December, the highest level in almost 16 years.
So I’m confused. Was Bill Clinton lying or telling the truth when he bombed Iraq and said it was to take out Saddam’s WMDs?
Agreed it is possible for Obama to fix the economy. However, he appears to be trying the FDR path when he should be following the path of Warren Harding(minus the scandal). Harding also inherited an economy with a significant contraction.
After 8 years FDR still had a 20% unemployment rate, though he was politically very successful, giving Democrats over 300 House seats.
#63, f*ckedup,
Me owning this blog is worth less and less every day
Ya right, just like your “protein cell”.
Honestly, it’s just time to name this place after me.
What? “Jimy Heel’s Toilet Bowl of Protein Cells?”
# 65 MikeN said, “Agreed it is possible for Obama to fix the economy. However, he appears to be trying the FDR path…”
Add to this that his plan will tank the Dollar.