News
The Recession Will End… Really, It Will!, the White House Says
Says who: Peter Orszag, White House budget officer
“The freefall in the economy seems to have stopped,” Mr. Orszag said during an interview on CNN’s “State of the Union.” “The analogy is there are some glimmers of sun shining through the trees, but we’re not out of the woods yet.” (via the Wall Street Journal)
Why it might be crap: Don’t take our word for it. Some in the blogosphere think it’s just more blue-sky spin:
I will have to assume he is not aware of the record breaking number of foreclosures or the current and incredibly high national unemployment rate of 9%. The 2 giant auto companies GM and Chrysler just announced they are closing at least 25% of the dealerships around the nation so that will affect the national unemployment rate when a number of manufacturing plants are shut down, dealership employees are laid off, and all the auto parts, services and accessories stores and centers related to those automobile industires have to shut down as the domino falls.
The Obama administration will do whatever they feel politically to get people to think things aren’t bad anymore.
But by all means, let’s push through nationalizing healthcare, giving free reign of unions over businesses and keep printing more worthless money. But hey, the sun starting to shine through the trees…
Why it could be true: Despite record unemployment levels reached anew each month, other areas show specific signs of leveling out: Employers, at least, say they really can’t cut any deeper, according to a story in Sunday’s New York Times. And in another glass half-full area, economists over the weekend said that housing starts “probably rose” in April.
Our call: Yes, the White House needs to create happy spin, since consumer confidence is a key booster for the economy. But more bad news is still to come, especially with the auto industry. We say both sides are right, leaving it all still a bit nebulous.
Tags: Discussion
One comment for “The Recession Will End… Really, It Will!, the White House Says”
Post a comment
Special Sections
A wise man once said: “The difference between a recession and a depression depends on who you ask. If you just lost your job – we are going through deep depression. If you are employed but not happy with your job- we are in a recession.”
Ignore statistics and CNBC. Remember – if you are out of work you are looking for A JOB – ONE JOB. The millions that are unemployed have nothing to do with you.
You ever meet someone who is habitually single and someone else who seems to always land a great mate? Statistically they have the same chance of landing the same quality beau. Some people are just better at landing the right one. Get better at handling this recession. My suggestion is to increase the velocity of new connections you make on a daily basis and forget about statistics.