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Ear to the Ground

Economic Optimism

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Posted on Jun 5, 2009

As one economist put it after seeing the May numbers, “There’s now a better tone to the data.”

You know things are bad when 345,000 Americans lose their jobs and that is seen as a positive sign. According to The New York Times, the fact that the toll on employment in May was not as profound as expected amplifies hopes of recovery.

The New York Times:

The American economy shed another 345,000 jobs in May as the unemployment rate spiked to 9.4 percent, but the losses were far smaller than economists anticipated, amplifying hopes of recovery.

“It supports the idea that before the end of the year and maybe even by late summer we could be at flat employment,” meaning no more net job losses, said Alan D. Levenson, chief economist at T. Rowe Price in Baltimore. “During the course of next year, we’ll probably start to feel better.”

Wall Street saw some fresh signs of potential revival in the better-than-expected report from the Labor Department on Friday, and stocks moved moderately higher after some hesitation.

But many analysts emphasized that the marked slowdown in the pace of job market deterioration — while positive — did not alter the reality that the economy remains very weak, with grave challenges still bearing down on millions of households and businesses.

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MarthaA's avatar

By MarthaA, June 7, 2009 at 2:07 pm Link to this comment

DLC control and economic destruction began after Virginia Gov. Charles Robb’s speech at the 1986 Democratic Leadership Council Conference; democratic political agendas changed as the door was opened for Democratic Party stalwarts to back away from political agendas that proposed government initiatives to address poverty, discrimination, and crime, and to join the traditional conservatives and neoconservatives in OPPOSING affirmative action, social safety-net programs, and job-creation initiatives. Thus, the New Democrats of the DLC added their voices to the chorus of those calling for stiffer sentences, an end to affirmative action, reduced welfare benefits, and less progressive tax policies on the 70% majority common population. The NEW DEREGULATION started and the rest is history—- destruction of the economy in order to destroy the social safety-net, etc. of the majority common population.  All Democrats aren’t DLC, but most went along with the plan to destroy the 70% majority common population’s safety net, so replacing all of them, with the exception of Ted Kennedy and Dennis Kucinich would be optimistic and in the best interest of the majority common population.

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PatrickHenry's avatar

By PatrickHenry, June 6, 2009 at 9:45 am Link to this comment

We need to shift the pie chart around and create jobs in this country, not our overseas outposts.

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