Despair Spreads As Recession And Debt Debate Drag On

[marmar]

from 24/7WallStreet:



Despair Spreads As Recession And Debt Debate Drag On
Posted: July 27, 2011 at 6:45 am


Most American believe two things about the economy: One is that the recession never ended; The other is that the problem with the deficit will add to the country’s economic woes.

A new Gallup poll reports that “Seventy-three percent of Americans in Gallup Daily tracking over the July 22-24 weekend say the U.S. economy is getting worse. This is up 11 percentage points from the three days ending July 6, and the worst level for this measure since the three days ending March 12, 2009.” That means confidence is back to where it was in the middle of the recession.



Concerns about political wrangling over budget matters are actually only a modest cause of the despair. It has become plain to many Americans that unemployment shows absolutely no sign of improvement. That fact appears in government data. It is also manifested in large layoffs at large companies like Cisco (NASDAQ: CSCO) and Research-In-Motion (NASDAQ: RIMM), each of which was adding workers until recently. Corporate earnings show that margin improvement at many companies is driven as much by cost cuts as sales improvement. The same trend was a significant cause of the the sharp economic downturn in 2008 and 2009. ..........(more)

The complete piece is at: http://247wallst.com/2011/07/27/despair-spreads-as-recession-and-debt-debate-drag-on/

[BeyondGeography]

1. In other words, the Republicans are winning

[Sarah Ibarruri]

2. Right wingers have been working for 31 years to bring our country to its knees....

and to redistribute the wealth up towards the top. This didn't happen yesterday. It took them decades, and now they're trying to put the last nails in the coffin of our country.

[leveymg]

3. President Hoover would know what to do - exactly what we're doing,

Balance the budget. "Kill 'em all, and let The Market sort it out."