Well, we suppose some people would have confidence in this moribund economy since they’re not getting any actual information from the lamestream media.
Americans are growing more optimistic about the economy and President Barack Obama’s leadership, creating a significant obstacle for Republican rival Mitt Romney five weeks to Election Day.
Even with unemployment above 8 percent for a 43rd straight month, polls find voters taking comfort in modest signs of economic progress, from a solid jump in consumer confidence this month to steady gains in home prices. Surveys show Obama opening up leads over Romney in several key states, thanks to voters such as Jim Young, 62, a retired engineer from eastern Iowa.
A political independent, Young says Obama’s policies have eased the nation’s pain as the recovery plods along. “The markets have been doing quite well,” Young said. “So, personally, things are going well and we can’t complain.”
That’s mighty big of you, Jim. You’re doing fine, so screw everyone else.
Really though, how on earth can anyone say the economy is doing well?
In the America over which Barack Obama has the tedious chore of actually presiding, second-quarter GDP growth was revised down from 1.7 percent to 1.3 percent — or, in layman’s terms, from “barely detectable” to “comatose.” Orders of durable goods fell by 13.2 percent — or, as Obama would say, the future must not belong to people who own household appliances. Growth of capital stock (which basically measures investment in new equipment and software — or, as Obama would put it, investment in “the future”) is at its lowest since records began. There are 261,000 fewer payroll jobs than when Obama took office — in a nation where (officially) 100,000 immigrants arrive every month. A few weeks ago, an analysis of government employment data by the nation’s oldest outplacement firm, Challenger, Gray & Christmas, discovered that, of the 4,319,000 new American jobs created since January 2010, 2,998,000 — or about 70 percent — went to people aged 55 or older. This is a remarkable statistic, even in a land of 31-year-old schoolgirls like Sandra Fluke.
Just watch, though. If Romney manages to be elected and unemployment remains about 8% for even a month the media will be whining about how awful the Romney economy is.