.W.H.: Stimulus story omits 'full facts'
In another public relations battle with the AP, the White House says the wire service left out “the full facts” in an examination of stimulus claims that the AP called “a collection of rosy projections that ignore many of the challenges, pitfalls and economic realities.”
On the White House blog, Liz Oxhorn, the White House’s Recovery Act communications director, disputed six of the AP’s conclusions — most of which say the White House is too optimistic about the Recovery Act.
You all know the drill, a couple selected stats, (taken out of context), leading economists (on the WH payroll) agree and the anedotial story to try and put it on a personal level. Even so, this sort of thing always makes me wonder what others are saying. How is the recovery going? Here are some answers from elsewhere
You can click any of the titles to read the entire article
FACT CHECK: Stimulus assessments overly optimistic
By FREDERIC J. FROMMERThe Associated Press. Thursday, August 26, 2010; 9:59 AM
WASHINGTON -- The Obama administration claimed this week that $100 billion invested in innovative technologies under the economic stimulus law is "transforming the American economy" by putting the nation on track for technological breakthroughs in health care, energy and transportation.
But an examination of details in the 50-page report unveiled Tuesday by Vice President Joe Biden reveals something a bit different: a collection of rosy projections that ignore many of the challenges, pitfalls and economic realities in all those areas.
As economy slows and Fed voices conflict, markets look to Bernanke for guidance
By Neil Irwin, Washington Post Staff Writer, Wednesday, August 25, 2010; 11:02 PM
With the housing market retreating, unemployment lingering and top officials at the Federal Reserve in open disagreement over what to do, Fed Chairman Ben S. Bernanke is under rising pressure to offer solutions in an address Friday that is likely to be his most important since the end of the financial crisis.
The central bank's policy intentions have been unusually muddled in the past two months, according to a widespread view among economists and people in the financial world. They say it is unclear how likely it is that the Fed will undertake major new efforts to try to support the economy, what economic conditions would trigger such actions and what form those actions would take.
Meanwhile, evidence mounts that the economic recovery is coming unglued.
New home sales drop 12.4% to record low
By Hibah Yousuf, staff reporterAugust 25, 2010: 11:34 AM ET
NEW YORK (CNNMoney.com) -- New home sales unexpectedly fell in July to the lowest level on record as the housing market continued to suffer from the end of the homebuyer tax credit boost.
New home sales dropped 12.4% to a seasonally adjusted annual rate of 276,000 last month, down from a downwardly revised 315,000 in June, the Commerce Department reported Wednesday. Sales year-over-year fell 32.4%.
Commerce started tracking new home sales in 1963.
Plunging home sales could sink recovery
NEW YORK (CNNMoney.com) -- With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery.
Existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of 3.83 million units. Much of that drop is attributed to the end of the $8,000 homebuyer tax credit.
Economy slowing to a crawl -- or a halt?
The trade deficit hit $49.9 billion in June, the highest level since October 2008.
As demand for exports wanes, that's likely to cause a drag on the U.S. economy.
NEW YORK (CNNMoney.com) -- The economy is losing momentum. You know it. I know it. Federal Reserve chairman Ben Bernanke knows it.
Now that we've gotten that out of the way, it's time to explore some important questions about the economy. How much is it slowing? And why is the recovery losing steam First, let's look at the economy's diminishing velocity. The government reported last month that the gross domestic product for the second quarter rose at a relatively tame annualized pace of 2.4%. That's down from 3.7% in the first quarter and 5.0% in the fourth quarter of last year.
But that 2.4% rate is probably giving the economy too much credit. On Friday morning, the government will release its first revision of GDP and economists surveyed by Briefing.com are forecasting that the growth rate will be lowered a full-percentage point to 1.4%. That's a drastic cut.
Here's a short video from Rasmussen that might give you a better idea of what ww thik things look like
Scott's Report: Economy and Jobs Update - August 13, 2010
Once again maybe it's it's just me, but I think the White House either considers Americans stupid, or it's so far out of touch it's starting to believe it's own propaganda.
What do you think?
Probably until very recently we were not as worried for the welfare of our children & grandchildren. We knew that with proper guidance they would turn out fine. Now with this regime, that is no longer a given.
ReplyDeletedftts - I have been paying very close attention since the 50's. As a kid, I sat in many smoke filled Democratic Caucuses listening to Paul Douglas, Paul Simon, Adlai Stevenson, etal. In the 60's, I experienced the Race riots, assassinations, and anti war protests on both sides. Kinda why I quit College and enlisted. After Service, I was a Charter Member of the Gateway Chapter of ACORN in St Louis. I even wore the little peanut campaign button for JEC in 1976. In 1978, I was laid off, and it was on off for 2 years. I couldn't start a different job or attend school. With a young family, I knew in 1978 that I was on the wrong side with Politics. Finally in 1980, I was laid off permanently and was able to return to school. Upon graduation, I made about a third of what I had been making at Chrysler Corp. Taking advantage of that "Trickle Down", it only took a little over 3 years to return to my previous income level depending on my own skills rather that a Union. All was well, but a slight downturn again in '93/'94. It was gratifying to know I had made the right decision as to my Political affiliation back in 1978.
ReplyDeleteBoth parents had been the Democratic Precinct Committee man & woman in our District in Illinois. My father was Teamster Union Business Agent, and my mother was an ILGWU Shop Steward and contract negotiator. They were not happy with my decision, but with the late 70's, both came to accept it.
dftts - Sorry to see you go. We may not agree, but I for one do appreciate civil discourse.
ReplyDeleteYou do have me pegged incorrectly though. I am not a hater. I will respect any man, woman, race, or religion who is willing to offer mutual respect. I will however stomp hard and often to anyone who would wish me, my family, and all fellow Americans harm. I was taught it was better to eliminate the problem than to have to re-address it further down the road.
dftts - They were there for a very short time. All part of their divide & conquer campaign. Too many moderate or innocent comments are deleted when they TOS the entire Blog. They are also trying to anger those who regularly post on Conservative Blogs. The best place to save your comments here on Grumpy's Blog is here:
ReplyDeletehttp://grumpyelder-todayimgrumpyabout.blogspot.com/2010/08/propaganda.html
All safe and secure from disgruntled delinquents.
Marine, I wasn't around yesterday while this BS was going on. As you, I believe dftts are aware, because of this ongoing Bull Manure generally I try to copy comments, .... It's not always possible, dftts comments reguarly on my blogs and I appreciate it, she's never been offensive or disrepectful to other posters..
ReplyDeleteShe's very welcome to comment here, where her comments are safe.