|The Summer of Recovery?|
|Thursday, 23 September 2010 19:11|
Summer of 2010 is in the books... For at least the time I was here in Seattle (I was in Asia for 6 weeks), summer never seemed to arrive - cold, rainy, much more Fall than summer. But no, this article isn't about weather (although that would be a much more entertaining and ultimately happier topic), it's about the wonderful Summer Of Recovery our esteemed leadership has wrought.
Summer 2010 started off with the rather bold claim by the Obama Administration that this was to be the Summer Of Recovery. The bad days of the Bush recession (remember those terrible 5% unemployment days, the 14000+ DJIA, the $150 billion deficits? So glad they are over!) were to end; it was famously touted indisputably as the Summer Of Recovery by our own Vice President Joe Biden. He confidently stated: "Folks, the act is working... more people are going to be put to work this summer."
Well, now that September 23rd is here, Summer is over. The page is turned much as the leaves on the trees. So just how did this amazing time of miracle growth and prosperity manifest itself? Legions and legions of freshly employed, a skyrocketing stock market, a rising dollar and dropping debt were no doubt the result of the wizardry of those esteemed leaders in the White House! So let's just take a look:
TOTAL UNEMPLOYED: 14,623,000 unemployed June 2010, and 14,900,000 September 2010
DJIA: 10,450 on June 21, 2010 - 10688 on September 23, 2010
USD versus EUR:€1 = $1.24 on 6/21/2010 - €1 = $1.34 on 9/22/2010
US Debt: $13,040,053,515,762.18 on 6/21/2010 to $13,471,094,170,316.20 on 9/22/2010
Huzzah! Look at those amazing numbers! Indisputable, undeniable proof of the Summer of Reco....
Wait. Unemployment - up? Not just in percent, but actual total people not working?
USD is now weaker against the EUR (and against most other currencies, too)?
And we ADDED nearly $430 BILLION in debt ($1433 for every man, woman, and child in the US) in just summer?
Hey at least the DJIA climbed a massive 230 points (about what a daily volatility range would be) - but that's only in USD; value it in EUR and it's down 5% (falling currencies always make your stock market look good, because it takes more of that falling currency to buy the same value).
And - what's this? Poverty is now at a 15 year high? Another wonderful result of our Summer Of Recovery?
So, the Summer Of Recovery brought us: more unemployment. A static stock market (or falling, if you want to look at it in terms of global currency rates). A falling dollar. And hundreds of billions of more debt (with a Congress eager to increase that total - after all, we haven't spent enough apparently). Not to mention poverty pushing a generational high...
Huh... I guess recovery looks a lot different than I imagined...
Let's hope that Fall brings real renewal, and with the start of the new year a new Congress can try to wrest this ship away from the shoals and rocks, so that when Spring arrives and the green shoots of vegetation appear, we can have a few in our economy as well.
|Last Updated on Thursday, 23 September 2010 22:36|