Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Diane Ellis, Ed. ·
Jun 7, 2011 at 4:09pm
For a man whose prognosticative skills approximate those of Harold Camping, it's safe to say that the president holds little to no credibility on this matter.
President Obama acknowledged the nation remains "skittish" about the state of the economy, but said he is confident in avoiding a second recession.
"I'm not concerned about a double-dip recession. I am concerned about the fact that the recovery that we're on is not producing jobs as quickly as I want it to happen," he said Tuesday.
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Dec '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Let's be accurate here: the President didn't say there wouldn't be a double-dip recession, he only said he isn't concerned about the prospect of one. I might not be concerned either, if I had a $400K a year job essentially guaranteed through January 2013 and an awesome retirement package thereafter.
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Fair point.
Jul '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
It doesn't matter if Obama said it or not. The fact that he is not concerned brings about a 95% probability that it will happen... Due to his complete ignorance of economics, he'll make sure to cause it to happen.
Dec '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
It really does matter. Obama should be very concerned about the prospect of a double-dip recession, and he should say so -- "We recognize that there are troubling signs of weakness in the economy, and we are working diligently to see that there isn't a double-dip recession."
Saying he's not concerned about it gives the perception that if he were the captain of a massive passenger liner, he wouldn't be concerned about icebergs either. The prospect of a double-dip recession is real, large and looming in our path: if he's not concerned about running straight into it, he's saying he's not doing all that much to steer clear of it.
Jun '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
What recovery? Where is it? How many Americans are truly unemployed? What is the per person debt liability thanks to the behemoth spending and entitlements of the federal government? How solvent are many of the states in the Union? What is the national foreclosure rate? How many companies will drop health insurance coverage altogether because of Obamacare? How many "For Lease" signs do you see on office buildings and in business parks in your city? The "recovery" is a lie told by one who knows it's a lie.
“To know and not to know, to be conscious of complete truthfulness while telling carefully constructed lies, to hold simultaneously two opinions which cancelled out, knowing them to be contradictory and believing in both of them, to use logic against logic, to repudiate morality while laying claim to it, to believe that democracy was impossible and that the Party was the guardian of democracy” – George Orwell, 1984
Dec '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
It won't be a double-dip. It's pretty much an "L" shaped recession with no recovery in sight.
The President should be concerned about that.
Oct '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
The stagnant economy will continue. The structures that made the American Dream have been stripped away and sold off like a used car for parts.
This has been going on for years, bit by bit and none rang the bell.
To think there will be a major comeback is a fools errand. No offense intended.
Things have changed and what you see today will be permanent. Anything else is just waiting about for someone to pull a rabbit out of the old hat. Sad thinking there.
May '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Brian Watt
What recovery? Where is it?
This is what struck me about this quote today. This administration seems to believe that if they use the word "recovery" often enough, that that alone will somehow make a real recovery happen.
Either they are living in a liberal fantasyland, or they are trying to manipulate the public with their semantic games. I think it's the latter, and I resent it.
Oct '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Of course we have a recovery. GDP, IIRC, is close to pre-crisis levels. It's just a really really sucky recovery. The household debt-to-income ratio is around 115%; it's down from 130%. It needs to fall a bit further, possibly as low as 80%-90%. There's also a few more waves of foreclosures waiting to happen.
We may have hit potential GDP for now. We're constrained by global growth; American exports have to go up, and that relies on foreign nations. There are no other sources of growth (other than that 7% of GDP we spend complying with regulations, but of course no one will ever touch that).
Jun '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Joseph Eagar: Of course we have a recovery. GDP, IIRC, is close to pre-crisis levels. It's just a really really sucky recovery. The household debt-to-income ratio is around 115%; it's down from 130%. It needs to fall a bit further, possibly as low as 80%-90%. There's also a few more waves of foreclosures waiting to happen.
We may have hit potential GDP for now. We're constrained by global growth; American exports have to go up, and that relies on foreign nations. There are no other sources of growth (other than that 7% of GDP we spend complying with regulations, but of course no one will ever touch that). · Jun 7 at 9:12pm
I could be wrong but I think you may be putting too much emphasis on exports given that for decades now there's been a trade imbalance. And what of the real unemployment rate? Are banks and venture capital firms reluctant to invest in new start ups at the levels they did in the 80s when some of tax rates were actually higher? And are small business reluctant to hire because of uncertainty created by more regulation and Obamacare?
Edited on Jun 7, 2011 at 9:33pmMay '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
You mean we get another Summer of recovery coming up, that will make two in Obama's one term of office.
"If most people are not willing to see the difficulty, this is mainly because, consciously or unconsciously, they assume that it will be they who will settle these questions for the others, and because they are convinced of their own capacity to do this." - Friedrich von Hayek
Edited on Jun 8, 2011 at 8:45amMay '11
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
We may have hit potential GDP for now. We're constrained by global growth; American exports have to go up, and that relies on foreign nations. There are no other sources of growth (other than that 7% of GDP we spend complying with regulations, but of course no one will ever touch that).
I need to search the website to figure out how to put a quote in my post with the nice box and source.
To say we might have hit potential GDP is like Carter talking about economic malaise. I guess we need to plan on turning down the heat next winter and pulling out the sweaters. While we are at it we need to check our tire pressures.
Joseph, You are right to focus on the regulatory drag on the economy and I would think that repealing Sarbanes-Oxley, Dodd-Franks and of course Obamacare would be a good start. Still there is much that can be accomplished with deficit control, tax reform and monetary policy to get out of the way of an economic resurgence. I am a pessimist but I know the world's economy is going to grow and there is no reason the USA cannot lead that.
Edited on Jun 8, 2011 at 9:02amMay '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Why do we dip twice? Because we are enslaved by Democrats.
Dec '10
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Passover joke - niiiiice.
I wonder: What did Obama and Co. smear on America to get the Recovery to pass over us?
Apr '11
Re: Rest Easy: Obama Says No 'Double-Dip' Recession Ahead
Hi SP--at the bottom of each post next to the "Like" link is a "Quote" link. If you click on that, the text of the post to be quoted appears in the Comment area, complete with nice box and source. Good luck!