Friday, October 30, 2009

Right wing is hoping the recession isn't over

The right wing media--particularly Fox News--is suggesting the recession is not over. This is after Wall Street DJIA hit 10,000 points and the GDP grew by 3.5 per cent. Conservative media is suggesting the growth isn't real because of the Economic Stimulus.

Of course, these are the same people who suggested the Economic Stimulus wouldn't work. These righties were also the ones who denied the US was in a recession in 2008 that indicated that Supply Side economics was a failure.

Wait a minute! The Obama government followed Keynesian economics 101 and spent the money to get things moving again.

The employment sitiation is a hangover form the Bush administration. The Bush League never really seem to be interested in employment and Bush created about one quarter of the jobs that were created during the Clinton administration. In fact, many of the job that were created by the Bush League were government Homeland Security and airport security jobs.

Obama needs to help small business create more jobs and the Small Business Administration recently increased their loan maximum from $2 million to $5 million. Businesses continue to need more tax credits for hiring people. The government may wish to restart the 'cash for clunkers' program again and also extend the $8,000 tax credit for new home buyers.

The Obama administration needs to worry less about the large corporations represented by the US Chamber of Commerce and worry more about the moms and pops that operate small businesses.

If you don't think the recession is over, then you will have to admit that the Obama Economic Stumulus is working. In addition. government economists are qualified to make the call that a recession is over. Partisan hacks like Fox News are not qualified to make this call.

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