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"This is not a double dip," outgoing Obama economic adviser Austan Goolsbee says after the awful...

"This is not a double dip," outgoing Obama economic adviser Austan Goolsbee says after the awful jobs report. "This is a reflection and reiteration that the growth rate slowed at the beginning of this year." His "call to action" would include steps from passing free trade agreements to securing a deal on long-term deficit reduction.
Comments (22)
  • nightfly
    , contributor
    Comments (1017) | Send Message
     
    Yep, and all those unemployed are all just "unemployment consultants". The UE situation is far worse than what's being reported - far worse.
    8 Jul 2011, 12:57 PM Reply Like
  • anomaly1
    , contributor
    Comments (808) | Send Message
     
    Will the last fool holding equities please turn out the lights?
    8 Jul 2011, 01:00 PM Reply Like
  • Positive Equity
    , contributor
    Comments (483) | Send Message
     
    LOL

     

    The three stooges, nightfly, crude gold, and anomaly1.
    8 Jul 2011, 01:04 PM Reply Like
  • HiSpeed
    , contributor
    Comments (1104) | Send Message
     
    It would be more honest to state that "this is a reflection of failed policies including the promotion of the green agenda, cap-n-trade (be grateful that didn't pass; it proves from which direction Obama rules), hostile EPA regs (which Obama uses since his cap-n-trade didn't pass), finreg (which doesn't even address the primary cause of the fin crises, FNM/FRE), obamacare, all in conjunction with an anti-business administration." But that would be too honest.

     

    Obama and his ilk took advantage of a bad situation to implement their Socialist agenda so it comes as no surprise to all but the economically-illiterate that the economy is getting worse!

     

    The biggest "bump in the road" to economic recovery is Obama himself!
    8 Jul 2011, 01:08 PM Reply Like
  • bbro
    , contributor
    Comments (9738) | Send Message
     
    Follow the the 6 month rate of change in private sector employment...
    8 Jul 2011, 01:09 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3530) | Send Message
     
    Employment is a trailing indicator?
    8 Jul 2011, 01:12 PM Reply Like
  • jwbrewer
    , contributor
    Comments (317) | Send Message
     
    Does the 6 mo ROC (why 6 mo?) include the changing of the method the BLS uses to calculate unemployent? In other words, if the method was applied without BLS revisions, what would it look like?
    8 Jul 2011, 04:13 PM Reply Like
  • Conventional Wisdumb
    , contributor
    Comments (1802) | Send Message
     
    My health insurance premiums (paid personally) just went up another 15% from last year. The year before they went up 20% so that means about a 40% increase over 2 years.

     

    I was supposed to be saving money on insurance premiums - another lie from our government.

     

    Repeal Obamacare, stop the insanity of the EPA's effort to raise energy prices, control the deficit, reverse the stupid NLRB Boeing decision, allow drilling for energy and pipeline building, and we may start to see a turnaround.
    8 Jul 2011, 01:09 PM Reply Like
  • Duude
    , contributor
    Comments (3376) | Send Message
     
    Congress could have passed these trade agreements years ago. If they aid in a rebound couldn't it be reasoned the Congressional years-long delay has put Americans into the unemployment line? As Senator Obama he voted against these trade agreements.
    8 Jul 2011, 01:13 PM Reply Like
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    With his all time record of just voting "present", I am surprised he had the guts to actually make a vote.
    8 Jul 2011, 01:27 PM Reply Like
  • WMARKW
    , contributor
    Comments (10394) | Send Message
     
    Is it not fair to say that "free trade" agreements are a strong basis for the outsourcing and globalization that has taken our job from the US and given them to China, India, etc. In a global economy, jobs will flow to the low cost manufacturers in the world.

     

    Hard to believe the man called for "long term deficit reduction".
    8 Jul 2011, 01:19 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3530) | Send Message
     
    "Is it not fair to say that "free trade" agreements are a strong basis for the outsourcing and globalization that has taken our job from the US and given them to China, India, etc. In a global economy, jobs will flow to the low cost manufacturers in the world."

     

    Anyone who doesn't understand this has no recollection of the migration of textile jobs from New England to the South in the last century. Besides, does the Twitter generation really want to work in dull, repetitive work as my father (God rest his soul) did for fifty years? But then he felt responsible for the well being of his family over his own pleasures.
    8 Jul 2011, 01:28 PM Reply Like
  • Duude
    , contributor
    Comments (3376) | Send Message
     
    No, its not fair to say. A case in point is, we have no free trade agreement with China nor India. When we trade with countries that we don't have a good free trade agreement we often times are worse off trading with those specific countries.
    But in a global economy, jobs will flow to the low cost manufacturers assuming the skills needed for those jobs is readily available. To counter that we need better enforcement of patents and trademarks which can be had with a free trade agreement. We also need a paradigm shift of American attitudes regarding the need to pursue a better education and better skills and not to rely upon the job manufacturing wealth of the past for their future. Its a new world where low skills and limited education is a cheap commodity.
    8 Jul 2011, 01:33 PM Reply Like
  • WMARKW
    , contributor
    Comments (10394) | Send Message
     
    Duude,
    You are saying that with the absence of a formal FTA with China or India, the trade we do participate in is disadvantaged trade, i.e. we are trading but without an agreement we are giving up certain things - eg. patent protection. I agree. I guess I was speaking more generically in terms of trading in markets where we are at a cost disadvantage.
    8 Jul 2011, 01:46 PM Reply Like
  • Duude
    , contributor
    Comments (3376) | Send Message
     
    WMarkw:

     

    Yes, I thought that may be what you had meant. BTW, these free trade agreements ought to be renamed negotiated trade agreements or tariff-reduction agreements which is what they really are. They never make it perfectly free of tariffs or quotas rather they negotiate the terms. One of the better agreements the US can achieve is to get agreement on patents and copyright infringement protection. We're still going to lose the battle on low cost manufacturing unless we can offset it with more robotics, right-to-work states, together with savings on transport to our domestic marketplace. But worse yet would be to somehow block low cost producers exports to the US market. That would lead to trade wars, higher tariffs for unrelated US exports, more US layoffs, a lower US standard of living for most Americans, higher inflation, and a weakened US competitiveness worldwide.
    8 Jul 2011, 02:45 PM Reply Like
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    Actually he is correct - this is not a double dip. It is a continuation of the first dip, let's call it 1.10.
    8 Jul 2011, 01:47 PM Reply Like
  • warrenrial
    , contributor
    Comments (559) | Send Message
     
    Does Obama have anyone on his team that graduated from high school.
    8 Jul 2011, 01:53 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3530) | Send Message
     
    Yes, but then they went to Harvard.
    8 Jul 2011, 07:18 PM Reply Like
  • WMARKW
    , contributor
    Comments (10394) | Send Message
     
    Not according to any documents you can find.
    10 Jul 2011, 12:11 PM Reply Like
  • phdinsuntanning
    , contributor
    Comments (1239) | Send Message
     
    "this is your capitan, the airplane is going down, if you look to the left wing will se your capitan saying hello from his parachute, this is not a double dip". Maybe if they increase the interest rates now someone will invest there again..?
    8 Jul 2011, 01:59 PM Reply Like
  • Freddy Hutter, TrendLines R...
    , contributor
    Comments (3738) | Send Message
     
    The USA economy transitioned from "recovery" to "expansion" mode in November (when Real GDP passed the previous high mark). Future negative quarters would signal a new Recession (a la 1982) ... not a double-dip.

     

    But after adding in this week's data, such a prospect ain't in the cards. My Recession Indicator gauges Q2 GDP @ 2.7% and barring mitigation measures is projecting a 1.2% GDP trough in November ... en route to 2.2% by its 2013Q2 horizon.

     

    This outlook will not enable the Unemployment Rate to drift below 8% by the Election....

     

    TRI chart: seekingalpha.com/insta...
    8 Jul 2011, 02:10 PM Reply Like
  • valueinvestor123
    , contributor
    Comments (327) | Send Message
     
    It's not a double dip because the country never got out of the recession.
    9 Jul 2011, 08:30 AM Reply Like
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