The Good-News Bad-News Economy
This morning we have one of those good-news-bad-news stories that pleases specialists but dismays real people. The subject, of course, is the economy, which is in a "spring thaw," as Neil Irwin and David Cho report after talking to a bunch of economists.
Confidence -- the all-important word -- seems to be on the rise. But the unemployment rate is likely to remain elevated through at least 2011, the story says, and there are many bumps in the road ahead.
Some of our Readers Who Comment look at the positive and praise the Obama Administration. Others look at their 40l(k)s or the length of the unemployment line they're standing in and ask, "What about me?" There is, of course, a bit of political posturing among our readers, who have had to battle through one particularly obnoxious poster who attempted to dominate the board. Hopefully our techies will block him or her.
We'll start with Honest_Abe, who wrote, "This is good news but this crisis not over but any means. We are still headed for higher unemployment and a lengthy recession. The stimulous money is still critical to keep the wheels turning until we have further recovery in spending and jobs. President Obama has pulled all the right strings so far..."
But lwps said, "There are still two economies, and the fake one that you write about in this srticle is not the one that really matters. People do not make enough to live on, and that is still a problem. Sadly, any good news will be swallowed up by even more bad news for a while."
And dlkimura wrote, "Wake me when all those disaffected fiscally responsible members of our society have their jobs, lost savings, and lives back."
John1263 said, "President Obama knows well what republicons are clueless about. Economies are primarily built on trust and confidence. When the economy is allowed to spin out of control and people get the sense that the finacnial system is really just anarchy with no oversight they lose confidence..."
mikem1 said, "Trying to assign blame or credit for the economy's failure or recovery is an utter exercise in futility."
ThisJustIn wrote, "So, I guess we didn't need the stimulus after all."
risejugger said, "...Today, as in 1933, the idea that the government was doing something after the private sector threw up its hands in surrender, has provided some sense of stability... We are fortunate to have an educated student of the Great Depression at the head of our Federal Reserve system, and a Harvard scholar leading our country. I have faith that these people can study and learn from history, and apply those lessons to the context of the present."
mibrooks27 wrote, "Hogwash. What's going on is a scramble for public employee retirement and government bailout funds, about the only capital left these days...The big government big corporate alliance has wrecked our economy. End both or we will surely end as a country."
lindakinne asked, "What is with you Republicans? We have signs of confidence even before rescue programs have started, and you folks are scraping the bottom for anything that discredits it. Talk about unAmerican--hoping that this country flounders just so you can say, "I told you so."..."
pomeroyt wrote, "Congratulations to Obama for a bit more than a glimmer of hope resulting from his energetic policies. Thank you Republicans for putting aside selfish sniping and supporting the greater good in a time of national crisis..."
But peterroach said, "B.S! This economy is in a long term recession aggravated by government actions. The bear market is far from over."
nychap44 wrote, "The government was behind the financial collapse by supporting those mortgages to unqualified people. Now you want to give them credit. Isn't that like giving the pyromaniac who set a fire credit for pulling the fire alarm?"
kathymac1 said, "There is not one major indicator showing the econmony getting better, in fact the businesses I deal with, it is getting worse. But the press is bound and determined to wish it better to make obama's programs look good"
ZippyinAnnapolis wrote, "Great piece for the Members of Congress to take home and have ready when they meet with their constituents and are attacked for going nothing but bailing out the Big Banks, GM and Chrysler. Right. There is No traction in the real economy--face it...Problem is that "trickle down" doesn't work..."
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