It’s clear the economy is seeing red.
A host of economists, who always seem to be the last to know, have cut GDP growth forecasts recently, in light of rising unemployment and falling manufacturing output. The latest to see the light at the end of the tunnel in its proper context as a speeding train coming right at us is Fannie Mae’s chief economist, Doug Duncan. Fannie Mae always seems to be the last-est of the last to know.
“The data from the past month collectively point to decelerating economic growth, but growth nonetheless," noted Duncan in a statement by Fannie Mae. “It's now clear that our bias toward downside risks noted in the June forecast have materialized, pushing down our already modest growth projections.”
And, according to Newsday, poverty is approaching levels not seen since 1965.
“Poverty is spreading at record levels across many groups,” says Newsday, “from underemployed workers and suburban families to the poorest poor. More discouraged workers are giving up on the job market, leaving them vulnerable as unemployment aid begins to run out. Suburbs are seeing increases in poverty, including in such political battlegrounds as Colorado, Florida and Nevada, where voters are coping with a new norm of living hand to mouth.”
That should not surprise anyone who has paid much attention to the administration over the past year. Despite increasing worry over lack of economic growth, the administration has done little to get the economy moving and much to prevent it from growth.
Last year, in a signal to business that perhaps he really did feel their pain, Obama appointed Chicago’s Bill Daley as his chief of staff. This allowed former Obama chief of staff Rahm Emmanuel to exit stage left to replace the other Daley- Richie- as mayor of Chicago.