The Wonkblog posted several charts last week showing where the economy stands, and surprise, surprise! consumer spending, or demand, is leading the malnourished charge, with rising housing prices and pay day loans keeping the country afloat while corporations continue to siphon off and hoard the bulk of the gains.
Here’s a couple samples:
Consumers, not suppliers, like always, are driving growth. And while government spending is negative, this chart shows the vast differences between the previous administration and the Obama administration’s level of spending:
The recent job report showing the economy added 195,000 jobs is a positive sign because jobs are being created in an environment where the Republican party has been nothing short of hostile to doing anything that would close the gap in unemployment, with part time work finding ways to carry a part-time economy.
House Speaker John Boehner said in statement, “There’s some good news in this report, but economic growth is still tepid, the unemployment rate is far too high, and the president continues to promote policies that undermine robust job creation.”
House Majority Leader Eric Cantor said, “ObamaCare has been predicted to be a drain on employment since before its passage and that outcome was confirmed by the Obama Administration’s delay of the employer mandate. Delaying the inevitable for one year will bring no solace. We must have a permanent delay of ObamaCare before we can realize our full job creating potential.”
Uh, no. An immoral lack of government spending is hindering growth– something modern Republican presidents have never had to experience because deception and bubbles have always been a hallmark of GOP economic policies.
The American government is supposed to be the employer of last resort, but House Republicans under Speaker John Boehner and Eric Cantor have insisted that their first resort is to literally kill jobs and the government’s ability to respond and blame it all on the President.
In a sane America, this stuff would be criminal.