We have been conditioned to think that the economy will be sluggish, that unemployment will remain high and that things economic will remain bad. But what if we are all wrong?
Unemployment claims hit another two month low at 390,000. Usually below 400,000 means that hiring will accelerate.
Our exports are up 1.4% and reached an all-time high of $180.4 billion.
Our GDP has returned to its high before the recession.
Consumer confidence has reached its highest level in five months at 76.6% and even though most Americans still say the economy is bad a large % now believe it won't get worse.
Even with the drag of public sector layoffs, 2011 will be the strongest year for job creation since 2006 and some believe it will top the level of Clinton's last year in office.
The U.S. is importing less oil and not because of the slowdown of the economy but because we are now 72% energy and fuel self-sufficient.
American businesses have made more profit during the Obama years than all eight of George W. Bush's combined.
The Senate almost unanimously approved a bill to encourage the hiring of returning veterans.
A Senate subcommittee unanimously approved an infrastructure spending bill after the full Senate had filibustered President Obama's infrastructure bill.
If you have a 501-C Plan, which I don't, you should have seen its worth increase by nearly 40% since 2008.
30-year fixed mortgages are now at their lowest rates at 3.3%.
Almost all the banks have retreated on their plans to increase debit card fees.
American manufacturing has shown its greatest rebound since the early 1990s.
American auto sales continue to increase and consumers now believe America makes the best cars.
Europe seems to have escaped the collapse of the Eurozone for now with the new bailout packages for Greece and the new reform packages approved by the Italian parliament. Alas, Sylvio Berlusconi has promised to resign.
Lord knows, what President Obama will bring back from the Asian summit but it might be a slight increase in the value of the Chinese yuan.
The trauma of the economic collapse of 2008 is still being felt throughout the country. Psychologically, I find that no one believes anyone anymore about the economy. No one trusts a stock broker and no one trusts a banker. No one trusts an economist. And no one trusts the Fed. Everything now is seen as a bubble. Any improvement we believe will be wiped away tomorrow with some flimflam game.
Chris Hayes appearing on the Rachel Maddow Show actually captured the essence of current Republican belief in this town. Any attempt to help the economy by government interrupts the ideal natural state of the market. So helping those whose homes are underwater or those who are unemployed negatively alters the nature state of the market, which will correct all things. I think he captures that ideology quite well. There is a certain free market nihilism that has taken hold of the Republicans.
But what if the Republican attempt to sabotage the economy fails. What if the $2 trillion being held by American corporations can't stand pent up any more? And what if businesses simply can hold off expanding? I see this as a real possibility.
This would be win-win. Republicans can claim a victory for the markets. The Democrats can claim a victory for their efforts to stimulate the economy. And we can all go back to fighting about real issues. The old economy will be restored.
The next question is what will the new 21st century economy look like. Will it be fairer? Will we make the necessary investments to be on the cutting edge of science and technology? Will we inch back to having a sense of the public good and the social contract?
Maybe this has all been a bump in the road. And it's really blue skies ahead. Hmmm.
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