August 1, 2011 - 11:58 am
We apologize for that brief interruption to our normal downbeat economic news with coverage of the debt ceiling crisis. We now return to our regular news:
This morning Wall Street was taken aback with more bad news about the general economy. The Institute for Supply Management’s manufacturing index plummeted to 50.9 from 55.3. The index monitors the growth in the manufacturing sector.
Today’s ISM number was the lowest level since July 2009. Market analysts had expected the number to small dip only to 54.9.
Combined with last quarter’s anemic 1.3% growth and a June report of only 18,000 new jobs, the public can return from the debt ceiling debate just in time to be reminded of why President Obama’s approval ratings are at all time low.
Unexpectedly!
For Obama? For OBAMA?
Who gives a fig about Obama? The economy’s circling the drain, dragged into a whirlpool of debt, wrapped in the chains of over-regulation and shot in the head by Obamacare, and we’re supposed to give our primary concern to electoral prospects?
Obama is exactly WHY the economy is circling the drain. If he and his Cabinet were all to resign today, the economy would start recovering tomorrow.
And yet, believe it or not, I was out in a relatively upscale shopping area last week and I saw an “Obama 2012″ sticker on a car window…..
You seem to have accepted that the Democratic Party is the party of the poor. They are not. Those living off inherited wealth and those who got their wealth through rent-seeking activities tend to like Obama–you can see that in his fundraising. If you already have wealth, you do not care to have new people joining you at the top, and the policies of the Democrat make it harder for those in the middle or at the bottom to move up.