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The U.S. Economy Slips Below the 'Mendoza Line'
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Business Week article
By Peter Coy on June 01, 2012
The U.S. Economy Slips Below the 'Mendoza Line'
The U.S. economy's slipping ways are continuing.
Obama's policies are getting stomped by their own incompetence.
It seems every single time we see "Hope" we see "Hopeless" soon afterwards.
Are people fed up yet ?
Have they completely "Had IT" ?
I bet they HAVE
People were convinced that Obama's promises would surely "kick-start" the economy.
He promised improvement in one term.
Stop the wild donkey Binge Spending already !!
By Peter Coy on June 01, 2012
The U.S. Economy Slips Below the 'Mendoza Line'
The U.S. economy's slipping ways are continuing.
Obama's policies are getting stomped by their own incompetence.
It seems every single time we see "Hope" we see "Hopeless" soon afterwards.
The U.S. jobs machine underperformed even the most pessimistic forecasts in May, adding just 69,000 jobs. The lowest estimate of 87 economists surveyed by Bloomberg was 75,000, with a median of 150,000 and an optimistic top estimate of 195,000. The unemployment rate ticked up to 8.2 percent from 8.1 percent in April.
The worse-than-mediocre job growth is a big blow to the reelection campaign of President Barack Obama, who has been touting the economy’s gradual recovery from the worst recession since the Great Depression. Even with the latest job gain, the economy has regained only 3.9 million of the 8.8 million jobs that were lost in the deep recession that ended in June 2009. May’s job growth was the smallest increase in a year.
The U.S. economy has “slipped back under the Mendoza line,” JPMorgan Chase (JPM) Chief U.S. Economist Michael Feroli said Thursday, before the jobs report came out but after another discouraging report—the news that the U.S. economy grew at an annual rate of just 1.9 percent in the first quarter. The Mendoza line is baseball lingo that has made the jump into business. It’s a reference to Mario Mendoza, a shortstop for Pittsburgh, Seattle, and Texas in the 1970s and 1980s whose batting average (below .200 in five of his nine seasons) has come to stand for the dividing line between mediocrity and badness.
Each of the past three years, job growth started strong and then faded. In 2010 there was a peak in March and April; in 2011 the strongest period was February, March, and April; in 2012 it was January and February, when the economy added well over 200,000 jobs.
Other key stats from the May report:
• The April job growth figure was revised down to 77,000 from an already weak 115,000.
• The unemployment rate for teenagers was 24.6 percent, down from 24.9 percent in April.
• The number of people unemployed 27 weeks or more was 5.4 million, up from 5.1 million in April.
• The civilian labor force participation rate was 63.8 percent, up from 63.6 percent in April.
• Manufacturing employment grew 12,000, vs. a gain of 16,000 in April.
• The average workweek for all employees on private, non-farm payrolls edged down to 34.4 hours, vs. 34.5 hours in April.
• Average hourly earnings for that group were $23.41, vs. $23.38 in April.
Are people fed up yet ?
Have they completely "Had IT" ?
I bet they HAVE
People were convinced that Obama's promises would surely "kick-start" the economy.
He promised improvement in one term.
Voters need to "Kick" out the donkeys
Stop the wild donkey Binge Spending already !!
edit on Jun-01-2012 by xuenchen because: (no reason given)
[e
ditby]edit on Fri Jun 1 2012 by DontTreadOnMe because: --Off Topic, One Liners and General
Back Scratching Posts--
reply to post by xuenchen
Well to bad your opening post is BS when you look at the graph I supplied. It started to get better after Obama took office. It went to hell under Bush.
Well to bad your opening post is BS when you look at the graph I supplied. It started to get better after Obama took office. It went to hell under Bush.
Kick the Donkeys out? What is that going to do? Bush destroyed us and he was an Elephant.
It's kind of silly that you are blaming Obama for the recession when it was in the making for decades.
It's kind of silly that you are blaming Obama for the recession when it was in the making for decades.
edit on 1-6-2012 by RealSpoke because: (no reason given)
Unfortuntaely, the GOP have NO alternatives to Obama's economic recovery plan. They continue to criticize what's been done (unemployment is
actually still below where it was when Obama took office) while not coming up with ANY plan of their own, other than to eliminate Obamacare and make
the Bush tax cuts permanent, neither of which will stimulate job growth.
Romney has said he will have an unemployment rate of 6% by the end of his first term, but has set no outline of how he proposes to achieve this.
Just like when he was campaining for GOP nomination, Romney can do NOTHING other than criticize the ideas of others, despite having none of his own.
At least Obama is trying.
I'm actually NOT an Obama supporter anymore, but until the GOP come up with concrete plans that actually make sense on how to fix the USA, I won't listen, and neither should you.
Romney has said he will have an unemployment rate of 6% by the end of his first term, but has set no outline of how he proposes to achieve this.
Just like when he was campaining for GOP nomination, Romney can do NOTHING other than criticize the ideas of others, despite having none of his own.
At least Obama is trying.
I'm actually NOT an Obama supporter anymore, but until the GOP come up with concrete plans that actually make sense on how to fix the USA, I won't listen, and neither should you.
Romney: Spending cuts slow economic growth
www.dailykos.com...
firstread.msnbc.msn.com...
Still cheering for the elephant?
"If you just cut, if all you're thinking about doing is cutting spending, as you cut spending you'll slow down the economy," he said.
So up until yesterday, Romney's argument was that cutting spending would, in and of itself, generate economic growth because it would free up resources for private investment. Now he says cutting spending would reduce economic growth because it would reduce demand. Those are two very different economic theories, and I'll bet you he doesn't even know why he decided to switch sides. But I'll guarantee you that by tonight, he'll have switched back.
www.dailykos.com...
firstread.msnbc.msn.com...
Still cheering for the elephant?
I prefer "The Wandy Line"..... more of a pitching guy...
but yeah, we're screwed... Any American who actually believes some moron politician is going to pull us out of this mess in the near future is a moron.. prepare for leaner times... they're coming..
but yeah, we're screwed... Any American who actually believes some moron politician is going to pull us out of this mess in the near future is a moron.. prepare for leaner times... they're coming..
edit on 1-6-2012 by wearewatchingyouman because: fix
Originally posted by RealSpoke
Romney: Spending cuts slow economic growth
"If you just cut, if all you're thinking about doing is cutting spending, as you cut spending you'll slow down the economy," he said.
So up until yesterday, Romney's argument was that cutting spending would, in and of itself, generate economic growth because it would free up resources for private investment. Now he says cutting spending would reduce economic growth because it would reduce demand. Those are two very different economic theories, and I'll bet you he doesn't even know why he decided to switch sides. But I'll guarantee you that by tonight, he'll have switched back.
www.dailykos.com...
firstread.msnbc.msn.com...
Still cheering for the elephant?
Yes I am. How about you don't take him out of context to suit your own agenda.
"I'd like to have us have high rates of growth at the same time we bring down federal spending, on, if you will, a ramp that’s affordable, but that does not cause us to enter into a economic decline."
"If you just cut, if all you're thinking about doing is cutting spending, as you cut spending you'll slow down the economy,'
Suddenly your propaganda quote has no teeth. Here is a copy and paste to another person who did exactly what you did.
All Romney is saying is that you can't just all of a sudden cut all your spending, if you do it will cause a depression. Example. What happened when EVERYONE tried to withdraw all their money instantly from their bank account. Great Depression.
Romney wants to cut spending gradually to get down to the level we need to be at. Akin to people slowly taking their money out of their bank accounts over time rather than overnight.
He is not saying that Government spending is the way to increase GDP, he is saying it DOES have an impact, a very inefficient one though. So we need to gradually change to a more efficient use of the money. But hey why try to understand when you can just bash.
Originally posted by babybunnies
Unfortuntaely, the GOP have NO alternatives to Obama's economic recovery plan. They continue to criticize what's been done (unemployment is actually still below where it was when Obama took office) while not coming up with ANY plan of their own, other than to eliminate Obamacare and make the Bush tax cuts permanent, neither of which will stimulate job growth.
Romney has said he will have an unemployment rate of 6% by the end of his first term, but has set no outline of how he proposes to achieve this.
Just like when he was campaining for GOP nomination, Romney can do NOTHING other than criticize the ideas of others, despite having none of his own.
At least Obama is trying.
I'm actually NOT an Obama supporter anymore, but until the GOP come up with concrete plans that actually make sense on how to fix the USA, I won't listen, and neither should you.
Obama ignored the economy and focused on throwing ObamaCare at us.
ObamaCare is about to be flushed down the toilet by the Supreme Court.
Now Obama is focusing on the economy because it's making him look like the
failure that he is.
Socialism doesn't work.
Originally posted by JBA2848
reply to post by xuenchen
Well to bad your opening post is BS when you look at the graph I supplied. It started to get better after Obama took office. It went to hell under Bush.
And now we are stuck in economic - s t a g n a t i o n -.
The election is in 5 months and it's only going to get worse.
D or R, doesn't matter who is in office as they don't work for the masses... the only work they do is convincing the masses that by voting for X
they're going to work for you, the rest of the time it is bowing before the 0.001%.
Really.
If there wasn't a 2 term limit and GWB had won a 3rd term he'd be in the same situation as Barry, really. GWB would've been giving funnier speeches too... humor would not have been intended though...
Everyone understands that our elected officials are just the PR department of a permanent bureaucracy that no matter who is in office is just that... PERMANENT BUREAUCRACY? That bureaucracy is in place to do 2 things, make as much money as it can and to do all it can to make more at the expense of anyone.
Open your eyes, the NWO is here.
Derek
Really.
If there wasn't a 2 term limit and GWB had won a 3rd term he'd be in the same situation as Barry, really. GWB would've been giving funnier speeches too... humor would not have been intended though...
Everyone understands that our elected officials are just the PR department of a permanent bureaucracy that no matter who is in office is just that... PERMANENT BUREAUCRACY? That bureaucracy is in place to do 2 things, make as much money as it can and to do all it can to make more at the expense of anyone.
Open your eyes, the NWO is here.
Derek