Editorial: U.S. Is Already In A Growth Recession

IBD Editorials ^ | June 1, 2011 | Staff

[Kaslin]

Economy: As the president works on his golf game, the economy is coming apart again. Housing is taking another leg down, job gains seem to be tailing off and a fiscal iceberg lies just ahead. Will someone sound the alarm?

President Obama has busied himself with many things lately — angering longtime allies such as Israel, plunging us into an open-ended conflict in Libya without congressional approval, spending quality face-time with the British royals, golfing on Memorial Day.

On Wednesday, he even found time to declare June "Lesbian, Gay, Bisexual and Transgender Month."

We know the president is busy, but maybe it's time he returned to thinking about our foundering, job-challenged economy.

Recent data show a shocking turn south. While some worry we might soon experience a double-dip recession, we're already in a kind of recession — a growth recession. That's where the economy is barely eking out enough growth to create jobs. And the number of jobs being created isn't enough to sop up the unemployed and new entrants to the workforce.

Consider these data, all from one day:

• ADP reported that, based on its payroll tally, 38,000 private jobs were created in May — 100,000 short of the minimum needed for healthy growth.

• Employment consultant Challenger, Gray & Christmas said businesses cut 37,135 jobs last month, up nearly 2% from April.

• Housing prices in the U.S. plunged 4.2% in the first quarter, the lowest since the financial crisis began.

• The Mortgage Bankers Association's mortgage application index fell 4% in the final week of May.

• The Institute for Supply Management reported its factory activity index tumbled from 60.4 in April to 53.5 in May — the lowest since September 2009

[BobP]

Employment is an impediment to any good Marxist's objectives!!

[1rudeboy]

I don’t blame Obama, or any other politician, for that matter . . . I blame “free trade.” ;)

[ilovesarah2012]

“On Wednesday, he even found time to declare June “Lesbian, Gay, Bisexual and Transgender Month.”

Is this true?

[NWFLConservative]

"Editorial: U.S. Is Already In A Growth Recession "

When were we out of one? That jackass in the white house has driven our economy into a downward spiral since the day he moved into government housing.

[screaminsunshine]

The USA is contracting like a balloon with a hole. Socialism sucks. Soon the remnants will be fighting over the scraps the fleeing wealthy have not been able to salvage. Obama reminds me of Castro.

[screaminsunshine]

And you are correct.

[NWFLConservative]

Ayup

http://news.yahoo.com/s/dailycaller/20110531/pl_dailycaller/obamaagaindeclaresjunelesbiangaybisexualandtransgenderpridemonth

[1rudeboy]

And Kevin Bacon, don’t forget him . . . he is at the root of it all.

[Pollster1]

Is this true?

http://www.whitehouse.gov/the-press-office/presidential-proclamation-lesbian-gay-bisexual-and-transgender-pride-month If you trust whitehouse.gov to report on White House proclamations . . . :

Presidential Proclamation--Lesbian, Gay, Bisexual, and Transgender Pride Month

As Americans, it is our birthright that all people are created equal and deserve the same rights, privileges, and opportunities. Since our earliest days of independence, our Nation has striven to fulfill that promise. An important chapter in our great, unfinished story is the movement for fairness and equality on behalf of the lesbian, gay, bisexual, and transgender (LGBT) community. This month, as we recognize the immeasurable contributions of LGBT Americans, we renew our commitment to the struggle for equal rights for LGBT Americans and to ending prejudice and injustice wherever it exists.

[yldstrk]

Ask Obama for a fish, he will give you a stone

[CharacterCounts]

It’s called stagflation - which is always the result of Keynesian economics.

[johniegrad]

Markets were crushed today due to the failing economy. Time to oust the Kenyan from office.

[arrogantsob]

Then you are as clueless as Urkel. He probably knows nothing about economics either.

[1rudeboy]

I’m just funnin’ the trolls/.

[kearnyirish2]

His pushing for the deviant crowd while the economy fizzles assures me that he won’t be running in 2012; he is making his opponents’ commericials for them. Every Christian group will be motivated to send him packing, and every unemployed American can recall that this was what he found inportant in these difficult economic times.

[Signalman]

ADP reported that, based on its payroll tally, 38,000 private jobs were created in May

Is ADP usually, more or less, in line with the DOL report?

[Pollster1]

Nope. Obama is trying to motivate the deviant crowd, to make sure every pervert of undetermined gender, every predator who wants the age of consent lowered to 12 years, every parasite who makes a living off government-funded abortions is out there voting in as many states as they can reach on election day. He’s enjoying the taxpayer-funded golf outings and the opportunity to tear down our country too much to leave by default.

[scooby321]

ADP reported that, based on its payroll tally, 38,000 private jobs were created in May

Not many jobs for the youth that voted for Hope and Change unless they wanted to move back home and work at McDonalds with thousands in debt. Suckers

[kearnyirish2]

His own party stands to lose a lot if he stays in; many Dems “down the ticket” from him will pay the price for his “activism” (as they did in 2009 & 2010). Keeping the White House while giving away super-majorities in the House & Senate can’t be attractive to his party or base; ask Bill Clinton after the shelling of 1994.