by Jennifer Rubin,Pajamas Media
Obama offered no plan and Cheney won last week's debate
The Obama administration had the sort of week they’d rather see disappear down the memory hole. But unfortunately for the president,the trouble may just be beginning.
First,on the economic front the notion that we are going to bounce back soon from the recession is proving to be a pipe dream. The CBO predicted double-digit unemployment continuing to rise into 2010. Rasmussen reported:
The Rasmussen Investor Index dropped 15 points on Friday,the largest single day decline ever recorded in its seven-year history. The drop caps a week of extreme volatility for the Index and now shows investor confidence at the lowest level in two months.
The culprit — both for the volatility and the current low level of confidence — is shifting perceptions on where the economy is heading next. Today,just 24% of investors say the economy is getting better while 47% say it is getting worse. A couple of days ago,the outlook was much less pessimistic:34% better and 40% worse.
And the every-growing mound of debt is triggering concern among purchasers of U.S. debt.