By Edward Lazear,Wall Street Journal
Maybe we should look at unemployment rather than bogus “jobs saved” claims
With the news that GDP grew at 3.5% in the third quarter,it seems apparent that economic recovery is underway. How much of this was a result of government programs? To evaluate this,it is important to understand what constitutes a recovery. There are three developments needed to restore the economy to its prior vibrancy.
The first development,bank stabilization,began in late autumn of last year. The source of the recession was financial-sector turmoil that commenced in August 2007 and peaked in early autumn 2008. Although we did not know it at the time,by the end of 2008 the financial crisis had passed. Financial markets were far from normal,but the panics and major collapses that characterized September 2008 were behind us,and no others arose. This financial-sector stabilization created the environment that is allowing our economy to heal.
This past January,at the end of my term as chairman of the President’s Council of Economic Advisers,my agency released the White House economic forecast. At that time,I said that I foresaw a couple of bad quarters but expected that the second half of 2009 would be positive,with perhaps very strong growth in 2010.
These forecasts assumed no stimulus;the projected turnaround was instead based on the natural rebound of the economy that would come after the financial crisis had eased. The resumption of GDP growth,which is the second development on the road to full recovery,probably began in late spring of this year.
The third recovery factor—job growth—will be slower to develop. In a shallower recession that ended in late 2001,job growth did not become positive until 2003.
Historically,recoveries have a consistent pattern:Productivity grows first,then jobs are created,and finally wages rise.
This is perplexing to me. How can the economy grow when unemplyment went up in the private sector while employment goes up in the government sector? Seems that big government just got bigger. Maybe Obama should get rid of about 2/3's of his Czars and staff to help out the economy and tax burden placed upon the citizens.
this individual called obama simply must be removed from office by any means available,either peacefully or by extreme force. if the american people do not value their freedom enough to take immeadiate action against this individual then they derserve what they get. the unfortunate part of that equation is that they are taking the rest of us who do value or freedomdown with them. this individual is destroying america point by point right out of the democratic parties playbook and the american people don't appear to care. i am frankly ashamed of my fellow americans for allowing this idiot to run rampant over our rights. the people have the power so i beg my fellow americans,let's stop this idiot before he totally destroys a once great nation.
Yes Tator Salad I agree with you they can put any thing on Paper but that does not mean it is TRUTH. obama has all the news medium on his side except Fox News who gives both sides and with all news for him they will say any thing to make this evil obama to look good D day is coming 2010 if we take back House and Senate we have a chance of getting obama out of white House or at least controlling him until 2012 when we vote him out of White House
WHY would we believe this lier. He has told us LIE after Lie to benefit himself.
I say "throw the bum out"!!
THAN YOU THOMAS FOR YOUR"KIND WORD"YOU WROTE.I SAY THE SAME FROM DAY ONE.
IMPEACH THE ILLEGAL,LIER,ALIEN AND SEND HIM TO AFGAN SO TALIBAN CAN USE HIM FOR TARGET PRACTICE.DON'T FOR GET TO SEND THE CHICAGO MOB,CROOKS,CHEATS,PELOSI,REID,ALL THE COMMIES,MARXIST AND WASHINGTON CORRUPTERS.THEY ARE NOT NEEDED IN WASHINGTON AND WON'T BE MISSED. SEND THEM OUT ASAP!!!
BERT YOU ARE MY KIND OF HONEST AMERICAN.YOU DIT YOUR HOME WORK WELL ,BUT I HAVE TO AD ONE MORE NAME TO THE LIST OF THIS ILLEGAL PRESIDENT.FIRST BLACK HITLER
AMEN I SAY TO YOU-AMEN. WAKE UP AMERICA AND TAKE BACK OUR COUNTRY-NOW!! BY THE WAY,KILL THE BILL-OOOOOCARE. KILL THE BILL. IT ISN'T ABOUT HEALTH CARE-IT IS A BUNCH OF LIES AND DIRTY DIRT ALL OF-"WE THE PEOPLE"WOULD BE PAYING FOR BESIDES LOSING ALL OUR
CONSTITUTIONAL RIGHTS. REMEMBER-ILLEGAL OOOOOOOB WANTS TO GET RID OF THAT AND MAKE UP HIS OWN COMMUNIST RULES. IMPEACH THE ILLEGAL IMPOSTER-FASTER THAN FAST!!! BY THE WAY-WHERE ARE ALL THESE-SO CALLED JOBS-ILLEGAL ALIEN –KENYA WAS GOING TO SAVE AND MAKE MORE FOR ALL? THEY CAN'T GET THEIR NUMBERS CORRECT-DON'T KNOW HOW THEY COME UP WITH THE "STUPID FIGURES"THEY GIVE OUT-MORE LIES BUT "WE THE PEOPLE"CAN SEE THROUGH THEIR LIES. WE AREN'T AS DUMB AS THEY THINK WE ARE!!! IMPEACH,IMPEACH,KILL THE BILL,KILL THE BILL AND SEND ALL THE COMMUNIST-CHEATS,LIARS,CHICAGO MOB,ALL WHITEHOUSE BUMS CROOKS TO AFGAN AND PAKISTAN-TALIBAN ARE WAITING TO GET THEIR TURN WITH YOU ALL. WE DON'T NEED THE LIKES OF ALL OF YOU HERE SINCE YOU HATE THIS COUNTRY ANYWAY.
if Obama actually created jobs in the private sector and really grew the economy,how else will he accomplish his Marxist agenda? Remember what he said:"we are days from fundamentally transforming America…". Also Rombo reminds us they should 'never let a great crisis go to waste'. If Americans don't see this administration for what it is,radicals Hell bent on hijacking the America we know and love to take it to a place we will not recognize…then we'll be like sheep…and sheeps will go to slaughter. Obama wants the consitutional America the one created by our founders to fail so he can rebuild it into a 'collectivist or Marxists utopia'and only then will Michelle be really proud of her husbands new America…. WAKE UP FOLKS! WE CAN'T LET THEM SUCCEED!
Obama does not want to grow our economy so he can execute his Marxist agenda…why else do we hear all this rhetoric attacking the private secotr and capitalism? He does not bel;ieve in wealth building he thinks it's evil not virtuous…if you have any doubts,just look at all of the people he surrounded himself with…most of the Czars are radicals and plenty fo them are known Marxists,socialists,or even communists! Check it ourt if you have not done so already…non of these folks are constitutionally granted their authority to sepnd our tax payers $ nor are they legally permitted to change or infleuence our laws! They must be stopped Our disgraceful congress has all but abdecated their constitutional responsibilities in allowing Obama to do this! Where is the outrage?