Submitted By Todd on July 1st at 7:46pm
I'm no economist, but it's become clear over the past couple of months that the recovery is over... or, at least, stalled.
Fears that the economic recovery is fizzling grew Thursday after the government and private sector issued weak reports on a number of fronts.Whatever the technical terminology may be for the economic condition we're in, the political reality is clear - the Democrats bad year is getting worse. That's what's known as a silver lining.
Unemployment claims are up, home sales are plunging without government incentives and manufacturing growth is slowing.As the flow of oil into the Gulf is met with disinterest by the president, Afghanistan smolders and jobs fail to materialize, something even more dangerous is happening - Democrats in Washington are getting scared to spend more money to hide the bad news from voters until after the November elections.
Meanwhile, 1.3 million people are without federal jobless benefits now that Congress adjourned for a weeklong Independence Day recess without passing an extension. That number could grow to 3.3 million by the end of the month if lawmakers can't resolve the issue when they return.The Democrats' plan is to extend unemployment benefits through the end of November so they can strengthen their reelection chances before giving voters the bad news - We're out of money. At the same time, voters are charged up about reckless spending, creating a dilemma for the liars and cheats who represent us.
All of this worries economists. As jobless claims grow and benefits shrink, Americans have less money to spend and the economy can't grow fast enough to create new jobs. Some are revising their forecasts for growth in the third quarter. Others are afraid the country is on the verge of falling back into a recession.The economy is going to be bad for some years, it appears. The tricks of the Dems might help a few keep their seats this year, but will make voters more angry for 2012.