The economic news continues to chronicle the funerary march toward the economic Elysian Fields. Where once the American economy was the literal engine of global growth the Obama leadership now concedes that under its leadership the United States no longer drives the global economy.
The economic statistics speak for themselves; during the first month of the season President Obama has labeled "recovery summer" the United States shed another 125,000 jobs, the dramatic decline in consumer confidence has accelerated, housing starts continue to plummet, orders for durable goods are in free fall and the stock market lost a thousand points last quarter. Even the lone bright spot, a decline in unemployment from 9.7% to 9.5% is a false positive resulting from a staggering 652,000 Americans' abandoning both the hope for employment and the national labor force.
The Labor/socialist/Democrats have labeled the summer of 2010 as "Recovery Summer". Administration officials and L/S/D talking heads are on the speaking and talk show circuit describing the "unprecedented turnaround" in "the worst economy since the Great Depression". The inconvenient truths, to borrow a phrase, are as inconsistent with the L/S/D claims of economic revival as are the words "chakra" and Al Gore". Barack Obama has presided over more than three million lost jobs, jobs that his Vice President says are not going to return.