Friday, August 5, 2011

Newest Fox News piece: Looks Like We're In a Recession, Not a 'Recovery'

My newest piece at Fox News starts this way:

There seems no place to hide. Americans have seen the value of their stock portfolios crash this week. The S&P 500 and NASDAQ have both lost about 8 percent of their values, and they are headed down again today.
This week the Japanese NIKKEI stock market also lost over 9 percent of its value. And the UK's FTSE has lost over 11 percent. The German DAX about 13 percent.
So much for promises that if we only passed the debt ceiling increase the stock markets would be calmed.
Everyone was waiting for today's unemployment numbers to be released. The 117,000 new jobs temporarily lifted spirits because the number was better than what many had expected, but it was still not enough new jobs to even absorb more than three-quarters of the growing working-age population. Unemployment fell because 193,000 more people simply gave up looking for work.
Indeed, people giving up looking for work has been the hallmark of the Obama administration. . . . .

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