More bad news just this morning. Existing home sales unexpectedly plunged 27.2 % in July, to their lowest level in fifteen years. ( Who still believes that Obama’s policies will lead to economic recovery? How can anyone still believe?? ). It would take more than a year at that rate to sell the current inventory of over 4 million homes for sale.
And, remember how Obamacare was going to help the Democrats win? Even Bubba said so. Well, now, according to Byron York in the Washington Examiner, Democratic strategists and pollsters did focus group studies on public opinion about Obamacare and found what they call a ” challenging environment”. Their recommendations to Democrats running for Congress: ‘ keep claims small and credible’ about what the law will do; promise to ‘improve’ the law ( what could possibly need improvement? This was the most perfect, needed legislation ever! ); avoid policy talk and use ‘personal’ stories and, above all, DO NOT say that the law ‘will reduce costs and the deficit’, because it won’t.
In Columbus, Ohio, last Wednesday, President Obama mentioned a local project as proof his stimulus package was working, since it was funded by stimulus money. The Columbus Dispatch reported last Friday that there were no stimulus dollars involved in the project. Guess it’s too much to expect the President to know such things. If President Bush had made such a false claim………….
A Pew Research Center report on Thursday noted that the number of Jews in America calling themselves Republican or independents leaning Republican has increased by morethan half since January and ” NOW STANDS AT THE HIGHEST LEVEL SINCE THE DATA HAS BEEN KEPT” ( quote from the New York Times, 8/21/10.). America seems to be waking up.
The AP reported on Friday last that nearly half of the homeowners enrolled in the Obama adminstration’s mortgage relief program have dropped out. The Treasury Department reported on Friday that the $75 billion effort is ” failing to slow the tide of foreclosures ” in America. There’s a word closely associated with the Obama Administartion lately – FAILURE. How can anyone still believe?
ABC news today has an interesting story – GOP TARGETS OBAMA’S ‘ RECOVERY SUMMER ‘ AMID ECONOMIC GLOOM. Devin Dwyer is the reporter. It’s an objective look at the promises of Recovery Summer and the failure to deliver. Referring to Joe Biden’s boast that the summer would see 250,000 – 500,000 jobs created per month, Dwyer writes, ” But with summer quickly coming to an end, those jobs gains and a robust economic recovery have not yet materialized, leaving Democrats on the verge of a fall election campaign in which Republicans are poised to make them eat their words. ”
The two most significant pieces of economic news the past week are the announcement on home sales today and the announcement of 500,000 first time unemployment claims last week. The debate over Obamanonics is over, it has failed, no one can defend it with a straight face after this past week. Bye, bye Nancy.