Posts tagged: Recession
WASHINGTON – President Barack Obama insisted the U.S. is not in danger of falling into another recession, but acknowledged in a televised interview aired Sunday that his re-election will hinge on the economy.
In the interview with CBS News taped last week – after a new Gallup poll found just 26 percent approve of the way he is handling the economy – Obama said, “I’m the president of the United States and when people aren’t happy with what’s happening in Washington … I’m going to be impacted just like Congress is. And you know, I completely understand that and we expected that.”
Another recession unlikely— agree or disagree?
Frankly, it’s hard to feel much sympathy for her - particularly when, in a recent interview with ABC News anchor Diane Sawyer, she assessed her own performance the past three years as “job well done.” What a spectacularly self-serving fantasy. In 1974, after two years of Watergate scandals and the resignation of President Richard Nixon, Republicans only lost 49 House seats. This year, Democrats are on track to lose 63 seats - yet Pelosi has “no regrets.” She feels she did good work. She isn’t alone in that. Other Democratic leaders share her view. Rather than take ownership and accept responsibility — rather than step back and consider the possibility that their arrogant, shove-it-down-the-public’s-throat strategy on health care reform and the perennial “what, me worry?” approach to federal spending may have caused the party’s defeat — they blame the recession/William Spence, Lewiston Tribune. More here.
Question: Or congressional Democrats victims of the recession or over-reaching?
Texas, North Carolina, Idaho and a handful of other states are leading the nation’s crawl out of the worst recession since the 1930s, a USA TODAY analysis finds. Since the recession officially ended in June 2009, a group of about 10 states that have outperformed the nation almost continuously for 25 or more years again is generating new income at a faster pace than the rest of the nation. … Idaho ranked 10th in personal income growth in the year since the recession’s end, up from 50th among states and Washington, D.C., during the recession. That’s the USA’s biggest rebound/Dennis Cauchon, USA Today. More here.
Idaho is on track for an economic recovery in 2011, according to the state’s latest official forecast - though state lawmakers and the governor set a pessimistic budget for 2011 that requires historic cuts in education. The newest state forecast, issued in May, says, “Idaho’s economic recovery should be well established after this year, entering a period of modest growth beginning in 2011. … It has been awhile, but it is beginning to feel like a recovery.” The forecast is considerably sunnier in tone than the last official state forecast, which was issued in January; that one suggested “cautious optimism” and said, “Admittedly, risks to the economy exist, but it appears the worst is behind us”/Betsy Russell, Eye On Boise. More here.
Question: Are you better off today than your were when the recession started?
Arpie: Stickman’s comments make me realize how the recession has (at least temporarily saved Sandpoint. The “Fancy Dancers” were just starting to take over town when the recession hit. Now one can drive by mothballed developments, half built marinas and a 15 hole golf course knowing those people won’t be here for a few more years. It’s been refreshing to go out on the town these days- say to a movie or a concert at the Panida and see people you know and people dressed north Idaho style instead of the fancy dancers.
Question: Does it bother you that developments such as John Stone’s Riverstone expansion are on hold as a result of the recession? Or are you relieved that the recession has slowed down the onslaught of the fancy dancers?
Where do you rank as a taxpayer? You may not feel rich earning $35,000 a year, but you’re in the top half of taxpayers. Make $70,000, and you earn more than 75 percent of fellow taxpayers.
….More than 40 million Americans are officially living in poverty. And you might be surprised at how little income it takes to not be considered poor by the federal government. For 2008, the poverty threshold for a single person under age 65 was an income of $11,201, or less than $1,000 a month. For a family of four, the threshold was $21,834. For a family of six, $28,769. Full story.
Item: Time to trim: Post Falls plans 2 percent property tax hike amid revenue decline/Brian Walker, Press
More Info: Keck said the city will see an overall decline in revenues due to the recession, but the budget includes a proposed 2 percent increase (3 percent is allowed) in the local property tax rate that will generate $182,506 more than the current year.
Question: Should local government increase taxes in the current recessionary climate?
Item: Minnick foresees slow recovery: Expect another year of job losses and budget woes, the congressman tells Boise business leaders/Dan Popkey, Idaho Statesman.
More Info: U.S. Rep. Walt Minnick said Tuesday that he sees hopeful signs in construction, real estate and retail sales that justify “cautious optimism” for recovery. But Minnick warned the Boise Metro Chamber of Commerce that unemployment will rise, commercial foreclosures will escalate, and governments will face budget woes. “The next 12 months are going to be very difficult and people are going to be very impatient, because the economy is like the Queen Mary and the Queen Mary is headed south right now,” said Minnick, D-Idaho. “It’s going to take a long time to swing it around to the point where economic growth is noticeable to the average person.”
Question: How much longer do you expect our economy to be in the tank?