Bad timing on President Obama’s part.
On the same day that he bragged that the worst of the recession is over, the Dow Jones tumbled 265 points and followed that up with another 59 point loss on Thursday after the Fed downgraded its forecast for economic recovery and the likelihood of a double-dip recession increased.
The day’s newspaper headlines included, “Unemployment claims rise to six month high,” “You unemployment hits record high,” “July deficit adds $165.04 billion,” and “30,000 line up for hand-outs.”
Nevertheless, President Obama refused to bow to reality (he reserves his bowing for America’s enemies) and “insisted the worst of the recession is over as he signed legislation suspending duties on hundreds of imports.”
“So while we have fought back from the worst of this recession, we’ve still got a lot of work to do,” the Propagandist In Chief added. “We’ve still got a long way to go. And I’m more determined than ever to do every single thing we can to hasten our economic recovery and get our people back to work.”
Every single thing? So cutting taxes is on the table. Nah, who are we kidding?
Good lord, man, if this is a “recovery summer,” we’d hate to see a recessionary summer.
Source: The Hill
