Is the US economy in recession?

[Tupac Shakur]

Since the release of the latest jobs report, I've seen several commentators claim that a double-dip is currently underway in the US. This latest one is more convincing than the others, however.

On Tuesday’s edition of CNBC’s Closing Bell, former President Bill Clinton told host
Maria Bartiromo that in order to avoid a fiscal cliff, Congress must extend all tax cuts set to expire at the end of this year. This somewhat contradicts some of President Obama‘s official tax positions, and serves as another contradictory moment for like last week’s praising of Mitt Romney‘s “sterling” business career at Bain Capital.

In a wide-ranging interview, Clinton told Bartiromo that the American economy is truly in recession and that the Republican plans to cut the deficit would only worsen the debt and recession conditions. Bartiromo took the opportunity to ask Clinton whether extending tax cuts would help avoid the “fiscal cliff” the American economy faces. ...

“Well, I think what it means is they will have extend– they will probably have to put everything off until early next year,” Clinton said. “That’s probably the best thing to do right now. But the Republicans don’t want to do that unless he agrees to extend the tax cuts permanently, including for upper-income people, and I don’t think the president should do that.”

Those tax cuts include the ones known as “the Bush tax cuts,” which have been criticized by Democrats and the White House as unequivocally favoring upper-income earners. Clinton said he thinks it best for Congress to agree on a temporary extension of such tax cuts, so as to avoid any further economic contraction.

http://www.mediaite.com/tv/contradicting-obama-again-bill-clinton-tells-cnbc-that-congress-should-extend-all-tax-cuts/

Is Clinton right?

[giblets]

Why is Bill Clinton trying to **** with Obama?

[Tupac Shakur]

****ing with Obama? Clinton is being optimistic...

How bad is our economy? Have we been struggling long enough to call it a depression? Nobel-prize winning economist and New York Times columnist Paul Krugman says yes.

“It’s an awful situation,” he tells “Starting Point” anchor Soledad O’Brien today. While it may not quite be as bad as the 1930s, it’s “pretty terrible” he says. “That was the Great Depression. This is the lesser one. It's an awful situation and importantly it's a time when usual rules don't apply to the economy.”

http://startingpoint.blogs.cnn.com/2012/05/01/paul-krugman-says-the-u-s-is-in-a-depression-and-cutting-spending-now-will-make-things-worse/

[DaShi]

Why do the rules matter to Krugman if his response to fixing economies is always the same?

[Tupac Shakur]

That's actually a good question.

[OzzyKP]

Why is Bill Clinton trying to **** with Obama?

They probably figure Hillary would have a better shot of winning after Romney's first term then Obama's second.

[giblets]

Why do the rules matter to Krugman if his response to fixing economies is always the same?

It's not?

[Ogie Oglethorpe]

Since the release of the latest jobs report, I've seen several commentators claim that a double-dip is currently underway in the US. This latest one is more convincing than the others, however.

On Tuesday’s edition of CNBC’s Closing Bell, former President Bill Clinton told host
Maria Bartiromo that in order to avoid a fiscal cliff, Congress must extend all tax cuts set to expire at the end of this year. This somewhat contradicts some of President Obama‘s official tax positions, and serves as another contradictory moment for like last week’s praising of Mitt Romney‘s “sterling” business career at Bain Capital.

In a wide-ranging interview, Clinton told Bartiromo that the American economy is truly in recession and that the Republican plans to cut the deficit would only worsen the debt and recession conditions. Bartiromo took the opportunity to ask Clinton whether extending tax cuts would help avoid the “fiscal cliff” the American economy faces. ...

“Well, I think what it means is they will have extend– they will probably have to put everything off until early next year,” Clinton said. “That’s probably the best thing to do right now. But the Republicans don’t want to do that unless he agrees to extend the tax cuts permanently, including for upper-income people, and I don’t think the president should do that.”

Those tax cuts include the ones known as “the Bush tax cuts,” which have been criticized by Democrats and the White House as unequivocally favoring upper-income earners. Clinton said he thinks it best for Congress to agree on a temporary extension of such tax cuts, so as to avoid any further economic contraction.

http://www.mediaite.com/tv/contradicting-obama-again-bill-clinton-tells-cnbc-that-congress-should-extend-all-tax-cuts/

Is Clinton right?

Nope. Clinton has gone full on ****** just a hairs breadth away from being called Biden. First he was called a racist back in 2008 now he's simply just a senile ******. Poor guy needs a home.

http://nymag.com/daily/intel/2012/06...on-old-65.html

Elderly Bill Clinton No Longer in Control of the Words That Come Out of His Mouth
By Dan Amira

Whoops, did I say something wrong again? I'm old!

Ever since Bill Clinton started saying things like (to paraphrase) "President Obama is wrong on the Bush tax cuts" and "President Obama is wrong about Mitt Romney's business career" and "Also, we're still in a recession," political folks have been trying to figure out just why he is doing that. The most Machiavellian explanation is that Clinton is already trying to position the Clinton brand for the 2016 election, in which his wife is ostensibly definitely not running but, in reality, definitely is. But some Clinton insiders at Politico insist that the truth is much more innocent than that. According to them, Clinton is just so old now:

Clinton, say associates, while mentally sharp, is older and a step off his political game, less attuned to the need for clarity and message-discipline during interviews.

“He’s 65 years old,” said one adviser, explaining how Clinton in a CNBC interview managed to say that the economy was in recession when it is not.

Somehow, we suspect that one of the most astute politicians of our time hasn't forgotten the importance of staying on message, even at the not-really-advanced age of 65. But it also requires giving a ****.

[Tupac Shakur]

For those reasons, it’s more than a little frightening that we’re seeing a spate of depressing numbers that could signal a recession on the horizon — or that one is already here. On Thursday the Commerce Department revised down its estimate of second-quarter GDP growth to 1.3% from an already sluggish 1.7%. If that weren’t bad enough, the Department also reported that orders of durable goods – long-lasting pieces of equipment like airplanes or heavy machinery – fell 13.2% in August. And Friday, the Project Management Institute was out with a survey which showed that manufacturing activity in the Chicago region was contracting, surprising many analysts. While it’s unwise to read too much into any one of these data, the three in succession are unsettling.

These data also give ammo to bearish commentators who have long been predicting a recession in either late 2012 or early 2013. John Hussman, president of Hussman Economectrics Advisors, is one of those bears and he has recently reiterated that prediction. In his most recent note Hussman wrote:

“We continue to infer that the economy has already entered a recession – something that will probably take several more months to be broadly recognized. We’re seeing fresh lows on the most leading economic component that we infer using unobserved components methods . . . matching weakness that emerged in late 2000 and late 2007. On a slightly positive note, we don’t yet see the near free-fall in these measures that occurred later in 2001 and 2008 as economic weakness rapidly gained momentum.”

And Hussman isn’t the only one. The Economic Cycle Research Institute – which has good track record calling recessions – has also been predicting a downturn. Now the ECRI is saying that the U.S. is in recession as we speak:

“It has been almost a year since we predicted a recession. Back in December, we went on to specify the time frame for it to begin: if not by the first quarter of the year, then by mid-2012. But we also said at the time that the recession would not be evident before the end of the year. In other words, nine months ago we knew that, sitting here today, most people probably would not realize that we are in recession – and we do believe we are in recession.”

Is U.S. Already in A Recession?

[Aeson]

Is NYMag a spoof piece? Clinton seems to be getting better with age. Senile Politicians > Politicians

[Ben Kenobi]

Better question - has the US ever been OUT of a recession since the Age of Obama began?

[MrFun]

We won't see our economy improve/recover until Republicans in US Congress stop obstructing every fvckin' jobs bill that is brought forward for vote.

[Ben Kenobi]

We won't see our economy improve/recover until Republicans in US Congress stop obstructing every fvckin' jobs bill that is brought forward for vote.

The first order of business in all forms of democracies is that of Supply. That Obama is spending without the constraint of Congress is no different than how King George ran things. Even King George was better. England hasn't had an absolute monarch since the days of Charles II.

[MrFun]

So you don't want Obama to spend in order to create jobs, yet you blame him for the lack of new jobs. Interesting.

[Ben Kenobi]

So you don't want Obama to spend in order to create jobs, yet you blame him for the lack of new jobs. Interesting.

Simple - I believe that private enterprise should be less not more fettered by government. You believe the opposite - that there should be more and not fewer employed by the government and supported by we the people.

You're not concerned that Obama is spending without the consent of Congress?