posted by What Makes Us Right
- BO has stimulated the economy.
- Job growth is booming.
- Unemployment is at an all time low.
- People are saving at record levels.
- Taxes have been cut.
- Government spending has been reduced.
- Home sales are exploding.
OK, apparently the libs are drinking their own Kool Aid. The economy is in shambles (yeah I know, it was inherited). Unemployment is still hovering around 10% for new claims (don't forget those who are no longer counted). People are tapping into their 401k's at record paces for early withdrawals and loans. The Bush tax cuts are being repealed. Obamacare and the bailouts have put us at an all time high in deficit spending. And finally, there is this report today that new home sales are selling at the worst pace ever!
July sales dropped 12.4% from the previous month to the lowest levels since 1963 and the last three months are the worst ever. Why is this important, new home sales lead to new home construction. This leads to additional job growth and additional revenue from the taxes from these jobs. The combination of foreclosed homes on the market, the high unemployment, slow job growth, and tightened credit have crippled the market. Add in all of the new regulations on the banking industry and any hope that this was getting better is now out the window. We have a very long way to go and to be honest, I am not sure anyone has the fix! Time just might be the only solution.
