Let’s hope not. “Is it possible that we are already in a global recession but just don’t know it yet?” Larry Kudlow suggests. “It’s hard to quantify, but it’s quite possible that business hiring plans and consumer-spending expectations have been put on hold until folks can figure out future tax policy. All this is why the tax-cliff problem needs to be solved immediately. If the tax cuts are extended sooner rather than later, the economy might straighten out faster than most folks think.”
Republicans hope voters are listening to the president. “The choice election that President Obama talks about is now moving, by his own rhetoric, closer to a referendum on his record in office. . . . It is hard to imagine how voters could decide how or if they want to ‘break the stalemate’ without taking a long, hard look at Obama’s record. That elevates his stewardship of the economy, which Obama agreed is the dominant issue in this race, above Romney’s merit or lack of merit — the terrain on which Obama’s campaign and its allies have been fighting most aggressively.” Yup. As an incumbent you really can’t persuade voters to forget your record.
You hope D.C. Republicans can follow New Jersey Gov. Chris Christie’s lead: He just announced the biggest monthly job gain in seven years. And he did it without hiring more government workers!
We hope this helps to head off defense sequestration cuts. “Facing economic uncertainty, defense contractors are plotting to spur Congress to nix the automatic budget cuts set to begin next year. The plan? Threaten to send out layoff notices — hundreds of thousands of them, right before Election Day.” Irony alert: The WARN Act, a favorite of Big Labor imposes that notice requirement.
MSNBC must hope to attract a lot of conservatives. “President Barack Obama delivered a campaign speech on Thursday that was billed as an effort to refocus on the economy and to frame the debate against Republican presidential nominee Mitt Romney moving forward. But a panel of liberal commentators on MSNBC reacting to the speech unanimously felt the President had wasted the opportunity to truly make an impact on the race.” How about a new show, “Schadenfreude Tonight”?
Obama better hope it is a clever fundraising strategy. “In growing numbers, once-confident Democrats now say President Barack Obama could lose the November election. The hand-wringing reflects real worries among Democrats about Obama’s ability to beat Republican rival Mitt Romney, who has proven to be a stronger candidate than many expected.But it’s also a political strategy aimed at rallying major donors who may have become complacent.” On the other hand, people don’t like to give money to losers.
The United Auto Workers should hope the public doesn’t get win of this: “The U.S. government will lose about $23 billion on the 2008-2009 bailout of General Motors, and Chrysler. President Obama emphatically defends his decision to subsidize the automakers, arguing it was necessary to prevent massive job losses. But, even accepting this premise, the government could have executed the bailout with no net cost to taxpayers. It could have — had the Administration required the United Auto Workers (UAW) to accept standard bankruptcy concessions instead of granting the union preferential treatment. The extra UAW subsidies cost $26.5 billion — more than the entire foreign aid budget in 2011. The Administration did not need to lose money to keep GM and Chrysler operating. The Detroit auto bailout was, in fact, a UAW bailout.”