MADE IN DC: “Growth Stalled” Despite Democrat Claims They “Stabilized” the Economy
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“Growth Stalled” Despite Democrat Claims They “Stabilized” the Economy DC DEMOCRATS STILL DON’T GET IT: As Democrats try to spin the success of their failed policies, they are desperately reaching for justifications for their failed policies. For instance, President Obama has said that his spending and borrowing binge was “largely successful” in “stabilizing” a weak economy: “Now, we took very aggressive steps when I first came into office to yank the economy out of a potential Great Depression and stabilize it. And we were largely successful in stabilizing it. ” (“Press Conference by the President,” The White House, 7/11/2011) MADE IN WASHINGTON, DC: A report out of the Federal Reserve Bank of Dallas suggesting “growth stalled” in August exposes the hollowness of Democrats’ claims. The bank’s index of economic activity fell deeper into negative territory this month—an ominous warning, since previous such dips have coincided with broader economic downturns: “A key measure of Texas factory activity fell in August, ‘suggesting growth stalled this month,’ while a broader gauge of general business activity also worsened, according to a Federal Reserve Bank of Dallas manufacturing survey released Monday. … “The survey’s general business activity index tumbled to negative 11.2 in August from negative two last month, and the decline ‘was largely due to a notable increase in the share of firms noting worsened activity,’ the Dallas Fed said. “The general business activity index has been in negative territory for four months in a row. “During the survey’s seven-year history, the general business activity index has shown a correlation with the U.S. business cycle, according to Dallas Fed economist Emily Kerr. “The index fell into negative territory shortly before the last U.S. recession began in late 2007 and turned positive six months after the recession ended in June 2009. It dipped into negative territory again in mid-2010, then turned positive in October 2010.” (Brendan Case, “Texas Factory Activity Weakens in August as Dallas Fed Sees ‘Stalled’ Growth,” The Dallas Morning News, 8/29/11) “Growth Stalled” Despite Democrat Claims They “Stabilized” the Economy http://ow.ly/6fIh0 #MadeinWDC ###
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