There are further signs that Barrack Obama’s jobless “recovery” is, in fact, no recovery at all. The latest indication of the fundamental unsoundness of the American economy is found in statistics from the Commerce Department. According to that department, the sale of new homes plummeted in January to the lowest rate recorded in fifty years. As The Washington Post reports:
As President Barack Obama’s jobless “recovery” is showing more and more signs of being no recovery at all, the Senate has voted another $15 billion to continuing pursuing their addiction to stimulus, and there are prospects that another $100 billion will be following shortly.
Just when the headline news about the economy was beginning to look good and the talking heads were beginning to sound good, along came a barrage of bad news that was so bad that it couldn’t be covered up. Gallup began with the news that in January nearly 20 percent of the U.S. workforce “lacked adequate employment”, which was worse than the numbers reported by the Labor Department. According to Reuters, these “findings appear to paint a darker employment picture than official U.S. data,” with about 30 million Americans “underemployed.” And Gallup misses the mark by at least 2 percent, according to John Williams of ShadowStats.com.
“Core consumer prices” fell by a monthly 0.1 percent in January, reported the Wall Street Journal on February 19, noting that the last time core consumer prices fell was in December 1982. However, noted the Journal, citing the U.S. Department of Labor’s statement, the seasonally adjusted consumer price index rose 0.2 percent during the same month, the increase caused mainly by higher energy prices.