The BBC reported on April 14 that one city in Egypt, Damietta, still has zero unemployment in these difficult economic times. That’s surprising, but what makes this even more surprising is that the city specializes in manufacturing furniture, often high-end furniture, for export. This isn’t just micro-manufacturing in a small town either. It is estimated that there are over 60,000 furniture shops in the city.
On April 15, the deadline for U.S. taxpayers to mail their income tax returns, hundreds of thousands of Americans from coast to coast participated in around 2,000 nationally inspired but locally organized "Tea Party" protests. Fox News featured live TV broadcasts from four cities — San Antonio, Sacramento, Atlanta, and Washington, D.C. — featuring Fox personalities Glenn Beck, Neil Cavuto, Sean Hannity, and Greta Van Susteren.
Suppose we had conducted a national opinion poll a few months ago to canvass Americans on their opinions of the G20. Most respondents, it is probably safe to say, would not have had the slightest idea whether you were asking them about a new smart phone, the trendiest fashion footwear, or the latest fat-burner diet drink.
ITEM: An editorial entitled "The Federal Reserve acts boldly to ease credit conditions" in the Seattle Times for March 20 commented: "The Federal Reserve decision to pump another trillion dollars [more precisely: $1.15 trillion] into the economy still has the capacity to raise eyebrows."
President Barack Obama’s statement last Friday that we’re “starting to see ... glimmers of hope across the economy” has gotten quite a bit of publicity. What has gotten less coverage is the president’s rationale for being so optimistic in the face of bad economic news such as the unemployment rate, which rose to 8.5 percent last month, the highest unemployment rate in over a quarter of a century. (This figure does not take into account long-term unemployed who have given up looking for jobs.)