If you believe in economic recovery, it will come
By Dana Milbank
WashPost
Wednesday, April 21, 2010
It's morning in America.
The problem for the White House is that it's way too early -- about 2 a.m. in this economic recovery. The neighbor's cat is howling, somebody's car alarm is going off, and the nation is irritable and disoriented.
By the time President Obama faces reelection in 2012, there should be, as there was in 1984 and 1996, a beautiful sunrise on the horizon: Three years of solid economic growth, unemployment down to about 7 percent, and a federal deficit cut by more than half. But daybreak will probably come too late for Democrats to avoid a shellacking at the polls this fall -- and that could explain Vice President Biden's subdued speech Tuesday about the economy.
"We all know that the rate of job growth is too slow to bring down the unemployment rate, and the continued weakness in the job creation remains a major challenge," Biden confessed to a group of economic wise people the Brookings Institution assembled at the Mayflower hotel. "Most Americans, at least in the neighborhoods I grew up in, don't feel GDP growth. They don't sit around the table if they've lost their jobs and talk about how the Nasdaq is climbing." The recovery, Biden admitted, "has not yet" reached the middle class.
(More here.)
WashPost
Wednesday, April 21, 2010
It's morning in America.
The problem for the White House is that it's way too early -- about 2 a.m. in this economic recovery. The neighbor's cat is howling, somebody's car alarm is going off, and the nation is irritable and disoriented.
By the time President Obama faces reelection in 2012, there should be, as there was in 1984 and 1996, a beautiful sunrise on the horizon: Three years of solid economic growth, unemployment down to about 7 percent, and a federal deficit cut by more than half. But daybreak will probably come too late for Democrats to avoid a shellacking at the polls this fall -- and that could explain Vice President Biden's subdued speech Tuesday about the economy.
"We all know that the rate of job growth is too slow to bring down the unemployment rate, and the continued weakness in the job creation remains a major challenge," Biden confessed to a group of economic wise people the Brookings Institution assembled at the Mayflower hotel. "Most Americans, at least in the neighborhoods I grew up in, don't feel GDP growth. They don't sit around the table if they've lost their jobs and talk about how the Nasdaq is climbing." The recovery, Biden admitted, "has not yet" reached the middle class.
(More here.)
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