WE'RE STILL IN RECESSION -- WE NEED RECOVERY

Kerpen: Recession or Real Recovery

http://www.gopusa.com/commentary/2012/11/05/kerpen-recession-or-real-recovery/?subscriber=1

GOP USA – Phil Kerpen – 11/5/2012

 

The economy is limping along at an official 2 percent growth rate — and even that is overstated because it includes a 9.6 percent increase in deficit-financed government spending. The private sector grew at just 1.6 percent last quarter. Employment data remains weak. Household incomes continue to fall. We're already in the recession red zone, and the largest tax hike in American history looms January 1 if Congress fails to reach an agreement to cancel it. In this contest, the presidential election boils down to a remarkably simple choice: recession or real recovery.

Labor markets are extraordinarily weak. Even with the surprise decrease in unemployment in September, that report still found over 12 million Americans unemployed — more than when Obama took office. Add to that 8.6 million Americans working part-time for economic reasons and 2.5 million discouraged workers who want a job but temporarily given up even looking for work, and you get a total of 23.2 million Americans unable to find full-time work. (The newly engaged battleground of Pennsylvania has suffered one of the worst jobless recoveries, losing a net of over 90,000 jobs since Obama took office.)

A Romney victory promises something very different. Congress would almost certainly cancel all the tax hikes. If Obama is intransigent enough to veto a deal before he leaves office, Romney would sign it into effect retroactively early next year, guaranteeing that no one faces a tax hike with the economy reeling.

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