Libs will jump all over this but they shouldn’t. The two major factors for the projected growth? Increases in home sales and the cash-for-clunkers program.
Where are home sales as I write this? Unexpectedly down again last week.
Where are auto sales? Down severely as dealerships ran through several months worth of sales in just one month.
So the two major reasons for economic growth in the third quarter won’t be there in the fourth quarter. Then add to that the fact that even the left-wing Associated Press takes time to note that unemployment will reach about 10.5% next year, meaning families will have less money to spend and sales will plummet.
All of this for the low cost of trillions of dollars we had to borrow and can’t afford to pay back.
We’ve basically declared financial success by taking out a huge amount on credit cards in order to purchase a Porsche Cayenne. We’re rich! Except we’re not.
Result? Something that looks good for liberals right now but will come back to haunt them, oh, next week. Just like most of their programs.
by Stephan Tawney on Thu, Oct 29, 2009