Remember the '90's? Back then a snappy saying gained currency:
"It's the Economy, Stupid". Most people think it still
is, for reasons as varied as the nation's landscape.
But one realization should stand out head and shoulders above
all other and contrary opinions: without businesses' ability to
obtain credit, meaningful increases in hiring won't occur,
the retail sector will experience a grim, Grinch-like holiday
season, and a second recession will follow quickly on the
heels of the Great Recession of 2008-2009. Such a scenario
is scarcely rare, regrettably. Check out the 20th century's
recessions and you will find several instances of decades
in which two contractions occurred.
Meanwhile, Mr. Obama, attempting to inspire job creation
and infrastructure repair, has been scurrilously attacked
and parodied in seemingly borderline illegal ways. Yet
Obama's unemployment extensions have yielded positive
results, according to Mark Price of the Keystone Research
Center, a purportedly independent think tank. Price claims
there would have been millions more at or below the poverty
line without the extensions, which surely contributed to
American buying power in recent months.
So let's do it! Hey there, banks and businesses sitting
on cash, release that death grip, start lending and hiring!
Christmas is coming; have some faith in the country you
profess to love and admire.
It's the patriotic thing to do.
Don't forget, it's the labor market, stupid.