Here We Go Again II

A couple of days ago I noted that economic indicators were trending negative, and economists were forecasting trouble for the U.S. economy. Evidently investors got around to reading that post, because yesterday the stock market cratered (sources for this post are here, here, and here).

"Weak economic data has started to snowball," said Michael Sheldon, chief market strategist at RDM Financial. "Initially, we just had bad news from the weekly jobless claims data, but now we're starting to see a broad-based economic slump."

The first of this week's jobs-related economic reports showed that the pace of planned job cuts edged higher in May, according to a report from outplacement consulting firm Challenger, Gray & Christmas.

A separate report by ADP showed private-sector payrolls added only 38,000 jobs in May. The number fell well below the 170,000 private sector jobs economists were expecting.

More jobs being cut than expected. Fewer new jobs being created than expected. Higher unemployment claims than expected.

Pessimism continued to mount after the Institute for Supply Management said the manufacturing sector slowed sharply in May. U.S. auto sales also dropped in May from a month earlier, the auto industry's first significant setback in more than 18 months.

The signs of a stalling recovery have been building during the last several weeks, prompting stocks to deliver their worst monthly performance in May since August 2010.

Wednesday's data add to a string of reports in recent weeks that indicate the U.S. economy struggled in May. Regional factory reports were weak, initial claims for unemployment benefits remained high, and the Conference Board's consumer-confidence index fell sharply last month.

All this begs the question "Why were the economic indicators expected to improve?" Because of obama's vast understanding of matters economic? Or perhaps because of his crack team of tax cheats economic advisers.

And what is our fearless leader doing about all this?

Republican leaders said they told President Barack Obama at a White House meeting Wednesday that he needs to offer up a detailed plan to reduce the federal budget deficit, a call they said Mr. Obama rejected.

House Majority Whip Kevin McCarthy (R., Calif.) said he urged Mr. Obama during the 90-minute meeting to release a plan so that negotiations between Democrats and Republicans could proceed. He said the president was reluctant to put forward a plan.

"He didn't want to write one," Mr. McCarthy said in an interview. "He said 'I just want one plan at the end.' "

Asked about whether the Obama administration intended to release a budget plan, White House Press Secretary Jay Carney said at a daily press briefing Wednesday, "we don't need another proposal out there."

There's some real leadership for you. I don't want to do anything. You do it, and I'll tell you what's wrong with it.

House Budget Committee Chairman Paul Ryan (R., Wis.) told reporters that he gave Mr. Obama a detailed explanation of the House Republican budget plan for fiscal 2012 and beyond, including his proposal for revamping the Medicare program. Mr. Ryan said he explained how his plan works so the president wouldn't in the future "mischaracterize it."

"Mischaracterize" my ass. The clown-in-chief and his cronies out and out lied. Old folks will die. Women and children will starve. Orphans will be kicked out into the street. It'll be the end of the world as we know it if we cut spending.

Carney disputed Ryan's suggestion that the White House is mischaracterizing his Medicare plan. "We don't think it is demagoguery...it is a different assessment of the facts," Carney said at his White House briefing.

Well, assess these facts, asshole. There's not a single one of them that's better today than in January 2009 when this incompetent imbecile took office.