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Friday, December 3, 2010

Economy resputtering?

Anyone who expected good news over the latest jobs reports were sorely disappointed today. The reports, which were expected to show gains of around 150,000, actually showed gains of around 40,000. Which means that unemployment went from 9.6 to 9.8 percent. Of course, economic advisors are saying that as these reports are volitile, plus the fact they can be revised,  people should not put too much stock into them, which, to me, is kind of an odd attitude to take, as these reports are probably the only things that inspire confidence in the markets. There are several other details that people say should be included, such as: there's an increase in holiday retail, and home sales are up. The only good thing about this is the fact that it may become easier to pass unemployment benefits, which are desperately needed at the moment. Republicans, of course, lost no time in blaming Obama's policies, saying that they are discourging businesses to invest. Like they were with the tax cuts theygot. Oh wait, they weren't. Here's my message to the GOP: the tax cuts for the rich did nothing. We cannot afford to leave them in place. Get rid of them. To the Democrats: We need the rich to start paying taxes, but we also need to find areas to cut spending. Then, maybe the confidence will return, and the economy will grow again.

Please call your congressperson, and tell them that the tax cuts for the wealthy need to be paired with spending cuts. It's the only way to show that the government is serious about lowering the deficit.

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