Are we headed for a double dip recession?

It just came out today that they are expecting the GDP to be down to 1% when reported tomorrow. We had gotten back up to 5% last year, then down to 3% at the begining of the year, then 2% lately and now down to 1%. Plus we are at all time record lows for new housing sales. Existing housing sales dropped 27% to a 15 year low. Forclosure are happening at an all time record pace. 50% of those who entered Obama's loan modification programs have dropped out because it didn't work. The market is continuing down. Jobless claims are back on the rise. The 4 week average of jobless claims is the highest it has been in over a year. The only reason that unemployment is not above 10 or 11% is that many stopped looking for work since over 10.2 million Americans are recieving unemployment checks. That can not last forever. Companies have stopped hiring. The stiumlus has pretty much run it's course. So more and more economists are saying that we are looking at another possible recession or maybe worse.

What do you think? And what do you think they should do? Lower taxes? Raise taxes? Another stimulus package?

I think we are still not out of Bush's recession.

Scruffy wrote: I think we are still not out of Bush's recession.

You mean the housing and lending recession. Everyone knows that is what caused it.

Well, I remember this particular recession starting while Bush was president. Do you have a different recollection?

We are still in the same downturn that began in 2007. The Viking may be President before it is over.

Scruffy wrote: I think we are still not out of Bush's recession.

And this is exactly why nothing of any worth will be done. The republicans are sitting on their hands because they have no power. The democrats are sticking their heads in the sand because they can't admit they are part of the problem, and want to "blame Bush", in order to attempt to stay in power.

The OP said nothing about this being Obama's problem...just that there IS a problem.

What should be done? Who cares who started it (IMHO, it is ALL politicians fault).

RenegadeCJ wrote:

Scruffy wrote: I think we are still not out of Bush's recession.

And this is exactly why nothing of any worth will be done. The republicans are sitting on their hands because they have no power. The democrats are sticking their heads in the sand because they can't admit they are part of the problem, and want to "blame Bush", in order to attempt to stay in power.

The OP said nothing about this being Obama's problem...just that there IS a problem.

What should be done? Who cares who started it (IMHO, it is ALL politicians fault).

I agree with you that partisan bickering over this isn't helping matters. But I don't agree that it is a political problem, so I don't really see how there can be a political solution.

I understand why both Bush and Obama pushed for bailouts and stimulus but now that we see that isn't working, what next?

Scruffy wrote: Well, I remember this particular recession starting while Bush was president. Do you have a different recollection?

It started under Bush but Obama just made it much worse and is making sure it will dip again and last a lot longer. Steve Forbes was on today and said had Obama not done anything, that this recession would be in full recovery by now. But because no businesses trust all the new policies, they are not hiring. They are waiting to see what happens when they kick in. And so far it has been all bad. Thus the double dip recession. The economy was coming back without the stimulus. We were back up to 5% GDP and unemployment had plateued and was starting to come down. Now with all the crap that has been signed, it is probably heading up again and going to stick around a while. And heaven help our economy when businesses are forced to supply health insurance even when they can't afford it. Layoffs like crazy are coming then unless they can repeal it and start it over and do it right. And when all of our health care costs go up, we will have a lot less to spend and put back into the economy, so much higher deficits will continue for years to come unless we can reverse some of these policies.

AspenValley wrote:

RenegadeCJ wrote:

Scruffy wrote: I think we are still not out of Bush's recession.

And this is exactly why nothing of any worth will be done. The republicans are sitting on their hands because they have no power. The democrats are sticking their heads in the sand because they can't admit they are part of the problem, and want to "blame Bush", in order to attempt to stay in power.

The OP said nothing about this being Obama's problem...just that there IS a problem.

What should be done? Who cares who started it (IMHO, it is ALL politicians fault).

I agree with you that partisan bickering over this isn't helping matters. But I don't agree that it is a political problem, so I don't really see how there can be a political solution.

I understand why both Bush and Obama pushed for bailouts and stimulus but now that we see that isn't working, what next?

Lower taxes for all and get the money back in the consumers pockets. Just like Bush did that made the Clinton recession the shollowest in history even with the 9/11 attack.

RenegadeCJ wrote:

Scruffy wrote: I think we are still not out of Bush's recession.

And this is exactly why nothing of any worth will be done. The republicans are sitting on their hands because they have no power. The democrats are sticking their heads in the sand because they can't admit they are part of the problem, and want to "blame Bush", in order to attempt to stay in power.

The OP said nothing about this being Obama's problem...just that there IS a problem.

What should be done? Who cares who started it (IMHO, it is ALL politicians fault).

Exactly. I never said anything about Obama. Just asked a question. But many Liberals are programed to just throw that 'Bush's fault' line out there all the time to try and avoid talking about the issue. I am use to it, but you are right, it gets nothing accomplished.