As fake as Solyndra, a minute player in the solar manufacturing industry, visited by Mr. Obama just last year and the recipient of a $535 million loan guarantee from the U.S. Energy Department. The company suspended operation this week and plans to file for bankruptcy and stated it has no idea how much it owes creditors. Naturally, as it is only reminiscent of billions spent in Iraq and Afghanistan, where the GAO came to the conclusion of being unable to account for the billions and do not know into which hands the funds went.
In announcing an August zero job growth picture, the labor department did not do anyone any favor. Simply put, no-one can remember a summer month with absolute zero job growth? It is just terrible. It is impossible, to place a positive spin on that report in any form or fashion.
We learned this week, construction spending contracted once again, as did the Chicago PMI , with manufacturing losing another 3,000 jobs said the labor department. Of course, as weekly new claims for unemployment benefits continue above the 400,000 mark, they will make no dent in the unemployment rate, rather increase the rate down the road.
In addition, with consumer confidence dropping a whopping 15 points, it merely validates the theory, the consumer has no confidence whatsoever in the administration and its economic policies.
Will it get better? Hell no, it will only get worse and regardless what the President will tell the nation next week, hold on to whatever you have. By now, you should know, there is a view from a politician, and there is another view, that of reality. Is there hope? Not this year, and maybe longer.