The economy is okay, the economy is....!

Oh, well, like the sky is falling?

Today we learned that the jobless rate has risen to 9.7%.

In many states, it is above 10%.

The Cash-for-Clunkers didn't seem to help the auto industry--that sector of the economy lost 15,000 jobs. See http://politicopolitico.blogspot.com/2009/09/update-of-cash-for-clunkers.html

Vice-President Biden said that the Stimulus Package has created over a half million jobs. This is false (I won't say "lie"). Jobs are not being created: before the stimulus bill was enacted, the new job rate was 3.2%--now it is 2.9%.

And, only a fraction of the stimulus money has been spent. Most of that has been given to states to pay their overdue bills. This kind of spending does not create jobs.

Banks are continuing to fail. Consumer spending is down. House prices and stocks are weak. Economic growth is stagnant.

Honestly, I wonder how Things are Going to Go when our taxes are raised later this year (Yes, Virginia, There will be a Tax Hike) and inflation increases.

What will Mr. Biden say then?