Back in 1980 I was a delegate for President Carter and went to a briefing in DC during a preliminary committee meeting for the Convention and one of the administration economic team talked to a group of us about the prospects for November and what our state and local races could expect as the key issues. He said he would be very candid and then said there was nothing the President or administration would be able to do to turn the economy around or bring down oil prices to help with the election. Unfortunately he was correct and the President was not re elected. We got the start of the Saint Ronnie era.
I don't think that is true this time, as indicated below.
The impact of the stimulus money is being felt even in Fox-Palin land of Idaho as shown by the article, below, and more importantly, by the street paving and highway projects all over our state being funded by the otherwise "evil gubbernment".
Idaho could get $51M under federal jobs bill
By JESSIE L. BONNER - Associated Press Writer
Published: 08/10/10
BOISE, Idaho — Idaho public schools are expected to receive about $51 million to protect teaching positions as part of a job-saving measure signed into law by President Barack Obama on Tuesday.
The money is part of a $26 billion bill aimed at helping teachers and other public workers avoid layoffs, and will be funneled to Idaho schools as they head into their worst budget year.
. . . . ..
Idaho's health insurance program for the poor will also get a boost from the bill, which would be paid for mainly by closing a tax loophole used by multinational corporations and reducing food stamp benefits for the poor.
. . . . .
The legislation provides $10 billion to school districts nationwide to rehire laid-off teachers or to ensure that more teachers won't be let go before the new school year begins.
It also sends $16 billion to continue Medicaid funding for six additional months at levels set under the 2009 federal stimulus act.
http://www.idahostatesman.com/2010/08/10/1298291/idaho-could-get-51-million-under.html
Read more: http://www.idahostatesman.com/...
Idaho, like many rural states, is heavily dependent on international sales of crops and products. The disaster in the world from the decline in the wheat harvest in Russia and elsewhere is providing an unexpected increase in the price of wheat for Idaho and neighboring states that are huge grain producers, like Washington and Montana. Idaho also ships finished paper and wood products as well as computer chips and electronic parts around the world. The ability of the world economy to buy US made agricultural and manufactured products is growing, if you read the international financial press and not just the echo chamber of US msm who have little financial background, or the CNBC right wingers (John Harwood the lonely exception). See below, for instance:
Corporate earnings: Revival of the fittest
By Richard Milne and Francesco Guerrera
Published: August 9 2010 19:51 | Last updated: August 9 2010 19:51
. . . .
Net profit margins for the leading US companies that make up the Standard and Poor’s 500 index are forecast this year to be almost in line with the peak of 2006, while total earnings will surpass 2007’s high of $743bn, according to Bank of America/Merrill Lynch analysts. That combined with minimal capital expenditure and lower costs has led to cash piles expanding rapidly. US non-financial companies had $1,800bn in cash and other liquid assets on their balance sheets at the end of March, according to the US Federal Reserve. That is equivalent to 7 per cent of all corporate assets, the highest percentage in half a century.
The optimists see this as a sign that a wave of corporate spending, including on takeovers, is about to be unleashed. "This trend bodes well for the future," says Mr Richards of RBS. "As uncertainty subsides, this cash can be redeployed for more productive ends. Look not only for additional debt reduction but ... an increase in capital expenditure, a restocking of inventories and eventually an increase in hiring."
. . .
http://www.ft.com/...
The same international financial paper points out that the entire US auto industry is on the move again, despite the trashing of the "bailout" that is repeated over and over as a cause of the supposed decline in the popularity of the President that we hear about, over and over, on msm as they cite their own polls and each other's "experts". See below:
Fresh access to credit lifts US car sales
By Bernard Simon in Traverse City, Michigan
Published: August 3 2010 18:37 | Last updated: August 3 2010 18:37
US new car sales rose to their highest level of the year in July, helped by drivers’ eagerness to replace ageing models and by improved sales to car-rental operators and other fleet owners.
. . . .
http://www.ft.com/cms/s/0/a9b9f260-9f1e-11df-8732-00144feabdc0.html
I see the increase in help wanted in our 50,000 population local newspaper from half a page to three now. The title companies are doing more closings and the malls and big box stores have fuller parking lots.
I think that by November, the D's will be able to show the success of the efforts of the President and the D's and overcome the constant drumbeat of FOX and followers in the msm. I don't think this is 1980 again.
update---more data:
Detroit Goes From Gloom to Economic Bright Spot
By BILL VLASIC
Published: August 13, 2010
DETROIT — After a dismal period of huge losses and deep cuts that culminated in the Obama administration’s bailout of General Motors and Chrysler, the gloom over the American auto industry is starting to lift.
Jobs are growing. Factory workers are anticipating their first healthy profit-sharing checks in years. Sales are rebounding, with the Commerce Department reporting Friday that automobiles were a bright spot in July’s mostly disappointing retail sales
. . . . . .
http://www.nytimes.com/...