Share on Google Plus Share on Twitter Share on Facebook 2 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (2 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   6 comments
General News

Boosting the Economy--One Big Screen TV at a Time

By       Message Walter Brasch     Permalink
      (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; , Add Tags Add to My Group(s)

Well Said 2   Must Read 1   News 1  
View Ratings | Rate It

opednews.com Headlined to H2 11/30/10

Become a Fan
  (52 fans)
- Advertisement -

by Walter Brasch

          Even the most casual observers would believe that the U.S. is making an economic recovery if they saw the hordes descend upon retail stores on Black Friday.

          Americans began lining up four hours before the stores opened as early as midnight. And they weren't shopping just for necessities. Sale of large-screen TVs and video games were up significantly from two years ago. The consumer Electronics Association predicts a 4.1 percent increase in sales over a year ago.

          About a third of all American adults shopped on Black Friday, up from slightly more than one-fourth of all Americans a year ago, according to analysts from Goldman Sachs.

          About 80 million Americans went into retail stores on Black Friday, according to the National Retail Federation (NRF). These Americans spent about $10.7 billion in retail stores, slightly more than last year, according to research analysts at ShopperTrak. For the three-day weekend, sales were about $20.5 billion. Not included in the ShopperTrak data were sales from major retail discounters, including Walmart and Target. Walmart reported sales up 30 percent from last year.

          Sales were pushed by online purchases. PayPal reports online sales increased 27 percent on Black Friday from a year ago. FirstData says sales from credit and debit cards rose 8.6 percent from last year. Overall, retail and cyber sales are expected to increase 2.3 percent from 2009, to $688.9 billion this year, according to data from the NRF.

          But, Black Friday spending isn't the only indicator of a recovering economy. The non-partisan and impartial Congressional Budget Office (CBO) reports that the Recession that began in 2007 probably ended late last year.

          Overall, the economy is up 2.8 percent in 2010, according to the CBO. Bloomberg, Wells Fargo, and Morgan Stanley, plus dozens of others who track the economy also show at least a 2 percent increase this year, with at least a 3 percent increase next year. Even the conservative Wall Street Journal points out the economy is up 2.5 percent, with a 2.8 percent increase predicted for 2011. The National Association for Business Economics, analyzing data collected by 51 professional economists, notes the gross domestic product grew about 2.7 percent this year, and will rise 2.6 percent next year.

- Advertisement -

          In related data, the Dow Jones average, which plunged at the end of the Bush--"Cheney years, is up about 10.5 percent in the past six months. The CBO reports that although unemployment is hovering at 9.6 percent, without the Obama Administration's stimulus plan, unemployment would be between 10.4 and 11.6 percent.   By the end of 2011, unemployment is expected to drop to 8.7 to 9 percent, according to several major analysts, including the Wall Street Journal.

          Since December 2009, employment in the private sector has risen

by 1.1 million, according to the Bureau of Labor Statistics. About 2.5 million jobs are expected to be added in 2011, according to the American Bankers Association's Economic Advisory Committee   Unemployment, according to the ABA, should decline to about 8.5 percent.

          But, there are still almost 15 million unemployed, most of whom saw their companies downsize or send jobs overseas. At the same time that Congressional Republicans blocked extending unemployment benefits, they have protected the wealthiest 2 percent of Americans. Under the Obama plan, individuals earning less than $200,000 a year would continue to receive the Bush-era tax cuts. The cost to protect the rich would be more than $3 trillion over 10 years. It appears that President Obama, under heavy political fire, will yield to the Republicans, who campaigned heavily on a promise to cut spending--except for their own special interests, of course.

          Related to the unemployment problem, more than a million Americans, will lose their homes to foreclosures. The sub-prime mortgage crisis began when government regulators and the Bush--"Cheney Administration disregarded numerous warnings and then fell asleep while financial institutions became even more greedy between 2006 and 2009, and lured millions into a false sense of security.

- Advertisement -

          Overall, America is slowly on the path to recovery. But, to those who lost their jobs and then their homes, it just doesn't seem that way.

[Dr. Brasch is an award-winning syndicated column and author of 16 books. You jay contact himn at www.walterbrasch.com]

 

- Advertisement -

Well Said 2   Must Read 1   News 1  
View Ratings | Rate It

http://www.walterbrasch.com

Walter Brasch is an award-winning journalist and professor of journalism emeritus. His current books are Before the First Snow: Stories from the Revolution , America's Unpatriotic Acts: The Federal Government's Violation of (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Twelve Angry White People: Jury Nullification in a Pennsylvania Coal Town

Baffled, Befuddled, and Bamboozled: Penn State Trustees and NCAA are Sinking

Truckin' to Treason: The Hot Air of Secession

Former OEN Managing Editor Files Lawsuit Against Philly Police, City. Charge: Constitutional Violations in Her Arrest

Keystone XL, Through Transcanada, Uses Eminent Domain to Seize Texan's Land

Rush to Judgment: Talk Radio's 'Truth Detector' Blows a Fuse--Again