Some Good Economic News

Via Saint Petersblog:the graph with the national debt over the years. As you can see the debt goes down when Democratic presidents are in office. The national debt is now at $5 trillion.

Under Obama the deficit has actually gone down from a year ago.

The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.

Part of the reason spending is down is because of stimulus and TARP money that was used to stabilize the economy last year. The news that the deficit shrunk is good, but there is more that needs to be done. Consumer confidence is down. The lack of hiring creates a smaller tax base. The Conference Board's Consumer Confidence Index is expected to release a positive report. However, people are still not optimistic.

David Resler, chief economist at Nomura Securities, said, "Consumer attitudes have remained gloomy. Although an improvement from September, October's anticipated rise isn't much of an overall improvement."

The economic policies of the Obama administration has bee light years ahead of the Bush administration. The hole the Obama economic team in is huge. Obama would have been better off politically if he took on financial reform at the height of public anger towards Wall Street. Obama instead decided to push forward with health care reform. The result was a political disaster that helps the Republicans during the midterms.