Dangerous Defeatism is taking hold among America’s economic elites


While last week’s data was less bad than feared, it was still awful. Manufacturing orders fell to the lowest in 15 months. Some 54,000 jobs were lost in August and the broad U6 gauge of unemployment rose from 16.5pc to 16.7pc. The US needs to create 150,000 a month just to stay even. The social depression is getting worse, not better.

All of the stimulus plans by Obama, and the Congress were aimed at propping up the public sector, and the unions, saving Government jobs, and creating more. The proposed new 50 billion stimulus is just more of the same, and is one more nail in the coffin of private business. Obama seems to have a special ability to do the most harm to everything that’s not Government! The National debt may be at the point of no return, and the US does not have the EU to bail them out.

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