With home construction plunging three months in a row, driving it to the lowest levels since October 2009 this economy is faltering on complete failure with a non-existent recovery plan.
The truth is, what we have is an incompetent, inexperienced ideologically socialist President who appears to be more hell-bent on destroying the economy rather than fixing it.
Driving the June decline was a more than 20% drop in condominium and apartment construction which makes up a small but volatile portion of the housing industry.
It is evident that April, May and June are the leading months for construction permits and with three months of steady declines, this construction season is all but shot to hell for contractors for the remainder of this year and into 2011.
And don’t try to tell me that the good news is that construction permits rose 2.1% from a month earlier. In an industry that has been as hard hit as the home building industry that is a pathetic increase and no where what is needed to get Americans back to work.
What is ironic is a President, who has been boasting of creating millions of new jobs and proclaiming this the summer of recovery, standing in front of his glassy-eyed Obama news media talking about how three individuals can’t find work and how we need to extend unemployment benefits to 2 and ½ years.
Why didn’t the Mesiah struck Obama news media ask the tough questions like? "Urr, Mr. President, if your economy is on a mend, and you’ve created the millions of jobs you said you did, why do we need to extend unemployment benefits?”
And even a better question would be. "Excuse me Mr. President, when does 2-1/2 years of unemployment benefits turn into permanent welfare benefits?"
In a typical economic recovery, the construction sector provides much of the fuel to recovery. With builder’s sentiment sinking to a low of 14, the lowest since March 2009, and the May new home sales drop of 33%, the lowest in 47 years, we are being forced to look to the spring of 2011 for any hopes our lives will even begin to look like they are getting back on the road to recovery.
What we really have is a community organizer who is in over his head and just doesn’t get it; Mr. President, we need jobs not hand-outs. It's the economy stupid!
Oh, while you're at it, stop feeding us your steady stream of false hopes and socialist covered lies.