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- UQ – No Economic Recovery Now
Contents**Uniqueness** 2 **Generic Links** 16 **Generic Aff Answers** 30 **Amnesty Links** 33 **Links – Employment Visas** 56 **Aff Answers – Employment Visas** 67 **H2-As, H2-Bs, H1-Cs** 72 **Which Internal Link Is Best?** 79 **Link Defense** 95 **Economic Growth Bad** 105 ** Economic Growth Good** 152 **Uniqueness** UQ – No Economic Recovery NowEcon reform impossible, Obama captured by interests of Wall Street, deficit hawks, congress, and advisers will wait til econ recovers Froomkin 2010 Dan, Huffington Post Online, http://www.huffingtonpost.com/2010/01/23/7-things-about-the-econom_n_433688.html Obama, however, captured as he is by the Wall Streeters and deficit hawks on his economics team, doesn't seem inclined in that direction -- nor, of course, does our utterly dysfunctional Congress. Obama and his advisers don't seem to feel the need for a new approach to growth, or to explain where they think it will come from. Their posture is simply to hang tough until it returns. Banks haven't recovered as much as claimed, risking collapse Froomkin 2010 Dan, Huffington Post Online, http://www.huffingtonpost.com/2010/01/23/7-things-about-the-econom_n_433688.html But the current economic situation is more fragile that some would have it. One particular danger is that because of bogus accounting rules, banks aren't properly recognizing their losses -- and are in fact largely insolvent. UQ – No Economic Recovery NowThe economy is low GDP rate drop and easing consumer spending Bloomberg 7/30 (Shobhana Chandra, 7/30/10, http://www.bloomberg.com/news/2010-07-30/recession-in-america-was-even-worse-than-estimated-revisions-to-data-show.html)BHB Guy Lebas, chief fixed-income strategist at Janney Montgomery Scott LLC, discusses the U.S. second-quarter gross domestic product figures released by the Commerce Department today and the outlook for the economy. Growth in the U.S. slowed to a 2.4 percent annual rate in the second quarter, less than forecast, reflecting a larger trade deficit and an easing in consumer spending. Lebas speaks with Carol Massar on Bloomberg Television’s “In the Loop With Betty Liu.” (Source: Bloomberg) The worst U.S. recession since the 1930s was even deeper than previously estimated, reflecting bigger slumps in consumer spending and housing, according to revised figures. The world’s largest economy shrank 4.1 percent from the fourth quarter of 2007 to the second quarter of 2009, compared with the 3.7 percent drop previously on the books, the Commerce Department said today in Washington. Household spending fell 1.2 percent in 2009, twice as much as previously projected and the biggest decline since 1942. “We do tend to get bigger revisions at turning points in the economy,” Steven Landefeld, director of the Commerce Department’s Bureau of Economic Analysis, said in a press conference this week. On the more positive side, “in the past, we’ve tended to undershoot the recovery” as well, he said. The data better explain why the jobless rate doubled, reaching a 26-year high of 10.1 percent in October, and has been slow to subside. The government also boosted personal income levels for each of the past three years, propelling the savings rate higher and signaling households are further along the process of repairing finances. The rebound from the recession has been more subdued in the last six months of 2009, as the economy grew at an average 3.3 annual pace from July 2009 through December, instead of the 3.9 percent previously projected. By comparison, growth averaged 7.2 percent in the two quarters following the 1981-82 recession, during which the economy contracted just 2.9 percent. UQ – No Economic Recovery NowEconomy low – low labor market means risky trends Bloomberg 7/27 (Alex Kowalski, Tom Keene, 7/27/10, http://www.bloomberg.com/news/2010-07-27/-noisy-economic-data-indicate-uncertain-outlook-for-growth-el-erian-says.html)BHB “Noisy” economic reports underscore the “unusually uncertain” outlook cited by Federal Reserve Chairman Ben S. Bernanke, according to Pacific Investment Management Co.’s Mohamed El-Erian. Corporate earnings are backward-looking, and the key economic issue is the U.S. labor market, El-Erian, Pimco’s chief executive and co-chief investment officer, said in a radio interview today with Tom Keene on Bloomberg Surveillance. “The minute someone puts out a green light, and earnings constituted a green light, you’ll see people rushing back into risk markets,” El-Erian said. “The indicators that we look at suggest that the economy continues to lose momentum. The key is going to be ultimately is the economy creating enough jobs to make people comfortable, to allow companies to invest?” UQ – No Economic Recovery NowThe economy is low key indicators point to deflation Montreal Gazette 7/30 (Paul Vieira, 7/30/10, http://www.montrealgazette.com/business/Stark+warning/3338804/story.html)BHB A top U.S. Federal Reserve official warned Thursday the U.S. economy is close to sliding toward Japanese-style deflation, and the current policy of keeping interest rates at near-zero for an extended period might exacerbate matters. James Bullard, president of the Federal Reserve Bank of St. Louis, said in a policy paper the best way to avoid such a dangerous outcome is for the U.S. central bank, despite its already bloated balance sheet, to buy up U.S. Treasury bonds. “The U.S. is closer to a Japanese-style outcome today than at any time in recent history,” Mr. Bullard said. The promise to keep the key policy interest at near-zero for an extended period, as the U.S. Federal Reserve has been wont to do, is a “double-edged sword,” he said, because it could reinforce expectations that inflation will fall further. “A better policy response to a negative shock,” he said, “is to expand the quantitative easing program through the purchase of Treasury securities.” Analysts say Mr. Bullard’s comments mark a sea change as up until now Fed officials in Washington, from chairman Ben Bernanke onward, have largely avoided talking about deflation and Japan, instead referring to downside risks to the economy. “This is the first time I have seen a regional Fed bank president discuss deflationary risks to this extent, and to come right out with a comparison to the Japanese experience. This is truly remarkable,” said David Rosenberg, chief economist and strategist at Gluskin Sheff + Associates. “This is not an exercise in mincing words.” Eric Green, New York-based chief U.S. strategist with TD Securities, said Mr. Bullard’s message reinforces a view that the Fed is closer to providing further stimulus to the economy. This is something Mr. Bernanke said last week was an option should it be required, although suggesting the Fed hadn’t given it much thought. “The Fed had thought more about tightening than it has about more easing. That is beginning to change,” Mr. Green said. “The Fed has a right to be concerned about how things are developing.” Economic data from the United States have come in weaker-than-expected, showing a decline in home sales, a slump in consumer confidence, and weaker manufacturing. Further, job growth has not taken off as expected — payrolls shrank in June. The fear is the U.S. economy could face another downturn, and the federal government would have little room to spend more on infrastructure or cut taxes, as voters are already worried about the country’s sky-high debt levels. This raises the spectre of deflation, or falling prices, much like Japan. Consumer prices in the United States have been falling, with core inflation, which excludes volatile-priced items, recently hitting its lowest level since 1966. Download 0.75 Mb. Share with your friends:
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