Tuesday, June 26, 2012

Bleak House: Not Just A Novel By Charles Dickens

Reuters recently published an article noting the recent downturn in manufacturing growth. According to the piece:
U.S manufacturing grew in June at its slowest pace in 11 months and hiring in the sector slowed as overseas demand for U.S. products waned, an industry survey showed on Thursday.

The article also goes onto explain:
Manufacturing has been one of the strongest links in an otherwise frail U.S. economic recovery, but Markit said weaker overseas demand may be starting to slow hiring in the sector.

This development comes as the latest in a series of bleak news about the national economy this week. And it offers yet another indication that President Obama’s policies are just not working to bring jobs back to this country, get Americans back to work, and turn around the economy. This report comes on the heels of remarks by one of the President’s Big Labor allies characterizing the country’s economic growth as “weak.”

It also underscores the need for a president who will enact policies which foster an economic environment hospitable to growth and investment. That’s why President Obama’s failure to pursue tax reform is hurting the prospects of the manufacturing industry in the long-term. In its present form, our tax code is overly complicated and burdensome, making America uncompetitive on the global stage.

In short, this news about the manufacturing sector offers yet another sign that the private sector is not “doing fine.” It turns out Bleak House is not just a novel by Charles Dickens, but a term to describe the Obama Economy.