Former Obama Adviser: Manufacturing Is Doing Great – FLASHBACK: Manufacturing Drops For First Time in 3 Years
I just posted this video over at Liberty News focused on the idea of being ok with 8.2 percent unemployment, as former Obama economic advisor Austan Goolsbee is. But if you watch the entire video, you’ll hear him say something that Breitbart didn’t focus on when they posted the video.
Goolsbee actually started talking up manufacturing, saying its doing the best it has in years:
Here’s the problem with that:
U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening.
Production declined, and the number of new orders plunged, according to a monthly report released Monday by the Institute for Supply Management.
The slowdown comes as U.S. employers have scaled back hiring, consumers have turned more cautious, Europe faces a recession and manufacturing has slowed in big countries like China.
“This is not good,” said Dan Greenhaus, chief economic strategist at BTIG, an institutional brokerage.
So, according to the guy who advised President Obama on economics, 8.2 percent unemployment is “ok” and a drop in manufacturing is good.
As I have said before, there is another mind behind this administration: