Hubbub
The latest pablum from The Boston Globe:
“Echoing Hub’s recovery, Charlotte seeks to diversify”
This is the kind of “recovery” hogwash the Globe feeds its gullible readers;
“CHARLOTTE, NC – Slowly, Wall Street South is starting to rise again.
“Charlotte, which gained the nickname for its large cluster of firms, was slammed by the global credit crisis and recession. Its unemployment rate more than doubled, to the double-digits …
“Though the damage remains, the banking sector has since stabilized. More important, Charlotte’s economy, as Boston’s did nearly two decades ago, has begun to diversify so it is no longer dependent on a single industry …
“‘Things seem to be moving in the right direction,’ said Charlotte mayor Anthony Foxx, who can see the Bank of America and former Wachovia towers, as well as the new NASCAR museum, from his office overlooking downtown.
“‘If we’ve seen the worst already, then we are in good shape going forward.'”
Maybe Mayor Foxx isn’t listening. If he was, he would have heard Charlotte’s unemployed voters saying:
“‘People are not spending money like they did before’…
“‘People are definitely buying cheaper things’ …
“‘They don’t spend as much as they do in a good economy’…
And maybe Mayor Foxx doesn’t do too much reading, either. If he did, he’d know that if it wasn’t for the vote by the House of Representatives to extend unemployment benefits and fund new summer jobs, nearly 100,000 Massachusetts residents would fall off unemployment by the end of July.
According to a report from Washington, the unemployment extension was included in a $ 112 billion bill that included new spending and a variety of tax changes. The bill includes more than $ 1 billion to fund 300,000 summer jobs, including an estimated 8,000 in Massachusetts.
But the House Democrats dropped funding for cash-strapped states from the spending bill they approved today, leaving Massachusetts with a $ 700 million hole in its state budget.
With double-digit unemployment, is this the kind of “recovery” you’re hoping for, Mr. Mayor? The “Hub” is not recovering. The “Hub” is existing on federal handouts.