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Invisible Economic Growth

Invisible Economic Growth
The unemployment rate inched down one-tenths of one percent to 8.8 percent this month, according to statistics release by the Labor Department late last week. So why does the economic recovery feel so sluggish? Sean mentioned a Wall Street Journal Op-Ed {Article} piece that describes one of the key reasons behind the anemic growth - Uncle Sam is now paying a far more prominent role in the economy than ever before. The article reveals that twice as many people work for the government than in all of manufacturing combined. Sean invited Nicole Petallides and Gerri Willis from the Fox Business Network to discuss the topic. “We have 13.5 million Americans who don't have jobs right now that need to be put back to work,” explained Willis. Petallides explained why the 8.8 percent unemployment rate is misleading. “It appears like it is better but it really is worse. People have taken jobs that they don't necessarily want. They are taking part-time jobs and wages are not increasing at all. They are actually less than one percent whereas consumer prices are going up 4.6 percent.” Watch Sean’s entire interview with Nicole Petallides and Gerri Willis by clicking here.

Are Obama’s Mortgages Underwater?
With the recent decline in housing prices, the Obamas' Chicago mansion could be worth less than the value of their mortgages. According to the American Thinker {Article}, the Obamas purchased their dream home in 2005 for $1,650,000 in Chicago's Kenwood area.  Since then, real estate prices have dropped considerably and their mortgages may be underwater like millions of other Americans who bought real estate before the housing bubble burst. “Big deal, this will never hurt them like it will millions of other Americans,” Sean said.

Jeff Sessions On Budget Battle
Republican Senator Jeff Sessions joined Sean on the NewsMaker Hotline and said that he is getting tired of hearing Democrats call the Tea Party “extreme” and “radical.” Sessions argued Tea Party supporters are good people who merely want government spending to be reduced and are not in any way extremists. Sessions also didn’t know what Democratic Senator Harry Reid was talking about when he said there was a deal being blocked by the Tea Party, suggesting that the Republican leadership is unaware of any deal. And as the budget proposal from Republican Congressman Paul Ryan is starting to be debated, count Sessions among one of its strong supporters. Sessions declared Ryan’s budget will help put us on the “road to prosperity” and get us off of the “road to danger.” “This is not the end of the world,” Sessions said referring to the budget battle in Washington. “This is the beginning of a long step in a series of steps we have to take to put our country on a sound financial footing.”

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