Obama spent the last four years blaming Bush. While he will NEVER cap that well – because Obama is a weasel who pathologically refuses to take so much as a scintilla of responsibility for HIS economy – Obama is now turning to OTHER SOURCES OF BLAME as excuses for the fact that his entire presidency has been one long failure. Obama is now saying he can’t be blamed for America’s slump because of the “debt crisis” in Europe.
But let me just provide on headline for you to point out what a laugher that is:
Barack Obama is the hell of socialist European debt and failure come to America.
Stop and think about Obama’s argument: “You can’t hold me responsible for the U.S. economy because it’s really the Euro debt crisis that’s responsible.” And you’re supposed to overlook the fact THAT OBAMA HAS BEEN DOING EVERYTHING IN HIS POWER TO BRING THE VERY EUROPEAN DEBT CRISIS TO AMERICA THAT HE’S NOW BLAMING FOR AMERICA’S PROBLEMS.
It’s analogous to a cheating husband telling his wife, “You can’t blame me for my infidelity, honey. It’s really the live-in-maid’s fault.” And if the wife has an iota of sense she’s going to reply, “Hey, A$$HOLE, aside from the fact that you’re responsible for your own actions, YOU WERE THE ONE WHO BROUGHT THAT LITTLE HUSSY INTO OUR HOUSE TO BEGIN WITH. AND I KEPT TELLING YOU THAT THE SLUT DOESN’T EVEN BOTHER TO CLEAN!”
This abject hypocrisy of Obama blaming the very sort of condition that he is trying to create for what is going wrong is part of the reason that we can mock liberalism as a completely vacuous pseudo-intellectual bowel movement.
An Associated Press story gives us still another laugher: “World stocks fall on dismal US hiring report.” You see, Obama is blaming the failure of EUROPE for America’s problems while the rest of the world is more rightly blaming the failure of AMERICA under Obama for the world’s problems. You see the irony? If you want to see the world under Obama’s leadership, it pretty much boils down to a bunch of pointing fingers. And more and more fingers are pointing at Obama now. Including life-long liberal Maureen Dowd.
What Obama is doing is no different than what Greece is doing: they’re both failures led by clueless idiot Marxist demagogues, after all.
I asked the question, “US Is in Even Worse Shape Financially Than Greece. And Why Is That In The Age Of Obama???” What I was pointing out (and see also here) was the fact that if more government spending was the answer, both the US and Greece ought to be THRIVING, right??? The fact of the matter is that Europe has been in a perennial state of economic doldrums for forty years BECAUSE of it’s out-of-control socialist spending. And it’s just at the point that Europe is truly on the verge of collapse BECAUSE OF THAT SPENDING that Obama and the Democrat Party says, “We should be more like Europe.”
We really shouldn’t. Which is why Obama is “the first downgraded president.”
Obama’s essential bet has been that he could declare open war with business and that if he demonized and attacked business enough that he could force businesses to grow and hire while repudiating capitalist profits. And surprise, surprise, he’s as wrong as you can get.
We keep hearing about Greece, which has basically been in a perennial state of meltdown for the last two years while European socialist liberals keep trying to put one band aid after another over arterial spray bleeding.
But Greece is only the tip of the iceberg, and like REAL icebergs (sorry to pop your collectivist bubbles, global warming demagogues) the debt iceberg is getting bigger and bigger.
Let’s go to Spain:
Spain is in ‘total emergency’, the EU in total denial
After a Spanish exit from the euro, there would be nothing left to exit from.
By Janet Daley
9:00PM BST 02 Jun 2012
I’ve never actually heard the term “total emergency” before, at least not in the context of global economics. It sounds like the title of a disaster movie. When it is uttered in sober tones by the elder statesman of an advanced democracy to describe his country’s financial condition, the effect is rather startling.
The man who delivered this apocalyptic judgment, former Spanish prime minister Felipe González, being a socialist, might be expected to detest austerity programmes that require cuts to government spending. But there seemed to be few disinterested observers of Spain’s economy prepared to quibble with his assessment.
Forget Grexit. Greece’s teeny, tiny economy is a footnote now. As is Ireland’s decision – which seemed more like a sigh of resignation than a plebiscite – to engage in however much self-flagellation the EU gods insist on, for however long it takes. What might have seemed dramatic a week or so ago has now shrivelled in importance by comparison to the realistic possibility of a spectacular crash in the fourth largest economy in the EU. Spexit (and Spanic) are lodged in the lexicon, and have become part of the psychological reality that moves markets. The equivalent of more than £55 billion was withdrawn and transported out of Spain last month – and that was before the country’s largest bank was nationalised. No one seems to be kidding himself that the collapse of the Spanish economy could be somehow weathered and overcome, as the default of Greece might be.
There is no talk of firewalls, or of simply letting Spain go, or of the European banking system being re-capitalised to compensate for the losses that it would suffer. Nope. This is it. The cancer has now spread to the vital organs of the EU. Spain is not a peripheral Mediterranean country. It is not an insignificant player in the political project. It is not a marginal going-along-for-the-ride-and-the-free-money passenger on the euro train. Not only is its economy so large as to be indispensable, but its ties with Italy mean that the Italian economy (which is the third largest in the EU) would be fatally compromised by its fall. “Itexit” is almost unpronounceable, so perhaps it’s fortunate that it will never be required: after Spexit, there would be nothing left to exit from.
With Spain’s “total emergency”, the point at which denial and bluster become absurd has been well and truly reached, but this being the EU, the gamesmanship goes on. Still the pointless demands for “decisive action” continue, even though the only action that would possibly constitute a remedy is politically untenable if member states are to maintain any pretence of democratic accountability.
To repeat (sorry, but it does seem necessary) what I have said before on these pages: however much she is beaten about the head by blowhards in Brussels, Rome, London and Washington, Angela Merkel cannot let the ECB (in effect, the Bundesbank) print money to soak up the debts of Spain, Greece or Italy. To do that would not simply be to fly in the face of her own electorate’s wishes. (What the hell, you might say – every European political leader is doing that.) It would be to contravene the constitution which was enforced upon Germany by the post-war settlement. In other words, it would be both undemocratic and illegal within the terms of the German nation state which, for all the hokum about European political union, still exists. And there it is.
This is the heart of the irreconcilable contradiction on which the euro is being broken. As everyone has been saying, in order to be viable in the face of market pressures, a genuine currency (as opposed to a pretend one) must have a “lender of last resort” – a true central bank like the US Federal Reserve System. But this is impossible within the EU because the constitutions of member states are not compatible with each other or with the principle of underwriting debt across national boundaries (as the states of the US are under their genuinely federal system). So, either the existing democratic institutions and historical principles of all EU countries must be forcibly reconciled in a Year Zero political reconstruction, or there can never be a monetary union (let alone fiscal union) that will be sustainable. This is where we are.
What would such a reconstructed political entity look like (assuming that someone in the delusional European political class should think of trying it)? Presumably it would involve wealth redistribution on an epic scale – since the most urgent problem to be remedied is the disparity between the poor, indebted states and the rich, thrifty ones. Fiscal transfers (meaning Germany pays for everybody) would be an accepted, perhaps automatic, mechanism, thus creating more or less permanent dependency of the less productive on the more productive. We have grown accustomed in Britain to this form of cross-subsidy, in which wealth produced in the South East is channelled to the North. Even within one country with a shared identity and linguistic culture, it breeds some resentment and resistance.
Applied across the boundaries of nations whose peoples have profoundly different historical experiences and social attitudes – and whose democratic institutions have been shaped by their collective memories – it would be incendiary. And it is worth saying that there is nothing invidious in this. For Germans to refuse to bend in the face of shrill demands to (as they see it) debauch the currency is a sign of conscience: an unwillingness to forget the shame and criminality into which such a process led them in the last century. It is ironic that Germany itself was one of the great drivers of economic union, and specifically of the democratic socialist model in which “the rich nations help the poor ones” as José Manuel Barroso (who seems less and less capable of remaining in touch with reality) likes to put it.
Now the “socialist” and the “democratic” sides of this utopian vision are heading for a collision: the EU can embrace wealth-redistribution wholeheartedly – with the full works of a central bank, fiscal uniformity and no nonsense about the will of the people – or it can accept the separate, and morally defensible, differences between its member states which will mean thinking seriously about other options than browbeating Germany. Generally, when given a choice, Europe ditches the democracy and keeps the socialism – so I wouldn’t get your hopes up.
Aside from the fact that Spain DWARFS Greece and pretty much guarantees that the “European debt crisis” is a monster that WILL get out of control and create an economic calamity, there’s another interesting fact about Spain: and that is that Spain was basically Obama’s model for “green jobs.”
Spain, you see, was the country that dived deep into the well of “green jobs” that Obama hailed as the answer to the U.S. economy. The problem is that theory was and continues to be a giant load of crap. In reality, the “green jobs” that Obama has been touting actually destroyed 2.2 actual jobs for every job they created. And the jobs that were destroyed tended to be better paying jobs, at that.
The reality of Obama’s campaign to create jobs is that “Rapidly Worsening Labor Participation Rate Now Lowest In More Than THIRTY YEARS Under Obama’s Failed Regime. PLEASE LOOK AT HISTORY!!!”
Now, I suppose that if you are a green energy enthusiast, you could still argue that green jobs haven’t been given a real chance in America because Barack Obama is so pathologically dishonest and corrupt in giving hundreds of billions of taxpayer money to his crony capitalist campaign contributors that he frankly belongs in a prison cell.
But other than that excuse, Obama’s and Spain’s “economic recovery plan” are a spectacular failure.
There are a couple of other things that need to be pointed out about the “European debt crisis.” At the top of the list is the fact that liberals are constantly saying, “Spending cuts can’t possibly work! They tried them in Europe and look what happened!”
Two things need to be pointed out: the first is the little fact that the troubled European countries NEVER actually “tried” austerity; what they did was first agree to austerity as a condition of receiving bailout loans, and then renege on any actual austerity in the wake of a constantly striking and rioting left. France, for example, just elected a SOCIALIST to do the very opposite of what the IMF said they needed to do. And isn’t it interesting that this open SOCIALIST’S major policies and Obama’s are virtually identical?
One place that DID try “austerity” is Belgium. Here’s how that worked out:
The Belgian government’s austerity measures, which include public spending cuts and tax increases, aim to save €11.3bn in 2012. The budget also includes an increase in the early-retirement age to 60 years from 58 years (applicable from January 1st 2012 for new contracts and from 2015 for old ones).
The budget is based on the goals agreed with the European Commission in the 2010-13 Stability and Growth Programme: a reduction of the budget deficit from 4.2% of GDP in 2010 to 3.6% in 2011 and 2.8% in 2012. In January the government’s 2012 budget was criticised by the Commission for relying on an over-optimistic economic growth estimate of 0.8% for 2012. As this target is now unrealistic with the Belgian economy already in recession, the government announced in January that additional measures would be needed in light of a lower growth forecast for 2012 (0-0.5%).
When Belgium faced more problems, rather than riot, they cut more:
Coene Urges Additional Spending Cuts as Belgium Faces Economic Contraction
By John Martens – Feb 14, 2012 9:00 PM PT
Belgium needs additional budget cuts of at least 1 billion euros ($1.3 billion) to meet its 2012 deficit target as the central bank forecast the euro region’s sixth-largest economy will contract this year.
Belgium’s budget deficit will reach 3.1 percent of gross domestic product this year following a 2011 shortfall of 3.8 percent that was narrower than previously estimated, theNational Bank of Belgium said today. The Belgian economy will contract 0.1 percent in 2012, the bank forecast, cutting a Dec. 14 prediction for growth of slightly less than 0.5 percent.
Central bank Governor Luc Coene urged Prime Minister Elio Di Rupo’s six-party coalition to maintain its deficit target of 2.8 percent of GDP this year and said an additional 1.3 billion euros of cuts are needed if the government wants to unblock planned expenditure that was frozen last month to win a reprieve from European Union sanctions.
“The growth rate in government expenditure remains a fundamental problem that needs to be solved and it is closely linked to an increase in public-sector employment,” Coene told reporters in Brussels on Feb. 14. His comments were embargoed until today. “One should do more to stimulate economic growthand make the budgetary correction a bit easier.”
And what happened? Well, it sure surprised the hell out of the “experts”:
Belgium surprises with first-quarter return to growth
By Philip Blenkinsop
BRUSSELS | Wed May 2, 2012 4:31pm BST
BRUSSELS (Reuters) – Belgium’s economy returned to growth in the first quarter and was not in recession in the second half of 2011 as initially thought, data showed on Wednesday, in an encouraging sign for the broader euro zone.
Gross domestic product grew 0.3 percent in the first quarter from the last three months of 2011 and by 0.5 percent compared with same period last year, Belgium’s central bank said.
The rise in output followed a quarterly contraction of 0.1 percent in October to December.
The positive news from a country closer to Europe’s core contrasts with data in the last week showing both the Spanish and British economies sinking back into recession.
First quarter figures for the euro zone, which shrank by 0.3 percent in the fourth quarter, will be published on May 15. Germany, France, Italy and the Netherlands are also due to release their GDP estimates on that day.
Economists were surprised by the positive Belgian growth figures, having expected austerity measures announced at the end of 2011 to undermine consumer sentiment and domestic demand.
Well, what the hell. Let’s consider the mindset of these leftist “experts”:
Which is why no matter how many times they are refuted, the leftist “experts” keep insisting we go deeper into “solutions” that produce still more debt and more failure.
That’s one thing to consider. The second thing is the fact that American conservatives are not talking about “austerity” the way the socialists in Europe are: because whereas the European socialists see the crisis in Europe as being solvable only with higher taxes (think about that: the same government that spent too much now says it needs to tax more), American conservatives keep pointing out that cutting tax rates and incentivizing growth and investment not only grows the economy but ACTUALLY INCREASES TAX REVENUES.
The other fly in the ointment for the European model of “austerity” based on hiking taxes is the fact that our CBO has studied this issue and concluded that if we don’t extend the Bush tax cuts we are going to fall off a “fiscal cliff.” Which again serves to demonstrate that the entire model the Europeans – and the Democrats in America – are following is completely wrongheaded.