Posts Tagged ‘18 months’

Recession Ended In June 2009? Really? Then What The #*$% Do You Call This?

September 21, 2010

Did you hear?  Happy Times have been here again since June 2009.  And don’t check outside your window to find out that the sun smiles down; listen to the “experts”:

It’s official: The Great Recession ended last summer
By Neil Irwin

The Great Recession is officially over — and has been for more than a year.

The panel of economists that is the widely accepted arbiter of business cycles has called an end to what is now officially the longest U.S. economic downturn of the post-World War II era. The recession ended in June 2009, 18 months after it began in December 2007, according to the National Bureau of Economic Research’s business cycle dating committee.

Yes I see all the qualifiers that the economists hastened to add to say that things aint rosy.

But I also can’t help but notice how convenient the proclamation was: just in time for the post-labor day political silly season, when people finally begin to listen to the campaign rhetoric.

It’s almost as if … No.  Couldn’t be.  No way a panel of economists would ever allow themselves to be useful idiots for big government liberalism.

On the other hand, Thomas Sowell DOES point out that the liberal intelligentsia have pretty much always been useful idiots for big government leftist ideologies in the past:

“George Orwell said that some ideas are so foolish that only an intellectual could believe them, for no ordinary man could be such a fool. The record of twentieth century intellectuals was especially appalling in this regard. Scarcely a mass-murdering dictator of the twentieth century was without his intellectual supporters, not simply in his own country, but also in foreign democracies, where people were free to say whatever they wished.  Lenin, Stalin, Mao and Hitler all had their admirers, defenders, and apologists among the intelligentsia in Western democratic nations, despite the fact that these dictators ended up killing people of their own country on a scale unprecedented even by despotic regimes that preceded them” – Thomas Sowell, Intellectuals and Society, p. 2.

In any event, I recently compiled a list of crises that were gripping the country during the period that Obama was gripping a golf club a few weeks back:

I want you to go back over that list and see how many of these disasters are basically under the banner of “worst since …”  And that many of these go back several decades.

Does that make it sound like we went through the rough patch and come out the other side?  When less than a month ago we saw the jobless numbers at their highest in 9 months, pre-owned homes sales sink to their lowest level in 15 years, new home sales sink to their lowest level since 1963, durable goods orders sink to their lowest level in 1 1/2 years, the federal deficit soaring to its highest level in 65 years, the trade gap rising to its widest margin in 26 years, and so on?

How about this description of Obama’s economic legacy: the highest poverty rate increase in FIFTY YEARS just reported????

Poverty Rate In U.S. Saw Record Increase In 2009: 1 In 7 Americans Are Poor
HOPE YEN and LIZ SIDOTI | 09/11/10

WASHINGTON — The number of people in the U.S. who are in poverty is on track for a record increase on President Barack Obama’s watch, with the ranks of working-age poor approaching 1960s levels that led to the national war on poverty.

Now, you see all those other terrible numbers and you think, “And the eggheads say we’re out of recession now?”

Even DEMOCRATS don’t believe this load of giant load of junk:

Disappointed Supporters Question Obama
By SHERYL GAY STOLBERG
Published: September 20, 2010

WASHINGTON — It was billed as “Investing In America,” a live televised conversation between President Obama and American workers, students, business people and retirees on the state of the economy, a kind of Wall Street to Main Street reality check.

But it sounded like a therapy session for disillusioned Obama supporters.

In question after question in Monday’s one-hour session, which took place at the Newseum here and was televised on CNBC, Mr. Obama was confronted by people who said, in short, that they had expected more from him. People from Main Street wanted to know if the American dream still lived for them. People from Wall Street complained that he was treating them like a piñata, “whacking us with the stick,” in the words of a former law school classmate of Mr. Obama’s who now runs a hedge fund.

“I’m exhausted of defending you, defending your administration, defending the mantle of change that I voted for,” said the first questioner, an African-American woman who identified herself as a chief financial officer, a mother and a military veteran. “I’ve been told that I voted for a man who was going to change things in a meaningful way for the middle class, and I’m waiting, sir, I’m waiting. I still don’t feel it yet.”

The jokes on you, fools.  You voted for demagogic rhetoric and empty promises of “hope” and “change.”

And you got precisely what you voted for; the worst failure in American history.

Obama’s response to the woman was his typical load of demagogic garbage that the Republicans only care about their own power, whereas Obama is transcendentally hovering above politics, only caring about the people.  Even though Obama was there in the first place for a political campaign event.

The elite liberal government class will, of course, continue to assure us that Obama’s economy is somehow proceeding exactly according to plan.  But when these people tell you “Good morning,” you’d darned well better check outside:

Because these eggheads aren’t telling you the truth.

Obama Government Like Red Giant Sun About To Explode

September 14, 2010

Obama is a grandiose narcissist, so in a way I’m doing him a favor by comparing the government which he has recreated in his own image to the sun.

But let me assure you, I’m not being complimentary.

Like the U.S. government, the sun is the largest thing in our world by a whole bunch.  It’s huge and it’s powerful.  And it will go on and on, as long as things work the way they’re supposed to work.

But toward the end of a sun’s life, things start to go very wrong.  And it’s that “very wrong” direction that Obama has hugely accelerated us in.

As long as a sun is burning its legitimate source of hydrogen fuel, it is incredibly stable.  But then there comes that point where the hydrogen is burned up, and it starts to feed on itself.  It grows bigger – more than 200 times its previous stable size – and to an ignorant eye, it would appear that the sun was much more powerful than it had been before.  But in reality it is dying; it is burning the wrong kind of fuel; in reality it is about to explode.

That’s where Obama has taken us.  We’re burning through debt-spending at an astonishing and frankly astronomical rate.  For the last six decades we’ve grown huge with deficit spending; but never anything like what we’re seeing now.  Like the red giant sun, we’ve massively expanded beyond what is healthy or sustainable.  And it doesn’t take an astrophysicist to see that we’re nearing our end.

FDR massively expanded our federal government in his day; and it has been growing and growing and growing ever since.  But now Barack Obama has entered the scene and:

There’s little question that the anvil will fall on the US economy due to the near doubling of the national debt as Obama adds a projected $9.7 trillion to the $11.7 trillion black hole of debt we’re already in.  Obama is borrowing 50 cents on the dollar as he explodes the federal deficit by spending four times more than Bush spent in 2008 and in the process “adding more to the debt than all presidents — from George Washington to George Bush — combined.” And most terrifying of all, Obama’s spending will cause debt to double from 41% of GDP in 2008 to a crushing 82% of GDP in 2019.

What will be the result of all this insane spending, and not very far off? A quote from a CNS News story should awaken anyone who thinks the future will be rosy:

By 2019, the CBO said, a whopping 82 percent of the nation’s gross domestic product (GDP) will go to pay down the national debt. This means that in future years, the government could owe its creditors more than the goods and services that the entire economy can produce.

and:

By comparison, from the day Mr. Obama took office last year to the end of the current fiscal year, according to the Office of Management and Budget, the debt held by the public will grow by $3.3 trillion. In 20 months, Mr. Obama will add as much debt as Mr. Bush ran up in eight years.

and:

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

and:

Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

As in “$800 billion a year.”  Every year from then on.

But it will likely be even more frightening than that:

The Obama administration is desperate to minimize the size of the budget deficit, which has become a huge political liability. It is gambling that interest rates will stay low. But, as I argue in “Boomergeddon,” the 30-year era of declining interest rates on sovereign debt is coming to a close. Interest rates will rise sharply in the decade ahead. And thanks to Treasury’s short-term actions, there will be very little to buffer the country from massive increases in interest on the debt. Between the mounting size of the debt itself, rising interest rates and short maturities, the interest burden could quadruple — perhaps even quintuple — by the end of the decade. By 2020, the U.S. could well be paying $1 trillion a year in interest.

$1 trillion a year in interest, only ten years away.  That amounts to paying for 1.16 Obama stimulus programs every single year, until we go the way of the Dodo bird.

Only we won’t just go away.  We’ll implode as an economic system and as a society, and then we’ll explode.

Near the end of a sun’s life cycle it turns into a red giant.  When our sun does this, it will grow so large that it will expand a minimum of 200 times its present size, and the planet Mercury and probably even Venus will be completely swallowed up.

To the uninformed, it would probably look as though the sun has become bigger and stronger than ever.  But to those who know, they will recognize that the red giant sun will be living on its last gaps before its collapse.  When it explodes, it will take most of the solar system – and very definitely planet earth – with it.

That’s the way our government is now, I believe.  Our government – especially under Barack Obama – has grown so huge beyond its legitimate or sustainable capacity it is simply unreal.  Someone who doesn’t understand the reality might think that we’re too big and powerful to explode.  But as our sun itself proves, the bigger we are, the harder we’ll fall.  We have either got to cut back the size of our government, or it’s expansion will consume itself and it will collapse before not very much longer.