Posts Tagged ‘8%’

With Eyes Finally Wide-Open, Reconsider Why The Economy Collapsed In The First Place

December 31, 2009

We are now able to see that from the very beginning of the Obama administration, the Republican Party has again and again demonstrated that they were completely right and Democrats were completely wrong.  Whether you look at the stimulus, cap-and-trade, bogus climate change claims, health care, or terrorism, Americans now solidly agree that Republicans were represent the people; and that Democrats do NOT represent the people.

Right now, a solid plurality of Americans thinks the stimulus (that 99% of Republicans voted against) harmed the economy.  And the people are starting to realize what an ideological partisan slush fund the stimulus was (also predicted by Republicans).

When Obama was elected, unemployment was at 6.6%.  He promised that his stimulus would prevent unemployment from reaching 8%.  And now it’s at 10%, and it’s going to get higher.

Obama demagogued Bush’s spending.  But Bush deficits -bad as they were – were only 2-3% of GDP.  Obama’s deficits are 12.8% of GDP – which is five to six times higher.

Now that your eyes are finally beginning to open wide and see Obama and the Democrats for who and what they truly are, let me point out a few things about the past collapse.

What Americans – and particularly Americans who actually vote – need to realize is that Democrats were trying to do this kind of crap and play these kind of games all along.  They were trying to do it throughout the Bush years, when George Bush tried 17 times to regulate the out of control and Fannie-Mac-and-Freddie-Mae-dominated housing mortgage markets – and Democrats thwarted him over and over again.

Why do I mention the Government Supported Enterprises (GSEs) Fannie Mae and Freddie Mac?  Because they were at the very heart of the mortgage meltdown.

The LA Times writes on May 31, 1999 that:

Lenders also have opened the door wider to minorities because of new initiatives at Fannie Mae and Freddie Mac–the giant federally chartered corporations that play critical, if obscure, roles in the home finance system. Fannie Mae and Freddie Mac buy mortgages from lenders and bundle them into securities; that provides lenders the funds to lend more. . . .

LaVaughn M. Henry, Ph.D. Director, U.S. Economic Analysis The PMI Group, Inc. December 9, 2008, pointed out:

The Role of the GSEs is to provide liquidity and stability to the U.S. housing and mortgage markets. Step 1 Banks lend money to Households to purchase and refinance home mortgages Step 2 The GSEs purchase these mortgage from the banks Step 3 GSEs bundle the mortgages into mortgage-backed securities Step 4 GSEs sell mortgage-backed and debt securities to domestic and international capital investors Step 5 Investors pay GSEs for purchase of debt and securities Step 6 GSEs return funds to banks to lend out again for the issuance of new mortgage loans.

It was steps 3-5 that messed us up.  Fannie and Freddie bought mortgages – including many mortgages that poor and minority homeowners couldn’t begin to afford under the mandate of the Community Reinvestment Act – bundled them such that no one could assess their risk, and then sold them to private companies such as Bear Stearns and Lehman Brothers.  Fannie and Freddie were exempt from SEC [Securities and Exchange Commission] regulations.   The GSEs could bundle up mortgages, which would then be rated AAA, with no requirement to make clear what was in the bundle.  Private companies believed that the bundled securities were guaranteed, since they were essentially being sold by the federal government.

But there were many who predicted that this system – created and maintained by Democrats – could explode.

From the New York Times in September 30, 1999:

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.“

”From the perspective of many people, including me, this is another thrift industry growing up around us,”
said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.” . . .

And that is precisely what happened.  There was a downturn (and there will ALWAYS be downturns, won’t there?), and Fannie and Freddie were so leveraged that they collapsed and caused the collapse of the entire industry.  Financial experts anxiously pointed out that a decline of only 1.3% would bankrupt Fannie and Freddie because they were leveraged to the tune of 60%? to 78%.

Democrats were the priests and acolytes of the GSE system.  They protected it, and they were the ones who pressed all the buttons and pulled all the levers.

Keven Hasset concludes an article titled, “How the Democrats Created the Financial Crisis“, concludes by saying:

Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons.  Fannie and Freddie provided mounds of materials defending their practices.  Perhaps some found their propaganda convincing.

Watch this video showing how Goerge Bush and John McCain repeatedly warned of the economic collapse (length=4 min):

Watch this video of Democrats protecting and covering for Fannie Mae (length=8 min):

Here’s a video entitled “Burning Down the House: What Caused Our Economic Crisis?” (length=11 min)

And then we find that Barack Obama was in bed with Fannie and Freddie and their shockingly risky policies:

Who really exploded the economy in 2008, liberals or conservatives? Who do you think?  The liberal mainstream media allowed Democrats to blame George Bush simply because he was president at the time, never mentioning that the Democrats who controlled both the House and the Senate relentlessly opposed everything Bush tried to do; and it allowed Democrats to not have to account for the fact that they’d been in complete control of both the House and the Senate.  But remember that the economy went from outstanding to collapsed during the two years (2006-2008) that the Congress was under Nancy Pelosi and Harry Reid.  The unemployment rate was 4.4% when Republicans last ran Congress.  What is it now, three years of Nancy Pelosi and Harry Reid later?

Few people understand how huge Fannie and Freddie are, or how deeply burrowed they are in the mortgage industry.  But let me put it to you this way: the federal government now underwrites 9 out of 10 residential mortgages.

John McCain tried to warn us in 2006:

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

But he was ignored.

When George Bush first tried to regulate an already out-of-control liberal bastion of Fannie and Freddie, Barney Frank led the united Democrat opposition and said:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

And just before Fannie and Freddie collapsed and brought down the entire housing mortgage industry with it creating the economic meltdown, Barney Frank – continuing to stop any regulation of Fannie and Freddie – said this:

REP. BARNEY FRANK, D-MASS.: I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.

Fannie Mae and Freddie Mac went completely bankrupt, and had to be bailed out by the government.  It had been Fannie and Freddie which had the sole authority to buy mortgages, bundle them into the mortgage-backed securities which ultimately exploded, and sell those securities to private companies (as I have already shown).  Just as it was Fannie and Freddie which had been the seller of subprime loans.

Democrats demonized and demagogued Republicans by blaming them for a mess that DEMOCRATS created.  And Republicans were to blame primarily because they didn’t do enough to stand up and courageously oppose the disaster that Democrats had created

A couple weeks ago the New York Times reported that Fannie and Freddie would get a whopping $800 billion to cover losses incurred under the Obama administration (and see another article on this $800 billion fiasco here):

Fannie Mae and Freddie Mac, which buy and resell mortgages, have used $112 billion — including $15 billion for Fannie in November — of a total $400 billion pledge from the Treasury. Now, according to people close to the talks, officials are discussing the possibility of increasing that commitment, possibly to $400 billion for each company, by year-end, after which the Treasury would need Congressional approval to extend it. Company and government officials declined to comment.

But it turned out that that was wrong.  Fannie Mae and Freddie Mac weren’t going to get $800 billion.  That won’t be nearly enough.  They are going to get an unlimited amount of funding (potentially in the trillions):

From the Wall Street Journal, December 26, 2009:

The Obama administration’s decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie MaeFreddie Mac over the next three years and stirred controversy over the holiday.

A Newsbuster article, entitled, “Relief Without Limits,” provides an excellent resource of facts and commentary on this incredible and terrifying development.

Remember the righteous outrage of Democrats and the Obama administration over the compensation of CEOs of private banks?  The Democrats don’t seem to mind when Fannie and Freddie execs get huge compensation packages.

The monster rises yet again, and larger and uglier and more dangerous than it has ever been before.  And just like the first time it collapsed, Democrats are in total control of it.  Fannie and Freddie stock went up significantly as the news was announced.  Watch it dwindle back to zero by the end of 2010.

We’re facing another tsunami of foreclosures in 2010.  And three mortgages get worse for every single one that improves.

And even uber-liberal sources like the Huffington Post are acknowledging that Obama’s policies have utterly failed:

Anatomy of a Failed Foreclosure Program (dated 12-07-09)

Just how badly is President Obama’s $75 billion foreclosure program working out? Consider these newly-released numbers: Out of every 100 homeowners who came to JPMorgan Chase for help under the program, just 15 have or will likely receive a permanent payment reduction.

What happened to the other 85? For every 100 trial plans initiated from April through September 2009 under the Home Affordable Modification Program:

  • 29 borrowers did not make all required payments under their trial plan;
  • 20 borrowers did not submit all documents required for underwriting;
  • 31 borrowers submitted all required documents but the documents did not meet HAMP underwriting standards, due to such things as missing signatures or nonstandard formats;
  • 4 borrowers were or are likely to be rejected for undisclosed reasons;
  • 1 borrower will not or is not likely to get their payment lowered.

The data comes from the prepared remarks bank officials plan to make Tuesday before the House Financial Services Committee. The testimony was posted Monday on the committee’s website.

It adds up to a brutal illustration of just how the HAMP program, which is supposed to reduce troubled homeowners’ monthly payments to 31 percent of their income, is failing.

Failing.  As in “failing grade.”  As in failed Obama presidency.

You still don’t know the half of it.  Obama’s $75 billion mortgage modification bailout is costing taxpayers an average of $870,967 PER HOUSE when the average house is worth only $177,900.

Famed analyst Meredith Whitney predicted that unemployment would rise to 13% or higher primarily due to the failure to contain the failure to deal with the mortgage industry:

Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry, analyst Meredith Whitney told CNBC. […]

“We underestimate how much the whole economy is dependent on the mortgage industry, and that has to change,” Whitney said. “This is what happens when you delay the inevitable. We’re buying time here, but we’re not restructuring the economy.”

Under the radar, and against the objections of Republicans that was primarily covered only by C-SPAN, Democrats implemented and then fiercely protected policies that were almost guaranteed to doom our economy.  When the meltdown finally occurred, the same Democrats who created the black hole in the first place flooded the airwaves and blamed George Bush – whom they had already vilified and brought down through unrelenting attacks using the Iraq War as their main foil.

The propaganda worked, and Barack Hussein Obama – a politician who is more beholden to corrupt and frankly un-American entities like Fannie Mae and Freddie Mac, ACORN, and the SEIU than any president in history.

And now we’re truly paying for our stupidity.

Obama is taking the same policies that imploded our economy, and multiplied them by a factor of ten.  It’s only a matter of time before his policies create a rotten floor for our economy to plunge through all over again — only this time far, far worse than before.

Someone might say, “But look, Obama is rebuilding the economy.  He’s brought back the stock market, and things are getting better.”

First of all, they really aren’t getting better, and the Dow can drop a lot faster than it can rise (history lesson: there were several rises and crashes of the stock market during the Great Depression).  And second of all, if you loan me a few billion dollars to spread around, I can temporarily bring up the production of my local economy, too.

Just don’t expect either me or Barack Hussein to repay the loan when it comes due.

Obama has been compared – and has compared himself – to FDR.  We now know that for all of FDR’s popularity, his “reforms” during the Great Depression were massive failures which actually kept the United States in depression for seven years longer than if he’d done nothing at all.

Henry Morganthau, FDR’s Treasury Secretary, said in May 1939, after nearly seven years in office:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong… somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises… I say after eight years of this Administration we have just as much unemployment as when we started… And an enormous debt to boot!”

In believing the propaganda and lies of the Democrats and Barack Obama, Americans may have well placed the nation in a hole that it very may well not be able to climb out of.

Obama Job Summit Deliberately Snubs Primary Job Creators

December 4, 2009

Do you remember Obama publicly attacking the U.S. Chamber of Commerce over it’s opposition to ObamaCare? Obama sure does.

Barack Obama is a petty, vindictive man.  And petty men do petty, vindictive things.  He is the kind of man who deceitfully and cynically claimed that he would uniquely transcend the political divide – only to be the most politically divisive figure we have ever seen in the White House.  And he is the kind of man who would cut off his nose to spite America’s face.

Case in point: the Obama job summit.

Obama gathered liberal economists (no conservatives allowed), pro-Democrat corporate CEOs, and union chiefs to tell him only what he wanted to hear.

But one business group was entirely shut out by Barack Obama, namely, the U.S. Chamber of commerce, which represents businesses that employ 115 million Americas (well more than half of the total U.S. work force).  And, according to USCoC executive vice president of government affairs Bruce Josten, “Not only were we not invited, but not a single business organization HQd in Washington DC was invited.”

Small businesses create three out of every four jobs in America.  Not that Obama gives a damn.

The National Federation of Independent Business (NFIB) – which also crossed Obama on ObamaCare – was also deliberately excluded.

Just in case anybody actually believed the White House or lamestream media propaganda that Obama’s “job summit” had anything to do with actually creating jobs.

An incredibly petty and vindictive president decided to punish the Chamber of Commerce and the National Federation of Independent Business for refusing to help him small business destroy jobs.   And in doing so, he is punishing millions of American workers.

Just imagine a job summit which is openly hostile to the actual creators of jobs.  Just imagine that job summit being depicted as being for the purpose of informing the president of all of the job-creating possibilities, when no one who disagreed with the president’s leftist views was even allowed to attend.

After agreeing with Judge Andrew Napolitano’s point that America is not going to have any meaningful job creation as long as the Obama administration continues recklessly printing, borrowing and spending trillions of dollars even as it utterly abandoning free market principles, Josten went on to say:

We need to get some certainty back in the American economy.  And right now you have a business community that doesn’t know what their tax liabilities are going to be a year from now; have no idea what their health care costs are going to be next year; have no idea what their energy costs are going to be next year; and have no idea what kind of credit is going to be available next year.  So this ‘big bang theory’ of using the crisis if you will – as the administration said some time ago – to move and overhaul entire swaths of the American economy, at this point is fueling uncertainty in the business community – and I would suggest to your listeners – in the American public.  And that’s a prescription to defer making any decisions.

And let’s not forget other abominations to business such as the union-agenda-imposing “card check” that would massively add to businesses’ costs if passed.

In other words, YOU ARE THE PROBLEM, OBAMA.

For all of Obama’s demagoguing and demonizing the Bush administration, this is Barack Obama’s economy (and any real leader would have long-since quit trying to blame his predecessor and started taking responsibility for what is happening in the country during his watch anyway).  It is HIS policies that have prevented the economy from recovering.  It is HIS policies that are killing jobs by creating paralyzing fear and uncertainty.

According to Jesus (see Luke 14:28), any wise man sits down and counts his costs before beginning a project.  But how can a business man do so in the climate of fear that Obama has created?

Statistically, this recession should have ended a while back, as the economy attained equilibrium and recovered on its own.  The average length of a recession is 11 monthsIt’s only when elitist statist bureaucrats start screwing around with all the economic levers because they think they know better than the free market system that we get long-term economic recessions and depressions.

Obama “turned fearmongering into an art form” while he force-fed his massive pork-laden stimulus onto the nation:

As he tells it, today’s economy is the worst since the Great Depression. Without his Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover.

He promised us that if his stimulus passed, he would be able to keep unemployment under 8%.  Now it’s in double digits.  The rate dropped 2/10ths of a percent this month from last, primarily due to the fact that more people are simply giving up even bothering to look for jobs:

The unemployment rate also dropped because fewer people are looking for work. The size of the labor force, which includes the employed and those actively searching for jobs, fell by nearly 100,000, the third straight decline. That indicates more of the unemployed are giving up on looking for work.

The participation rate, or the percentage of the population employed or looking for work, fell to 65 percent, the lowest since the recession began.  Once laid-off people stop hunting for jobs, they are no longer counted in the unemployment rate.

The bait-and-switch and shell games being played by the mainstream media and the White House propagandists continues at Titanic-about-to-plough-into-an-iceberg pace.  Bad economic news that is not as bad as it could have been is projected as good news, while seriously bad news is buried in the 22nd paragraph of an optimistically-entitled and positively-spun article.

What we have is a numbers game in which actual unemployment could literally soar, even as the “official” unemployment rate actually decreases.

But you can bet your boots that actual unemployment will continue to go up.

Obama and his propagandists have since incessantly argued that they “underestimated” how bad the economy that “Bush left them” actually was.  That’s how they explain away their pathetic failure to do what they promised they could do if the got their porkulus.  But that argument utterly fails because Obama repeatedly compared it to the Great Depression.  In fact, Paul Volcker, the Chair of Obama’s handpicked President’s Economic Recovery Advisory Board, back on February 20th actually told us the situation “may be WORSE than the Great Depression.”

So I’ll leave it to you to figure out how the Obama administration could have argued on the one hand that the economy was the worst since, or even worse than, the Great Depression on the one hand, and then turned around on the other hand and said that they didn’t realize how bad the economy actually was.  Because if you know anything at all about the terrible conditions of the Great Depression, you know that our present economic situation has never been even close to being as bad as the Great Depression.

But don’t worry.  If you feel left out because you haven’t been able to experience the Great Depression, Obama’s policies are making sure you’ll be able to enjoy a Great Depression of your own soon.

Now we know this was just liberals using a “crisis” as an “opportunity.” As Obama’s Chief of Staff put it:

EMANUEL: You never want a serious crisis to go to waste. What I mean by that is it’s an opportunity to do things that you think you could not do before. This is an opportunity.

The point is that this unemployment “crisis” is just another “opportunity” for Barry Obama to “fundamentally transform America” and pay off his pro-liberal corporate and union special interests doing it.

Obama’s decision to deliberately snub the U.S. Chamber of Commerce and the National Federation of Independent Business in a “job summit” was either pathologically petty, idiotically incompetent, or both.  And the American people are going to suffer as a result.

If anybody should have been snubbed from attending the jobs summit, Barry Hussein, it was YOU.

As for the three-quarters of American workers who get their jobs from small businesses, well, screw you people.  That’s the “change” you get.

Copenhagen: Apparently The Only Way Obama Will Be Able To Lower The Oceans Is By Shutting Up

November 18, 2009

When someone said that no occupant of the White House had ever been able to walk on water, liberals rushed in to correct us: no previous occupant of the White House has been able to walk on water.

Barack Obama was going to be different.  He was going to be the Messiah who replaced God with Government, and would be anointed as the Savior of the world.

Obama told us:

“I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless; this was the moment when the rise of the oceans began to slow and our planet began to heal… This was the moment — this was the time — when we came together to remake this great nation …”

I mean, wow.  It’s not like he didn’t promise the world, well, the world or anything.

Statements like that help you understand why liberals like Spike Lee went just a little bit beyond absolutely insane:

“It means that this is a whole new world. I think…I’ve been saying this before. You can divide history. BB Before Barack. AB After Barack.”

And why people like Nation of Islam racist demagogue Louis Farrakhan proclaimed Obama as The Messiah:

“You are the instruments that God is gonna use to bring about universal change, and that is why Barack has captured the youth. And he has involved young people in a political process that they didn’t care anything about. That’s a sign. When the Messiah speaks, the youth will hear, and the Messiah is absolutely speaking.”

But something happened to Captain Amazing after he actually took office: a fundamental inability to even begin to walk his talk.

We all remember Obama receiving the Nobel Peace Prize for his two signature accomplishments of Jack and Squat.  And that Nobel Prize for Accomplishing Nothing may be the symbol of the Obama administration.

We tend to forget about how he promised his stimulus would prevent unemployment from reaching 8% (it’s now 10.2% and rising), or how pathologically pathetic his administration has since been in fabricating statistics to show his $3.27 trillion porkulus has been anything other than an abject failure.

Obama can’t even pretend his useless policies work without spectacularly screwing up.  As ABC puts it:

Here’s a stimulus success story: In Arizona’s 15th congressional district, 30 jobs have been saved or created with just $761,420 in federal stimulus spending. At least that’s what the Web site set up by the Obama administration to track the $787 billion stimulus says.

There’s one problem, though: There is no 15th congressional district in Arizona; the state has only eight districts.  And ABC News has found many more entries for projects like this in places that are incorrectly identified.

Oh, there’s more “there” there.  A lot more.  More dishonest butchery of employment statistics than you could ever hope to shake a stick at.

It turned out that not only was he basically not able to do anything to create jobs, but he couldn’t even do nothing right.  As Charles Krauthammer put it:

“When they speak seriously about this and how precise all of this is – 640,329 jobs saved –  comical precision.  And then it turns out a lot of these are fictional jobs in fictional districts, what happens is an administration that has already been satirized by Saturday Night Live as “do-nothing,” is now going to be seen as an administration that cannot even do nothing competently.”

Conservatives predicted his partisan stimulus slush fund would fail to deliver jobs.  And now liberals are finally recognizing it too:

NAACP, La Raza, AFL-CIO Tell Obama Stimulus Failed

With unemployment among blacks at more than 15 percent, the N.A.A.C.P. will join several other groups on Tuesday to call on President Obama to do more to create jobs.

The organizations — including the A.F.L.-C.I.O. and the National Council of La Raza, a Hispanic advocacy group— will make clear that they believe the president’s $787 billion stimulus program has not gone far enough to fight unemployment.

They will call for increased spending for schools and roads, billions of dollars in fiscal relief to state and local governments to forestall more layoffs and a direct government jobs program, “especially in distressed communities facing severe unemployment.”

Reminds me of an article title I had way back in May: “Obama Stimulus Robin Hood In Reverse: Poor Get Poorer.”

Obama passed off a pretty clever (though blatantly fallacious) load of hooey onto an equally dishonest and ideological lamestream media when he ginned up the bogus “created or saved jobs” statistic.  As Allan Meltzer, professor at Carnegie Mellon University put it, “One can search economic textbooks forever without finding a concept called ‘jobs saved’.”

But since then, his self-justifying  fabrications have been increasingly absurd and asinine.

To those brainwashed liberals who insist that the economy would have been worse if Obama hadn’t passed the stimulus, let me put it this way: the economy would have been worse if George W. Bush hadn’t done everything he did, too.  I mean, one load of baloney deserves another.

Obama has watched the American death toll in Afghanistan double from George Bush’s last year in office.  And his dithering over making the obvious decision to send the troops his own general requested has turned any momentum we may have been able to create into abject failure.  Both friend and foe alike should question Obama’s commitment, along with his competence.

Then we’ve had the mindboggling exhibition of incompetence in the Obama administration’s bungling of the H1N1 vaccine.  Lower the level of the oceans?  Obama can’t even raise the level of the flu doses!

And now even the liberals in Europe are turning on Obama as a colossal fraud and impostor.  As the German der Spiegel put it:

Barack Obama cast himself as a “citizen of the world” when he delivered his well-received campaign speech in Berlin in the summer of 2008. But the US president has now betrayed this claim. In his Berlin speech, he was dishonest with Europe. Since then, Obama has neglected the single most important issue for an American president who likes to imagine himself as a world citizen, namely, his country’s addiction to fossil fuels and the risks of unchecked climate change. Health-care reform and other domestic issues were more important to him than global environmental threats. He was either unwilling or unable to convince skeptics in his own ranks and potential defectors from the ranks of the Republicans to support him, for example, by promising alternative investments as a compensation for states with large coal reserves.

The Democrat-controlled Senate put off Obama’s cap-growth-and-tax-prosperity climate agenda until Spring (and good luck passing that economy killing monstrosity then!); and world leaders just said, “Better luck next time” with their climate change treaty.

Personally I cannot for the life of me understand why Obama’s plan

“Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.”

– failed.  I mean, who wouldn’t want shockingly high energy prices? Who doesn’t want to freeze in the dark?

Sorry, Barry Hussein.  If you want to live up to your promise to lower the oceans and heal the planet, I guess you’ll just have to start doing a lot more shutting the hell up and saving the planet from all your useless hot air.  Because other than that, you did squat.

Democrats Worried About Fact That They Haven’t Been Worried About Jobs

November 17, 2009

This would be funny, if it wasn’t so blatantly pathetic:

Pelosi switches to jobs
By Mike Soraghan – 11/16/09 08:41 PM ET

House Democratic leaders, worried they’ve appeared unresponsive to rising unemployment because they were absorbed by healthcare, are aiming for a legislation solution by Christmas.

That focus follows a similar shift in the Senate, where Majority Leader Harry Reid (D-Nev.) told colleagues he also plans to bring up a jobs measure, The Hill reported first last week.

The House change began Monday night when leaders scheduled AFL-CIO President Richard Trumka and Robert Kuttner, co-editor of The American Prospect, to address the House Democratic Caucus.

And it could end with an economic package on the floor sometime in December, Democratic sources said.

But some leadership aides cautioned that leaders are still debating whether to do one large package or a series of smaller bills.

And they say the Obama administration has yet to get on board.

One way or another, aides say, House Democrats’ message from now to Christmas will be about jobs.

“We continue to look for opportunities to build on the recovery package and other actions Congress has taken to bolster the economy,” said Nadeam Elshami, spokesman for Speaker Nancy Pelosi (D-Calif.).

Leaders want members to have something to take home with them to show that they’re working on the economy. But they have to balance that against growing discomfort among voters about skyrocketing government spending.

It’s not that Democrats give a damn about jobs; they just want to make sure like they LOOK like they give a damn about jobs.

Obama promised that if his giant pork-laden generational theft act known as the “stimulus” passed, unemployment would be capped at no higher than 8%.  And then it just kept growing and growing.

The Democrats’ plan never was about jobs, but about government control and about creating a trillion dollar political slush fund.

Don’t believe me about the stimulus slush fund?

To get as far as the bill did so far, it appears the administration might have spread some money around. California Rep. Jim Costa was wavering but told a local newspaper last week that his vote could be contingent on getting some federal money for a new medical school in his district along with help for local hospitals.

When a constituent named Bob Smittcamp e-mailed him to complain about his vote for the House bill, the congressman explained he’d been offered the dollars he was looking for — $128 million in federal money.

“He responded to me by basically saying that he did not like many of the elements there were in the legislation. However, he was able to procure $128m for the University of California medical school in Merced,” Smittcamp told Fox News.

They have spent the last five months (plus) utterly consumed by a government health care takeover that most Americans didn’t want virtually from the outset.

Now we’re learning that this massive 2,000 page monstrosity is anything BUT “deficit neutral” even in the first ten years (and it blows up into enormous deficits thereafter) and that it most definitely WILL hurt seniors and undermine Medicare.

And all the Democrats can say is “full steam ahead!”

A few things come out of this “Pelosi switches to jobs” article:

1) The Democrats are literally afraid that the American people will recognize the truth and get angry about it.

2) Democrats have absolutely no clue how to create jobs.  And Obama has even less of a clue than the other Democrats.

3) The Democrats are turning their “job creation” over to the unions.

And it’s number three that frankly pisses me off the most.

It’s amazing that the SEIU only has 2.2 million members, but more influence than anyone else bar none in the Obama administration.  SEIU president Andy Stern – basically a confirmed Marxist – has had more visits to the White House (22 so far) than ANYONE.

It’s really no surprise that Obama and the Democrats would run to their special interest to write their legislation for them.  SEIU was given a huge hand in crafting both the stimulus and the health care legislation; why NOT let them write the next jobs bill too?

The words of Barack Hussein Obama, as presidential candidate:

“Your agenda has been my agenda in the United States Senate. Before debating health care, I talked to Andy Stern and SEIU members. Before immigration debates took place in Washington, I talked with Eliseo Medina and SEIU members. Before the EFCA, I talked to SEIU. So, we’ve worked together over these last few years and I am proud of what we’ve done. I’m just not satisfied.”

Obama’s number-one visitor is on the record as saying:

“We’re trying to use the power of persuasion. And if that doesn’t work, we’re going to use the persuasion of power”

And Obama’s union thugs are all about using “the persuasion of power.”

Glenn Beck pointed out that he had a solid 3 million viewers.  And he wondered how the American people would act if HE had had more visits than anyone else to the Bush White House, and got to write the stimulus and the “job creation” legislation.

The AFL-CIO has about 11.5 million members, based on their own information.  With a total of 15.4 million union members in the United States.  Rush Limbaugh has 14.2 to 25 million listeners, according to the Washington Post.  And I wonder how liberals would react if Rush Limbaugh had more visits to the White House than anyone, and got to write the laws that will run the nation.

So you start to see just how blatantly partisan and ideological the Democrat Party truly is.  The union agenda is just as hostile to what Republicans want for the nation as Glenn Beck’s or Rush Limbaugh’s agenda is to what Democrats want for the nation.

We’re not just talking about partisanship; we’re talking about HYPERHYPER-partisanship.

Let me say about jobs what Libertychick said about health care: “SEIU (and by obvious extension AFL-CIO) doesn’t care about jobs.  SEIU cares about SEIU.”  Barack Obama and the Democrat Party are going to let the unions and the hard-core union agenda write themselves huge sums of taxpayer dollars.

What’s that?  You DON’T think that the SEIU only gives a damn about the SEIU?

From the Allentown Morning Call:

In pursuit of an Eagle Scout badge, Kevin Anderson, 17, has toiled for more than 200 hours hours over several weeks to clear a walking path in an east Allentown park.

Little did the do-gooder know that his altruistic act would put him in the cross hairs of the city’s largest municipal union.

Nick Balzano, president of the local Service Employees International Union, told Allentown City Council Tuesday that the union is considering filing a grievance against the city for allowing Anderson to clear a 1,000-foot walking and biking path at Kimmets Lock Park.

“We’ll be looking into the Cub Scout or Boy Scout who did the trails,” Balzano told the council.

These unions don’t give a damn about you.  They don’t give a damn about your family.  They don’t give a damn about your community.  They don’t give a damn about altruism or volunteerism or doing right.  And they would burn a Boy Scout’s house down if they thought it would serve their greedy partisan interests.

And the Democrats don’t give a damn about you, either.  Frankly, the Democrats aren’t much different from their number one special interest group.  Democrats are now rushing to cover their hindquarters because they ignored the economy while they were focused on trying to TAKE OVER the economy via their health care agenda.

House Democrats Pass Worst Bill Ever To Destroy U.S. Health Care, Economy

November 8, 2009

Congratulations, America.  This is what you’ve “won”:

NOVEMBER 1, 2009

The Worst Bill Ever
Epic new spending and taxes, pricier insurance, rationed care, dishonest accounting: The Pelosi health bill has it all.

Speaker Nancy Pelosi has reportedly told fellow Democrats that she’s prepared to lose seats in 2010 if that’s what it takes to pass ObamaCare, and little wonder. The health bill she unwrapped last Thursday, which President Obama hailed as a “critical milestone,” may well be the worst piece of post-New Deal legislation ever introduced.

In a rational political world, this 1,990-page runaway train would have been derailed months ago. With spending and debt already at record peacetime levels, the bill creates a new and probably unrepealable middle-class entitlement that is designed to expand over time. Taxes will need to rise precipitously, even as ObamaCare so dramatically expands government control of health care that eventually all medicine will be rationed via politics.

Yet at this point, Democrats have dumped any pretense of genuine bipartisan “reform” and moved into the realm of pure power politics as they race against the unpopularity of their own agenda. The goal is to ram through whatever income-redistribution scheme they can claim to be “universal coverage.” The result will be destructive on every level—for the health-care system, for the country’s fiscal condition, and ultimately for American freedom and prosperity.

The spending surge. The Congressional Budget Office figures the House program will cost $1.055 trillion over a decade, which while far above the $829 billion net cost that Mrs. Pelosi fed to credulous reporters is still a low-ball estimate.  Most of the money goes into government-run “exchanges” where people earning between 150% and 400% of the poverty level—that is, up to about $96,000 for a family of four in 2016—could buy coverage at heavily subsidized rates, tied to income. The government would pay for 93% of insurance costs for a family making $42,000, 72% for another making $78,000, and so forth.

At least at first, these benefits would be offered only to those whose employers don’t provide insurance or work for small businesses with 100 or fewer workers. The taxpayer costs would be far higher if not for this “firewall”—which is sure to cave in when people see the deal their neighbors are getting on “free” health care. Mrs. Pelosi knows this, like everyone else in Washington.

Even so, the House disguises hundreds of billions of dollars in additional costs with budget gimmicks. It “pays for” about six years of program with a decade of revenue, with the heaviest costs concentrated in the second five years. The House also pretends Medicare payments to doctors will be cut by 21.5% next year and deeper after that, “saving” about $250 billion. ObamaCare will be lucky to cost under $2 trillion over 10 years; it will grow more after that.

Expanding Medicaid, gutting private Medicare. All this is particularly reckless given the unfunded liabilities of Medicare—now north of $37 trillion over 75 years. Mrs. Pelosi wants to steal $426 billion from future Medicare spending to “pay for” universal coverage. While Medicare’s price controls on doctors and hospitals are certain to be tightened, the only cut that is a sure thing in practice is gutting Medicare Advantage to the tune of $170 billion. Democrats loathe this program because it gives one of out five seniors private insurance options.

As for Medicaid, the House will expand eligibility to everyone below 150% of the poverty level, meaning that some 15 million new people will be added to the rolls as private insurance gets crowded out at a cost of $425 billion. A decade from now more than a quarter of the population will be on a program originally intended for poor women, children and the disabled.

Even though the House will assume 91% of the “matching rate” for this joint state-federal program—up from today’s 57%—governors would still be forced to take on $34 billion in new burdens when budgets from Albany to Sacramento are in fiscal collapse. Washington’s budget will collapse too, if anything like the House bill passes.

European levels of taxation. All told, the House favors $572 billion in new taxes, mostly by imposing a 5.4-percentage-point “surcharge” on joint filers earning over $1 million, $500,000 for singles. This tax will raise the top marginal rate to 45% in 2011 from 39.6% when the Bush tax cuts expire—not counting state income taxes and the phase-out of certain deductions and exemptions. The burden will mostly fall on the small businesses that have organized as Subchapter S or limited liability corporations, since the truly wealthy won’t have any difficulty sheltering their incomes.

This surtax could hit ever more earners because, like the alternative minimum tax, it isn’t indexed for inflation. Yet it still won’t be nearly enough. Even if Congress had confiscated 100% of the taxable income of people earning over $500,000 in the boom year of 2006, it would have only raised $1.3 trillion. When Democrats end up soaking the middle class, perhaps via the European-style value-added tax that Mrs. Pelosi has endorsed, they’ll claim the deficits that they created made them do it.

Under another new tax, businesses would have to surrender 8% of their payroll to government if they don’t offer insurance or pay at least 72.5% of their workers’ premiums, which eat into wages. Such “play or pay” taxes always become “pay or pay” and will rise over time, with severe consequences for hiring, job creation and ultimately growth
. While the U.S. already has one of the highest corporate income tax rates in the world, Democrats are on the way to creating a high structural unemployment rate, much as Europe has done by expanding its welfare states.

Meanwhile, a tax equal to 2.5% of adjusted gross income will also be imposed on some 18 million people who CBO expects still won’t buy insurance in 2019. Democrats could make this penalty even higher, but that is politically unacceptable, or they could make the subsidies even higher, but that would expose the (already ludicrous) illusion that ObamaCare will reduce the deficit.

The insurance takeover. A new “health choices commissioner” will decide what counts as “essential benefits,” which all insurers will have to offer as first-dollar coverage. Private insurers will also be told how much they are allowed to charge even as they will have to offer coverage at virtually the same price to anyone who applies, regardless of health status or medical history.

The cost of insurance, naturally, will skyrocket. The insurer WellPoint estimates based on its own market data that some premiums in the individual market will triple under these new burdens. The same is likely to prove true for the employer-sponsored plans that provide private coverage to about 177 million people today. Over time, the new mandates will apply to all contracts, including for the large businesses currently given a safe harbor from bureaucratic tampering under a 1974 law called Erisa.

The political incentive will always be for government to expand benefits and reduce cost-sharing, trampling any chance of giving individuals financial incentives to economize on care. Essentially, all insurers will become government contractors, in the business of fulfilling political demands: There will be no such thing as “private” health insurance.
***

All of this is intentional, even if it isn’t explicitly acknowledged. The overriding liberal ambition is to finish the work began decades ago as the Great Society of converting health care into a government responsibility. Mr. Obama’s own Medicare actuaries estimate that the federal share of U.S. health dollars will quickly climb beyond 60% from 46% today. One reason Mrs. Pelosi has fought so ferociously against her own Blue Dog colleagues to include at least a scaled-back “public option” entitlement program is so that the architecture is in place for future Congresses to expand this share even further.

As Congress’s balance sheet drowns in trillions of dollars in new obligations, the political system will have no choice but to start making cost-minded decisions about which treatments patients are allowed to receive. Democrats can’t regulate their way out of the reality that we live in a world of finite resources and infinite wants. Once health care is nationalized, or mostly nationalized, medical rationing is inevitable—especially for the innovative high-cost technologies and drugs that are the future of medicine.

Mr. Obama rode into office on a wave of “change,” but we doubt most voters realized that the change Democrats had in mind was making health care even more expensive and rigid than the status quo. Critics will say we are exaggerating, but we believe it is no stretch to say that Mrs. Pelosi’s handiwork ranks with the Smoot-Hawley tariff and FDR’s National Industrial Recovery Act as among the worst bills Congress has ever seriously contemplated.

In 2008, America voted for national suicide, whether they understood it or not.  While it is increasingly obvious that Americans are rethinking their suicide pact with the Democrat Party, and beginning to change their minds, Democrats are nevertheless racing ahead to finish the job of destroying the country while they still can.

Think Cloward-Piven.  The Democrats believe that they are creating a “win we win, lose we win” stratagem.  If by some increasingly unlikely miracle our massive unprecedented debt-financed spending doesn’t cause the entire economic structure to implode, Democrats will be in a position to claim credit for their “success.”  If, far more likely, the economy self-destructs under the weight of the mind-boggling debts and economic hamstringing foisted upon us by the liberal agenda, Democrats are counting upon the fact that hungry, desperate, panicking people will turn to massive government structures to feed them and help them from the very problems that massive government structures caused in the first place.

Obama’s Frightening Disconnect Following Ft. Hood Massacre

November 7, 2009

This is something.  And, for the record, it’s not the evil Fox News, but the evil NBC telling us that something is seriously wrong with our president:

Obama’s Frightening Insensitivity Following Shooting
A bad week for Democrats compounded by an awful moment for Barack Obama.
By ROBERT A. GEORGE
Updated 9:18 AM CST, Fri, Nov 6, 2009

Updated 9:18 AM CST, Fri, Nov 6, 2009

Getty Images

President Obama didn’t wait long after Tuesday’s devastating elections to give critics another reason to question his leadership, but this time the subject matter was more grim than a pair of governorships.

After news broke out of the shooting at the Fort Hood Army post in Texas, the nation watched in horror as the toll of dead and injured climbed. The White House was notified immediately and by late afternoon, word went out that the president would speak about the incident prior to a previously scheduled appearance. At about 5 p.m., cable stations went to the president. The situation called for not only his trademark eloquence, but also grace and perspective.

But instead of a somber chief executive offering reassuring words and expressions of sympathy and compassion, viewers saw a wildly disconnected and inappropriately light president making introductory remarks. At the event, a Tribal Nations Conference hosted by the Department of Interior’s Bureau of Indian affairs, the president thanked various staffers and offered a “shout-out” to “Dr. Joe Medicine Crow — that Congressional Medal of Honor winner.”  Three minutes in, the president spoke about the shooting, in measured and appropriate terms. Who is advising him?

Anyone at home aware of the major news story of the previous hours had to have been stunned. An incident like this requires a scrapping of the early light banter. The president should apologize for the tone of his remarks, explain what has happened, express sympathy for those slain and appeal for calm and patience until all the facts are in. That’s the least that should occur.

Indeed, an argument could be made that Obama should have canceled the Indian event, out of respect for people having been murdered at an Army post a few hours before. That would have prevented any sort of jarring emotional switch at the event.

Did the president’s team not realize what sort of image they were presenting to the country at this moment? The disconnect between what Americans at home knew had been going on — and the initial words coming out of their president’s mouth was jolting, if not disturbing.

[Continue reading]

The NBC article concludes by saying:

“Democrats across the country have real reason to panic.”

Well, Nancy Pelosi doesn’t have any reason to panic.  But then again, Nancy Pelosi doesn’t have any reason.  Period.

When Obama was elected, unemployment was at 6.6%.  His adminstration promised that his stimulus would prevent unemployment from reaching 8%.  And now it’s 10.2%.  That’s a huge problem.  And their only answer seems to be 1) blame Bush – as though the American people wanted a demagogue rather than a president who would man-up and start actually taking responsibility for the country’s problems – and 2) present a ton of false statistics to “prove” the unprovable (that his stimulus “saved” jobs).

Last Sunday on NBC’s “Meet the Press,” David Gregory pointed out that little fact during his interview with Turbo Tax Tim Geithner:

GREGORY:  OK.  What is a saved job?  How do you measure that?

SEC’Y GEITHNER:  A, a saved–well…

GREGORY:  It’s not something an economist recognizes as an actual fact.

Note to Gregory: “Actual facts don’t matter to the Obama administration.”

David Gregory had previously put up a quote from an economist at Carnegie Mellon University:

“One can search economic textbooks forever without finding a concept called `jobs saved.’ It doesn’t exist for good reason:  how can anyone know that his or her job has been saved?”

Reality isn’t important to the Obama administration, and neither is history.  What matters is rhetoric, demagoguery, and propaganda.

The giant $3.27 trillion porkulus was every bit the abject failure that conservatives predicted it would be.

And analyst Meredith Whitney – who was one of the few voices predicting the catastrophe we suffered last year – is saying that our joblessness is nowhere NEAR over.  She is predicting that unemployment will rise to 13% OR HIGHER.  Because NOTHING Obama has done has even come close to dealing with the REAL problems that are dragging down our economy.

Get behind that, America.  Obama’s “solution” for Afghanistan is his solution for America: namely, dithering is “change.”

But let us get back to Obama’s bizarre behavior.  First he chose to ignore what was going on in the country, how the people were expressing their mood and their views, and instead narcissistically decided to spend election night watching HIMSELF.

The Obama White House can’t acknowledge the obvious fact that we just suffered the second successful jihadist terrorist attack on our soil since he became our commander-in-chief.  And if even our soldiers on their secure base aren’t safe from these people, just who the hell is?

And now he’s just plain whackjob inappropriate giving “shout outs” only a short time after a dozen of our soldiers are murdered and over 30 more are wounded in that aforementioned terrorist attack.

Obama’s behavior seems to continue the trend with other socialist demagogues: seize power, showing a rare level of understanding of popular demagoguery, and then sink into bizarre behavior as his incompetence to lead becomes increasingly apparent.

The tragic thing is that it isn’t just Democrats who have cause to worry.  Americans have cause to worry that this inexperienced radical is nowhere even CLOSE to being the person we needed to lead us back to prosperity.

Fake Job Creation: What’s Good For The Goose Is Good For the Obama

October 16, 2009

When Obama forced and rushed his stimulus through Congress by fearmongering down the economy and predicting catastrophe if his $3.27 stimulus porker wasn’t passed, he offered a carrot: pass his stimulus, his administration promised, and he would be able to keep unemployment under 8%:

The forecasts used to drum up support for the plan projected today’s unemployment would be about 8 percent. Instead, it sits at 9.4 percent, the highest in more than 25 years.

And Zero has created zero jobs ever since, as the unemployment rate climbed, and climbed to near 10% – and is expected to keep on climbing.  But don’t let that stop the Obama White House for figuring out creative ways to pat itself on the back for a job done wonderfully.

A sticky little situation that New Jersey Governor Jon Corzine got caught in is very illustrative.  It appears that Corzine decided to embark on the same tactic his president has used.

Corzine aides told to ‘stretch’ truth

TRENTON, N.J. | New Jersey Gov. Jon Corzine’s Cabinet has been told to orchestrate events to showcase job creation, even if it’s “a stretch.”

Mr. Corzine, a Democrat, is locked in a tight race for re-election with Republican Chris Christie and polls show the economy is a major issue.

The Star-Ledger of Newark obtained an Oct. 5 e-mail from Mr. Corzine’s deputy chief of staff, Mark Matzen.  He asked the heads of several departments to come up with events that “get our message out” that Mr. Corzine’s economic policies are working.

Mr. Matzen went on to say that while many programs might not create jobs directly, they do have some connection through “training, giving money to sustain employment or create demand for workers.”

Corzine spokesman Steve Sigmund says the effort doesn’t have anything to do with the campaign.

Yeah, Steve.  And every article I’ve written has actually been plugging for Obama.

We get a profound sense that we are being governed by weasels.  Here are just a few of my own articles from May and June pointing out just how deceitfully “Corzinesh” the Obama White House has been:

Obama Wreckovery Act And Stimulus ‘Employment’: The Pathetic Reality

Obama And Unemployment: Just So You Know How Pathetically Incompetent Dear Leader Is

Obama Reveals His Porkulus Was Bogus In His Own Bogus Claims

Biden Falsely Claims 150,000 Jobs Created By Stimulus: And Never Mind Those 2.6 Million Jobs LOST

Those were yesterdays ridiculous lies.  Today’s lies are even more ridiculous:

Vice President Joe Biden delivered a rousing review of the government’s economic stimulus plan in a conversation with the nation’s governors. “In my wildest dreams, I never thought it would work this well,” he said. “Thank you, thank you.”

The actual unemployment rate is now at 17%.  From the AP:

More than a half-million unemployed people gave up looking for work last month. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.

Things couldn’t be going better, could they?

Meanwhile, even liberals are now beginning to realize what a pathetic bust Obama has been at creating jobs.

And only 43% of the voters would vote to re-elect Obama.

Even Liberals Realizing Obama Has Been Total Bust At Creating Jobs

October 8, 2009

This article is in many ways typical New York Times.  It comes from a distinctly liberal perspective, and views solutions to the problems that America faces through a liberal prism.

The big difference in this case is that it really takes a critical look at a Democrat.  It slams Barack Obama as being basically disinterested and uninvolved in – and even uncomprehending of – the biggest crisis facing the country.

Does Obama Get It?

By BOB HERBERT
Published: October 5, 2009

The big question on the domestic front right now is whether President Obama understands the gravity of the employment crisis facing the country.  Does he get it?
The signals coming out of the White House have not been encouraging.

The Beltway crowd and the Einsteins of high finance who never saw this economic collapse coming are now telling us with their usual breezy arrogance that the Great Recession is probably over.  Their focus, of course, is on data, abstractions like the gross domestic product, not the continued suffering of living, breathing human beings struggling with the nightmare of joblessness.

Even Mr. Obama, in an interview with The Times, gave short shrift to the idea of an additional economic stimulus package, telling John Harwood a few weeks ago that the economy had likely turned a corner. “As you know,” the president said, “jobs tend to be a lagging indicator; they come last.”

The view of most American families is somewhat less blasé. Faced with the relentless monthly costs of housing, transportation, food, clothing, education and so forth, they have precious little time to wait for this lagging indicator to come creeping across the finish line.

Americans need jobs now, and if the economy on its own is incapable of putting people back to work — which appears to be the case — then the government needs to step in with aggressive job-creation efforts.

Nearly one in four American families has suffered a job loss over the past year, according to a survey released by the Economic Policy Institute. Nearly 1 in 10 Americans is officially unemployed, and the real-world jobless rate is worse.

We’re running on a treadmill that is carrying us backward. Something approaching 10 million new jobs would have to be created just to get back to where we were when the recession began in December 2007. There is nothing currently in the works to jump-start job creation on that scale.

A massive long-term campaign to rebuild the nation’s infrastructure — which would put large numbers of people to work establishing the essential industrial platform for a truly 21st-century American economy — has not seriously been considered. Large-scale public-works programs that would reach deep into the inner cities and out to hard-pressed suburban and rural areas have been dismissed as the residue of an ancient, unsophisticated era.

We seem to be waiting for some mythical rebound to come rolling in, magically equipped with robust job creation, a long-term bull market and paradise regained for consumers.

It ain’t happening.

While the data mavens were talking about green shoots in September, employers in the real world were letting another 263,000 of their workers go, bringing the jobless rate to 9.8 percent, the highest in more than a quarter of a century. It would have been higher still but 571,000 people dropped out of the labor market. They’re jobless but not counted as unemployed. The number of people officially unemployed — 15.1 million — is, as The Wall Street Journal noted, greater than the population of 46 of the 50 states.

The Obama administration seems hamstrung by the unemployment crisis. No big ideas have emerged. No dramatically creative initiatives. While devoting enormous amounts of energy to health care, and trying now to decide what to do about Afghanistan, the president has not even conveyed the sense of urgency that the crisis in employment warrants.

If that does not change, these staggering levels of joblessness have the potential to cripple not just the well-being of millions of American families, but any real prospects for sustained economic recovery and the political prospects of the president as well. An unemployed electorate is an unhappy electorate.

The survey for the Economic Policy Institute was conducted in September by Hart Research Associates. Respondents said that they had more faith in President Obama’s ability to handle the economy than Congressional Republicans. The tally was 43 percent to 32 percent. But when asked who had been helped most by government stimulus efforts, substantial majorities said “large banks” and “Wall Street investment companies.”

When asked how “average working people” or “you and your family” had benefited, very small percentages, in a range of 10 percent to 13 percent, said they had fared well.

The word now, in the wake of last week’s demoralizing jobless numbers, is that the administration is looking more closely at its job creation options. Whether anything dramatic emerges remains to be seen.

The master in this area, of course, was Franklin Roosevelt. His first Inaugural Address was famous for the phrase: “The only thing we have to fear. …” But he also said in that speech: “Our greatest primary task is to put people to work.” And he said the country should treat that task “as we would treat the emergency of a war.”

Now that’s the sense of urgency we need.

More Articles in Opinion » A version of this article appeared in print on October 6, 2009, on page A31 of the New York edition.

Not to dive into the genetic fallacy, as so many liberals so often do, but it is nevertheless significant that the Economic Policy Institute is a distinctly liberal think tank.  And Hart Research Associates aint exactly Rasmussen.  So while I don’t know that they aren’t right in their survey about Obama vs. Congressional Republicans, I would point out: 1) that I wouldn’t regard it as gospel; and 2) don’t forget that as LOW as Bush got in the polls, he STILL outperformed the Democrat-controlled Congress throughout his entire presidency.

In fact, Bush had more than DOUBLE the ratings of the Democrat Congress:

Bush’s job approval rating fell to 24 percent from last month’s record low for a Zogby poll of 29 percent. A paltry 11 percent gave Congress a positive grade, tying last month’s record low.

So in terms of net differences, Bush actually fared quite a bit better when pitted against a Democrat Congress than Obama is faring when pitted against Congressional Republicans.  And I would submit that the public thinks a lot more highly of Republican ideas than this smoke-and-mirror statistic would otherwise indicate.  Just sayin’.

I made that point just to demonstrate the statistical sleight of hand going on.

Now, Bob Herbert is a big government, rah-rah FDR guy, who sees the big public projects of the WPA as the model for our country’s salvation.

For what it’s worth, I – and Congressional Republicans – agree(d) that that would have been FAR better than Obama’s $3.27 trillion pork-laden employment bust known as the stimulus.

A New York Times story points out why Republicans opposed the porkulus so fiercely:

But the committee’s ranking Republican, Jerry Lewis of California, asserted that the program would do far too little to finance road construction, flood control projects and other works for the public good.

“Facts are stubborn things,” Lewis said, describing the package as a recipe for bloated government programs that would saddle taxpayers with a debt burden “well, well into the future.”

And now even the New York Times is essentially acknowledging that the Republicans were right and Obama was wrong.

I would also point out that the Hoover Dam is named the Hoover Dam because Herbert Hoover was doing public works projects before FDR.  And Herbert Hoover was the guy that every Democrat loves to blame for the Great Depression.

And while we’re on the subject of what happened in the 1930s, I might as well point out that things didn’t go so good under the leadership of FDR.

In fact, FDR’s Treasury Secretary had this to say as he looked back over the decade:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong… somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises… I say after eight years of this Administration we have just as much unemployment as when we started… And an enormous debt to boot!” — Henry Morganthau, FDR’s Treasury Secretary, May 1939

A look at the graph of unemployment should help you understand what Henry Morganthau understood:

It shouldn’t surprise you when you take the time to learn about what FDR attempted that he actually prolonged the Great Depression by seven years.

Having mentioned the massive yet mysteriously ignored failure of FDR to solve unemployment or get the economy going, allow me to return to Obama’s current failure.

Still another liberal publication, Time Magazine, ran an article back in July entitled, “Obama’s Stimulus Plan: Failing by Its Own Measure.”  It begins:

Back in early January, when Barack Obama was still President-elect, two of his chief economic advisers — leading proponents of a stimulus bill — predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%. It hasn’t quite worked out that way. Last month, the jobless rate in the U.S. hit 9.5%, the highest level it has reached since 1983.

And of course, it’s currently 9.8% – and almost certain to keep rising.

Now contrast what the Obama team predicted – a ceiling no higher than 8% unemployment – and then see what the administration is trying to pass off now:

Vice President Joe Biden delivered a rousing review of the government’s economic stimulus plan in a conversation with the nation’s governors. “In my wildest dreams, I never thought it would work this well,” he said. “Thank you, thank you.”

I mean, is this a statement that when team Obama said that they believed their stimulus plan would keep unemployment under 8% that they were being fundamentally dishonest with the American people?  And that 9.8% unemployment is better than their wildest dreams?

And don’t just say Vice President Joe Biden is an idiot and dismiss him.  He IS an idiot, of course.  But he is the official spokesidiot of the Obama Administration.

Having affirmed that significant public works-style projects would have been a massive improvement over the failed Obama stimulus, allow me to briefly point out a few other things that would have helped the nation restore confidence in the U.S. economy and the jobs that would have gone with it.

For one thing, tax breaks would have helped, but we didn’t get them.

Contrary to Democrat fluffery, there really weren’t “tax breaks” in the stimulus.  Rather, the people who got the “breaks” didn’t actually pay federal income taxes.  The “tax breaks” were really welfare breaks.  Lowering taxes stimulates more investment and more productivity by allowing investors to keep more of what they earn, rather than incentivizing them to shelter their money, which raising taxes invariably does.  Transferring money from the pockets of tax payers and giving it to those who didn’t pay federal income taxes – even if you euphemistically call it a “tax break” – simply doesn’t accomplish that goal.

Another thing that would have helped was targeting stimulus toward the businesses that actually do most of the hiring.

Small businesses which employ 20 or fewer workers are responsible for 50% of the jobs in this country.  And businesses defined as “small businesses” are responsible for nearly 3/4ths of the total jobs in the USA.

And what did small businesses get from the stimulus? Butkus.  The porn-loving National Endowment for the Arts actually got more stimulus funds than all the small businesses in the country combined.

If Democrats wanted to create jobs, they might have considered giving the money to businesses that actually created jobs, rather than to their politically connected liberal special interest groups.  Again, just sayin’.

It also would have helped if the stimulus had been something that actually helped more than it hurt.  The Congressional Budget Office, hardly a conservative bastion, reported that the stimulus bill would lead to a lower GDP 5 to 10 years out than if Congress had done absolutely NOTHING.  The enormous government spending will ultimately crowd out private investment which would have had a much higher chance of increasing GDP than the spending in the stimulus bill.

Most Red Ink Ever: Congratulations On Your ‘Historic’ Presidency, Obama

August 26, 2009

Virginia Slims used to run an ad campaign called, “You’ve come a long way, baby.” The ads for the women’s-marketed cigarette brand ran on the theme that it was hip and modern for women to smoke. But the hidden subtext of the campaign was, “Look how far you’ve come: now you can die a nasty preternatural death of cancer just like the men.”

In a lot of ways, Barack Obama is the new “You’ve come a long way, baby” poster boy.  He was marketed as the historic first black president in American history – but now that we’ve come this far, we’re going to see our nation perish to a cancer of “Marxist-red” ink.

A couple of truly terrifying articles who just what an unmitigated – and historic – disaster Barack Obama’s presidency has been in just six short months:

Obama’s 09 deficit exceeds all eight years of Bush red ink
By: Mark Tapscott
Editorial Page Editor
08/25/09 3:08 PM EDT

How much is President Obama boosting federal spending? The Heritage Foundation’s Brian Riedl puts a little perspective on the numbers made public today:

· This year, Washington will spend $30,958 per household, tax $17,576 per household, and borrow $13,392 per household. This spending is not just temporary: President Obama would permanently keep annual spending between $5,000 and $8,000 per household higher than it had been under President Bush.
· The 22 percent spending increase projected for 2009 represents the largest government expansion since the 1952 height of the Korean War (adjusted for inflation). Federal spending is up 57 percent since 2001.

· The 2009 budget deficit will be larger than all budget deficits from 2002 through 2007 combined. More than 43 cents of every dollar Washington spends in 2009 will have been borrowed.

· One would expect the post-recession deficit to revert back to the $150 billion to $350 billion budget deficits that were typical before the recession. Instead, by 2019, the President forecasts a $917 billion budget deficit, a public debt of 77 percent of GDP, and annual net interest spending of $774 billion.

· The White House projects $10.6 trillion in new deficits between 2009 and 2019—nearly $80,000 per household in new borrowing.

· None of these estimates include the cost of health reform.

· The White House underestimates future budget deficits by trillions of dollars by (1) assuming that discretionary spending will be frozen to inflation for the next decade, (2) assuming that cap-and-trade revenues will be available to finance a Make Work Pay credit (the House-passed bill allocates those revenues elsewhere), (3) assuming health care reform will be deficit-neutral, and (4) assuming certain tax increases that are unlikely to be enacted.

Exceeding eight years of Bush deficits in just six months?  You’ve come a long, way, baby.

Most red ink ever: $9 trillion over next decade

By JIM KUHNHENN, Associated Press Writer Jim Kuhnhenn, Associated Press Writer

WASHINGTON – In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America’s founding. And it says by the next decade’s end the national debt will equal three-quarters of the entire U.S. economy.

But before President Barack Obama can do much about it, he’ll have to weather recession aftershocks including unemployment that his advisers said Tuesday is still heading for 10 percent.

Overall, White House and congressional budget analysts said in a brace of new estimates that the economy will shrink by 2.5 to 2.8 percent this year even as it begins to climb out of the recession. Those estimates reflect this year’s deeper-than-expected economic plunge.

The grim deficit news presents Obama with both immediate and longer-term challenges. The still fragile economy cannot afford deficit-fighting cures such as spending cuts or tax increases. But nervous holders of U.S. debt, particularly foreign bondholders, could demand interest rate increases that would quickly be felt in the pocketbooks of American consumers.

Amid the gloomy numbers on Tuesday, Obama signaled his satisfaction with improvements in the economy by announcing he would nominate Republican Ben Bernanke to a second term as chairman of the Federal Reserve. The announcement, welcomed on Wall Street, diverted attention from the budget news and helped neutralize any disturbance in the financial markets from the high deficit projections.

The White House Office of Management and Budget indicated that the president will have to struggle to meet his vow of cutting the deficit in half in 2013 — a promise that earlier budget projections suggested he could accomplish with ease.

“This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter,” said Obama economic adviser Christina Romer.

Let’s go back to a couple of Wall Street Journal articles to see the patent falsehood to the claim that Obama didn’t know how bad things really were:

1)Obama Budget Relies on Rosy Economic Forecasts” – February 26, 2009.  Liberals have tried to assure everyone, “Nobody could have known…”  But to quote Obama’s campaign rhetoric, “Yes, we can.”  At least if you write for the Wall Street Journal or a similar publication that doesn’t get it’s talking points from the Obama White House.  People with half a brain (which understandably excludes the overwhelming majority of liberals) knew that Obama was pumping manure and offering one false promise based on one false assumption after another.

The truth is that there were plenty of dire forecasts and claims that Obama’s numbers didn’t jive with reality; the fact that the White House didn’t listen isn’t anyone’s fault but Obama’s.

2)Obama’s Rhetoric Is The Real Catastrophe” – February 13, 2009.  Barack Obama repeatedly fearmongered the economy by comparing it to the Great Depression in order to force his ill-fated $3.27 trillion stimulus fiasco through Congress.  The porkulus package was rushed through the legislative branches so quickly that no one actually even had a chance to read the darn thing – and then Obama took four days to sign the damn thing so he could have fun in Chicago.

Obama promised that if his stimulus was passed he would create hundreds of thousands of jobs and keep unemployment under 8% – and the reality has been an even bigger dud than the most conservative Republican predicted it would be.

Obama and his apologists are trying to argue that they didn’t know that the economy was so bad, but that is the most transparent and pathetic excuse given the fact that they repeatedly compared the state of the economy to the Great Depression.  Here’s the question, when they did that, were they simply demonizing, demagoguing, and fearmongering – thinking all the while that they were actually lying – or were they telling the truth as they understood it (i.e. that things were catastrophically bad)?  If the latter, their excuse that they didn’t know things were actually so bad simply vaporizes – because how could our present economy be worse than the Great Depression which they were comparing it too?  If the former, then Obama is literally a demon who cynically hurt tens of millions of Americans by driving down the economy merely to sell his self-serving political agenda.

That Obama and his Democrat allies are liars is already a given, it’s simply a question of when they lied.  And we can only hope that he is incompetent in his governance, rather than despicable in his deceitful and cynical manipulation.

As for unemployment “heading for 10%,” I personally agree with respected analyst Meredith Whitney: I see unemployment going to 13% or HIGHER.  By 2011, nearly half of the mortgages in our nation will be “underwater,” with owners owning more on the homes than the homes will be worth.  Obama has done virtually nothing to address the fundamental problem underlying why our economy crashed in the first place; and we’re going to pay dearly for that failure.

Let me tell you, as someone who pointed out that Barack Obama was woefully and terribly inexperienced and not up to the job over a year ago, the community-organizer-in-chief is simply not up to the job.  And neither are the radical leftwing punks that he has primarily surrounded himself with.

The liberals began to shrilly claim that Bush was incompetent during his second term over the issue of his handling of Iraq; but it needs to be pointed out that Bush ultimately DID succeed in Iraq – and by pursuing the “surge strategy” that Democrats and Obama himself demonized.  Bush won the war in Iraq even while Senate Majority Leader Harry Reid was wailing, “I believe that this war is lost.”

But now, only months into his presidency, even the LEFT is starting to distrust Obama’s competence.  This isn’t a partisan issue anymore – liberals are beginning to doubt Obama’s competence to accomplish his liberal agenda.  Democrats themselves are pointing out all the things Obama’s done wrong, and failed to do right.  And – while I cheer Obama’s inability to succeed in his socialism – that’s still bad, because we have no real leader, and we’re going to increasingly start drifting as a nation.

Yeah, you’ve come a long way, Barry Hussein.  You’ve come all the way from the “historic presidency of the first African-American in the White House,” to the most historic failure that the White House has ever seen.  And your policies are proving to be such a historic failure after only six months that this nation may literally not survive the remaining 3 1/2 years of your term until we can vote you out of office and be finally rid of you.

It is a terrible and tragic shame that the mainline media propagandists fixated so much on the color of Barack Obama’s skin that they failed to look at the color of his failed ideology or his complete lack of necessary experience to lead this country.

Obama In The ‘We Don’t Mind ‘Cause You Don’t Matter’ Sub-50% Polling Range

July 25, 2009

One of the most readily understandable political calculus equations is the presidential poll: as long as a president is above 50% in the polls, he continues to hold a majority; but if he falls below 50%, he becomes increasingly irrelevant.  The nation is no longer behind him.  The lower he gets under 50, the more irrelevant he becomes.

Six months into the Obama presidency, Americans are already starting to say, “You see, Barry, it’s all a question of mind over matter.  We no longer mind because you no longer matter.”

For what it’s worth, the first time President Bush dipped below 50% according to Rasmussen was February 2004.  So Barry has to have set some kind of record for “sucking speed.”

Democrats and liberals feasted on George Bush like a herd of swine feasting on a trough full of carrots.  And in the case of the Barack Obama presidency, suppertime is coming very, very early.

Daily Presidential Tracking Poll

Friday, July 24, 2009

The Rasmussen Reports daily Presidential Tracking Poll for Friday shows that 30% of the nation’s voters now Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-eight percent (38%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -8 (see trends).

Just 25% believe that the economic stimulus package has helped the economy.

The Presidential Approval Index is calculated by subtracting the number who Strongly Disapprove from the number who Strongly Approve. It is updated daily at 9:30 a.m. Eastern (sign up for free daily e-mail update). Updates also available on Twitter.

Overall, 49% of voters say they at least somewhat approve of the President’s performance. Today marks the first time his overall approval rating has ever fallen below 50% among Likely Voters nationwide. Fifty-one percent (51%) disapprove.

Eighty-three percent (83%) of Democrats continue to approve of the President’s performance while 80% of Republicans disapprove. Among those not affiliated with either major party, 37% offer a positive assessment. The President earns approval from 51% of women and 47% of men.

These updates are based upon nightly telephone interviews and reported on a three-day rolling average basis. Most of the interviews for today’s update were completed before the President’s nationally televised press conference on Wednesday night. The first update based entirely upon interviews conducted after the press conference will be released on Sunday.

Zogby has Barry Hussein at 48%.

Now, the last paragraph of the article becomes interesting because this means the poll does not take into account Obama’s truly suck performance at his July 22 press conference or the subsequent flap over his racially biased and frankly incredibly stupid comment about the Cambridge police “acting stupidly” in arresting an emotionally out-of-control African-American Studies professor.

So the easy money is betting that Sunday we’re going to see Obama down even more.  And then more.

Hot Air has a couple of insightful paragraphs describing the poll’s nuances on just why Obama is starting to poll as badly as he is:

It marks the first time that Obama has gone underwater since he started his remarkable run for the presidency in early 2007.  Undoubtedly, voters have now put the responsibility for the economy squarely on Obama’s shoulders after six months of worsening indicators.  The steep decline in support for his health-care bill represents in part a lack of confidence in his ability to deliver after the failure of the massive stimulus package, which he promised would put America back to work.

Even the Democratic gender gap has mostly been wiped out for Obama.  Although crosstabs are not available on daily tracking reports, Rasmussen’s poll shows an approval rating of 51% among women, just two points above the overall average.  If Obama had hoped to maintain the traditional Democratic inroads with women with his focus on health care, that appears to have backfired, as the survey on that issue earlier in the week showed women opposing it by a 50%-46% edge, with men more clearly in opposition at 53%-44%.  Why? Pluralities among both genders believe that their personal coverage will get worse under ObamaCare.

Unemployment is at 9.5% – and is expected to rise to 10% and beyond by the end of the year.  That sure isn’t going to help Obama become “Mr. Popular.”  And if that isn’t bad enough for him – and for the country he’s misleading – a new employment forecast by Obama’s own Federal Reserve foresees high unemployment numbers for at least the next five years.

But wait, as they say: there’s more.  Respected Wall Street analyst Meredith Whitney predicts that unemployment will rise to 13% or higher.  She’s the analyst with the nickname, “The woman who called Wall Street’s meltdown,” so right now I’m giving her more credibility than Obama’s people who said that if their stimulus passed unemployment wouldn’t rise above 8%.

And there’s yet even more.  We don’t calculate unemployment the way we used to.  We used to calculate unemployment based on the number of people who would like to have a full time job but don’t have one.  Bill Clinton changed the way unemployment was tabulated.  But if this were in the 1980s, we would be reading about 16.5% unemployment.  And if THAT number doesn’t frighten you enough, how about the possibility of 20% by the end of the year?

Remember all the talk about Barack Obama being compared to FDR?

Time_Obama-cover

Now we’ll get to celebrate Obama-as-FDR right – with Great Depression levels of unemployment, which will likely lead us into another Great Depression.  The first FDR didn’t fare so well with the first Great Depression; and I think the second FDR will do an even lousier job.

It will be fun watching Barry “ride the slide” to political hell.

It won’t be so much fun watching the Late Great U.S.A. sliding into economic hell right along with him.