More evidence keeps pouring in regarding the corrupt, inept Obama administration. While other countries are cutting spending, we increase spending. While other countries are drilling for more oil, Obama takes 78 days to respond to the BP disaster and then has the gall to place a moratorium on more drilling in the gulf. While other countries are making their government shrink (Canada and Australia), our government threatens to gobble all of us up and spit us back out. Our only way out of the nightmare of Obama's leadership is the November elections.
The administration's stimulus program has failed. Growth is slow and unemployment remains high. The president, his friends and advisers talk endlessly about the circumstances they inherited as a way of avoiding responsibility for the 18 months for which they are responsible.
But they want new stimulus measures—which is convincing evidence that they too recognize that the earlier measures failed. And so the U.S. was odd-man out at the G-20 meeting over the weekend, continuing to call for more government spending in the face of European resistance.
The contrast with President Reagan's antirecession and pro-growth measures in 1981 is striking. Reagan reduced marginal and corporate tax rates and slowed the growth of nondefense spending. Recovery began about a year later. After 18 months, the economy grew more than 9% and it continued to expand above trend rates.
Two overarching reasons explain the failure of Obamanomics. First, administration economists and their outside supporters neglected the longer-term costs and consequences of their actions. Second, the administration and Congress have through their deeds and words heightened uncertainty about the economic future. High uncertainty is the enemy of investment and growth. READ "Why Obamanomics Has Failed" Uncertainty about future taxes and regulations is enemy No. 1 of economic growth- The Wall Street Jr.
Showing posts with label unemployment. Show all posts
Showing posts with label unemployment. Show all posts
Wednesday, June 30, 2010
Tuesday, July 07, 2009
Obama Will Go Down in History As The Destroyer
Investor's Business Daily lays out Obama's plan for wrecking our country. Who needs enemies? His administration will cause more destruction and wrecked human lives than any warmongering country or two-bit dictator from the middle east. What are we as Americans doing about all this anti-business, anti-American values, big government and power grab coming out of Washington? Where are the Conservatives? Who will defend us from this destruction?
...At this point in a normal downturn lasting 11 months, the economy should be booming — with big jumps in GDP and 300,000 new jobs each month coming mostly from the private sector.
But 18 months into this downturn, we're still losing jobs — with 2.7 million gone in the private sector just since January, when the Democrats took full control of the government.
Shrinking GDP has crushed investment. First quarter gross private domestic investment — a proxy for business investment — plunged 20%, or nearly $450 billion, annually. The outlook is grim.
Worse, the June jobs data mark a milestone of sorts: Our unemployment rate equals that of the no-growth Eurozone nations.
Why is this job decline happening? The private sector — the real engine of economic and job growth — won't hire because it's scared of what it sees coming out of Washington.
On the horizon, as far as the eye can see, are higher taxes, uncontrolled spending and layers upon layers of new regulations.
Who would hire new workers faced with that?
Also, the federal government is meddling in the private sector as never before — in essence, nationalizing two of the three major carmakers ...
• Health insurance reform: Estimates for reforming our medical care range from $1 trillion to $3.6 trillion, with much of the bill footed by businesses. All to take care of 46 million uninsured.
But 10 million of those aren't citizens. And according to former CBO chief June O'Neill, 43% of the total could afford to buy coverage but don't. So the problem is much smaller than people think.
As for current plans to take over our health care system, they'll barely help. According to Congress' own think tank, spending $1 trillion will only remove 16 million from the 46 million uninsured.
• Cap and trade: A major reshaping of our nation's energy policy will include massive new taxes, mostly on businesses, and cause our economy to crater. Most depressingly, despite taxing businesses and consumers to the hilt, the Waxman-Markey climate stabilization act will not remove one ounce of carbon from our atmosphere over the next decade.
It's nothing but a huge scam that will bankrupt any business that relies heavily on energy...,
Taken together, all these new programs would mean sky-high new taxes, more regulations and the biggest expansion of government since FDR's New Deal.
That's not a good thing. Unemployment during the New Deal averaged 17%, and government meddling turned what should have been a garden-variety downturn into a 27% collapse in GDP — the Great Depression.
Washington seems desperate to duplicate that failure. (READ the whole article here)
...At this point in a normal downturn lasting 11 months, the economy should be booming — with big jumps in GDP and 300,000 new jobs each month coming mostly from the private sector.
But 18 months into this downturn, we're still losing jobs — with 2.7 million gone in the private sector just since January, when the Democrats took full control of the government.
Shrinking GDP has crushed investment. First quarter gross private domestic investment — a proxy for business investment — plunged 20%, or nearly $450 billion, annually. The outlook is grim.
Worse, the June jobs data mark a milestone of sorts: Our unemployment rate equals that of the no-growth Eurozone nations.
Why is this job decline happening? The private sector — the real engine of economic and job growth — won't hire because it's scared of what it sees coming out of Washington.
On the horizon, as far as the eye can see, are higher taxes, uncontrolled spending and layers upon layers of new regulations.
Who would hire new workers faced with that?
Also, the federal government is meddling in the private sector as never before — in essence, nationalizing two of the three major carmakers ...
• Health insurance reform: Estimates for reforming our medical care range from $1 trillion to $3.6 trillion, with much of the bill footed by businesses. All to take care of 46 million uninsured.
But 10 million of those aren't citizens. And according to former CBO chief June O'Neill, 43% of the total could afford to buy coverage but don't. So the problem is much smaller than people think.
As for current plans to take over our health care system, they'll barely help. According to Congress' own think tank, spending $1 trillion will only remove 16 million from the 46 million uninsured.
• Cap and trade: A major reshaping of our nation's energy policy will include massive new taxes, mostly on businesses, and cause our economy to crater. Most depressingly, despite taxing businesses and consumers to the hilt, the Waxman-Markey climate stabilization act will not remove one ounce of carbon from our atmosphere over the next decade.
It's nothing but a huge scam that will bankrupt any business that relies heavily on energy...,
Taken together, all these new programs would mean sky-high new taxes, more regulations and the biggest expansion of government since FDR's New Deal.
That's not a good thing. Unemployment during the New Deal averaged 17%, and government meddling turned what should have been a garden-variety downturn into a 27% collapse in GDP — the Great Depression.
Washington seems desperate to duplicate that failure. (READ the whole article here)
Tuesday, June 09, 2009
Dereliction of the White House Press Corp
You've heard Obama constantly intoning the mantra "yes but we've created or saved 150,000 jobs" as the numbers of unemployed swell every month...well there's a very good examination of this phony statement in The Wall Street Journal and how the White House Press Corp in its heated anxiousness to worship at the alter of "the anointed one" has absolutely been derelict in their duty to be the front line of protection between politicians and the people. It's disgusting really...
"Saved or created" has become the signature phrase for Barack Obama as he describes what his stimulus is doing for American jobs. His latest invocation came yesterday, when the president declared that the stimulus had already saved or created at least 150,000 American jobs -- and announced he was ramping up some of the stimulus spending so he could "save or create" an additional 600,000 jobs this summer. These numbers come in the context of an earlier Obama promise that his recovery plan will "save or create three to four million jobs over the next two years."...
"To begin with, the number is pure fiction -- the administration has no way to measure how many jobs are actually being 'saved.' And if we had tried to use something this flimsy, the press would never have let us get away with it."
Of course, the inability to measure Mr. Obama's jobs formula is part of its attraction. Never mind that no one -- not the Labor Department, not the Treasury, not the Bureau of Labor Statistics -- actually measures "jobs saved." As the New York Times delicately reports, Mr. Obama's jobs claims are "based on macroeconomic estimates, not an actual counting of jobs." Nice work if you can get away with it.
And get away with it he has (read at WSJ).
"Saved or created" has become the signature phrase for Barack Obama as he describes what his stimulus is doing for American jobs. His latest invocation came yesterday, when the president declared that the stimulus had already saved or created at least 150,000 American jobs -- and announced he was ramping up some of the stimulus spending so he could "save or create" an additional 600,000 jobs this summer. These numbers come in the context of an earlier Obama promise that his recovery plan will "save or create three to four million jobs over the next two years."...
"To begin with, the number is pure fiction -- the administration has no way to measure how many jobs are actually being 'saved.' And if we had tried to use something this flimsy, the press would never have let us get away with it."
Of course, the inability to measure Mr. Obama's jobs formula is part of its attraction. Never mind that no one -- not the Labor Department, not the Treasury, not the Bureau of Labor Statistics -- actually measures "jobs saved." As the New York Times delicately reports, Mr. Obama's jobs claims are "based on macroeconomic estimates, not an actual counting of jobs." Nice work if you can get away with it.
And get away with it he has (read at WSJ).
Subscribe to:
Comments (Atom)