Monday, July 5, 2010

The Obama Depression

Obama's lack of interest in the American Economy has hurled us towards the brink of disaster. Early in Obama's Presidency an ill-conceived stimulus package crossed his desk. The young President hailed this bill and claimed the bill would keep unemployment under 8% by "creating or saving" 3.5 million jobs. For the next year Obama ignored the economy while claiming credit for the economic expansion. In April 2009, Obama spoke of the green shoots of growth. In JUL 2010, it was reported that over the reporting period the economy shed 125,000 jobs and 652,000 left the workforce.

One Obama signed the stimulus bill he took his eye off the economy. After all, in every recession since the great depression the economy rebounded all by itself and the President at the time reaped the benefit. There was no reason to focus on the economy and Obama would bask in the sun claiming his $1 trillion dollar bailout saved the economy. Obama followed the advice of his Chief of Staff and didn't allow a crisis to go to waste. Obama moved on after the stimulus passed. Obama had decided he was going to socialize American Health Care.

For the next year all Obama and the Democrats did was pass a partisan and unpopular health care bill. In the words of Nancy Pelosi the bill would have to be passed so we could find out what is in it. What we find out is that the bill will force rationing and waiting lines in our Emergency rooms. What we found out is that more people will lose what they currently have then will be able to keep it. What we found out is that a bill shrouded in secrecy expose every American to having less in health care then we now currently enjoy. While the Congress debated Obama dithered. We never heard another word correcting the course of the economy until the President's State of the Union address.

The President promised a pivot towards jobs. Instead we got a head fake while the President jammed his partisan bill through Congress. The President then moved on towards his energy bill. This is another bill that will kill American jobs and force even more companies to move off shore. The President hailed British Petroleum and bought into the Beyond Petroleum pitch by the oil company. It was the Obama administration that failed to properly inspect the deepwater Horizon oil rig. It was the Obama administration that was disengaged from the oil spill disaster. It is the Obama administration that allowed the oil to reach our beaches and decimate the Gulf Coast economies. While the oil spilled Obama was busy. Though Obama was busy it was not with a faltering economy, no, it was over the Arizona immigration law that only enforces Federal Law.

Last week the Congress went on vacation leaving 1.3 million Americans without unemployment benefits. Paul Krugman calls the Republicans heartless for not allowing passage of the unemployment bill. The problem is the heartless Democrats that wouldn't even try to find a way to pay for the bill. The Republicans weren't even demanding a fully paid for bill. In fact the bill would have passed if only the Senate had taken unspent stimulus dollars and paid for half of the proposed bill. I wonder who is really heartless: The party that is attempting to save us from ourselves, or the party that went on vacation without extending unemployment for political reasons? Sorry Nancy but unemployment checks are not responsible for job creation. It is the Democrats that are heartless not the Republicans who are trying to save our country from the liberal special interest party.

Entrepreneurs are sitting on $1.8 trillion dollars of stimulus. They are looking for the right investments. These entrepreneurs will continue sitting the sidelines until there is a signal of direction from the government. These entrepreneurs want to invest in America. The problem is right now we have a President intent on destroying the American economy as we know it. All Obama needs to do to get this $1.8 trillion stimulus injected into the economy is focus on the economy instead of the liberal grab bag of governmental handouts. Until then America will continue towards the impending depression and it will be Obama's depression not Bush's.

1 comment:

Anonymous said...

Hey, that unused stimulus money is ear-marked for a quick boost just before the election! They can't spend it now. In September they'll spend the remaining (or much of it) stimulus money in targeted areas. This will provide the illusion that things are starting to improve, and the Democrats will claim that their policies were working all along. I don't think it will work. While the people are dumb enough to believe this, they will still be angry with the Obama for going against their will on almost every issue.