Tag Archives: Economy

THE INCREDIBLE NEW YORK TIMES

Ten days prior to election day, or more significantly, after nearly four years of Obama’s governance, the New Youk Times looks at his record and has this to say.

President Obama has shown a firm commitment to using government to help foster growth. He has formed sensible budget policies that are not dedicated to protecting the powerful, and has worked to save the social safety net to protect the powerless. Mr. Obama has impressive achievements despite the implacable wall of refusal erected by Congressional Republicans so intent on stopping him

In the Online edition a photograph of Abraham Lincoln appears beside that comment.  Subtle, isn’t it.  Those “sensible budget policies” were so outrageous that not one single Democrat voted for the his Budget Proposals.

In the poisonous atmosphere of this campaign, it may be easy to overlook Mr. Obama’s many important achievements, including carrying out the economic stimulus, saving the auto industry, improving fuel efficiency standards, and making two very fine Supreme Court appointments.

Sadly the day is past when the New York Times editors had a little class and knew enough to call their own candidate President and not Mr.

Mr. Obama prevented another Great Depression. Mr. Obama championed [programs] like the $840 billion stimulus bill. Republicans say it failed, but it created and preserved 2.5 million jobs and prevented unemployment from reaching 12 percent. Poverty would have been much worse without the billions spent on Medicaid, food stamps and jobless benefits.

Obama “prevented unemployment from reaching 12 percent.”  Isn’t that just dandy.  Give him another four years and he may do twice as well; he may prevent unemployment from reaching 24 percent.

Foreign Affairs. Mr. Obama and his administration have been resolute in attacking Al Qaeda’s leadership.

Mr. Obama deserves credit for his handling of the Arab Spring.

These statements are understandable if the only news the editors read is what’s printed in their own newspaper.

Civil Rights. The extraordinary fact of Mr. Obama’s 2008 election did not usher in a new post-racial era. In fact, the steady undercurrent of racism in national politics is truly disturbing.

Yes, it’s very disturbing.  And as the Times implies, it has worsened over the last four years, yet this is somehow Bush’s fault.  The editors must have struggled over this one to no avail if the best excuse they could come up with was to blame Bush again.

For these and many other reasons, we enthusiastically endorse President Barack Obama for a second term, and express the hope that his victory will be accompanied by a new Congress willing to work for policies that Americans need (emphasis ours).

The endorsement of the Democrat was fully expected.  The Times endorsed Lincoln and he was probably the only Republican endorsement the paper ever made.  Their star correspondent Walter Duranty did give a hearty endorsement of Joseph Stalin but I don’t think Stalin was a Republican and Duranty wasn’t an editor.

REAGAN vs. OBAMA ON THE ECONOMY

President Obama often asks the voters to understand that he inherited a very bad economy, and he did. But in many ways it was not as bad as the economy Reagan inherited from Carter.

On Reagan’s Election Day in 1980, unemployment was at 7.5 percent and headed for 10.8 percent; inflation was at 12.5 percent, headed for 13.6 percent, and interest rates were at 15.5 percent, headed for 21.5 percent by Christmas, well before Reagan was sworn in.

Obama inherited an unemployment rate of 6.8 percent and no inflation problem. Inflation was only 1.1 percent in comparison to the crushing 21.5 percent left by Carter. By the time Reagan was sworn in in January business men, farmers and home buyers (if you could find one) were paying 23 to 24 percent interest rates on loans.

Reagan wasted no energy on blaming Jimmy Carter. He approached the problem by lowering marginal tax rates in gradual steps over three years. He eased the regulatory burden on businesses, making it simpler to open or expand a business. His infectious optimism reminded people “the best is yet to come.” America was still “the shining city on the hill,” and Reagan reversed the country’s mood from a Carter-induced “malaise” to a can-do spirit.

In stark contrast, Obama did just the opposite with predictable results. He increased the regulatory environment increasing the cost and difficulty of opening or expanding a business. He introduced new law burdening business with new costs that are significant and beyond measurability at the same time. He fought for a return to higher taxes before acquiescing. Obama made his belief clear that America never was a shining city on a hill; it was a country in need of complete transformation. For America’s leader to wear a flag pin on his lapel was to honor a nation that was undeserving of such respect, a country that was in no way exceptional.

Reagan’s policies worked. By the end of his first term, inflation was down, employment was up, the economy was in good shape again and the mood of the nation had gone from morose to bright and cheery. In the bid for a second term, Reagan won every state with the sole exception of Minnesota.

Today we are where we are because of the president we picked in 2008, not because of what he inherited.

This post was adapted on an article by Peter Hegseth.

OBAMA’S SINKING SUPPORT

The crowds are not coming out.  The money is not coming in.  The aura of omnipotence is gone.  Cracks in the liberal media are beginning to show.  The liberal leaning Newsweek covered the latest issue with “We Need a New President.”  Unemployment is higher longer than at any time since the Great Depression.  The President has revealed some very unpopular beliefs with statements like “You didn’t build that… “.  However, the polls don’t reflect the decline.  Why is that?

It’s a tough thing for any person to admit they were very wrong; that’s a fact of human nature.  Answering a pollster commits you to nothing while it allows you to defer a decision you are loathe to make.  But what happens in the voting booth stays in the voting booth.  It’s private.  For better or for worse, when the chips are down voters vote their pocketbook.  As Walter Cronkite famously said, “It’s the economy, stupid.”  That does not bode well for Obama.

If the theory is correct, remaining vestiges of it will show up in the exit polls as some voters will be reluctant to admit they voted against their one time hero and a black man.

The Obama team could garner a few more votes if they spread the fear that Big Brother can tell how you voted.  Let’s hope they don’t think of it.

BARACK OBAMA AND FRANCE, LIKE TWO BULLIES IN A SANDBOX

You hit me first!!  No I didn’t.  YOU hit ME first!!

While Obama blames today’s American unemployment on France and Europe, French Foreign Minister Laurent Fabius threw it back at Barack Obama saying the threat of the European debt crisis originated in the United States.  “Lehman Brothers was not a European bank” Fabius said.

The PIGS, Portugal, Ireland, Greece and Spain not to mention France and Great Britain have been spending at unsustainable rates ever since they recovered from World War II and now it’s our fault that they ran out of money.  Here at home, our own government set up a house-of-cards in the mortgage market that inevitability had to fail like a Ponzi scheme. When it did, we chose a socialist to solve the problem and he blames France.

The Brits have Monty Python; we have Washington.

THE MAN WHO SHOULD BE PRESIDENT

The most predictable financial crisis the nation has ever faced and Democrats fight every attempt to thwart it.  Our problems are Afghanistan, Iran, jobs, declining quality of healthcare and skyrocketing federal debt.  But all the Democrats want to discuss is sex.

It is hard to know which is worse, this diversionary tactic by the Democratic machine or Republicans for giving it legs.  Given Obama’s horrible record on both domestic and international fronts, you can hardly blame the Democrats for wanting to change the subject.  Paul Ryan is the man with the right message and he sticks to it.  The candidates would do well to do the same.

“WE ARE NOT HIRING UNTIL OBAMA IS GONE”

Waco, Georgia businessman Bill Looman boldly displays signs on all his trucks reading “New Company Policy. We are not hiring until Obama is gone”.  That is a very gutsy move but Looman did it.  How many others must there be out there there who feel the same way but don’t publish it publicly

If Obama loses the election and the Democratic Party loses the Senate you will see a mood change in this country that will knock your socks off overnight.  When the mood changes so will the economy.  It is sovereign nations that are in trouble, not the business community.  Capitalism has not failed us, democracy has.  And the same democracy can turn us about and set us in a proper direction again.

America is a well founded country and we may get another 50 years or more out of the old gal before the world succumbs to the predictions of Plato, the concern expressed by Benjamin Franklin and the warning of Alexis de Tocqueville.

AN OPEN LETTER TO THE PRESIDENT

Dear Mr. President,

Here is my plan for fixing the economy.

There are about 40 million people over 50 in the work force.  Pay each of them 1 million dollars tax free severance for early retirement with the following stipulations:

1) They MUST retire.
Forty million new job openings – Unemployment fixed.

2) They MUST buy a house or pay off their mortgage.
Housing Crisis fixed.

3) They MUST buy a new American made car.
Auto Industry fixed.

4) They MUST travel abroad and talk quietly in restaurants.
The reputation of Americans in Europe fixed.

You put 535 million dollars into just one corporation, Solyndra, and it didn’t create a single positive job.  In fact, Solyndra was responsible for 1,100 negative jobs when your friends closed up the shop after they got the money.  My plan creates positive jobs and will pay for itself by taking millions off the unemployment rolls, turning them from tax receivers to tax payers.  (Don’t do the math.  The President doesn’t.  Why should we?)

If more money is needed, have all the members of your administration and Congress pay their taxes.

Sincerely yours,  a man over 50