“Because despite the efforts of the administration and its willing accomplices in the media, the belief that the auto bailouts were a success is simply a myth. Leave aside the obvious point that the government still stands to lose billions of dollars on its investment as well as many billions more from the preferential tax treatment of the reorganizations. Not only was the bailout unnecessary to save the American automotive industry but the politicized bankruptcy process left both General Motors and Chrysler in a weaker competitive position than if they had simply reorganized in a standard chapter 11 process.”
Our Dear Leader openly criticizes the ‘private sector economy’, something he has absolutely zero experience with, for not creating new jobs in the harshly anti-business, anti-growth, economic environment created by President Obama and the congressional democrats. Then he sends out his new Chief of Staff to attempt to the “defend the indefensible.”
Kudos to Mr. Daley for having the guts not to stand there and openly and blatantly lie about the effects of the Obama economic policies as other members of this administration have done in the past. I can’t help but wonder if our Dear Leader will toss Mr. Daley under the bus, as he is doing to Kenneth Melson, the current head of the ATF.
Update: Doug Powers points out that it’s the one-year anniversary of Recovery Summer™. How is that working out for you? If you aren’t sure, try this simple experiment. Drive around your local community and start counting the number of empty store fronts. Are there more or less than last summer? How many new businesses have opened up in your local area in the past year? That should a good meter stick to measure the, ahem, “recovery” the Obama economy has brought us.
The annual inflation rate for May climbed to 3.6% as price spikes spread beyond oil and food. At the same time, May’s unemployment rate edged up to 9.1%, yielding a Misery Index of 12.7.
That marks the fourth straight monthly increase in the index, which is now 62% higher than it was when Obama took office…
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Regulation: In just his first 18 months in office, Obama imposed 43 regulations that will cost, by government estimates, $26 billion. And that doesn’t count the avalanche of costly new rules headed our way courtesy of ObamaCare.
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Taxes: While Obama grudgingly acceded to keep all of Bush’s tax rates in force for two more years, he agitates endlessly for massive tax hikes on the “rich.” His debt plan calls for raising the top tax rates to pre-Bush levels and squeezing an additional $1 trillion out of them under the guise of “tax reform.” All of the tax cuts he has approved have been gimmicky and short-term.
Spending: Federal outlays have risen more than 25% since Obama took office, and they’re on track to eat up almost a quarter of gross domestic product for the foreseeable future — a spending level not seen since World War II. Annual deficits, meanwhile, have topped $1 trillion every year since Obama took office.
Debt: Gross federal debt has climbed more than a third under Obama, topping $14 trillion. His budget plan puts it on a course to reach $20 trillion by 2016.
Don’t expect any “change” in the path to self-destruction that our Dear Leader, Barack H. Obama is bound and determined to drag the country down from him. The American electorate is going to have to force change in November 2012.
As noted before, our Dear Leader‘s economic policies, i.e. Keynesian economics theory that only really works in a classroom environment, has resulted in a noted and sharp increase in inflation, while doing little or nothing to spur real economic growth.
The lack of growth, is evident in these three figures pointing the change since our Dear Leader took office:
Unemployment: up 25%
Debt: up 35%
Price of a galleon of gas: up 104%
The source for these numbers, that tool of the Vast Right Conspiracytm, NBC News’ own “Meet the Press.” Oh, sorry, NBC is a decidedly left leaning News organization, so these numbers must be pretty damn solid in order for David Gregory to rub DNC spokesperson Rep. Wassermann-Schultz’s nose in them.
There is also this informative graph.
As you can clearly see, the affect our Dear Leader‘s economic policies have had is to make things worse than if he and the Congressional democrats had done nothing at all! Also keep in mind, that it was in our Dear Leader‘s best interest to take the worst case scenario for the “Without Recovery Plan” numbers in this graph. Thus the odds are that if the federal government hadn’t done a damn thing, including not violating the rule of law and letting GM & Chrysler file Chapter 11 without making sure the UAW got paid off before the bond holders, the unemployment numbers would not only be lower than what they currently are, they would be lower than the “Without Recover Plan” projections the chart listed above. Not just lower, but probably closer to the “With Recovery Plan” numbers, which I can see the Keynesian addicted White House “economists” considered their “safe” number projections for economic performance based on their years of classroom experience.
The the democrat’s so-called “stimulus plan” failed came as surprise to nobody who was 1. Paying Attention, 2. could do some basic mathematics, and 3. ever held a job in the real world. Even if you take the White House numbers on faith, i.e “created or saved” jobs does not equal new jobs when you recount the same jobs as “saved” multiple times, the basic math doesn’t work. Economic Policies for the 21st Century points out one of principle flaws.
[E]ven if you buy the White House’s argument that the $800 billion package created 3 million jobs, that works out to $266,000 per job. Taxing or borrowing $266,000 from the private sector to create a single job is simply not a cost effective way of putting America back to work. The long-term debt burden of that $266,000 swamps any benefit that the single job created might provide.
In the face of the obviously failure of their policies, what do you think our Dear Leader and the Congressional democrats are offering? Yup, that’s right. More of the same. Yet another “quantitative easing” (i.e. printing money with nothing to back it, an inflationary tactic) is being planned. Despite that the results of such a policy were clear back in March of 2009, when this cartoon was published.
Hmmm….looks like the nice men at Cox & Forkum nailed it right on the head with that one. It makes one wonder, if the label on the outside of the box was our Dear Leader’s ultimate goal, and that he really didn’t care what the effect on the economy would be. He knew that he wasn’t going to be bothered by it, as Mark Steyn pointed out:
“I’m not concerned about a double-dip recession,” Obama said last week. Nor would I be if I had government housing, a car and driver, and a social secretary for the missus. But I wonder if it’s such a smart idea to let one’s breezy insouciance out of the bag when you’re giving a press conference.
To use a phrase our Dear Leader is fond of, he just doesn’t have any “skin in the game.” He has never worked a day in his life in private sector economy and he never will. Prior to running for President, he managed to go $300,000 in debt on a family income of half a million dollars a year. Is there any surprise in the fact that he has done the same with the US economy?
Not a surprise to anyone who has taken a graduate level economics class and pays attention, but since that is probably a small slice of the population, let’s review.
The Obama administration’s monetary policies have added approximately 56.5 cents to the price of every gallon of gas you pump, according to a report by members of the congressional Joint Economic Committee.
Estimates suggest that had the dollar maintained the value it had when Obama came into office, gasoline would cost approximately $3.40 per gallon instead of around $4 per gallon in many parts of the country.
Here is the short form for those who haven’t studied macro economics. Oil is traded on the open market with the US dollar being the standard currency used for for that commodity. Our Dear Leader’s monetary policy of just printing money to pay for his massive spending increases ( the so-called “quantitative easing” programs are good examples of this) has caused inflation, which means the US Dollar has less value than it did before. To make this even simpler, things cost more when you buy things using US dollars. Not because the value of the item being purchased has gone up. It is because the amount of goods and services a US Dollar can be traded for has gone down. This includes crude oil. Your dollar is worth less, so you pay more dollars for things like gasoline, a crude oil product.
Fed Chairman Ben Bernanke claimed this printing money scheme would actually “grow the economy.” Fed Chairmen Paul Volcker and Alan Greenspan disagreed, stating that the Obama/Bernake plan would weaken US currency and result in inflation.
Clearly, Volcker and Greenspan were right, and Obama and Bernanke were wrong.
The Obama administration is calling for another round of “”quantitative easing” in spite of the clear and obvious facts of the matter.
Clearly our Dear Leader is hoping you don’t. He claims that “Chrysler has repaid every dime and more of what it owes the American taxpayer from the investment we made during my watch.”
Now that his term in office is more than half over, our Dear Leader has finally managed to find someone else to blame for the poor economic performance the nation has been inflicted with since he and the democrats assumed power over the legislative and executive branches of government.
Not that he and his loyal minions are are going to stop blaming George W. Bush, they proved that yesterday after unemployment “unexpectedly” spiked back over 9% once again during the Obama Regime. At least he is branching out now.
Yup, it’s clearly the fault of Japanese and Europeans, not his dangerous addiction to the emperically discredited Keynesian economic theories. Yup, the American people clearly knew what they were doing when they elected a man who managed to go $300,000 in debt on an annual household income of just over $500,000 a year. OK, I’ll give the American people a pass on that one, since I’m betting the vast majority of voters who get their “news” from MSN sources like MSNBC, the NY Times, CNN or CBS News never heard that interesting, yet highly relevant fact.
For how well a sample of potential voters are ‘educated’ by the MSM, let’s roll some video.
I’m concerned that a vast majority of those who voted for our Dear Leader appear to absolutely no clue as to what a Keynesian is. Once again, let’s check the video.
OK, say we cut them slack on Keynesian theory, most people don’t know much about economics. This video shows a sample of Obama voters and quizzes them on some basic political knowledge. What is more interesting than what they don’t know is what they do know, and what they think they know.
