9.07.2010

Obama's Economic Policy - Defining Insanity

Albert Einstein once said "The definition of insanity is doing the same thing over and over again and expecting different results". Apparently President Obama is no fan of Einstein.

On Labor Day in Milwaukee, President Barack Obama revealed his administration’s next major national stimulus – a $50 billion capital investment in our nation’s infrastructure.

This "latest and greatest" stimulus will call for a six-year investment period and will require congressional approval. Obama's statement in part stated:

"This marks an important departure from the federal government's traditional way of spending on infrastructure through earmarks and formula-based grants that are allocated more by geography and politics than demonstrated value," the statement said. "Instead, the bank will base its investment decisions on clear analytical measures of performance, competing projects against each other to determine which will produce the greatest return for American taxpayers."

Boy, that's a decisive shift in business as usual. There's little doubt, I'm sure, that reluctant private-sector contractors will now loosen their purse strings.

By every objective measure, President Barack Obama’s economic stimulus package has been a complete failure. And here we sit watching team Obama do the same thing over and over again and expecting different results.

No wonder people don’t trust government economists to get us out of this. The president promised this week he’d be turning his attention to the economy--which he should, now that he’s finished with the mosque, Mideast peace, the anniversary of Katrina, and redecorating the Oval Office. My suggestion is that he listen to a few business owners instead of economists.

Another stimulus package will do nothing to stimulate the economy or pull America out of this economic black hole.

We don't need more government 'stimulus' spending. What we need is an end to Washington Democrats' out-of-control spending spree and tax hikes. It is time to create jobs by eliminating the job-killing uncertainty that is hampering our small businesses and overall economy.



Remember: Liberty is all the stimulus we need.

at Tuesday, September 07, 2010
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9.06.2010

Krauthammer on Obama’s 6 Year Stimulus Plan: “Even Lenin Had the Modesty to Stop at Five” (Video)

Charles Krauthammer responded to President Obama’s latest announcement of a six year stimulus plan by noting that "even Lenin had the modesty to stop at five.”


The Politico reported that Eric Cantor blasted Barack Obama’s latest play from his failed Keynesian playbook on Monday:

House GOP Whip Eric Cantor is coming out against President Obama’s $50 billion infrastructure plan by labeling it more “stimulus” spending.

“Today the president will use the Labor Day holiday as the launching pad for yet another government stimulus effort, another play called from the same failed Keynesian playbook,” Cantor said in a statement released before Obama announced his plan in Milwaukee. “More government stimulus does nothing to end this cloud of uncertainty.”

The White House has pushed back against the notion that the proposal to rebuild roads, rails and runways amounts to a second stimulus plan. White House press secretary Robert Gibbs said last week that a stimulus plan wasn’t being considered, and on Friday, Obama called his forthcoming plan a “broader package.”

Cantor said Obama’s plan is the White House’s “latest” stimulus effort.

Remember: It was just last week that former White House Economic Advisor Christina Romer admitted in her farewell speech that the Obama Administration did not understand the recession.

at Monday, September 06, 2010
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9.03.2010

Black Conservatives Confront Liberal Skepticism at DC Rallies (Video)

Last Saturday, videographers from the The Runaway Slave movie project were at Glenn Beck’s “Restoring Honor Rally” and at Al Sharpton’s “Reclaiming the Dream March." As the 2 ideologies clashed in DC, videographers were on the scene.

In this raw footage, shot near the future MLK memorial site, black conservatives leaving the "Restoring Honor" rally encounter Sharpton's protesters who were holding signs claiming "Tea Party Racism." In the clip one brave, outspoken young woman captured considerable crowd attention for confronting fellow African-Americans on the issues of abortion, poverty, school choice and their blind support for the Democratic party.

Gateway Pundit noted her “best line”:

In 1960 over 80% of black babies were born in 2-parent households. After welfare, I work in the inner city, I work with kids that look like me. After LBJ’s welfare policies in the 60′s in the inner city over 90% of kids are born without fathers. Because the liberal establishment wants to break apart the nuclear family. Because they want kids controlled by the state. That’s what Karl Marx said. So let’s talk about that!

This clip, coupled with the aforementioned The Runaway Slave movie trailer are two of the more compelling videos we have seen recently. For those who may have been in doubt, there is is a movement afoot. A movement that embraces, freedom, liberty and the value of life. It is a movement that cuts across the boundaries of color, creed and political affiliation.

at Friday, September 03, 2010
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Obama The Economy Killer

President Obama dubbed this "Recovery Summer," heralding thousands of stimulus projects creating jobs across the country. Recovery summer was partly designed to recover the reputation of the government's $787 billion stimulus program. But as they say... a failure is, a failure does.

In the last three months, the Obama economy lost 283,000 jobs. The reality is simple: BIG GOVERNMENT TAX & SPEND POLICIES CRIPPLE THE ECONOMY.

Obama’s trillion dollar stimulus package failed. Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history.

After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year.

The President has failed to deliever on his job creation promises. Obama's original target for jobs creation set during the campaign in the fall of 2008 was 2.5 million jobs. But as employment fell at the end of 2008, he increased the employment target by 1 million to 3.5 million jobs. According to the latest jobs report, total U.S. employment stood at 130.2 million in July, which means the cumulative Obama jobs deficit stands at 7.6 million.

SETTING THE RECORD STRAIGHT: During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth.

Not only were more jobs lost after the 9-11 attacks in 2001 than in the 2008 market crash, but more jobs were created by President Bush’s pro-business policies and tax cuts than by the Obama-Pelosi “spend your way to hell” Keynesian failure. The Foundry reported, via HotAir:

For objective observers the failure of President Obama’s $862 billion stimulus has become increasingly difficult to deny. But not for the White House. Last week, Vice President Joe Biden told Charlie Rose on PBS that the stimulus was “an absolute success.” Betraying a common perception about unemployment, Biden told Rose: “[W]e lost 8 million brand new jobs … since … 8 million brand new jobs since we hit the skids. On top of the 6% that were already unemployed. It took us several years to get there, it is going to take several years to get back to that number.” That is not quite true. In fact, the American economy has shed 55.4 million jobs since the recession began in the First Quarter of 2008. But at the same time the economy has only added 46.5 million jobs. Putting the two together produces the net approximate 8 million jobs lost that Biden referenced.

But isn’t net jobs all that really matters? Why should anyone care exactly how many jobs were lost and created since all that really matters is the net number of Americans who are no longer employed? Here’s why: despite an unemployment high of just 6.4%, more jobs were lost in the first seven quarters of the 2001 recession than were lost in the first seven quarters of this recession. How is that possible? How could job losses have been worse in 2001 but unemployment so much higher now? Weak job creation. The latest Bureau of Labor and Statistics data show that employers have created 8.6 million fewer new jobs this time around than they did almost a decade ago. Heritage Senior Labor Policy Analyst James Sherk estimates that lower job creation accounts for 65 percent of the recession’s decreased employment.

Our nation’s unemployment rate is hovering near 10% not because of record job losses, as Biden suggests, but because of record job non-creation. Private sector employers have gone on strike. Contrary to what the President’s economic wizards and New York Times columnists believe, massive government deficit spending does not stimulate job creation. President Obama does not have a secret vault of money he can just throw at the American people. The resources the government spends come from the economy. When the government increases spending, it crowds out the resources that business owners could have invested in their enterprises. Private investment falls sharply when government spending rises. According to Sherk, annual private fixed nonresidential investment has fallen by $327 billion since the recession started— a 19 percent drop. Less private investment means less hiring.

And then there is the rest of the Obama agenda that has created, and is creating, significant economic uncertainty: Obamacare, EPA carbon regulations, financial regulations and impending tax hikes. Renouncing these policies, and canceling the rest of the stimulus, would do more to spur private sector job creation than anything this White House has done so far.

at Friday, September 03, 2010
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9.02.2010

Boxer-Fiorina Debate: Fiorina Blasts Boxer as Agent of Big Governent (video)

Sen. Barbara “Maam” Boxer and Republican Carly Fiorina faced off in their first debate on Wednesday night discussing hot topics from the economy to climate change to abortion. Fiorina pounded Boxer’s disastrous 28-year liberal record that has brought the Golden State to the brink of disaster.

There were multiple scuffles over Fiorina's time as CEO of Hewlett-Packard. The Republican candidate argued that attacking her tenure was attacking the company itself, "a treasure of California."

MyWay has more:
After a summer of firing campaign shots from afar, Democratic Sen. Barbara Boxer and Republican challenger Carly Fiorina met on the same stage for the first time Wednesday over who best represents California’s economic interests for the next six years.

During the hourlong debate in which both women exchanged feisty jabs, Fiorina called Boxer an agent of big government spending, taxes and policies that strangled America’s entrepreneurial spirit. Boxer fired back by criticizing Fiorina for serving the interests of “billionaires, millionaires and companies that outsource jobs,” rather than average Americans.

The recession and how to turn around California’s 12.3 percent jobless rate dominated the debate at St. Mary’s College in the eastern San Francisco Bay area city of Moraga. The forum also allowed the women to contrast their differences on a number of other topics, including abortion, immigration, gay marriage and global warming.

Boxer’s campaign indicated a second debate could be announced within days.

Both candidates have a reputation for toughness and for not backing down – Boxer as an unabashed liberal who voted against the Iraq war, and Fiorina as someone who rose to the top of American business at a time when it was rare to see a woman in the chief executive’s suite.

“This election is between someone who’s fighting for jobs day in, day out – jobs right here in America, versus someone when she had the chance laid off 30,000 workers and shipped jobs to China,” Boxer said. “This election is about someone who’s working hard so that we can see the words ‘Made in America’ again and someone who is proud of her time at HP when she stamped ‘Made in China, Made in India’ on their products.”

Fiorina, who led Hewlett-Packard Co. from 1999 to 2005, said she offered a prescription of smaller government and tax cuts to benefit small- and family-owned businesses.

“If you look at Sen. Boxer’s long track record of 28 years in Washington, D.C., you will see this: She is for more taxes, she is for more spending, she is for more regulation, and she is also for big government and elite extreme environmental groups,” Fiorina said.

If this race continues to be about the economy and jobs, we can confidently say bye-bye Boxer!

at Thursday, September 02, 2010
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