EDITORIAL: Worst economic recovery, ever – Washington Times

EDITORIAL: Worst economic recovery, ever – Washington Times.

Expect more ‘good news’ just before the election

The Obama administration is hailing the latest economic growth figures as evidence things are getting better. They’re not. As with recent unemployment data, these numbers don’t pass the smell test. In your guts you know they’re nuts.

The Commerce Department said Friday the economy grew at a sluggish 2 percent rate in the third quarter. This may be higher than the anemic 1.3 percent in the previous quarter, but that doesn’t constitute evidence of a booming economy. In 1992, the economy grew at 2.7 percent in the third quarter, and the Bill Clinton campaign denounced that meager performance as one of the weakest economic recoveries since World War II. By the same measure, our current 2 percent recovery must take the title of the worst ever.

The Obama campaign insists the gross domestic product (GDP) data are “more evidence that our economy continues to come back from the worst recession since the Great Depression under President Obama’s leadership.” That’s interesting, considering growth is far below what the White House promised. In his first budget submission, Mr. Obama projected we’d be expanding at a 6.3 percent rate by now. The number the administration sees as evidence of success actually confirms its failure. A third of the GDP growth, and all of the difference from last quarter, came through increased government spending.

It’s just one more “good news” statistic that turns out to be flaky. The weekly first-time unemployment numbers released Oct. 6 showed a remarkable drop to 342,000. This generated hopeful headlines — until people learned the reason for the dip was that California’s numbers weren’t included. The administration even defended the good news number. By the following week, however, the figures were corrected and jobless claims soared to 392,000. That wasn’t a good news day for the White House.

September’s monthly unemployment number showed an unexpected and unexplained drop from 8.1 percent to 7.8 percent, but many noticed the numbers simply didn’t add up. Job growth had slowed that month, but the official unemployment rate still plunged more than it had in years. It turned out the suspicious figure was due more to clever accounting than a realistic appraisal of the job market. The government’s U-6 unemployment rate, which factors out low-paying, part-time gigs, stayed high at 14.7 percent, a much more accurate reflection of the miserable situation most Americans have to contend with.

There’s one more big number on the way. On Nov. 2, the Friday before the election, the Bureau of Labor Statistics will release the official October 2012 unemployment number. There is no empirical reason to believe the jobless situation has improved, but based on past experience, a rosy number would likely provide the sagging Obama campaign a boost in the final weekend of the campaign. Will it be 7.5 percent? Or 7.3 percent? Maybe the Obama team will simply go for it and see what headlines they get from 6.9 percent. If you are going to lie, might as well lie big.

The Washington Times

Lies, damn lies and Obama unemployment numbers – Tea Party Nation

 

Lies, damn lies and Obama unemployment numbers – Tea Party Nation.

Posted by Judson Phillips

It probably should not shock anyone that unemployment magically dropped to 7.8%.  If you think that is interesting, wait until the first Friday in November when unemployment is magically going to drop to below 7.5%.

 What are the real unemployment numbers and what does it mean?

 First, I predicted some months ago that right before the election, the numbers would magically drop in Obama’s favor.  The hard cold fact is no president in the modern era has been reelected with unemployment over 7.1%.    Obama and his team know that if they can get unemployment down to 7.5%, they have a chance.

 Did unemployment really drop?

 If you believe it did, you believe that Obama really wants to cut spending.  You believe he really has America’s best interests at heart.  And if you believe that, I have ocean front property in Tennessee to sell you. 

 The unemployment number is what is referred to as the U3 number.   I like to call this the cook the books number.  It means nothing.

 The real number is the U6 number.  The U6 number is the aggregate of all of the people who are not working.  U6 is the real number and it is 14.7%.  These are unemployment levels that reflect the economy.  These are numbers worthy of the Great Depression.  This is why I refer to our economy as the Great Obama Depression.

 Another true factor to look at is work force participation.  The labor force participation is at 63.6%.  That means that only 63.6% of adult Americans are in the work force.  The all time low, hit last month, was 63.5%.  These are not the numbers you will hear about from the Obama Propaganda Media. 

 To put this in perspective, the U6 was 8.0 percent the last time Republicans controlled the government.   The U3 was at 4.6%. 

 In September, allegedly 114,000 jobs were created.  Compare this to the 300,000 jobs created per month, which was a norm during the Bush years.  If the labor force were still the size it was when Obama took office, unemployment would be 10.7%.

 In short, Obama has destroyed our jobs market and our economy.  It is the equivalent of an obese patient losing weight because they are dying.  Yes the scale is moving in the right direction, but the disease is killing the patient. 

  I’m willing to go out on a limb here with a few predictions.  First, the propaganda media will be beside themselves tonight.  They will report throughout the weekend how much better the economy is doing.  They will ignore the economic bad news.

 Second, in a couple of weeks, we will get the revised figures on the jobs report.  And it will be not nearly as rosy as the Obama Regime is telling us it is today.  The media will bury that story.   This is a habit with both the Regime and the media.  When the jobs numbers are revised in the middle of the month, and the news from those revisions is always bad, the media ignores the story. 

 The only reason there is even a flicker in the economy right now is the creative accounting from the Obama Regime. 

 My friends over at Breitbart.com like to refer to the media as the Palace Guards for Obama.  You can expect more protection for Obama from his Palace Guards. 

 What you will not get from the media is the truth.

 

It is the Great Obama Depression – Tea Party Nation

It is the Great Obama Depression – Tea Party Nation.

Posted by Judson Phillips

The drive by media continues to shill for Obama.  The economic numbers are in the tank but they continue to spin the numbers for Obama.  At least for now.

 But is it possible that wall is now cracking with at least one major network mentioning the dreaded “D” word?

 From CNBC:

         
The risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began.

“We’re in a very unfortunate position to be here,” Richard Duncan, author of The New Depression, warned on CNBC’s “Squawk Box Europe” Monday.

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued.

“If this credit bubble pops, the depression could be so severe that I don’t think our civilization could survive it.

 Finally someone in the media is throwing the “D” word around. 

 We are in a depression.  It is the Great Obama Depression.  The problem we have is the media will not call it that and the Republicans lack the courage to call Obama on it, or the media or to advance the narrative themselves. 

 Does anyone really doubt that if Romney takes over in January, in a very short time the economic downturn will be referred to at best as the “Romney recession” or the Romney depression. 

 Back in 2006, the last time the Republicans controlled all three branches of government, unemployment was at 4.6% and the economy had grown for 52 straight months.

 Now we suffer from the Great Obama Depression.

 Could someone please tell me why Romney can’t get on the damn attack?  He has a great and obvious narrative that he can hit and that Obama cannot disprove.  The last time Republicans controlled government, the economy boomed.   Obama and the Party of Treason have driven the economy into a depression.

Why the hell isn’t Romney out there with this narrative?  Instead he wants to argue about his days at Bain Capital and get all pissy because Team Obama accused him of committing a felony.

 What is it with Romney?  Why the hell can’t he attack Obama on issues that will hurt him instead of playing to Obama’s strengths?

 Obama and his team continue to do everything they can to destroy the American economy.  If they were merely incompetent, the law of averages dictates they would have done at least one thing right.  They have taken every step possible to damage our economy.

 Rush was right.  Obama hates America.

 Real Americans desperately need to unite and throw this fool out of the White House and all we are getting from the Republicans is a candidate who cannot fight.

The failure factory – Tea Party Nation

THE FOXES IN THE HEN HOUSE

THE FOXES IN THE HEN HOUSE (Photo credit: SS&SS)

The failure factory – Tea Party Nation.

Posted by Judson Phillips

The June economic numbers are out.  The drive-by media is doing its best to spin the numbers as anything but a disaster for Obama. 

 

What is the truth behind the numbers and what does it mean for the future?

 

The truth behind the numbers is this is nothing less than a disaster for the Obama Regime.  His economic team might as well be known as the failure factory because the only thing the Obama Regime is creating for America is failure.

 

Last month, only 80,000 jobs were created.  If you believe that number, I have some oceanfront property in Arizona to sell you.  The Obama Regime has developed a habit.  They will announce the jobs numbers.  Then, a week or two later, on a Friday as the news slides into the weekend black hole for news they will quietly announce the revised numbers which are never as good as the original numbers. 

 

Even with the Obama propaganda numbers, 80,000 jobs were allegedly created in June.  Every job that was created in June was created in spite of the Obama Regime, not because of them.

 

The media is noting that the unemployment rate has remained steady at 8.2%.  Unfortunately the driveby media will not report the true number.  The Department of Labor releases something that is called the U-6 number.   That is the total number of unemployed in the United States.  It is not the number that is cooked by the Obama Regime.  It is not the number that the media reports.  It is not the number that takes out the underemployed and those who have given up working. 

 

The real unemployment for June 2012 was not 8.2%.  It was 14.9%.  Those are numbers that rival the first Great Depression.  This number is the unvarnished truth of the Great Obama Depression.

 

Presumptive GOP nominee Mitt Romney gave a typically tepid response.  “It doesn’t have to be this way.”

 

My God!  Would someone please taze him, Bro! 

 

America is watching Obama drive the economy like Charlie Sheen on a bender and Mitt simply says, “It doesn’t have to be that way?”  What is it about these Massachusetts politicians?  Are they all brain dead?

 

Republicans can destroy the Party of Treason this fall.   There is one simple way to do this.  There is one simple message that will create a Republican tsunami.

 

4.6%

 

This was the unemployment rate on the day the Democrats took over Congress in 2007. 

 

The last time Republicans controlled government we had full employment. 

 

Here is another message the GOP should be sending out.

 

90%.

 

This one should go to every college and university.

 

In 2007, when the Republicans last controlled the White House, the House and the Senate, 90% of college graduates had jobs on graduation.  Today that number is 50%. 

 

Where the hell is the GOP today?  Where is Mitt Romney?

 

They should be out beating the hell out of Obama and the Party of Treason on this.   Instead we have Romney in a Prozac induced stupor, lamely insisting, “It doesn’t have to be this way.”  That is as bad as John Kerry saying, “We can do better.”  Romney will be about as effective.    

 

Once again, Mitt Romney is showing up for debate club while Obama is showing up for fight club.

 

Mitt and the GOP need to learn how to throw a punch.

Obama Forced a Change Nobody Wanted – Tea Party Nation

Obama Forced a Change Nobody Wanted – Tea Party Nation.

By Alan Caruba

Barack Hussein Obama promised to transform America with an ill-defined message of change during his 2008 campaign. As Americans discovered what that change involved, they began to reject it. It was a change to the Left, to liberalism, to socialism.

The first sign of rejection was the 2010 election when voters returned power in the House of Representatives to Republicans. Since the 2006 midterm elections that gave the Democratic Party a sweeping victory and elevated Nancy Pelosi as the first woman to become Speaker of the House, Americans have had an opportunity to experience the liberal agenda and they don’t like it.

They didn’t like the way Obama wasted 2009 on pushing his socialization of one sixth of the nation’s economy with Obamacare, a bill then-Speaker Pelosi told voters that the bill would have to be passed so they “could see what was in it.” Soon enough the Supreme Court will render a decision on its constitutionality and the likely outcome is that it will be struck down.

The voters didn’t like Obama’s massive “stimulus” redistribution of their taxes that included a bailout of General Motors and Chrysler that could have been avoided by simply allowing them to go through the normal process of bankruptcy and restructuring. Instead, Obama screwed their creditors, normally the first in line to be compensated for their losses, and gave the auto unions a seat on the auto companies’ boards of directors, erasing the line between management and unions.

Recall, too, that the 2006 elections reflected the dissatisfaction of voters with the long years of wars in Afghanistan and, in particular, in Iraq. When the financial crisis hit in 2008, just before the national elections, combined with the unalloyed worship of a completely unknown Illinois Senator, the outcome was the election of Obama.

Fool me once, shame on you. Fool me twice, shame on me. Now the shame of the failure to address the financial crisis in time-tested and proven ways is Obama’s. He could have cut taxes. Instead he pushed for an end to the Bush tax cuts and talked endlessly about raising taxes on “millionaires and billionaires.” In point of fact, his tax programs were and are aimed at the middle class. He could have cut government spending. Instead he increased it with all manner of phony schemes such as “cash for clunkers.”

Since 2009 Obama has added four trillion dollars to the nation’s debt and has presided over the first, historic downgrade of America’s triple-A credit rating. The continuing news of taxpayer losses in his administration’s disastrous “investments” in solar and other “clean energy” firms that continue to fail has added to the clear perception of an ideologically driven agenda that is out of touch with reality.

The victory of Wisconsin Governor Scott Walker, barely five months before the forthcoming November elections is yet another reason to celebrate the rejection of Obama and his policies that have given the nation 42 months of an unemployment rate that is unprecedented since the Great Depression. Gov. Walker’s election signals the decline of the union movement and his reforms resulted in tens of thousands of union members choosing to leave the unions in Wisconsin.

The realization that unions, in particular the public service unions, have raped the public coffers of states, marks a turning point that will result in reforms that will greatly aid recovery. The millions the union movement poured into the defeat of Gov. Walker are millions that have been diverted from Obama’s reelection.

USA Today reported that “The residents of only nine states have returned their economies to the level that existed before the downturn struck at the end of 2007—and most of those states are energy producers.” The nation runs on the energy that the oil, coal, natural gas, and nuclear provide. Obama has waged a war on oil and coal in particular and the public has taken notice of how insane this policy has been.

The outcome of the Wisconsin elections has not been lost on the Democratic Party. It will now be in full panic mode and Americans will be subjected to a campaign of lies intended to distract and deceive them.

Obama can no longer blame former President Bush for his failures, cannot blame events in Europe, and cannot blame Mother Nature. He has only himself to blame. Voters from the Left to the Right know this. Except for the hardcore liberal base and the mainstream media, the rest are ready to reject Obama.

© Alan Caruba, 2012

Obama’s Black Friday – Tea Party Nation

Obama’s Black Friday – Tea Party Nation.

By Alan Caruba

Black Tuesday, October 29, 1929, marked the beginning of the Great Depression, but for Barack Obama, last Friday was Black Friday because the U.S. Department of Labor announced that only 69,000 jobs were added in May, well below expectations that it might reach 150,000. The official unemployment rate ticked up to 8.2 percent, but it is actually far closer to 15 percent.

The news means that Obama’s hope of being reelected ranges between slim to none. Beyond the current numbers, on Friday CNS News reported that 766,000 more women are unemployed than when he took office in 2009.

Also on Friday, Generation Opportunity, a non-profit, non-partisan organization devoted to younger Americans reported that unemployment among young adults, ages 18 to 29, was 12.1 percent in May. “The declining labor participation has created an additional 1.7 million young adults that are not counted as ‘unemployed’ by the Bureau of Labor Statistics because they are not in the labor force, having given up looking for work.” If their numbers were factored in, “the actual 18-29 unemployment rate would rise to 16.9 percent.”

On Thursday, Obama got more bad news. Former President Bill Clinton told CNN that Mitt Romney’s business record at Bain Capital was “sterling.” Clinton said, “I don’t think that we ought to get into the position where we say ‘This is bad work. This is good work.’ The man who has been governor and had a sterling business career crosses the qualification threshold.”

Clinton’s appraisal came at the end of the third week that Team Obama had been trying to demonize Romney for having been a successful venture capitalist. Clinton isn’t the only prominent Democrat to jump off the SS Obama. Newark Mayor Cory Booker and Massachusetts Gov. Deval Patrick also refused to press the Obama attack on Bain.

Obama has little with which to campaign upon. When Karl Rove, Bush’s former White House advisor, examined “Obama’s Public-Equity Record” in a May 10 Wall Street Journal column, he noted that the Obama administration had forced General Motors and Chrysler into bankruptcy and, instead of allowing the process to proceed normally, the Obama bailout cost jobs.

“GM employed roughly 252,000 workers in 2008. Now it has 207,000, with 131,000 of them working in foreign nations.” Citing data from the National Automobile Dealers Association, Rove estimated that “as many as 100,000 Americans lost jobs at the companies’ dealerships.”

GM and Chrysler creditors were left without compensation while Obama ensured that the United Auto Workers Union gained ownership equity in both companies. Then he stood by “as the UAW forced the closure of a plant in Moraine, Ohio, where workers had joined a rival union.”

By almost any economic measurement the nation is experiencing, if not a Depression, at least a very serious Recession, despite the official pronouncement that it had ended in 2010. The Recession hitting European nations is having global repercussions as well.

Obama has had nothing to say about the pending “Taxamageddon” that will kick in on January 2013 bringing the largest tax hike in the history of the nation. He never mentions the “stimulus”, nor Obamacare. The latter is likely to be ruled unconstitutional by the Supreme Court in June.

Even members of the mainstream press that were largely responsible for Obama’s election in 2008 are beginning to have second thoughts. Dana Milbank of the reliably liberal Washington Post in April wrote that Obama “is making me queasy because his nonstop campaigning is looking, well, sleazy—and his ad suggesting that Mitt Romney wouldn’t have killed Osama bin Laden is just the beginning of it.”

The polls are all trending away from Obama. On almost every issue, Romney has either tied or surpassed him. Obama looks weak because he is weak.

There’s just over five months to go before November 6, Election Day. They are going to be the worst five months of Obama’s life, but for millions of Americans out of work and unable to find work they will be just as bad or worse. Many of them are women. Many of them are young adults. Many of them represent a dwindling base of African-Americans and Latinos.

Many of them are voters.

© Alan Caruba, 2012

Lies, damn lies and unemployment rates. – Tea Party Nation

Lies, damn lies and unemployment rates. – Tea Party Nation.

Posted by Judson Phillips

The unemployment rate has fallen.  This was as predictable as the sun rising or tomorrow being Saturday. 

 Not only did the unemployment rate dip this month, in the next few months you will see even more dips, pushing it down towards 7% by November.

 Why is this so predictable?  What does it mean and what is really going on?

 Why is this predictable?

 It is simple.  The Obama Regime is cooking the books.  No President in the modern era has been reelected with unemployment over 7.1%.   The drive by media is ecstatic.  They are thrilled.  Obama will not be reelected with unemployment at 8.1%.   However, if he can cook the books so the rate shows under 7.5% by November, he has a chance. 

 The rate is just a number.  If you incorporate the entire population into the calculation, you get one number.  If you only include certain populations, you get a better result.  If you are the Obama Regime, you do not include the populations that make the unemployment rates go up.

 If you want a true indicator of the economy, look at the number of people in the labor force.  The number of people not in the workforce has shot to over 88 million.  This is not only the highest number of people not in the workforce since 1981, it is the highest number ever recorded.  Labor force participation, the percentage of Americans who are actually working dropped to 64.3%.

 This is the true state of the American economy.  Things have not been this bleak since 1981.  Thanks to the Obama, Pelosi, Reid axis of fiscal evil, 30 years of economic growth has been wiped out.

 If we calculated unemployment the way it was calculated during the Great Depression, unemployment would be 17%.   In 1931, in the middle of the Great Depression, unemployment was at 15%!

 This is the Great Obama Depression.

 Today, Obama said, “After the worst economic crisis since the Great Depression, our businesses have now created more than 4.2 million jobs over the last 26 months (and) more than one million jobs in the last six months alone.”

 It says a lot that the media will not call Obama on this.  Let’s look at some facts.  In January 2007, when the Democrats took control of Congress, the unemployment rate was 4.6%.

 In 2007, the number of people not in the workforce was only 79 million.  In short, under Obama almost 9 million Americans have fled the workforce.  They have abandoned work.

 Can anyone imagine what things will be like after four more years of Obama?

 What ever else we can say about Mitt Romney, he can’t do any worse than Obama and might do better.

 If we give Obama four more years, America will have gone from the world’s economic super power to a third world bankrupt economy.

 We cannot allow this to happen.

Will they ever get it? – Tea Party Nation

Will they ever get it? – Tea Party Nation.

Posted by Judson Phillips

Sometimes you look at the National Republican Party and are left with the inescapable conclusion that all of the lights are on but no one is at home.   In the 1970’s, the Little River Band had a song out called “Lonesome Loser.”  Part of the lyrics were, “Have you heard about the lonesome loser? 
He’s a loser, but he still keeps on tryin’”

 Will the GOP ever get it or are they destined to be the lonesome loser?  What is it they do not get?

 The Republicans do not get messaging.  They are blundering around like newly castrated cattle, trying to figure out what they lost and why it is important. 

 Let’s start with the basics.  First Barack Obama is not a nice guy.  He is someone who wants to fundamentally change America in ways that will destroy liberty and freedom in this nation. 

 Quit saying he is a nice guy.  Ask the 88 million Americans who are not in the labor force if he is a nice guy.  Ask the investors in General Motors or Chrysler who lost their life savings if he is a nice guy.  He isn’t.  Ask the family of Brian Terry, the Border Patrol Agent murdered as a result of operation “Fast and Furious.”  He is not a nice guy.

 The GOP does not have a clue about messaging.  They had better buy one quickly or see four more years of Obama.

 Let’s start with the basics.  The economy is terrible.  It is the fault of the Democrats.   In January 2007, when the Democrats took over from the Republicans, gas was at $2 a gallon.  Unemployment was at 4.6%.  The economy was booming. 

 What happened?  The Obama, Pelosi, Reid axis of fiscal evil happened.   This is their economic disaster make them own it. 

 Obama claims that unemployment has dropped to 8.2 percent under his regime.  Does anyone seriously doubt that Obama is cooking the books?  If we calculated unemployment the way we did in the Great Depression, unemployment would be around 17%.  Some economists say actual unemployment in America is about 22%. 

 This is the Great Obama Depression.  Every Republican out there should be using that phrase every time they talk about the economy.  This is the Great Obama Depression.  His policies caused it and he should own it. 

 In 1980, Ronald Reagan got it.  He hung Jimmy Carter with something called the Misery Index.  Today’s Republicans do not get it.  Mitt Romney is showing up for Debate Club while Barack Obama is showing up for Fight Club. 

 e are living through the Great Obama Depression.  The Democrats get messaging and are not afraid to use it.  They are referring to the “Romney rich” as a part of their class warfare strategy.  Romney rich as a messaging slogan has some power to it.

 The Great Obama Depression has more power to it.  People understand and relate to it because this is where they are.  Either they have lost their jobs or their homes or are worried about it.  If they have not, they have family and friends who have.  One out of every two college grads is either unemployed or underemployed.  Compare that to the 90% who were able to find employment after graduation the last time the Republicans controlled the government.

 The GOP needs to remind people that this is the Great Obama Depression.  If we remind Americans of this, we win.

How (and Why) Obama has Impeded Recovery – Tea Party Nation

How (and Why) Obama has Impeded Recovery – Tea Party Nation.

By Alan Caruba

During and after his 2008 campaign, Barack Obama was hailed as the second coming of Franklin D. Roosevelt. History records that Roosevelt presided over the Great Depression, begun in the previous administration of Herbert Hoover who got most of the blame. Roosevelt’s policies extended it well beyond the normal recovery from a recession.

In his book, “Dupes”, historian Paul Kengor, wrote “Roosevelt won in a landslide in November 1932. To liberals and traditional Democrats everywhere, he was more than just a new face at 1600 Pennsylvania Avenue. He was a kind of political savior at the most desperate time in their lives.”

Roosevelt was immediately assailed by the Communist Party USA as he launched his New Deal stew of programs intended to reverse the effects of the economic crisis. As Kengor notes, “No president had ever moved so far to the left, and so quickly, but it was not enough for the comrades.” They portrayed Roosevelt “as a warmonger bent on wreaking havoc on the poor USSR (Soviet Russia)” because they feared the U.S. might go to war against it.

As we now know, some of Roosevelt’s closest advisors were either Communists or extremely sympathetic to Communism. Harry Hopkins was one of them and was later exposed as a likely Soviet agent. The Venona transcripts of secret communications between U.S. Communists and their Soviet handlers revealed this.

Obama came into office following the 2008 financial crisis which, as we know, he blamed entirely on George W. Bush. Triggered by Fannie Mae and Freddie Mac, two government sponsored enterprises, the crisis reflected the many “subprime” mortgages they had pressured banks to make. Bush’s efforts to rein them had fallen on deaf ears.

Like Roosevelt, Obama initiated a number of policies and legislation, not the least of which was his “stimulus” package to turn around the economy, but which has left it with a higher level of unemployment today than in 2009-10. His other initiative, stimulating Green energy has cost taxpayers billions.

In “New Deal or Raw Deal?” historian Burton Folsom, Jr., wrote of Roosevelt’s National Industrial Recovery Act (NRA) documenting that it and other measures did nothing more than balloon the federal government while interfering with the normal action of capitalism to recover—as it had many times before—from financial crises.

Oklahoma Senator Thomas Gore, first elected in 1907, summed up Roosevelt’s efforts saying at the time, “No depression can be ended by gifts, gratuities, doles, and alms handed out by the Federal Treasury, and extorted from taxpayers that are bleeding from every pore.”

As Folsom put it, “Capitalism had failed in Roosevelt’s view of the world and that opened the door for new experiments in government ownership and government direction of the economy. Private enterprise would become public enterprise.”

Why anyone would think that Barack Obama, a “red diaper baby”, raised by leftists and mentored in his youth by a card-carrying Communist, Frank Marshall Davis, would act any differently than Roosevelt, repeating all his mistakes, is to be ignorant of history.

The Worst Recovery Ever

Writing in the April 3rd Wall Street Journal, Edward P. Lazear, 2006-2009 chairman of the President’s Council of Economic Advisors, wrote about “The Worst Economic Recovery in History.” Assessing Obama’s policies, Lazear said that “our current recovery pales in comparison with most other recoveries, including the one following the Great Depression.”

“The Great Depression started with major economic contractions in 1930, ’31, ’32 and ’33. In the three following years, the economy rebounded with growth rates of 11%, 9%, and 13% respectively…According to the National Bureau of Economic Research, the recovery began in the second half of 2009. Since that time, the economy has grown at 2.4%, below our long-term trend by either measure. At this point, the economy is 12% smaller than it would have been had we stayed on trend growth since 2007.”

“It would be difficult to argue,” wrote Lazear, “that government policies over the past three years have enhanced confidence in the U.S. business environment. Threats of higher taxes, the constantly increasing regulatory burden, the failure to pursue an aggressive trade policy that will open U.S. exports and the enormous increase in government spending all are growth impediments.”

Like Roosevelt, Obama has impeded a rebound in the growth of the economy and he has done it by applying all the wrong Socialist “solutions” that extended the Great Depression from 1929 to 1941.

For Obama, this has truly been a crisis that would not be allowed to go to waste. What he has done has been to impose Obamacare in the face of massive rejection, overseen the loss of two million jobs, and increased the national debt to levels that put the U.S. on a crash course to financial collapse.

It would be naïve to think he did not know what he was doing. If one wanted to bring the United States of America to its knees, he would pursue Obama’s policies of the past four years. His “open mike” gaff, speaking with Russia’s President, Dmitry Medvedev, confirms his intent to work closely with America’s longtime adversary if reelected.

© Alan Caruba, 2012

It’s the Economy, Stupid! – Tea Party Nation

It’s the Economy, Stupid! – Tea Party Nation.

By Alan Caruba

It's the Economy, Stupid! - Tea Party NationIt is interesting to see how intently foreigners are watching the run-up to the 2012 national elections, particularly as regards whether President Obama could be reelected. Hardly a day goes by that I do not receive inquiries from places like South Africa, Israel, or England. Some offer comments on my Facebook page, but the concern is the same, can Obama be defeated?

To borrow a phrase from Bill Clinton’s 1992 race, “It’s the economy, stupid.” That will be the deciding factor as Democrats , Republicans, and independents go to the polls in November. The news for Obama is bad. Unfortunately, the news for millions of out-of-work Americans it is even worse.

On February 28, the National Federation of Independent Businesses and a coalition of business groups were in the D.C. Court of Appeals to argue their challenge to the Environmental Protection Agency’s rules regarding greenhouse gas emissions. The fact that there is no correlation between such gases—mainly carbon dioxide—and a non-existent global warming probably won’t even be discussed. A spokesperson for the NFIB said, “For the small business community, the constant churn of costly and carelessly promulgated regulations has become too great a burden to bear.” Guess who all those small business owners will be voting against in November?

The Congressional Budget Office (CBO) keeps doing something that is unexpected from most government agencies; it keeps telling the truth. In mid-February it issued a report which said that, after three years of Obamanomics, the nation has seen the longest period of high unemployment since the Great Depression in the 1930s. Trust a Democrat President to repeat all the errors of Franklin Delano Roosevelt who prolonged the Depression for ten years while he held office.

The “official” unemployment rate has hovered around or exceeded 8 percent and this is expected to continue through 2014. The CBO noted that the level of long-term unemployment—those looking for work for more than six months—is over 40 percent! That is the highest since 1948 when the data was first collected.

Hans Bader, Counsel for Special Projects with the Competitive Enterprise Institute, recently noted that “The official unemployment rate is going down, but that’s partly because many long-term unemployed people went into Social Security Disability, citing ailments such as depression. Now they have a monthly government check, they are never, ever going back to work, and they are no longer treated by the government as unemployed.” This is governmental slight-of-hand to lower the rate of unemployment while contributing to it.

Writing in OpenMarket.org in February, Bader noted that a good part of the unemployment problem in the nation is a severe shortage of skilled factory workers. “In recent years, government officials have depicted white-collar jobs for college graduates as the way to go,” said Bader who noted that, while seeking to increase spending on colleges, the administration has been “slashing spending on more useful vocational education that could lead to work in manufacturing.”

An indication of how poorly the government solution to the need for skilled manufacturing employees has been is the fact that the private sector has stepped up to solve the problem. The National Association of Manufacturers has endorsed a National Manufacturers Skills Certification System to fill the gap. In partnership with community colleges and trade schools, the program offers “a relatively inexpensive path to meeting the human capital demands of U.S. advanced manufacturers.”

It has not gone unnoticed that Obama’s stimulus billions did not produce any “shovel ready” jobs and wasted public funds on a range of “green” industries, many of whom, like Solyndra, have gone belly up. Overall, the “green” industries involving solar panels, wind turbines, and electric cars have proven to be sinkholes of money that generate few jobs compared to the rest of the nation’s manufacturing sector.

Finally, after three years of the most anti-energy administration since Jimmy Carter, the rising price of gas is going to have a devastating affect for Democrats and Obama on public perceptions on Election Day.

To those foreign correspondents asking whether Obama will be reelected, I keep saying that the present economy with its slow “recovery” and the high rate of unemployed, combined with the government’s crushing load of irrelevant and odious regulations, is as good an indicator as any regarding the outcome of the November general elections.

If foreigners are as much concerned with U.S. elections as Americans, all the debates, daily silliness of political news coverage, and largely irrelevant social issues suggest that November will represent, like the 2010 elections, a massive voter movement away from “hope and change” to a Republican candidate that offers an alternative economic policy to four more years of the disaster called Barack Hussein Obama.

© Alan Caruba, 2012

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