The relentless drip.
For a few days on vacation with my family in the Rocky Mountains of Colorado, the cool air, the absence of a television and a paucity of cell service worked to shield me from the constant drip of bad economic news.
But, of course, it couldn’t last and back to work I have come to resume taking my daily dose of dreary economic data.
This was all predictable. Upon taking office, in the wake of the housing meltdown of 2008, the Obama administration went all-in Keynesian, pouring more than a trillion dollars worth of your money into stimulus and bailouts. What has that gotten us?
Well, we have just been told that unemployment ticked up in June to 9.2 percent, the fourth monthly increase in a row. Seven million people who were working in 2008 can’t find a job today. In addition, as I have just learned, one-of every-four in the college class of 2010 still haven’t found a first job. The average period of unemployment stands at 40 weeks, more than twice the highest level since World War II and more than half of households, according to Rasmussen, report that their financial conditions are deteriorating.
But take heart, nevertheless. Keynesian liberalism has again been debunked. Once Obama is gone, it won’t be tried again any time soon. It’s too bad that we apparently have to relearn this lesson about once every other generation.
But learn it we have.
The debt ceiling impasse between BHO and the House of Representatives now illustrates the willingness of BHO to go the limit of bullying as he threatens non-payment of Social Security checks to the elderly if he doesn’t get his tax increases and/or debt ceiling increases. BHO is determined to get his way by spreading fear that default is unavoidable if the debt ceiling is not raised. The TRUTH is that default on the national debt is simple to avoid by cutting spending which doesn’t require raising the debt ceiling at all. BHO is a snake for taking this low road as he slithers around leaving a trail of fear and dishonesty. This guy has no class whatsoever.
Now, to my utter horror, U.S. Senate Republican Leader Mitch McConnell has raised the white flag of partial surrender to suggest that BHO be given another $2.1 trillion of additional debt to the end of his term if BHO will only come up with defined spending cuts. How many times have the Republicans been fooled when Democrat promises for spending cuts never happen? BHO has only tallied up $4-$5 trillion in new debt in the last 30 months. How anyone can pretend to negotiate with this irresponsible snake is beyond me. The House of Representatives should be conducting investigations to determine where all this money has gone.
The House has total authority to originate all future federal spending authorizations and with the Senate can defund any program or department already underway with this authority and dare the President to veto it. This would highlight the profligate and unnecessary spending of BHO and the Democrats. The House should start with Obamacare. That would save a couple of trillion, itself. Clearly, the BHO depression continues and is getting worse. His so-called stimulus (Keynesian) spending didn’t work and never could have, as Paul has reminded us.
One thing is for sure, this debate is flushing out the spineless Republicans that are partially responsible for the economic mess that we are in caused by Keynesian liberalism that has been unleashed on our country by every Democrat and some Republican administrations since before the last Great Depression. It is time for these Republican relics to be defeated in the next election in favor of new Conservatives tough guys that take their Constitutional responsibilities seriously in order to fight the Socialist/Marxist juggernaut that continues to go unchecked.
Couldn’t agree more with your comments. I just wish you had felt this strongly about G.W. Bush when he was pumping OUR money into the bank bailouts and the massive increase in Medicare spending. This type of socialism/ Keynesian tactics need to be pointed out regardless of who is doing the spending.
WHY does the media NOT point out CONGRESS will get paid and still get all their benefits, perks, etc even while obama threatens the elderly, the military, the disabled AND obama just gave raises to whitehouse staff of up to 8% – WHO pays the whitehouse staff – bet it is the taxpayers – but SS has had no increase in over 2 years – WHY does the media just allow obama to continue to lie to the people while supporting his cronies quite handsomely AND where did the $85 million in campaign reveue for obama come from and why does he not “donate” it to the nation rather than keep it for his 2012 campaign – AND republicans are just as guilty but NOW is the time to stand up and say NO MORE spending on folks who did not contribute to the program (be it food stamps, ss, medicare, medicaid, ssi, ssd, housing, etc) IF the person is here illegally, or using drugs, or has had more than 1 child out of wedlock, or is in prison, then those benefits are automatically eliminated UNTIL they re-apply for assistance and are confirmed to be here legally, not using drugs, not in prison, and does not have more than 1 child born out of wedlock (anyone can make a mistake, but some of the females keep having kids and have no idea who the father is or is they do know, the female keeps getting more assistance –
c m solomon said it very well, and i would suggest that EVERY senior and EVERY person who is concerned with what is happening to our AMERICA as we knew it contact their congress person and speaker of the house and mcconnell and tell them just what c m said or at least what the individual wants/expects of the elected politicians
Some people can not see the forest for the trees. Bush was guilty of spending too much, but the amount of spending can be traced right to the democrat congress and nancy pelosi! Let us put things in perspective instead of blaming a past President who in all his spending, could not touch the excess of obama if he had tried.
obama used the SAME scare tactics in his campaign to be “elected”. This was the worst economy since the great depression. Unempolyment would not go over 8% if he was elected. And the list goes on and on. All of it was nothing but lies or perhaps he was just predicting what was going to happen and people were not listening very close. Under obama, this IS, NOW, the worst economy since the great depression and unemployment HAS gone over 8%, more than likely will go higher.
All of this is obama’s doings, NOT George Bush, so please QUIT blaming someone who had LOW unemployment all during his presidency until the democrats took over congress. It was THEN things started downhill. You know, one thing obama was right about in all this…we ALL have to have skin in the game. So when is obama and his party going to start putting skin in the game by getting a grip on their out of control SPENDING? While the rest of us are having to cut back and tighten our belts, obama and his party are spending like there is no tomorrow. Lets take a look at the spending of obama and his lavish parties where he serves outlandishly priced beef, lobster, and all the trappings…bringing in chef’s from all over the world to cater to his whims. Lets look at all the “vacations” he and his wife have taken while in office, his golf games…why not look at those and tell me where obama’s “skin” in the game is! Shouldn’t a president LEAD by EXAMPLE? The example obama is showing the world is one a dictator takes with his subjects, NOT one of a President who cares for his country and her people!
Ms Montrose, Bush signed his massive medicare spending bill in 2003, when he had a Republican House and Senate. Please quit making excuses for him. We need TRUE conservatives making fiscal policy.