Right Pundits

Well, anyone who listened to the president’s State of The Union address tonight will understand a couple of basic things about what the president wants. He called for:

• Higher taxes
• More spending
• More gun control
• More government regulation

So, in other words, a larger, more intrusive government. He doesn’t believe we can cut our way to prosperity, meaning governments cuts, so that must mean he believes government can spend us into prosperity. The problem is, this is the first thing the president tried after taking office in 2009. If nearly a trillion dollars in new spending doesn’t bring about economic utopia, nothing will.
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The Government Accounting Office, GAO, issued its annual report of the financial state of the federal government and the news was not good. Barack Obama is bankrupting America, burying us and future generations in unsustainable debt. The results of their report are admittedly incomplete, as their audits of several major federal departments, such as Defense or Health and Human Services, proved to be lacking. The bottom-line, however, is that we are at least $18.8 Trillion dollars in the hole! Perhaps this is why the German bank has demanded that our Federal Reserve Bank hand back some 300 tons of gold? Is our dollar destined to collapse?

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The clock is ticking in Washington, DC! Yes, the Fiscal Cliff is looming with only a few days left before taxes go up on January 1, 2013. But now our Secretary of the Treasury, Timothy Geithner, is warning about the debt ceiling, the limit of which we will hit on December 31, 2012. You may recall that the debt ceiling was raised in August of 2011 to $16.4 Trillion dollars. Depending how you count, we′re there now! Geithner says that with some creative accounting, he can keep paying the government′s bills through February, 2013. But after that, the United States of America will begin defaulting. Nice way for Barack Hussein Obama to start his second term in office, isn′t it?

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The Barack Obama economy is too weak to create jobs was the excuse given by Ben Bernanke for launching QE3. The chairman of the Federal Reserve Bank announced on Thursday a third round of quantitative easing, pumping an extra $40 Billion per month into the economy to buy mortgage-backed securities. Also, Bernanke is committed to keeping interest rates low until 2015 at least. While Wall Street hailed the move with gains in the Dow and NASDAQ, the credit rating agency, Egan-Jones has downgraded the United States credit rating from AA to AA- (minus) on Friday. They cited the Fed′s QE3 and said that the plan to purchase mortgage-backed securities will hurt the economy more so than help it.

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The World Economic Forum has downgraded the United States once again in their list of the most competitive nations. Since Barack Obama has been president, the U.S. has slipped from Number One in 2008 to Fifth in 2011. Now, the WEF puts us at Seventh overall. The reasons for the downgrade stems from our national debt, the failure of our political leadership to do anything about it, and the general loss of confidence by the public in our government. As usual, all we need do is look at the Obama administration and the failed policies coming out of the White House for why America is slipping closer to the fiscal cliff.

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Just when you thought the private sector is ″doing just fine″, hold on to your cash! Moody′s is preparing to hit some 22 banks with downgrades to their bond ratings. The list of banks to be downgraded is impressive. In the United States, Morgan Stanley may get the sharpest downgrade, with its rating cut by 3 notches. Bank of America, Goldman Sachs, JP Morgan Chase, Wells Fargo and Citigroup all face downgrades. A number of European banks are also targeted for downgrades, many of which have already been hit earlier this year. In February, German and Austrian banks felt the pinch, followed by banks in Italy and Spain in the last two months. Moody′s is also downgrading the ratings for more Greek banks as well as two in Cyprus.

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Here we go again! The March jobs report numbers are out and Barack Obama is attempting to exploit them for all that they are worth, which is very little. The national average unemployment rate was officially lowered from 8.3% down to 8.2%, which those in the White House will claim is a good sign that the Obama agenda is working. But only about 120,000 new jobs were created in March 2012, about half of what was expected by economists of the Keynesian stripe. Once again, the Obama administration is playing fats and loose with the numbers, arbitrarily shrinking the work force pool to give the illusion that the economy is doing better. But, as explained many times before here, the true unemployment rate did not go down, but actually increased in March. In February, if you took into consideration the work force pool of January 2009, the national average unemployment rate would have been 10.7%, not 8.3%. Likewise, the March jobs report would show the true unemployment rate at 10.9%, not 8.2%.

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The credit rating agency Standard & Poor′s downgraded several Eurozone nations today, including stripping France and Austria of their Triple-A bond rating. Both nations got cut to AA+, a one-notch downgrade. Italy, Spain, Cyprus and Portugal each were hit with a two-notch downgrade. Malta, Slovakia and Slovenia each also took a one-notch downgrade. Of the 17 Eurozone nations, only Germany, Finland the Netherlands, and Luxembourg are still holding on to their AAA+ ratings. Ireland, Belgium and Estonia were also spared any new changes to their credit ratings. Greece is already at junk bond status.

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