President Obama was in New Jersey yesterday killing time before his appearance on ‘The View’. So he stopped at Tastee Subs and held a small business summit, pushing for legislation to increase funding to the Small Business Administration. In between sound bytes on jobs and bites of Tastee’s super-sub special, more bad economic news came rolling Obama’s way.
Durable goods were down nearly a full percent in June. Home foreclosures were up 75% last month, hitting Nevada, Florida and California hardest. All states with key elections this November. News like this is enough to spoil your Recovery Summer. That is, if you had a Recovery Summer!
If I seem extra snarky this morning, it is because I’ve had enough. Enough of the claims, the estimates, the dribble they call facts at the White House. Whatever Obama says about anything, you can take it to the bank that the exact opposite is true.
This morning, initial jobless claims for unemployment benefits were another 457,000 for last week. The white-shoed ‘expert’ economists from Harvard, Yale and Princeton were “expecting” the amount to be 459,000. So how much would you like to bet that the White House trumpets this as a major victory? A sign that their economic policies are succeeding?
The American economy is not recovering. Obama’s policies have plunged us deeper into debt with nothing to show for it. Given how much money we’ve blown, Obama could have suspended the income tax for an entire year. Now that would have caused some genuine economic growth!
Recent polls show that America has lost confidence in Obama. He no longer has our trust. The polls also show by more than a two-to-one margin that people do not believe the economy is any better, nor that Obama’s policies are succeeding. Yet, the true believers in Obama and Keynes, like Paul Krugman, have the ‘audacity’ to ridicule folks like Mort Zuckerman.
Now, keep in mind that Zuckerman had been a supporter of Obama. But after seeing him mishandle the economy for nearly 20 months, Zuckerman wised up and has begun speaking out. He recently has written a series of articles and speeches about how the Obama Administration is anti-business. Paul Krugman, who’s never done anything except teach and write, has a lot of nerve to criticize Zuckerman, whom built an empire with the sweat of his brow, creating jobs and wealth.
Which, oddly enough, sounds a lot like how our president feels. Obama’s never done much of anything except teach and run for political office. I’d almost add write, but there’s speculation as to who really wrote Obama’s two books, and since none of his college papers were ever made public, just as his college records, who can really say if Obama has written anything?
Most ‘real’ economists, those whom have read Hayek or von Mises, see the economy slowing down during the second half of this year. Already the white-shoe gang are charging that corporations are too greedy because they are sitting on cash instead of investing it or hiring more people. Who, other than the Socialists, can blame them? January 1st is coming up fast with the largest tax increases in history. But Treasury Secretary Tim Geithner, another of the white-shoe gang, whom, like Obama, doesn’t think the Bush tax cuts should be extended.
Yes, there is no Recovery Summer for Obama because the economy has not recovered. We continue to slide deeper in a hole as the unemployed grow in numbers. We’ll soon get the latest jobs numbers and I am particularly interested to see what the percentage of employed per population is now. In the past year, it was dropped from 59.4% to 58.5%. How low will it go?