The Dodd-Frank recession has been ongoing for almost two years. There are fears of a double dip recession but since we really haven’t climbed out of the current one, these fears are premature. All of this, in spite of passing a stimulus bill in excess of $862 billion on top of TARP bailouts. A second $26 billion was passed as a payment to public sector unions. These two laws represent the greatest waste of taxpayer dollars in the shortest time in the history of the United States . . . and this includes President Obama’s $2 billion gift to George Soros.
Four months ago, Vice President Biden proclaimed a summer of recovery that would create 250,000 to 500,000 jobs a months. A few days ago, Vice President Biden stated, “no doubt we’re moving in the right direction” economically. Reality is we have 3.3 million fewer jobs since Obama and Biden took office. Is the right direction purposeful failure?
Earlier this week, the National Association of Realtors reported that July sales of existing homes fell by 27% from June 2010. The Commerce Department reported that sales of new homes fell 12.4% Since June 2010.
Earlier in August, first time claims for unemployment hit a nine month high. Unemployment remains at 9.5% but including those who have stopped looking for work the unemployment rate is around 18%. Forty-eight of fifty states have lost jobs since the stimulus bill was enacted.
General Motors new cars sales are in a death spiral, dropping 36% in September from the prior month; Chrysler new car sales dropped 33% for the same period. The “cash for clunkers” program removed so many cars from the road that used car pricing has soared due to the newly limited supply of used cars.
President Obama claims that 2.3 to 2.6 million jobs were saved by the stimulus package but he can’t support his statement because there is no metric for “saved jobs.” The cold hard fact is 3.3 million people lost jobs since Mr. Obama became President.
Businesses are sitting on $2-3 trillion that could be invested in new jobs. The Obama administration policies of increased taxes, increased health care regulation, increased financial regulation, and the uncertainty created by massive regulation and lack of leadership in Washington, D.C., is making the private sector pause. No one wants to make a long term decision when all the President’s policies do is create more uncertainty rather than answer questions and solve problems.
The Congressional Budget Office estimates the Obama administration will spend 24% of GDP during his term in office. Budget deficits will average 8.7% of GDP or 24 times the size of President Clint’s surplus!
Beginning January 2011, the Obama administration will raise taxes on small businesses. In fact, the minimum personal income tax rate increases 50%. Additionally, beginning in January, drug companies, health plans and medical device manufacturers will increase prices to cover their increased taxes. Everyone who has company sponsored health insurance will pay taxes on the cost of this health insurance, which means less take home pay for every worker.
In the face of these stark facts, President Obama still claims the economy is humming along at a good pace. Hello???
The damage inflicted on the United States economy by Obama’s socialist administration is tantamount to a declaration of war against the American people. Never again can the Democratic Party be trusted with the future of the United States or the futures of our children.
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