The US unemployment rate has now reached a 26-year high of 9.7% under Obamanomics. According to Bloomberg, “The jobless rate rose to 9.7 percent; the so- called underemployment rate — which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking — reached a record 16.8 percent.”
Last month the libs leaped for joy when the July unemployment rate dropped to 9.4% from the previous month’s 9.5%. They proudly proclaimed the success of Obama’s so-called “stimulus” package and the turning of the tide of recession that had been washing across the land. The mainstream media (MSM) fell all over themselves proclaiming the success of Obamanomics and the inevitable, impending period of peace, love, and happiness in the US.
Obama, his administration, and even the press seemed to forget that 9.4% was 120% of what he promised would be the peak unemployment rate if his “stimulus” was passed. And they blocked from their minds that the President had predicted a maximum unemployment rate of 9% if he wasn’t allowed to “rescue” the economy with his $787 billion payoff to left-wing special interest groups. Suddenly, 9.4% unemployment was deemed a blessing by the pens and keyboards of left-leaning journalists. Utopia was approaching, or…at least…that’s what they claimed.
Next week, President Obama will place VP Joe Biden before the microphone to propagate his lies. Biden is set to report on the number of jobs “saved or created” by the “stimulus.” The “stimulus” bill was intended to “create or save” 3.5 million jobs by the time it was finally passed. Instead, our economy has shed 3.1 million jobs since the inception of Obamanomics. Still, the VP will take the stage to lie and claim the administration saved us from inevitable destruction. The graph above gives evidence the effect of the “stimulus” was a huge waste of money accompanied by a net loss of jobs.
In fact, the only two sectors in which employment has been steadily growing since the “stimulus” was passed have been government and health care. Of course growth in government does little to actually improve the economy since the money to fund these jobs must first be taken from the economy. We can liken Obamanomics’ theory on economic growth to trying to fill a swimming pool by dipping bucketfuls of water out of one end, walking around to the other end, and dumping the buckets back in. According to liberal economic theory, the pool will miraculously become full!
So for now, there’s only one segment of the economy functioning in a healthy manner. And we all know the plans Obama has for the health care industry. If the President has his way, the entire industry will be an arm of government. Libs probably think that will certainly cure it’s disease of remaining healthy while all around it become ill. The reality is Obama now wants to put the last remaining health economic sector under the knife. Not an exploratory surgery to discover why it’s still healthy, but a surgery to “fix” it so it functions like all of its sickly siblings.
Luckily, Americans aren’t as stupid as the President thinks. More and more of those who voted for him are losing faith, standing up, and shouting this isn’t the change we wanted.
Original post on Boot Berry
What would you call a Congressman who voted for a bill that led to the US being on the hook for nearly $24 TRILLION, then voted to spend billions more on the two most inefficient American auto companies, then voted to spend another $787 billion on a stimulus plan that didn’t stimulate the economy, then voted for a federal budget that QUADRUPLED the deficit in just one year, and after all that, claimed to be a fiscal conservative?
Hypocrite seems to fit the bill.
After voting for all the irresponsible spending noted above, last week I received an email from Berry titled “Join me in my support of PAYGO.” Just in case you don’t know, PAYGO is the short, misleading name for HR 2920 that passed the US House on July 22 of this year. The name of course leads one to believe this bill will force Congress to pass a balanced budget every year once it becomes law. So you may be asking yourself why would we have a problem with it?
It’s simple. This bill DOES NOT force Congress to pass a balanced budget. It’s nothing more than a typical Washington con job, intentionally designed to fool the American people. Marion Berry and his Democratic colleagues expect you to see the title and read no more. They don’t expect you to read the bill and they don’t expect you to look back to the previous grossly irresponsible, wasteful votes listed above.
But we did read the bill and the Democratic hypocrisy is more blatant than we could have even imagined. After pages and pages of lawyer language demanding the return of fiscal responsibility in DC, we arrived at the final section of the bill. Section 11 is titled “Exemptions” and as its name implies, it enumerates all the government programs the DC swindlers can continue to spend more money than we have on. Now, if you want to read them all, you’re going to be here a while.
Here’s a list of programs that the government will still be able to spend more than it takes in on, even if this supposed “PAYGO” legislation becomes law. This list just makes the hypocrisy of Berry and the rest of the DC Democrats as obvious as the nose on your face.
- ‘Activities resulting from private donations, bequests, or voluntary contributions to the Government.
- ‘Activities financed by voluntary payments to the Government for goods or services to be provided for such payments.
- ‘Administration of Territories, Northern Mariana Islands Covenant grants (14-0412-0-1-808).
- ‘Advances to the Unemployment Trust Fund and Other Funds (16-0327-0-1-600).
- ‘Black Lung Disability Trust Fund Refinancing (16-0329-0-1-601).
- ‘Bonneville Power Administration Fund and borrowing authority established pursuant to section 13 of Public Law 93-454 (1974), as amended (89-4045-0-3-271).
- ‘Claims, Judgments, and Relief Acts (20-1895-0-1-808).
- ‘Compact of Free Association (14-0415-0-1-808).
- ‘Compensation of the President (11-0209-01-1-802).
- ‘Comptroller of the Currency, Assessment Funds (20-8413-0-8-373).
- ‘Continuing Fund, Southeastern Power Administration (89-5653-0-2-271).
- ‘Continuing Fund, Southwestern Power Administration (89-5649-0-2-271).
- ‘Dual Benefits Payments Account (60-0111-0-1-601).
- ‘Emergency Fund, Western Area Power Administration (89-5069-0-2-271).
- ‘Exchange Stabilization Fund (20-4444-0-3-155).
- ‘Federal Deposit Insurance Corporation, Deposit Insurance Fund (51-4596-4-4-373).
- ‘Federal Deposit Insurance Corporation, FSLIC Resolution Fund (51-4065-0-3-373).
- ‘Federal Deposit Insurance Corporation, Noninterest Bearing Transaction Account Guarantee (51-4458-0-3-373).
- ‘Federal Deposit Insurance Corporation, Senior Unsecured Debt Guarantee (51-4457-0-3-373).
- ‘Federal Housing Finance Agency, Administrative Expenses (95-5532-0-2-371).
- ‘Federal Payment to the District of Columbia Judicial Retirement and Survivors Annuity Fund (20-1713-0-1-752).
- ‘Federal Payment to the District of Columbia Pension Fund (20-1714-0-1-601).
- ‘Federal Payments to the Railroad Retirement Accounts (60-0113-0-1-601).
- ‘Federal Reserve Bank Reimbursement Fund (20-1884-0-1-803).
- ‘Financial Agent Services (20-1802-0-1-803).
- ‘Foreign Military Sales Trust Fund (11-8242-0-7-155).
- ‘Hazardous Waste Management, Conservation Reserve Program (12-4336-0-3-999).
- ‘Host Nation Support Fund for Relocation (97-8337-0-7-051).
- ‘Internal Revenue Collections for Puerto Rico (20-5737-0-2-806).
- ‘Intragovernmental funds, including those from which the outlays are derived primarily from resources paid in from other government accounts, except to the extent such funds are augmented by direct appropriations for the fiscal year during which an order is in effect.
- ‘Medical Facilities Guarantee and Loan Fund (75-9931-0-3-551).
- ‘National Credit Union Administration, Central Liquidity Facility (25-4470-0-3-373).
- ‘National Credit Union Administration, Corporate Credit Union Share Guarantee Program (25-4476-0-3-376).
- ‘National Credit Union Administration, Credit Union Homeowners Affordability Relief Program (25-4473-0-3-371).
- ‘National Credit Union Administration, Credit Union Share Insurance Fund (25-4468-0-3-373).
- ‘National Credit Union Administration, Credit Union System Investment Program (25-4474-0-3-376).
- ‘National Credit Union Administration, Operating fund (25-4056-0-3-373).
- ‘National Credit Union Administration, Share Insurance Fund Corporate Debt Guarantee Program (25-4469-0-3-376).
- ‘National Credit Union Administration, U.S. Central Federal Credit Union Capital Program (25-4475-0-3-376).
- ‘Office of Thrift Supervision (20-4108-0-3-373).
- ‘Panama Canal Commission Compensation Fund (16-5155-0-2-602).
- ‘Payment of Vietnam and USS Pueblo prisoner-of-war claims within the Salaries and Expenses, Foreign Claims Settlement account (15-0100-0-1-153).
- ‘Payment to Civil Service Retirement and Disability Fund (24-0200-0-1-805).
- ‘Payment to Department of Defense Medicare-Eligible Retiree Health Care Fund (97-0850-0-1-054).
- ‘Payment to Judiciary Trust Funds (10-0941-0-1-752).
- ‘Payment to Military Retirement Fund (97-0040-0-1-054).
- ‘Payment to the Foreign Service Retirement and Disability Fund (19-0540-0-1-153).
- ‘Payments to Copyright Owners (03-5175-0-2-376).
- ‘Payments to Health Care Trust Funds (75-0580-0-1-571).
- ‘Payment to Radiation Exposure Compensation Trust Fund (15-0333-0-1-054).
- ‘Payments to Social Security Trust Funds (28-0404-0-1-651).
- ‘Payments to the United States Territories, Fiscal Assistance (14-0418-0-1-806).
- ‘Payments to trust funds from excise taxes or other receipts properly creditable to such trust funds.
- ‘Payments to widows and heirs of deceased Members of Congress (00-0215-0-1-801).
- ‘Postal Service Fund (18-4020-0-3-372).
- ‘Radiation Exposure Compensation Trust Fund (15-8116-0-1-054).
- ‘Reimbursement to Federal Reserve Banks (20-0562-0-1-803).
- ‘Salaries of Article III judges.
- ‘Soldiers and Airmen’s Home, payment of claims (84-8930-0-7-705).
- ‘Tennessee Valley Authority Fund, except nonpower programs and activities (64-4110-0-3-999).
- ‘Tribal and Indian trust accounts within the Department of the Interior which fund prior legal obligations of the Government or which are established pursuant to Acts of Congress regarding Federal management of tribal real property or other fiduciary responsibilities, including but not limited to Tribal Special Fund (14-5265-0-2-452), Tribal Trust Fund (14-8030-0-7-452), White Earth Settlement (14-2204-0-1-452), and Indian Water Rights and Habitat Acquisition (14-5505-0-2-303).
- ‘United Mine Workers of America 1992 Benefit Plan (95-8260-0-7-551).
- ‘United Mine Workers of America 1993 Benefit Plan (95-8535-0-7-551).
- ‘United Mine Workers of America Combined Benefit Fund (95-8295-0-7-551).
- ‘United States Enrichment Corporation Fund (95-4054-0-3-271).
- ‘Universal Service Fund (27-5183-0-2-376).
- ‘Vaccine Injury Compensation (75-0320-0-1-551).
- ‘Vaccine Injury Compensation Program Trust Fund (20-8175-0-7-551).
- ‘(B) The following Federal retirement and disability accounts and activities shall be exempt from reduction under any order issued under this part:
- ‘Black Lung Disability Trust Fund (20-8144-0-7-601).
- ‘Central Intelligence Agency Retirement and Disability System Fund (56-3400-0-1-054).
- ‘Civil Service Retirement and Disability Fund (24-8135-0-7-602).
- ‘Comptrollers general retirement system (05-0107-0-1-801).
- ‘Contributions to U.S. Park Police annuity benefits, Other Permanent Appropriations (14-9924-0-2-303).
- ‘Court of Appeals for Veterans Claims Retirement Fund (95-8290-0-7-705).
- ‘Department of Defense Medicare-Eligible Retiree Health Care Fund (97-5472-0-2-551).
- ‘District of Columbia Federal Pension Fund (20-5511-0-2-601).
- ‘District of Columbia Judicial Retirement and Survivors Annuity Fund (20-8212-0-7-602).
- ‘Energy Employees Occupational Illness Compensation Fund (16-1523-0-1-053).
- ‘Foreign National Employees Separation Pay (97-8165-0-7-051).
- ‘Foreign Service National Defined Contributions Retirement Fund (19-5497-0-2-602).
- ‘Foreign Service National Separation Liability Trust Fund (19-8340-0-7-602).
- ‘Foreign Service Retirement and Disability Fund(19-8186-0-7-602).
- ‘Government Payment for Annuitants, Employees Health Benefits (24-0206-0-1-551).
- ‘Government Payment for Annuitants, Employee Life Insurance (24-0500-0-1-602).
- ‘Judicial Officers’ Retirement Fund (10-8122-0-7-602).
- ‘Judicial Survivors’ Annuities Fund (10-8110-0-7-602).
- ‘Military Retirement Fund (97-8097-0-7-602).
- ‘National Railroad Retirement Investment Trust (60-8118-0-7-601).
- ‘National Oceanic and Atmospheric Administration retirement (13-1450-0-1-306).
- ‘Pensions for former Presidents (47-0105-0-1-802).
- ‘Postal Service Retiree Health Benefits Fund (24-5391-0-2-551).
- ‘Public Safety Officer Benefits (15-0403-0-1-754).
- ‘Rail Industry Pension Fund (60-8011-0-7-601).
- ‘Retired Pay, Coast Guard (70-0602-0-1-403).
- ‘Retirement Pay and Medical Benefits for Commissioned Officers, Public Health Service (75-0379-0-1-551).
- ‘Special Benefits for Disabled Coal Miners (16-0169-0-1-601).
- ‘Special Benefits, Federal Employees’ Compensation Act (16-1521-0-1-600).
- ‘Special Workers Compensation Expenses (16-9971-0-7-601).
- ‘Tax Court Judges Survivors Annuity Fund (23-8115-0-7-602).
- ‘United States Court of Federal Claims Judges’ Retirement Fund (10-8124-0-7-602).
- ‘United States Secret Service, DC Annuity (70-0400-0-1-751).
- ‘Voluntary Separation Incentive Fund (97-8335-0-7-051).
- ‘(2) Prior legal obligations of the Government in the following budget accounts and activities shall be exempt from any order issued under this part:
- ‘Biomass Energy Development (20-0114-0-1-271).
- ‘Check Forgery Insurance Fund (20-4109-0-3-803).
- ‘Credit liquidating accounts.
- ‘Credit reestimates.
- ‘Employees Life Insurance Fund (24-8424-0-8-602).
- ‘Federal Aviation Insurance Revolving Fund (69-4120-0-3-402).
- ‘Federal Crop Insurance Corporation Fund (12-4085-0-3-351).
- ‘Federal Emergency Management Agency, National Flood Insurance Fund (58-4236-0-3-453).
- ‘Federal Home Loan Mortgage Corporation (Freddie Mac).
- ‘Federal National Mortgage Corporation (Fannie Mae).
- ‘Geothermal resources development fund (89-0206-0-1-271).
- ‘Low-Rent Public Housing–Loans and Other Expenses (86-4098-0-3-604).
- ‘Maritime Administration, War Risk Insurance Revolving Fund (69-4302-0-3-403).
- ‘Natural Resource Damage Assessment Fund (14-1618-0-1-302).
- ‘Overseas Private Investment Corporation, Noncredit Account (71-4184-0-3-151).
- ‘Pension Benefit Guaranty Corporation Fund (16-4204-0-3-601).
- ‘San Joaquin Restoration Fund (14-5537-0-2-301).
- ‘Servicemembers’ Group Life Insurance Fund (36-4009-0-3-701).
- ‘Terrorism Insurance Program (20-0123-0-1-376).
- ‘(h) Low-income Programs- The following programs shall be exempt from reduction under any order issued under this part:
- ‘Academic Competitiveness/Smart Grant Program (91-0205-0-1-502).
- ‘Child Care Entitlement to States (75-1550-0-1-609).
- ‘Child Enrollment Contingency Fund (75-5551-0-2-551).
- ‘Child Nutrition Programs (with the exception of special milk programs) (12-3539-0-1-605).
- ‘Children’s Health Insurance Fund (75-0515-0-1-551).
- ‘Commodity Supplemental Food Program (12-3507-0-1-605).
- ‘Contingency Fund (75-1522-0-1-609).
- ‘Family Support Programs (75-1501-0-1-609).
- ‘Federal Pell Grants under section 401 Title IV of the Higher Education Act.
- ‘Grants to States for Medicaid (75-0512-0-1-551).
- ‘Payments for Foster Care and Permanency (75-1545-0-1-609).
- ‘Supplemental Nutrition Assistance Program (12-3505-0-1-605).
- ‘Temporary Assistance for Needy Families (75-1552-0-1-609).’
- (d) Economic Recovery Programs- Section 255 of BBEDCA is amended by adding the following after subsection (h):
- ‘(i) Economic Recovery Programs- The following programs shall be exempt from reduction under any order issued under this part:
- ‘All programs enacted in, or increases in programs provided by, the American Recovery and Reinvestment Act of 2009.
- ‘Exchange Stabilization Fund-Money Market Mutual Fund Guaranty Facility (20-4274-0-3-376).
- ‘Financial Stabilization Reserve (20-0131-4-1-376).
- ‘GSE Mortgage-Backed Securities Purchase Program Account (20-0126-0-1-371).
- ‘GSE Preferred Stock Purchase Agreements (20-0125-0-1-371).
- ‘Office of Financial Stability (20-0128-0-1-376)
- ‘Special Inspector General for the Troubled Asset Relief Program (20-0133-0-1-376).
- ‘Troubled Asset Relief Program Account (20-0132-0-1-376).
- ‘Troubled Asset Relief Program Equity Purchase Program (20-0134-0-1-376).
- ‘Troubled Asset Relief Program, Home Affordable Modification Program (20-0136-0-1-604).’
With all of these “exemptions,” does anybody really believe this bill will provide for a balanced budget? This is a typical Berry tactic. In the months leading up to an election, Berry dons a conservative hat. As soon as he’s elected, or his liberal Democratic colleagues need his vote, he’s all too willing to turn on his conservative Arkansas constituents.
Don’t let him fool you. Berry’s no fiscal conservative.
by Dan Kennedy at Townhall.com
Recently I had a long lunch with an old friend. He sits on the board of one of the largest and most successful publicly traded regional banks in America. He got his seat when that regional bank acquired the very successful community bank he built from the ground up. I will not name him or this bank, but I will pass on a few things he said to me.
He said, “Our bank’s leadership team and others I know at the local or regional level feel paralyzed and intimidated by the climate of fear created by the Obama administration. We believe we are targets of a very deliberate conspiracy.
“The new and proposed regulations will remove every competitive advantage of the community bank, and make every bank identical, forced to operate exactly as does Bank of America,” he explained. “Then, absent competitive opportunity, all of the independent banks will be greatly de-valued and handicapped. They’ll be vulnerable and easily rolled up into the handful of remaining giants … the small bank’s wealth made into fresh food for the insatiable hunger of the big banks’ deficits and losses. This is, I and others believe, the next step in Obama’s plan to take total control of the financial system and money supply, a requirement of dictatorship. “
What is most significant about these statements is the person making them. This is not some freak like the fellow Mel Gibson portrayed in the movie “Conspiracy Theory.”. He’s not somebody stockpiling food in a cabin hidden away in the woods, to escape to when anarchy erupts. Not anybody you would expect to hear express such thoughts. And he’s not a lone voice.
by Fred Barnes at The Weekly Standard
First President Bush, then President Obama poured billions into General Motors and Chrysler to keep the companies alive but barely breathing. That was just for starters. Next came Obama’s creation of an Auto Task Force to oversee the auto companies. To head the task force, the president picked Steve Rattner, a Wall Street investor with no experience in automaking but lots in raising campaign money for Obama and Democrats.
GM and Chrysler were quickly restructured, mostly to the benefit of the United Auto Workers, the union which spent millions in 2008 to elect Obama and Democrats. The UAW now owns 17.5 percent of GM and 55 percent of Chrysler–quite a return on an investment of zero dollars. Obama said all parties should “sacrifice,” but only bondholders did. They got a fraction of what they were legally entitled to receive. UAW retirees, in contrast, got a gift of $9.5 billion at GM and $14.2 billion at Chrysler.
There’s an epilogue. Delphi, the auto parts manufacturer once owned by GM and still its biggest supplier, has been in bankruptcy for four years. To acquire its assets and run the company, Delphi and Obama’s Auto Task Force picked an affiliate of the private equity firm Platinum Equity. There was no auction or competitive bidding, though Platinum stands to make millions in the deal. Why Platinum? The UAW favored it, sources said.
There’s a name for all this: crony capitalism. Obama insists he believes in capitalism, but it’s not the free market variety that he’s been promoting since he became president. Obamanomics is a different strain entirely.
by Meredith Turney on Townhall.com
Within a matter of weeks, the great state of California will be out of money. For months state leaders have warned of the yawning $24 billion budget deficit; even exploiting the deficit they created in a failed attempt to scare voters into increasing their taxes in the May special election. The proposed tax increases and budget gimmickry were soundly rejected by voters, sending a clear message to Sacramento that Californians will no longer finance the bloated, inefficient government’s insatiable appetite for more tax dollars. Now the day of reckoning is upon California, and how the Golden State resolves this massive problem will impact the entire nation.
The fate of the world’s 10th largest economy is inextricably linked to America’s overall economic fate. Could America’s already fragile economy absorb California’s debt? With the federal government already trillions in debt, what’s another $24 billion? The problem is not the amount of debt, but the precedent it will set if the federal government is forced to bailout one of the country’s largest states.