When Will Enough Be Enough?
August 28th, 2011
Americans allowed the big government types in the Republican Party to add nearly five trillion dollars to the deficit during the eight years of W’s presidency. Bush failed to use his veto pen on the spend happy Rino’s because the tax cuts had the economy growing and averaged 5.2% unemployment over his eight years, increasing revenues to government six straight years.
If there was anything positive about Bush’s policy it was a growth policy. Eight million jobs were created, however after the beginning of the recession through the financial meltdown, five million were given back for a net increase of three million jobs.
Those on the left would have you believe the financial meltdown was caused by the tax cuts. That’s a lie, it was the easy money for home loans put into play by Bill Clinton under the Community Reinvestment Act, and the plundering of Fannie Mae by Johnson and Gorelek that set up the collapse.
Bush was pummeled for eight years by the main stream media which are staffed and owned by majority liberals. So the true story was never told until recently. Bush failed the country when he bought into Goldman Sachs executive turned Secretary of Treasury Henry Paulson’s the world is ending push for TARP. Nervous politicians during an election year went along, and Wall Street avoided the losses from their risks.
It is true that TARP stabilized the financial markets by the time President Obama was sworn into office. In fact the recession would be declared over within four months of Obama taking office. So who did TARP really help? It bailed out the Wall Street crony capitalists, Big Banks, and AIG. Bush also used $14 billion to loan to the GM and Chrysler which opened the door to Obama using TARP to ignore bankruptcy law, and buying those companies for his union supporters.
Rahm Emmanuel stated never let a crisis go to waste. With the financial markets stabilized the Obama administration implemented what they said would create three and a half million jobs and speed the recovery to economic prosperity. It was called the Stimulus plan. If one glances at the chart above it is evident that plan failed. Stimulus turned out to be a near trillion dollar liberal slush fund investing only $4 billion of $805 billion on infrastructure, which was how the plan was sold. Remember shovel ready jobs?
With control of the house, senate, and presidency the Democrats then moved on to pass the progressive’s lifetime dream of nationalized health care. Although the people were opposed; the bill was passed using bribes, backroom deals, and slight of hand senate parliamentary rules. To this day 61% of Americans want the bill repealed.
Then the left pushed for Cap and Trade legislation that was forced through Nancy Pelosi’s house with the help of some Rino’s like now Senator Mark Kirk. This would have been the biggest tax increase in history upon the American people. Cap and Trade was so unpopular with the American electorate, and after being subjected to anti-Obamacare town hall meetings, Harry Reid saw the writing on the wall and never called the bill in the senate.
President Obama being a committed radical environmentalist is pursuing cap and trade through his over zealous EPA. This spring he put a hold on the program until after the elections. Circumventing congress and defying the people’s will seems to be standard operating procedure for the administration.
Continuing to blame Wall Street for the financial meltdown, they weren’t innocent but they didn’t start it, government did with the CRA, and saying they were out to protect the economy from future meltdowns, the Democratically controlled congress passed the Dodd Frank Finance Reform Law. This has had a chilling effect upon the economy by making loans harder to obtain and adding tens of billions in costs, not counting the regulatory reach into the operations of the banking industry.
Prior to the elections of 2010 the Democrats failed to pass a budget to avoid having a recorded vote supporting the excessive one point six five trillion deficit they are running in 2011. Didn’t matter because Democrats were handed a historical electoral defeat losing the most congressional seats since 1938, and state houses since 1928.
President Obama basically has ignored the mandate of the voters to stop spending. Before the new congress was sworn in Obama had the opportunity to pass a clean debt limit increase, but said he wanted Republicans to share in the responsibility for the increased borrowing limit. This ultimate game of economic chicken Obama started ended with the US credit rating being downgraded for the first time in history causing wild gyrations in the markets and American families losing over $2.5 trillion in the value of their 401k’s and IRA’s.
Having not passed a budget for over 800 days the Obama administration has increased the national debt over $4 trillion dollars in just thirty months. This is setting up a need for more revenue to the government as the CBO has warned at the current rate Obama is spending, our interest payments will reach nearly a trillion dollars a year by 2020. And that is at today’s historically low interest rates, and pre-downgraded credit rating.
The way to increased revenues is to grow the economy. The Stimulus, Obamacare, Frank Dodd, energy policy including drilling bans/moratoriums, and an added $49.5 billion in new regulatory costs placed upon businesses has the economy stalled. Unemployment is stuck over 9%, and underemployment over 18%. There can’t be a recovery until jobs are created.
I guess Steve Wynn CEO of Wynn Resorts said it best; The Obama administration has thrown a wet blanket on the economy, jobs, and growth. Businesses aren’t hiring because they’re afraid of what may be thrown at them next. To translate that statement, between congress and the president the government have passed the most anti-business legislation and regulations in history while racking up massive debts at a record pace.
President Obama would have you believe that the reason for the deficits are a lack of taxes on the rich, and not his profligate spending that has failed on every measure to move the economy forward. Again just look at the chart above. The class warfare tax the rich mantra is simply a political tool being used to divide the nation to capture voters. Tax increases transferring wealth from the private sector, that is falling fast toward a double dip recession, will create jobs how? That’s a technical recession, only Wall Street moved out of the recession thanks to the hundreds of billions taxpayers gave them. Main street has never left the recession.
After nearly three years of progressive liberal economics placing the nation in the fast lane to insolvency, and preventing a recovery, when will we say enough is enough? It is time for President Obama to change policies that promotes economic growth and job creation, or it’s time to change presidents.
While vacationing on Martha’s Vineyard, purportedly working on his latest jobs program, the president is scheduled to present his jobs plan after Labor Day. My bet is he is going to want to spend more money. One on creating an Infrastructure Bank which has proven disastrous in other nations by becoming wasteful spending on favorite supporters while not improving infrastructure. See Argentina’s near collapse resulting from their Infrastructure Bank. The same as Spain’s insolvency that resulted from a leftist government shifting to a ‘green economy’, only to be reversed prior to total financial collapse.
I believe the president will also have some sort of program for housing in an attempt to revive the housing market. Be wary of taxpayers taking on the financial risk of distressed properties. Geithner has a plan to refinance troubled borrower’s loans with government loans. This is an exceptionally bad idea.
The bottom line is that the President will want more of the same that has prevented recovery, driven up our costs of living, kept over 14 million out of work indefinitely, increased welfare rolls and food stamp recipients to record levels, and failed to create any meaningful number of jobs. The nation is suffering.
I recommend that the American people tell President Obama enough is enough. Contact their representatives in the House of Representatives, and Speaker Boehner and demand the house block more of the same failed policies. It is past time to reign in spending, regulations, moratoriums, and allow the economy to grow.
Perhaps you think my call to action is premature, the president hasn’t even announced his plan. In my opinion President Obama is a strict leftist ideologue and will not change direction. Obama believes more spending, more regulating is what’s needed, that we haven’t spent enough. If that is so then Obama probably believes you can get a bird to fly by putting it in a cage.
The opinions expressed here are solely those of Fritz Pfister or identified sources, and not necessarily those of RE/MAX Professionals of Springfield or RE/MAX International.
