Diary

More evidence of Dems mismanagement of the economy

Our hypocritical President rode to power on a white horse, promising transparency, ethics, and bipartisanship / postpartisanship.  He took on the mantle most importantly of an economic expert, promising to turn around the economy.  Some points to consider and discuss with anyone who says the Democrats know better how to manage the economy:

  1. When unemployment surpassed 6.0% on the campaign trail, Obama declared the fundamentals of our economy were not sound.  When it dipped ever so slightly from 9.5% to 9.4%, he declared we had turned the corner and the stimulus worked.
  2. Today, unemployment numbers went unexpectedly up
  3. Today, retail sales were declared to be down
  4. Car makers who have clunkers have not been given the promised cash in many places
  5. The so-called “recovery” has failed to increase real wages. 
  6. All in all, 2.2 million jobs have been lost since Porkulus was enacted without opportunity for either public debate, public review of the law, or even Congressional review of 1400 pages added over night.  That’s 5-7 million less jobs than promised by Obama who sold us on the representation the bill would save 3-5 million jobs. 
  7. Throw on top of that another 5 million jobs that have not materialized that Obama promised us through a “green” energy plan that would focus on “solar, wind, and tide.”  I’m not sure he’s achieved 5 jobs there, much less 5 million.  All in all, we’re looking at over 10 million less jobs than advertised.  Heck, at this rate, one doesn’t even have to look at his failed promise to create those jobs.  Just look at the jobs he’s lost. 
  8. His administration is on a pace to lose more jobs than any administration in history.  (I guess the Democrats were right when they said we were witnessing history after all)!
  9. Our currency continues to lose weight against foreign currencies. 
  10. We are driving up our foreign trade deficit to unprecedented levels. 
  11. The deficit and debt are at unprecedented levels. 
  12. Multiple members of his chief economics team are talking about the necessity of raising taxes.  Obama himself has tried to sell us on the idea we must be open to “sacrifice” for the liberal programs.
  13. It is important also to not overlook the fact it was the Democrats who created the mess in the first place.  It was Democrats, and Obama economics advisor Larry Summers (same genious who brought us cash for clunkers) who pushed the plan to put more people into homes they could not afford, thereby creating the housing bubble that started the domino effect producing the recession.
  14. After announcing that we were “out of money” Obama went on to propose a huge expansion to the largest drain on our federal budget by attempting to universalize health care, even for those who do not wish to purchase it.  The Congressional Budget Office noted Obama’s plan is not budget neutral and would cost over a trillion dollars.  (Austin Powers, anyone?)
  15. A majority of Americans, according to Rasmussen Reports, now trust Republicans more on the economy than Democrats.
  16. While Democrats will assert ad nauseam that we are recovering from 8 years of Bush administration policies, none seem to be able to point to which policies created as much deficit or market bubbles as the Democrat policies.  Indeed, until 2006 when the Democrats rode into a sweeping victory in Congress on promises to end the Iraq war (they didn’t and we are now losing soldiers and money in Afghanistan at an increasing rate), transparency (does anyone know what porkulus contains?), ethics reform (when was the last time Pelosi’s Congress followed through on investigation of a Democrat?), that the economy went bad. 
  17. Before the Dems takeover of Congress, unemployment under Bush and the GOP Congress hit rock bottom, the stock market was around 14,000, home prices were high, taxes were low, and trade agreements expanded our share of foreign markets, creating jobs and wealth in America.  It was far from perfect, but who wouldn’t trade where we are now for where we were then?
  18. The Democrats’ cap and trade bill is costing American jobs while not translating into any meaningful reduction in carbon emissions.
  19. The health care bill, besides raising taxes, would cost many American jobs.  The reason is simple – since employers will be required to provide “adequate” health care or pay a 7% surtax, they will be paying into the public system because rising health care costs will make that the cheaper option.  Since employers will not magically have more money, that means the extra money they are either paying for health care or a surtax will cause them to hire less workers, layoff workers, or reduce wages.  The bill has a provision to prevent wage reduction which means simply less jobs created and more jobs eliminated.  My best guess is these losses will mount well into the millions as 7% of payroll is not small sum. 
  20. That also means Americans will be forced to lose their private health care.  While Obama supporters are quick to point out the law still allows people to buy their own health care, the truth is most people will have to fall under the public system, getting rationed care, while some, and perhaps increasingly many, people will not be allowed treatments, operations, or explorative options they need / would choose under their current plans, all while forced to subsidize taxpayer funded abortions through the same public plan. 
  21. The health care plan does not control costs, as noted above by the CBO, which means the “cost saving” rationale put forth by Obama’s team is a lie.