Posts Tagged ‘Economy’

Is Obama Just Dumb Or Is He Completely Out Of Touch?

You really have to wonder if Barrack Hussein Obama is just dumb or incompetent. In his latest campaign speech he actually believes that federal government entitlement programs work. This should be no shocker coming from a guy who has never held a real private sector job or been responsible for keeping a business running. The federal government is incapable of doing anything right, nd when far-left loons get involved it’s even worse. There is not a single major program or department in the entire federal government that can claim to be well run and a benefit to the average taxpayer. The sheer size of the federal government makes it incapable of serving the taxpayer in any way. The federal government no longer serves the public, the old saying you can’t fight the government rings more true everyday. The Obama administration has done nothing but feed this beast and is trying to expand it every chance it gets.
Around the world the economies that are growing have the lowest government worker to citizen ratio. This massive bureaucracy does nothing but get in the way of innovators and entrepreneur’s. For bureaucrats to justify there existence they dream up all sorts of regulatory morass that stifles business and kills economic growth. When capitalism is free to operate it always leads to prosperity and opportunity, the best survive and the weak fail. When government
chooses to support certain sectors of an economy with subsidies or regulations in effect all they are doing is taking money that probable would have been spent elsewhere. The recent bailouts of GM, Chrysler and Wall Street are perfect examples, tens of billions was wasted on companies that where making bad business decisions. Parents don’t reward children for bad behavior, why should taxpayers be forced to reward bad business behavior? The reckless spending by our government has driven our nation bankrupt and unless we make some drastic cuts and curb this nanny state mentality we all will screwed.

Obama: ‘We Would Not Be a Great Country’ Without Gov’t Entitlements
Wednesday, April 13, 2011
By Fred Lucas

Washington ( – In his major fiscal address today, which called for tax increases, military budget cuts, and entitlement reforms, President Barack Obama said government entitlements make America great.

“‘There but for the grace of God go I,’ we say to ourselves, and so we contribute to programs like Medicare and Social Security, which guarantee us health care and a measure of basic income after a lifetime of hard work; unemployment insurance, which protects us against unexpected job loss; and Medicaid, which provides care for millions of seniors in nursing homes, poor children, and those with disabilities,” Obama said. “We are a better country because of these commitments. I’ll go further – we would not be a great country without those commitments.”

In his speech at George Washington University, which was broadcast nationwide, Obama announced a four-step plan to cut $4 trillion over 12 years, and harshly criticized a plan by House Budget Committee Chairman Paul Ryan (R-Wisc.) released last week that calls for $6 trillion in deficit reduction over 10 years and entitlement reform.

Attending the speech were Vice President Joe Biden, Treasury Secretary Timothy Geithner, White House Office of Management and Budget Director Jack Lew and the co-chairs of Obama’s bipartisan debt commission, former Clinton Chief of Staff Erskine Bowles and former Wyoming Republican Senator Alan Simpson.

Obama called for bipartisan cooperation to solve the nation’s exploding debt and deficit problem, but used uncompromising rhetoric about raising taxes on high-income earners

“In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans,” Obama told a crowd of about 200 at the university. “But we cannot afford $1-trillion worth of tax cuts for every millionaire and billionaire in our society. And I refuse to renew them again.”

Obama referred to getting rid of the Bush tax cuts and eliminating certain tax deductions as a plan to “reduce spending in the tax code.”

“Most wealthy Americans would agree with me,” Obama said. “They want to give back to the country that’s done so much for them.”

The Ryan plan, The Path to Prosperity, would keep the current tax rates from the Bush era tax cuts of 2001 and 2003 in place. However, Obama accused Ryan of supporting tax breaks for the wealthy.

“Worst of all, this is a vision that says even though America can’t afford to invest in education or clean energy, even though we can’t afford to care for seniors and poor children, we can somehow afford more than $1 trillion in new tax breaks for the wealthy,” Obama said. “The fact is, their vision is less about reducing the deficit than it is about changing the basic social compact in America.”

Obama – who some Democrats have criticized for compromising with Republicans in December on extending the Bush tax rates for another two years and for cutting another deal with Republicans last week to avoid a government shutdown – warned members of his party that budget cuts and entitlement reforms are necessary for a “progressive vision.”

“Indeed, to those in my own party, I say that if we truly believe in a progressive vision of our society, we have the obligation to prove that we can afford our commitments,” said Obama. “If we believe that government can make a difference in people’s lives, we have the obligation to prove that it works – by making government smarter, leaner and more effective.”

Beyond ditching the Bush tax rates in 2013, Obama also wants to eliminate certain tax deductions for high-income earners: households earning $250,000 or more and single filers earning $200,000 or more.

“The tax code is also loaded up with spending on things like itemized deductions,” Obama said. “While I agree with the goals of many of these deductions, like homeownership or charitable giving, we cannot ignore the fact that they provide millionaires an average tax break of $75,000 while doing nothing for the typical middle-class family that doesn’t itemize.”

“My budget calls for limiting itemized deductions for the wealthiest 2 percent of Americans, a reform that would reduce the deficit by $320 billion over 10 years,” Obama said. “But to reduce the deficit, I believe we should go further. That’s why I’m calling on Congress to reform our individual tax code so that it is fair and simple, so that the amount of taxes you pay isn’t determined by what kind of accountant you can afford.”

Tax increases were only one item in Obama’s four-step plan.

The president first said he would keep annual domestic spending low, but did not provide details, only saying he would not cut “investments,” i.e, federal spending, in medical research and clean energy.

Another step involves reducing military spending.

“We need to not only eliminate waste and improve efficiency and effectiveness, but conduct a fundamental review of America’s missions, capabilities, and our role in a changing world,” Obama said. “I intend to work with Secretary Gates and the Joint Chiefs on this review, and I will make specific decisions about spending after it’s complete.”

The other step is to continue to reduce health care spending, which includes addressing entitlement spending.

We will work with governors of both parties to demand more efficiency and accountability from Medicaid,” Obama said. “…We will slow the growth of Medicare costs by strengthening an independent commission of doctors, nurses, medical experts and consumers who will look at all the evidence and recommend the best ways to reduce unnecessary spending while protecting access to the services seniors need.”

He further attacked the Ryan plan for its proposed reforms of Medicare and Medicaid.
“But let me be absolutely clear,” said Obama. “I will preserve these health care programs as a promise we make to each other in this society. I will not allow Medicare to become a voucher program that leaves seniors at the mercy of the insurance industry.”

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Obama Picks Another Idiot!

February 26, 2011 Leave a comment

You really have to wonder if Barrack Hussein Obama suffers some sort of mental disorder. Why in hell would he have turned to one of the worlds sleaziest CEO’S for economic advice. I guess its the outstanding job “Jeffrey” has done at G.E. Let’s see he’s shed over 22.000 G.E. jobs here in the U.S., while expanding jobs oversees. In recent years “Jeffrey” has received major fines from the SEC for his fraudulent business practice at G.E. and was nailed with making illegal kickbacks to IRAQ during the U.N. oil-for-food program. You think his appointment as Obama’s top economic advisor had anything to due with political payback for supporting Obama’s disasterous health care takeover. G.E. has also been granted some major EPA waivers by the Obama administration since he signed on to OBAMACARE. Obama picked tax cheat Timothy Geitner as Treasury Secretary so “Jeffrey” is just one of many morons picked by Obama to ruin the economy. After 2 years of massive debt building spending unemployment has seen little improvement, GDP is stagnant and inflation is rising. All this should be no big surprise, Barrack Hussein Obama has been involved in sleezy political Chicago corruption for years and has been on the taxpayer’s dime his entire life. He’s has never created one job, he’s had no executive leadership experience, Obama has got to be the most inexperienced, unqualified person ever elected to the office. Let’s face it he had less then two years in the Senate before he started his run for president. While in the Senate he was known for missing votes, many times on purpose so he could avoid the being on record making it easier to appear as a moderate. I guess the real question is, will it be years or decades until our economy is healthy again after Obama finishes his assault on capitalism.

Obama Top Advisor On Job Creation

The SEC fined GE $50 million in August 2009, alleging the company used improper accounting on four separate occasions in 2002 and 2003 to “increase its reported earnings or revenue and avoid reporting negative financial results.”

“Beginning in January 2003, an improper application of the accounting standards to GE’s commercial paper funding program to avoid unfavorable disclosures and an estimated approximately $200 million pre-tax charge to earnings,” an Aug. 4, 2009 SEC news release highlighting the four offenses said.

“A 2003 failure to correct a misapplication of financial accounting standards to certain GE interest-rate swaps. In 2002 and 2003, reported end-of-year sales of locomotives that had not yet occurred in order to accelerate more than $370 million in revenue. In 2002, an improper change to GE’s accounting for sales of commercial aircraft engines’ spare parts that increased GE’s 2002 net earnings by $585 million,” it added.

In July 2010, the SEC slapped GE with a $23.4 million penalty for its involvement in the oil-for-food scandal. GE agreed to pay the fine, but again did not admit to any wrongdoing.

The SEC, in a July 27, 2010 news release, said four GE subsidiaries “made illegal kickback payments in the form of cash, computer equipment, medical supplies and services to the Iraq Health Ministry or the Iraqi Oil Ministry in order to obtain valuable contracts under the [United Nations] Oil-for-Food program” from 2000 to 2003.

The U.N. Oil-for-Food program instituted in 1996 was designed to allow Iraq to sell oil in exchange for humanitarian aid and medical supplies to go to Iraqis despite the sanctions that were imposed on the country then under Saddam Hussein’s dictatorship. But, the SEC found that Iraqi ministries demanded kickbacks on contracts. Several other U.S. and foreign corporations were also implicated in the scandal.

The SEC took 15 Foreign Corrupt Practices Act enforcement actions against companies involved in the oil-for-food scandal, collecting $204 million in penalties, the agency said.

GE owned two of the subsidiaries involved in the scandal before the U.S.-Iraq war began in 2003, and acquired two other companies after Saddam’s regime was toppled.

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Obama’s Summer of Jobs, Or Not

As Biden continues his “Summer Of Recovery” stimulus propaganda tour the Obama economy continues its death spiral into a double dip recession despite the media and democrats still trying to blame old GW. Obama and most of his administration have never held a private sector job or been responsible for meeting a payroll deadline. Why does anybody think this band of socialist could ever create a private sector job. All the stimulus accomplished was to send almost a trillion dollars of taxpayer cash out the door while no tax receipts where coming in to pay the bill. With Obamacare about to devastate the economy its no big shocker companies are not hiring, why add more costs. Is anybody but the Democrats and the media so delusional not to see that even the Dems know how bad this crap is going to hammer the economy. Why do you think its full damage is not scheduled to kick in until after the 2012 elections and why would they need four years to build up cash to pay for it. People all over are already seeing massive hikes in insurance and medical costs. Did the Obamacare bill address frivolous lawsuits from trial lawyers, how about fraud or the costs associated with 11+ million illegal immigrants. Did the Obama wall street reform bill address Fannie Mae or Fannie Mac, did Obama add anything to his Wall Street reform bill to stop banks from being forced to give mortgages to people who have no chance in hell of ever paying there mortgages back. No instead they just built in more tax payer funded parachutes for lending institutions to continue these bad lending practices with no consequences. All these extra business costs are just going to be built into higher prices for the consumer. The one common theme among everything Obama, Pelosi and Reid have done for the economy is political paybacks and a lack of legislation in recent bills that address the harm caused by there cronies.

Obama Economy
Public Debt as of 28 Aug 2010

$ 1 3 , 3 8 3 , 9 7 2 , 4 4 6 , 0 6 1 . 7 7

The estimated population of the United States is 309,010,848
so each citizen’s share of this debt is $43,312.31.

The National Debt has continued to increase an average of
$4.11 billion per day since September 28, 2007!

Nationwide unemployment 9.6%

Unemployment in Ohio 10.6%, here some surrounding counties.
* Crawford – 12.2%
* Defiance – 12.5%
* Fulton – 11.5%
* Hancock – 9.5%
* Henry – 11.7%
* Lucas – 12.1%
* Ottawa – 10.8
* Putnam – 9.3%
* Sandusky – 10.3%
* Seneca – 11.4%
* Williams – 13.5%
* Wood – 10.1%
* Wyandot – 12.0%

Revised GDP growth of 1.6

Home sale plunge 27 percent, lowest in 15 years

Imports surge to 26 year high

Obama jobs death toll: Layoffs, layoffs, layoffs
By Michelle Malkin • August 27, 2010 09:54 AM

The Summer of Wreckage turns to fall…

Children’s Hospitals plans to cut up to 250 jobs – “The provider — with campuses in Minneapolis and St. Paul — said Wednesday the down economy is forcing more children to rely on Medicaid.”

Nearly 400 StarKist Co. cannery workers lose jobs – “StarKist has had to contend with federally mandated minimum wage increases. Butler says other costs are also rising in such areas as utilities and transportation.”

Northrop Grumman announces more layoffs – “The Los Angeles-based company said it would reduce its work staff by 642 at its shipbuilding operations in Pascagoula, Miss., or about 5.8% of the facilities total workforce. That follows a notification earlier this month that it would layoff 300 employees at its facilities in Avondale, La., and Tallulah, La.”

Janitors protest layoffs in LA’s Century City – “Los Angeles police spokesman Richard French said about 300 people rallied outside JP Morgan Chase-owned Century Plaza Thursday afternoon and 13 were arrested for allegedly blocking traffic. He says the arrests were without incident. The custodians and their supporters from SEIU United Service Workers West called on JP Morgan to rehire their cleaning staff.”

Layoffs hit employees at county job center – “A Cumberland County government office that helps people find work is itself laying off eight staff members this fall, and the number might have been higher.”

Meriter: Public program shortfalls force job cuts- “Meriter Hospital said it’s not immune to the tough economy, laying off 57 employees…Meriter said it expects to lose about $57 million in 10 years once Health Care Reform is in place.”

13 States That Just Got Slammed With Massive Layoffs – “We’ve mined through to find the states with the most massive layoff events. A massive layoff event means 50 employees have filed for unemployment within 5-weeks, all from the same company. We’ve also highlighted July’s initial unemployment claims, and examples of layoffs hitting each state.”

10 Leading Retailers Close Stores; Exodus of Small Retailers Amidst Signs of “Free Rent”; 700,000 Drop Cable TV Subscriptions – “Signs of weak consumer discretionary spending are popping up in multiple places.”


FYI: I’ve created a new category called the “Obama Jobs Death Toll.” Just click on the link for the running archive. Keep sending your story tips and I’ll continue keeping track.


Related: Weak GDP raises stakes for Obama, Fed – Growth figures are expected to show the economy is almost at a standstill, but the government is running out of options to rebuild momentum.