This guy is amazing. The day he gets his debt ceiling deal, handcrafted by Harry Reid to get him past the election, he goes on TV and starts demagoging taxes again. He's your classic sore winner jerk, the guy who just has to rub your nose in a defeat. The classy thing to do would have been to offer congratulations all around, pocket the win and call for unity. Not this guy. His VP is out calling the Republicans "terrorists." Now Obama is back to his standard class warfare pitch. It's all the fault of the "rich", they stole your money and job and we have to make them pay. Seriously, the guy scares me. There is not a lot of space between what he is doing and what s thug like Hugo Chavez does. What's next, mobs in the streets? They already are doing that in his home town. Do you really trust some leftwing democrat mayors running police forces comprised of government union members to protect you? The market started tanking about time he started jabbering. Of course, the last thing in the world he will do is take responsibility. He blamed the slow economy on everything but the cicada hatch. Except of course for the main problem, his own policies that have forced businesses into a defensive crouch. I fear we are facing a tough 18 months.
Ohhhh dont worry, Obama will get his, he will be getting chased from office looking like the biggest loser in history 18 months from now, when the market is in the can, the U.S. has been downgraded, and oil is at 120$ per barrell, with unemployment over 10%.
but he is right: how much of the debt problem is obama policies? as it turns out not much. 36% is tax cuts and war spending: The Pew Center reported in April 2011 the cause of a $12.7 trillion shift in the debt situation, from a 2001 CBO forecast of $2.3 trillion cumulative surplus by 2011 versus the estimated $10.4 trillion public debt in 2011. The major drivers were: Revenue declines due to two recessions, separate from the Bush tax cuts of 2001 and 2003: 28% Defense spending increases: 15% Bush tax cuts of 2001 and 2003: 13% Increases in net interest: 11% Other non-defense spending: 10% Other tax cuts: 8% Obama Stimulus: 6% Medicare Part D: 2% Other reasons: 7%[2] http://www.ritholtz.com/blog/2011/08/cause-of-decline-in-u-s-financial-position/
That's not the point. Obama inherited a roughly $400 bill deficit, even adding in the auto bailout, etc, which Bush did largely so that Obama would be free to deal with it as he saw fit. By this year, Obama had increased the deficit to $1.5 trillion, largely by an idiotic stimulus bill that ladled out $700 mill to democrat constituencies like government unions. Democrats are furious that the Tea Party has prevented even more outlandish spending. And all Obama can talk about is raising taxes.
All the bailouts we've seen were a bad idea. If they were trying to pump money into the economy, that was NOT the right way to do it. Pump it in by rebuilding roads and bridges. By building a more effective railway system. Basically by doing anything that allows many people to get a wage. Pump money into the economy by creating wages. Allow people to hoard the wealth by bailing out huge companies so that they may deal bonuses to a relatively few number of officials.
OBAMA: "Our economy didn't need Washington to come along with a manufactured crisis to make things worse." So how is the 'manufactured solution' making it all better?
What's worse - and I just know someone will call me a racist for this - but once Obama gets run out of office, you know it'll be a long, long time before the country elects a black man again.