Archived Posts from this Category
Archived Posts from this Category
by Peter Ferrara -
Last Friday’s report on economic growth for the second quarter of 2011 completes the burial of Obamanomics. The economy grew a paltry 1.3% for the quarter, with reported growth for the first quarter reduced from a meager 1.8% to a negligible 0.4%. The economy for the entire year so far has actually grown less than the weak growth we thought we had for the first quarter alone.
The growth for the fourth quarter of 2010 was also reduced to 2.3%, meaning that for the last nine months the economy has grown a minimal 1.5%, barely treading water as the weekend Wall Street Journal described it. For comparison purposes, economic growth during the first seven quarters of the Reagan recovery in the 1980s boomed at an average of 7.1%. Economic growth during the first seven quarters of the Obama non-recovery has now been reduced to an average of 2.6%, barely a third as much.
Historically, as the Journal also reiterated, “the deeper the recession, the more robust the recovery.” So the idea that the recovery is so bad because the recession was so bad doesn’t wash. Based on the historical pattern, we should be in the second year of a booming recovery by now. President Obama? instead is mired in three and a half years of stagnation with worse to come. more »
by Jeffrey Folks -
In terms of energy policy, as in so much else, the Obama administration is in leaderless disarray. The only thing it seems capable of doing is delaying and shutting down energy production. As soon as some promising new supply pops up, like the shale gas capable of fueling America for the next century, the Obama EPA is there launching an environmental study designed to regulate and restrict it. At the moment when new energy supplies are most needed, there are no plans to increase supplies — only plans to reduce them. One would almost think that this President wants to bring America to its knees.
Meanwhile, for the Chinese and other fast-growing economies, it’s full speed ahead on new energy projects. Chinese oil companies are pursuing new oil and gas exploration on a global scale, even in the mainland U.S. They are buying up oil and gas leases in Asia, Africa, Latin America, Europe, and North America, including just offshore Louisiana in the Gulf of Mexico. more »
by Emily Miller -
Congressional Democrats and President Obama are blocking every effort by Republicans to cut runaway government spending, leaving Washington at a stalemate. Senate Majority Leader Harry Reid (D.-Nev.) even failed to pass a token spending cut last week. House Minority Leader Nancy Pelosi (D.-Calif.) has fought any cut from current spending levels in a Continuing Resolution (CR). And, Obama announced for the second time that he will veto the Republican spending cuts, while he refuses even to negotiate with Congress on the budget.
After months of refusing to cut any spending, Senate Majority Leader Harry Reid (D.-Nev.) finally came out with a Democratic offer to cut spending for this current fiscal year by a mere $4.7 billion. The budget deficit for the current fiscal year is projected to be $1.6 trillion. So, the Senate Democrats’ spending cuts would lower the federal deficit by a mere .004%.
“At a time when Washington is borrowing about $4 billion a day, Democratic leaders want to cut about four and a half billion in government spending for the rest of the fiscal year and then call it a day,” said Senate Republican Leader Mitch McConnell (R.-Ky.). more »
Faced with stifling debt, bloated pensions and intractable government unions, liberal Midwestern legislators have fled those states — paralyzing Republican fiscal reform efforts. Like Monty Python’s Brave Sir Robin and his band of quivering knights, these elected officials have only one plan when confronted with political hardship or economic peril: Run away, run away, run away.
Scores of Fleebagger Democrats are now in hiding in neighboring Illinois, the nation’s sanctuary for political crooks and corruptocrats. Soon, area hotels will be announcing a special discount rate for card-carrying FleePAC winter convention registrants. Question: Will the White House count the economic stimulus from the mass Democratic exodus to Illinois as jobs “saved” or “created”? More important question: How much are taxpayers being charged for these obstructionist vacations? more »
President Obama has been speaking lately of what he views as an upswing in the economy. “The economy is growing again,” he declared in the State of the Union address. Not surprisingly, he failed to mention that for 104 consecutive weeks, larger and larger numbers of Americans have become dependent on welfare. Or that within those families receiving welfare, fathers have become more and more irrelevant, and youth crime has increased.
But, then, those are not facts that one expects to hear from the President in a State of the Union address, or anywhere else. What we hear, again and again, is the fantasy that government creates jobs, government drives the economy, government feeds kids and sends them to bed happy. The facts are just the opposite.
In fact, the Department of Agriculture has just reported that 43.6 million Americans are now receiving food stamps. more »
11/7/2010 – James W. Mulholland -
Everyone is aware that our public system of education, especially at the secondary level, is failing. To function well, our system of government requires an educated and intelligent populace. When 40 percent of our children are unable to successfully complete a high school education, the failure becomes a national crisis marked by high unemployment and growth of a welfare state. Here is a proposal for an entirely different method of delivering an education.
As a once-hopeful high school science teacher, I discovered that the primary cause of school failure (at least where I practiced) was the high percentage of students in school who had no interest in learning, no respect for teachers, and no intention to graduate. For various reasons, traditional education did not relate to their lives in any useful way. Many of them were simply putting in seat time until they could legally drop out at the age of 16. more »
10/26/2010 – Vasko Kohlmayer -
It is Europe’s autumn of discontent. All across the continent, people are taking to the streets to protest the austerity measures of their governments. The governments have to cut for a simple reason: They are broke. They no longer have the money to sponsor the kind of padded lifestyles to which their citizens have grown accustomed. This in turn makes the citizens angry — so much so that they are willing to turn their countries upside-down in order to obtain benefits their governments simply cannot provide.
In France, where the deeply unpopular President Sarkozy is trying to raise the retirement age of 60, things have turned decidedly unpretty. Across the country, cars are getting burned, shop windows are getting smashed, garbage is left uncollected, roads are being blocked, and people are getting beaten up. Nearly one fourth of France’s twelve thousand-plus gasoline stations are suffering shortages. Even secondary schools are being blocked and disrupted. more »
There are among the population of the country Barack Obama has been chosen to lead those who have experienced firsthand the iron fist of a dictatorial government and who have survived the bloodshed that resulted. Tens of millions died during the past century under dictators. Deep within their psyche, these survivors are extraordinarily attuned to those factors that gave rise to the devastation when dictators have their way.
They know that the first step along this path is the emergence of a leader willing to do or say anything to promote a destructive and failed political philosophy and to achieve power by manipulating the emotions, fears, and prejudices of the people. But above all, they are mindful that only by exposing those who are determined to undermine their society, without hesitation or fear, can their nation be saved.
Therefore, on behalf of those of us who have live through the worst of times, and based upon the president’s words and deeds, it must be stated that Mr. Obama is a liar and a demagogue. more »
9/20/2010 – N.C. Aizenman -
Some of the country’s most prominent health insurance companies have decided to stop offering new child-only plans, rather than comply with rules in the new health-care law that will require such plans to start accepting children with preexisting medical conditions after Sept. 23.
The companies will continue to cover children who already have child-only policies. They will also accept children with preexisting conditions in new family policies. …
Three insurers – WellPoint, Cigna and CoventryOne – all cited uncertainty in the health insurance market for their decisions. That incertitude and the resulting decision of other insurers to drop their child-only plans, according to WellPoint spokeswoman Kristin Binns, “has created an unlevel competitive environment.”
CoventryOne spokesman Matthew D. Eyles said that the insurer was facing “unique challenges that could undermine our ability to offer value and meet our continued obligations to existing policyholders.” more »
8/21/2010 – Jeffrey Folks -
Revised numbers from the Labor Department show negative job growth during June 2010. For each job opening, there were five persons looking for work, and 300,000 fewer workers were hired in June than in May. The ride down continues.
Meanwhile, Treasury Secretary Geithner, erstwhile cheerleader for the Obama economic team, announces that unemployment rates could rise “for a couple of months.” “Of course we want to do what we can,” says Geithner, but what we’re doing is just not working. more »
8/20/2010 – Andrew Malcolm –
Just a few minor things to catch up on for the weekend now that the Fundraiser-in-Chief has gone on another vacation (Don’t worry though. White House chef Sam Kass went along, so the first family need not eat ordinary human food.)
– The Congressional Budget Office says the 2010 federal deficit will be in excess of $1.3 trillion, as in $1,000,000,000,000+. (BTW, the next level we’ll be talking about out of Washington is quadrillion, which has fifteen 0′s.)
– Despite Vice President Joe Biden’s April boast that administration stimulus spending would spur the economy to add a half-million jobs a month by now, initial unemployment claims jumped a half-million last week, the worst since last November, as national unemployment remains at 9.5% and the economy sheds 131,000 more jobs. more »
America’s economic situation needs an emergency heart transplant, but Obama and the Democrats keep offering band-aids instead. We need a major change in government economic, tax, and fiscal policies not more government bailouts. Yet the president is doing nothing to reverse the enormous uncertainty fostered by his own administration’s aggressive anti-business and pro high-tax initiatives and rhetoric.
In the latest indication that our president has no clue why businesses are struggling and unwilling to hire, Obama is trying to force through another $30 billion government bailout program to “help banks boost lending to small businesses.” Unfortunately, it’s not the lack of available funds that are stopping businesses from expanding and generating new jobs. It’s the massive economic uncertainty and instability created by misguided government mandates (especially the oppressive regulations of ObamaCare), coupled with the massive tax increases coming in January 2011, that have spooked companies and forced them into defensive economic positions. more »
8/14/2010 – Frank Burke -
While it is not yet known whether “the rise of the oceans began to slow” since the nomination/election of Barack Obama, it is clear that Lake Michigan hasn’t, thanks to the recent infusion of more than two billion gallons of raw sewage, courtesy of the City of Milwaukee. This is a not-uncommon occurrence due to the fact that the city’s storm and sanitary sewers are one and the same and, despite a massively expensive “Deep Tunnel” reservoir, a heavy deluge not only impacts the lake, but causes a backflow into thousands of local homes. Another storm in June of 2008 resulted in a 2.9-billion-gallon spill. more »
The “gift” of criminal illegal immigrants keeps on giving. This is an outrage of massive proportions. Obama must seal the BORDER! Congress must ACT NOW to protect the American people! This kind of travesty cannot continue.
8/5/2010 – Dave Gibson -
Police in Williamsburg, Va., have arrested a juvenile, whose name is being withheld due to his age for repeatedly raping a 6-year-old girl. His arrest comes after two others, Tito Guirao-Aguilar, 39, and Samuel Eli Jacobo-Guirao, 20, were apprehended for victimizing the girl.
Guirao-Aguilar has been charged with three counts of aggravated sexual battery of a person under the age of 13, and Jacobo-Guirao is charged with one count of rape of a person under the age of 13 and two counts of aggravated sexual battery of a person under 13.
Both men are being held in the Virginia Peninsula Regional Jail without bond. Immigration and Customs Enforcement has also placed a hold on them. more »
A rising number of supports champion inflation as a salvation strategy. Richard Russell in a recent newsletter provides the rationale (emboldening by Mr. Russell):
In my opinion, the US MUST default on its debt. There are two ways to default. One is simply to renege on the debt … The other way to default on the debt is to inflate it away. I’m absolutely convinced that this is the path that the US will take. If the US inflates enough, then over time (many years) the devalued dollar will tend of reduce the power of the debts.