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When it comes to credibility the Obama administration is seriously lacking when it comes to the economy.
After a series of vacillating (and contradictory) statements on what his policies have and haven't done for the economy even the administration's paltry job creation numbers have proven to be as ethereal as Obama's plans for the Middle East.
The government's first accounting of jobs tied to the $787 billion stimulus program claimed more than 30,000 positions paid for with recovery money. But that figure is overstated by least 5,000 jobs, according to an Associated Press review of a sample of stimulus contracts.
The AP review found some counts were more than 10 times as high as the actual number of jobs; some jobs credited to the stimulus program were counted two and sometimes more than four times; and other jobs were credited to stimulus spending when none was produced.
Of course I've been saying all along that the administration is just making up numbers. That's what they have to do because nothing in the stimulus bills can be verified as a job creation process. Like a lot of liberals the administration believes its own talking points about people being unable to create jobs on their own and only government spending and policies enable job creation.
Painfully for America the administration will be slow to give up such notions. It's too bad that tax cuts are considered "Republican" ideas because that is exactly what is needed right now. And it wouldn't take $3 trillion worth of tax cuts to stimulate the economy, either.
Current Mood : determined 
Tags : economy, federal spending, jobs, obama administration, tax cuts
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No one (outside of the MSM) believes the Obama administration stories that the end of the recession is "just around the corner".
In fact, the conflicting messages coming out of Washington over spending, what to "stimulate", whether jobs are being created (or "saved") and a continued backing of growth-killing tax hikes is demonstrating to the world that the administration doesn't know which way is up.
So unprecedented spending plus a lack of confidence in the administration's ability to do anything (effective) when it comes to the economy adds up to a plunging dollar.
But you have to expect that to happens when you elect people (like those in the Obama administration) who think a crisis in a way to get what you want by scaring people into going along with your ideas. Extending the crisis through policy decisions becomes attractive to those kinds of people!
I can't wait for the next two years. We will keep hearing that the "stimulus" has already worked and thus we should be happy we spent all that money but also that things are worse than anyone knew and its Bush's fault that that we're in this mess so Obama can't be blamed for wanting higher taxes.
Welcome to "change"! It is what you had hoped for? Nobody knew that what Obama really meant was that the dollar would only be worth "change" after he was elected!
Current Mood : determined
Tags : economic policy, economy, federal spending, obama administration
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Yes, you read that right. Vice President Joe Biden is claiming that the stimulus has created a whopping 140,000 jobs and is doing more "than we hoped".
Talk about being out of touch with reality! Biden did not explain how the stimulus was doing more even though the economy is much worse than the Obama administration had predicted it would be if the stimulus bill passed.
Even more disconnected is the brewing claim from the Obama administration that passing a multi-trillion dollar health care spending bill will improve the economy (or that not passing it will make the economy worse).
And we're still waiting for liberal economists to explain why a debt situation at least twice as bad as that during the Bush years (even after adjusting for inflation) is not a problem while the debt situation during the Bush years was labeled a calamity by those same economists.
The American people know snake oil when they see it! The Obamanation spend-all cure-all proposal is being seen for what it really is: a sub-prime offering that will bankrupt the country.
Current Mood : determined
Tags : economy, federal spending, hypocrisy, joe biden
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More evidence that the Obama administration and Democrat controlled Congress are trying to spend unsustainable amounts of money.
You can tell the left knows this by the bad lies they tell about it.
And if you needed any more evidence there are always shockingly smart people telling you the same thing or that it's even worse:
As in $14 trillion instead of $9 trillion.
The left always relies on you, the overburdened taxpayer, to bail them out of fiscal trouble. So what happens to the nation when they spend so much money even taxing you, your children and your children's children isn't enough?
I suppose there are worse things than being foreclosed on by China, Canada, Russia, Great Britain, et al. Do you think they'll give us some consideration for all those forgiven loans from the WWII era?
Current Mood : determined
Tags : economy, federal budget, federal deficit, federal spending, obama administration
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A couple of months ago, when the recession kept going from bad to worse the Obama administration and its useful fools all repeated the same talking points: the stimulus wasn't supposed to deliver a recovery until next year, so you can't blame Democrats!
Then, this month, when things seem to be getting better those same people declared the stimulus to be a proven savior of the economy.
Except that there's no evidence to support either position! Remember, the first position was allegedly backed up by numbers showing that little of the stimulus money had actually been spent. (This, of course, was part of the plan. Get approval for trillions in spending, then spend it any way you wish as the situation changes.)
Now that numbers are a little better (we're still worse off than we were at any time since the Great Depression in some ways) it is precisely that tiny amount of spending that is allegedly the reason why things are (perhaps) getting better.
So...which one is it, guys? Recall that Paul Krugman (I know, I know) kept crying that the stimulus was "too small" because the government should be sucking up twice the amount of taxes they currently are, so keep spending until taxes that high are necessary to pay it off. Oh, and jobs will magically be created along the way. But now that a mere $70 billion has been spent and "credited" with "saving or creating" a million jobs (I know, I know) it appears that Krugman levels of spending are not necessary.
The answer is of course: it's both ways! Huge levels of spending by the government are both necessary and reasonable and will take a lot of time to work into the economy—but any improvement along the way is entirely a result of all of this planned spending. You would be silly to suggest otherwise!
In the mean time, don't let the lack of data or even a consistent economy theory get you down. Like global warming, this is an issue you should just have faith in. You know, like health care!
Current Mood : amused 
Tags : democrats, economy, federal spending, obama administration
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A visual to go along with the chart of Obama's tragic mistake, aka "the stimulus".
Like we said months ago, the best thing to do was let the (kind of) free market run its course. Any stimulus should have gone directly to taxpayers via tax cuts.
When will liberals learn?
Current Mood : determined
Tags : economy, jobs, obama administration
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So liberals don't have to.
Don't hold your breath waiting for liberals to explain why Obama's policies aren't working. They'll just claim (again) that they are and that you should shut up.
Current Mood : relaxed
Tags : economy, obama administration, truth
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The economy was just as bad in the first quarter of this year as it was in the last quarter of last year. (Which of course means that fiscal year 2009—which runs from last three months of 2008 through September of 2009—is going to be very bad.)
Wasn't Obama supposed to magically change all that? Weren't things "already getting better" because he was elected took office had 100 days under his belt uh...well...uh...Bush bad! Bush bad! :P
Obama reiterated his intent to destroy the banking industry during his 100 day speech. I hope no one is surprised when he nationalizes them or forces them into non-profit status. Apparently in the Obamanation it is morally wrong to make money when you lend money to other people. Hmmm...where have I heard that before?
Current Mood : busy 
Tags : banking, economic growth, economy, obama administration
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Holy cow, has anyone ever displayed such an inability to do the job they were hired for, ever?
Geithner has to be in the top 10 for that list.
For him to even appear to be in favor of a currency that makes the dollar subservient is unbelievable. I can't think of a quicker way to cause a run on the dollar—short of declaring our intent to use hyperinflation to counter Obama's massive deficits.
Current Mood : dismayed 
Tags : currency, economy, timothy geithner
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EU President Mirek Topolanek thinks the US is headed in the wrong direction.
STRASBOURG, France – The president of the European Union on Wednesday slammed U.S. plans to spend its way out of recession as "a road to hell."
Czech Prime Minister Mirek Topolanek, whose country currently holds the rotating EU presidency, told the European Parliament that President Barack Obama's massive stimulus package and banking bailout "will undermine the liquidity of the global financial market."
I have to agree. Once the US has printed several trillion dollars and ignited hyperinflation who will step in with more dollars to subsidize failure?
Current Mood : busy
Tags : economy, european union
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Notice how there isn't anyone talking about limiting the pay for politicians?
WASHINGTON – Pointing with dismay to the AIG debacle, the nation's top economic officials argued Tuesday for unprecedented powers to regulate and even take over financial goliaths whose collapse could imperil the entire economy. President Barack Obama agreed and said he hoped "it doesn't take too long to convince Congress."
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke, in a rare joint appearance before a House committee, said the messy federal intervention into American International Group, an insurance giant, demonstrated a need to regulate complex nonbank financial institutions just as banks are now regulated by the Federal Deposit Insurance Corp.
It's just more socialism from the government dedicated to enslaving you.
Current Mood : sleepy 
Tags : economy, obama administration, socialism
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That pretty much sums up the Obama economic program in a word.
WASHINGTON – President Barack Obama's budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to new estimates released Friday.
The new Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the administration predicted in its budget just last month.
Remember when Democrats (and their allies in the MSM) were falsely labeling the Bush deficits as "record deficits"? Remember when a deficit of $162 billion and 1.2% of GDP in 2007 was something to be concerned about? Remember when deficits of about 2% of GDP were cited as a reason to elect Democrats instead?
Now Obama is declaring that budget deficits of at least five times that amount in dollars and ten times that amount as a percent of GDP are "a new era of 'responsibility'".
Suckers!
I have one question for everyone who fell for that and who voted for Obama: how's that working out for you?
Current Mood : vindicated
Tags : economy, federal budget, federal deficit, obama administration
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How can anyone not be happy for these people?!
As mortgage foreclosure rates hit record highs, one small group of homeowners remains relatively immune to the pressures confronting millions of other Americans: those at the highest levels of the Obama administration.
At least seven top officials—as well as the president himself—have reaped the benefits of mortgage deals ranging from discounted rates to reduced and subsidized mortgages to free housing, largely due to their stature or as perks of previous employment.
Aw, that warms your heart, doesn't it? It's so nice to know that the Democrat elite remain immune to the financial crisis they helped promulgate.
Makes you wonder if they shorted stocks after being elected, doesn't it?
Current Mood : cynical 
Tags : economy, obama administration
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When Obama touts tax cuts everything is great and wonderful and the best ever but when someone like Bobby Jindal or Sarah Palin talks about them they suddenly become "the reason" we're in a recession?
Even more amusing is that the MSM and Democrats who keep flip-flopping on this issue avoid even the appearance of giving a fact or two to back up their allegations. Not that they could, of course. The facts back up the position that cuts in marginal tax rates have provided the bulk of the economic stimulus provided by government action over the past 30 years. From President Reagan's record-setting expansion, through the expansion of the Bush-Clinton years and again after the Bush 43 tax cuts economic growth, incomes and employment have increased and inflation, deficits and poverty have declined after tax rates have been cut.
Indeed, the recession of 2008 hit after Democrats took control of Congress and made reversing the Bush economic policies the centerpiece of their policies.
For example, while Republicans like President Bush and Senator McCain called for further scrutiny of the housing situation Democrats took special favors from financial firms and claimed that nothing was wrong. While Republicans pushed for policies that would reward home ownership via the usual mortgage channels Democrats pushed the sub-prime routes and sued financial firms that did not meet their standards of "community service" in lending. Barack Obama himself participated in one such lawsuit.
So when the Democrats (selectively) criticize tax cuts ask them what other policies have shown such consistent benefits over the past 30 years. And when they further claim that "free markets" and "deregulation" caused the current recession ask them why the government intervened and bailed out failing firms instead of letting them fail—as would have happened in a truly free, deregulated market.
They won't have any answers, of course. They'll just call you disloyal and unpatriotic for failing to follow Obama uncritically.
Though they should admit that following Obama uncritically requires at the very least the ability to be a hypocrite as well as being able to stand on both sides of an issue at once. That is a hard act to maintain!
Current Mood : busy
Tags : democrats, economic policy, economy, obama administration, recession, republicans, tax cuts
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Obama's plans to nationalize the banking industry are causing further downward pressure on stocks, which have plunged to levels not seen since 1997.
One would think that months of plunging stock prices would indicate that businesses are rejecting the "subsidize failure" model that this administration is pursuing with a vengeance.
However, we can't expect better from Congress until those who helped cause the financial crisis are forced to sever their links with companies being subsidized. But instead of being investigated, people like Barney Frank, Chris Dodd, Chuck Schumer and Charles Rangel are being touted as the people who will "save" us from the very crisis they promulgated with their reckless policies.
It's an upside-down world, and it is not going to get any better with the likes of Frank, Dodd, Schumer and Rangel continuing to run the show.
Current Mood : working
Tags : barney frank, charles rangel, chris dodd, chuck schumer, congress, economy, stock market
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The press is still confused about whether they should be pimping the good side of the economy or the bad as their leader still hasn't been enshrined in office yet.
The reality of the situation, though, is that things are not that bad. This should not be a surprise to any of my readers as I have been posting economic data all along that showed a decent underlying economy despite financial chaos and job losses.
There's and old joke that goes: "a recession is when you neighbor loses their job; a depression is when you lose yours". I suppose that could be changed to fit today's scenario: "it's a recession because people in over-speculative regions and industries have lost their jobs; it won't be a depression until everyone else loses theirs". ;)
That's not to minimize the pain that many people are going through. Rather it is to let them know that it's always darkest before the dawn, and the dawn isn't that far away.
Current Mood : upbeat
Tags : economy, recession
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Paul Krugman, et al, have been claiming that "free markets" (i.e., companies not linked to the government) were primarily (if not wholly) responsible for the current financial scandals revolving around subprime loans.
However, the folks at Option Armageddon expose the myth.
Fannie Mae and Freddie Mac engaged in “an orgy of junk mortgage development” that turned the two mortgage-finance giants into vast repositories of subprime and similarly risky loans, a former Fannie executive testified on Tuesday…
The former executive, Edward J. Pinto, who was chief credit officer at Fannie Mae, [said] that the mortgage giants now guarantee or hold 10.5 million nonprime loans worth $1.6 trillion — one in three of all subprime loans, and nearly two in three of all so-called Alt-A loans, often called “liar loans.”…
Such loans now make up 34 percent of the total single-family mortgage portfolios at Fannie Mae and Freddie Mac, a level that will link them to eight million foreclosures, or one in six, in coming years.
So much for "it's all the free market's fault!" If we had a free market all those companies would be bankrupt and not taking taxpayers for hundreds of billions in bailout money.
Current Mood : busy
Tags : banking, big lie, economy, paul krugman, scandals
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