Posted on 07/19/2010 10:07:38 AM PDT by afraidfortherepublic
If you listen to the lies spewing forth from the lips of the Obama Administration, the US economy is improving, millions of jobs are being “saved or created” and we’re well on our way to a strong recovery. But, the volatility of the numbers that Obama and economists in his pocket use to try and convince us that our financial situation is improving tell an entirely different story.
Ex-Clinton Democrat and co-Chair of Obama’s so-called debt commission Erskine Bowles recently warned that our nation’s debt is a fiscal cancer that threatens to devour the nation from within, if left unchecked. The warnings from the committee he tasked with solving our economic dysfunction couldn’t be any clearer.
In spite of this dire prediction, have Obama and Congressional Progressives begun to tighten the purse strings? To the contrary. Aided by Republicans like Scott Brown, they’re spending like never before and show no signs of slowing down. In fact, from June 29 to June 30, 2010 in one 24-hour period alone, the US national debt ballooned $166 billion dollars.
Consumer confidence is sinking as fast, Indications of a double-dip recession, Depression The indications of a double-dip recession and perhaps even another depression are beginning to materialize. Consumer confidence is sinking as fast as Obama’s approval rating and at its lowest level in a year. People are just too scared to use their purchasing power on anything but the necessities. While productivity may be up, businesses are now doing more with less. There’s far too much uncertainty to hire new employees.Corporations are hoarding their cash like never before, withholding nearly a trillion dollars from the economy out of fear. More at link...
(Excerpt) Read more at canadafreepress.com ...
It’s never really been a movement. If one got going it would scare the crap out of them . . . and impoverish them.
He is somewhat accurate but too partisan to get at the real issue, structural deficits that are the result of excessive entitlement promises, long-term debt obligations and military spending.
Bush gave us Medicare D and a war in Iraq that was never budgeted for. Obama, OTOH, makes Bush look like a fiscal con
Did the “Pitt Bull” show up in 1994? Or did Newt act like he was the new ruling class. And how did the media respond to Newt?
It really is our fault, we went back to sleep after the 1994 election, assuming our work was done. NOW WE KNOW — IT IS NEVER DONE.
Does this mean we should expect a huge stock sell-off in 4Q 2010?
“I don’t think they can hold the collapse off until 2011, though they are trying as hard as they can.”
Personally, I hope this con job slips right through the thugocracy’s greasy fingers in time for a November response.
If the republicans get control of the legislatures the thing they must do is vote to repeal all of the Socialist initiatives of this president. The must vote to defund the left. They need to kill several regulatory agencies. Make Obama get out his veto pen. This simple fact of the matter is the continuing economic slowdown may be irreversible without significant changes and pain. Middle of the road compromise solutions will not work. Make Obama veto these laws. Make him veto a flat tax. Make him veto glass stegall. This way the republicans can paint him as obstructionaist.
The deteriorating situation we find ourselves in is no accident. It isn’t due to incompetence or inexperience, rather it is the direct result of premeditation. Every single one of Obama’s policies has been cloaked as some critical reform, the practical effects of which can’t possibly be known until after implementation.
dittos ...
And what proof does he have that this is actually happening?
by the end of the first quarter in 2011 we will see unemployment hit 15%.
in 2011 everybody’s taxes go up with the “expiration” of the Bush tax cuts (every bracket plus dividens and capital gains)
in 2011 the just passed “financial reforms” will take effect, raising the reserve requirements and cutting lending.
We will have gridlock in Washington, no new bad stuff, but also no repeal of anything.
States (California, New York) will progress in their financial meltdowns...
it’s going to be ugly.
“We have tried spending money. We are spending more than we have ever spent before and it does not work ... After eight years of this Administration we have just as much unemployment as when we started ... And an enormous debt to boot!”
Henry Morgenthau,
Treasury Secretary under FDR, after 2 terms of FDR’s “New Deal”.
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