The article below is a scathing commentary on the unfettered deception that Obama and the media have continued to foist on a not so unwitting American public. Claims of the recession ending several quarters ago and an economy that is improving to plan is abject prevarication.
True unemployment continues to increase, now assessed by non-government officials at a whopping 10% with underemployment (which the government so conveniently avoids) is averaging nearly 20% nationally. That is 1 in 5 Americans.
We have experienced the longest period of time where unemployment is above 9% since the Great Depression. One in seven Americans are behind in their mortgage while 27% of all houses have negative equity.
Our national debt is reaching bankrupting levels while “president” Obama continues reckless and unsustainable deficit spending. And the Fed keeps printing money.
Meanwhile, Obama and Michelle continue to party at the White House like Nero fiddling while Rome burned. They have also cost the taxpayers tens of millions of dollars on their multitude of vacations while millions of Americans are just trying to keep a roof over their heads and food on the table.
It would be best for America and the rest of the civilized world if the contemptuous, incompetent, racist, narcissistic, hedonistic and radical Obama were removed from office before the next election.
A little Cairo action by the majority of Americans would surely be welcomed…
Obama's Economics of Deception
Steve McCann February 18, 2011
Barack Obama, perhaps the most dishonest president in modern history, has, in a cynical abdication of leadership, not only proposed a budget that, if adopted, is guaranteed to destroy the financial future of the country, but he has done so while lying about a supposed economic recovery underway. His proclivity to do or say anything to enhance his image or achieve his ends was amply on display at a press conference held on the 16th of February.
There is a recovery underway for those in the federal government and those that have signed on to the Obama version of crony capitalism in the boardrooms of certain major corporations and Wall Street. But for those in "flyover country" who pay the taxes and create the jobs the facts are starkly different.
In the bubble that is Washington D.C. there has not been a recession as incomes continue to soar. Wealth has also increased as property values in the fourth quarter of 2010 grew over 7.5% (as compared to the previous year) while the national average showed a further decrease of 2.0%. The currentunemployment rate in the metro Washington D.C. market is 5.6% as compared to Gallup's latest estimate of a national unemployment rate of 10.0% and an underemployment rate that has now hit 19.6%.
Some may point to the soaring stock market as an indicator of economic growth. In reality the stock market is a reflection of the need to find a home for the massive amount of new dollars essentially printed by the Federal Reserve. As a result there is the beginning of a bubble emerging in the stock markets, particularly in various internet stocks. Gold has topped out and virtually all commodities are at their all time highs. Municipal Bonds have become a very high risk with so many States and municipalities in dire financial trouble now facing the very real possibility of a downgrade in ratings thus making the bonds an even greater risk. Meanwhile the interest return on CDs and IRAs is averaging around 1.0% or less thanks to the Fed monetary policy.
However, the markets do reflect a reality that the Obama administration and their sycophants in the mainstream media will not acknowledge, as their primary and only interest is the re-election of Barack Obama. The American people can no longer trust or look to the current governing class for honesty or integrity, but should instead rely on what the financial markets are saying, whether it is the impending state and municipal debt crisis, inflation or global political upheavals.
The major worldwide concern is, at present, inflation -- something the Federal Reserve and the Administration refuse to acknowledge. However, since August investors have been switching to inflation-linked debt instruments in the United States and other European countries. These index-linked bonds, the traditional way investors protect themselves against rising prices, have become a favored asset class for many fund managers. In the U.S., the world's biggest market for these securities, the issuance of these instruments will set a record this year.
Consumer prices have jumped more than 4% in the United Kingdom, in China over 5%, and in Germany by the fastest rate in over two years. And the estimates are that these rates will continue to rise. In January, the cost of living in the U.S. climbed more than forecast, led by higher prices for food and fuel. The consumer price index increased 0.4% for a second month (annualized at 4.8%). By contrast the real average hourly earnings have increased only .4% over the past year (January 2010 to January 2011).
Many companies that have, over the past year, absorbed the higher cost of manufacturing, will be forced into raising prices, which will further exacerbate the rise of the consumer price index. This action could also precipitate a drop in sales volume which will impact any decision to hire new employees on a permanent basis.
Within the international marketplace there is now open discussion of replacing the dollar as the world's reserve currency with SDRs (Special Drawing Rights or a basket of international currencies in conjunction with the IMF). The purpose is to have a reserve asset for central banks that better reflects the global economy since the dollar is vulnerable to swings in the domestic economy and changes in U.S. policy. In other words Washington D.C. has made a hash of the domestic economy and the entire world is also paying for it.
In other news: Applications for jobless benefits increased yet another 25,000 in the week ending February 12 again surprising the so-called experts. There is a record share of U.S. mortgages in foreclosure. The combined share of foreclosures and loans with overdue payments hit a record 14% of loans in the country (one out every seven mortgages in the U.S.) At the end of 2010 16 million housing units or 27% in the country had a negative equity in the property. The projections are that housing values will continue to decrease and foreclosures increase as job creation and income will not be growing.
With this as backdrop the leadership of the United States, in the comfortable bubble that is Washington D.C., proceeds to flounder, obfuscate and play games with the American people.
The Federal Reserve in its latest FOMC meeting minutes "continues to express disappointment in both the pace and unevenness of the improvements to the job market" and conceded it would take five to six years to return to historical rates of growth and job creation. However, they claim that the second round of quantitative easing (essentially printing money) was so far a success.
The Fed expects the GDP to grow even faster than their last projection (they have been wrong for 8 straight quarters so far). Even more surprisingly they don't expect the recent increases in commodity prices to filter into broader inflation permanently. Their preferred price index (which inexplicably does not include food and energy costs) is projected to rise only 1.3% in the twelve months of 2011. Yet the consumer price index in January, which does include food and energy, rose 0.4% on one month alone. No mention was made of any anticipated growth in average hourly earnings.
At the White House, whose motto is: "The end justifies the means," its primary occupant, Barack Obama is perfectly comfortable saying whatever he wants knowing the mainstream media will report his spin with straight faces. As befitting high school juveniles, the Administration, the Democrats, and the media can portray the goings on at each end of Pennsylvania Avenue as game of gotcha, while the country sinks under a mountain of debt.
The only place that the American people can turn to for the truth is themselves and the international financial markets that do not have a vested interest in this irresponsibility.
The following data lucidly and unequivocally answers the question of whether or not we are better off since Obama became the President. Of course, the fawning news media will never ask this as regards their deity Obama.
There was something incongruous with the almost non-existent increase in the number of jobs in January while at the same time, the unemployment dropped significantly down to 9.0%. Furthermore, the marketplace and sentiment of individuals didn't seem to bear this out.
Why is this?
Because the data is specious at best but in reality, is fraudulent. The news media was complicit in this disingenuous report in addition to the government which, of course, was not unexpected.
The reality is that there actually was a substantial increase in "unemployment" which was manipulated with some legerdemain to give the false impression that Obama was making some economic progress rather than the continuation of disappointment due to his failed policies and irresponsible, profligate spending.
We are witnessing a inexcusable pattern of major lies, deceptions and sophistry perpetrated by the government that aim to support liberal policies thus giving its announced data little credibility.
Lies, Damn Lies, and Unemployment Statistics
Dick Morris And Eileen McGann February 08, 2011
The drop in unemployment the Obama Administration reported for January is totally phony. Real, unweighted data showed an increase from 9.1% to 9.8% in joblessness rather than a cut in the highly weighted figure from 9.4% to 9.0%.
Put those weighted numbers on a diet!
Economist Jim Fitzgibbon, head of the Highlander Fund, calls the report “worthless” noting that “the entire report is seasonally adjusted to be positive while the non-seasonally adjusted data is just awful.”
While the seasonally adjusted jobless rate dropped from 9.8% in November to 9.0% now, the non-adjusted data went from 9.1% in November to 9.8% now – the exact reverse!
Go to the Bureau of Labor Statistics for the real data:
Fitzgibbon calls the entire report a “statistical mirage.”
And, of course, Obama “achieved” the drop in the unemployment rate not by reducing the numerator (the number of jobless) but by cutting the denominator (the total workforce). 500,000 Americans despaired of ever getting a job and left the workforce, bringing the jobless rate down.
Fitzgibbon reports that the net loss of jobs continues to this day with 8,750,000 eliminated rather than the 8,363,000 the Administration reports. “Without aggressively positive seasonal adjustments for January, 2011 the +39,000 payroll increase would have been closer to a loss of -52,000.”
Obama has had two raging successes in his term:
1. He has slashed unemployment by persuading millions to give up hope and leave the labor force; and
2. He has cut illegal immigration by casting the United States into a permanent job shortage.
Obama is the quintessential anti-business "president". His green strategies are just one more monumental burden that US businesses will have to deal with - making it more difficult to grow and prosper or even just survive.
For two years, "president" Obama and the Democrat controlled Dongress have blamed the Bush Administration for the "economic collapse". Their solution to bring us back from the precipice of bankruptcy: massive government spending. A trillion here, a trillion there, and pretty soon we're talking big money.
All Obama and the Democrats did was delay the hard decisions to future Congresses and ultimately, to future generations.
Instead of reigning in spending, Obama and the Congressional Democrats passed the trillion dollar boondoggle stimulus (Porkulus) package that amounted to nothing more than a special interest giveaway and a means to prop up state and local governments that were unwilling to make the tough decisions to balance their budgets including reducing the costs of their state employee union contracts.
So, do the 65 newly elected fiscally conservative Republicans entering the 112th Congress in a few days have time to celebrate their historic victory on November 2nd?
No, they do not.
They have the sober responsibility to do what the previous Congress did not have the courage to do and reverse some of the poor legislation that was passed: cut discretionary spending, repeal Obamacare and give hope to the millions of job creators that they are valued in a capitalist society for more than just a source of tax revenue. This Congress will need to oppose and neutralize Obama's liberal wealth re-distribution policies of the past two years and begin the difficult process of weening the American people from government dependency.
It is not time to celebrate yet but at least now we have some responsible adults to help run the country.
The United States used to be the paragon of free enterprise, industriousness, ingenuity and productivity. We were the unchallenged, indisputable leader for a long time.
Then things changed. The government started to grow larger at an accelerated pace, became more intrusive, meddlesome and omnipotent.
It began to see itself as the solution or answer for all types of issues. Consequentially, it began spending more and more from new or ever increasing fees and taxes.
This, in a nutshell, takes us to where we are today: a bloated, wasteful, profligate and imperious government that is sucking out money from the private sector and from industrious, productive individuals on whom the economy depends.
Our corporate tax rates are the second highest in the world, soon to be number one.
Not a statistic to be proud of.
The federal government’s reckless and irresponsible spending addiction is wreaking havoc on our economy, industries and tax rates and is a prime cause of the extraordinarily high unemployment rate. Virtually everyone is needlessly experiencing the pain.
This situation MUST be reversed. Government must be downsized, spending radically slashed and taxes significantly decreased. People should keep more of what they earn.
Taxes are not the government’s money – it is money from hard working Americans which they have been forced to part with.
The liberal/Progressive destructive demagoguery and failed policies and ideologies of the Democratic Party and news media must be resolutely ignored.
For us to be more globally competitive economically, this also means that the corporate tax rates need to be drastically reduced.
NOW!
Our Refusal To Cut Corporate Tax Rates Places U.S. Economic Leadership At Risk
Rep. Michele Bachman 12/22/2010
The United States has been a world leader in many of the best ways possible. Our devotion to freedom and our tireless ingenuity have kept America in the vanguard of the global community.
But unless we change our tax code, the U.S. is about to take the lead in a very unfortunate category. With Japan's Prime Minister Naoto Kan announcing that his nation will lower its corporate tax rate by 5% in 2011, the U.S. will have the unenviable distinction of holding the world's highest corporate tax rate. When state corporate taxes are added to the federal burden, our country's average corporate tax rate is almost 40%.
The Japanese prime minister told reporters, "By daring to go with a 5% reduction, we will spur companies to invest domestically, expand employment and raise wages. That will stimulate the domestic economy, support growth and shake off deflation."
The U.S. must remain competitive. As an industrialized nation and leader on the world stage, we must be out front in the race for jobs and a robust economy. It is time to sink or swim and, as a former federal tax attorney, I know that if we allow our businesses to face the highest existing corporate tax rate, we will certainly sink.
I recently introduced the End Tax Uncertainty Act of 2010 to effectively ease the tax burden on America's families, individuals and businesses. One of the key provisions in my bill would cut the federal corporate tax rate to 25%. I plan to put that reduction back on the agenda when the 112th Congress reconvenes in January.
The Center for Data Analysis predicts that lowering the corporate tax rate to 25% will increase the number of jobs annually by 581,000 on average from 2011 to 2020. Our GDP will rise by an average of $132 billion, and a typical family of four will see its after-tax annual income rise by almost $2,500.
I have heard from families across the Minnesota district that I serve who would greatly benefit from more job opportunities, not to mention an extra two grand in their pocket each year. In our battered economy, we need to see these positive benefits occur right away.
Minnesota is privileged to boast 21 Fortune 500 companies within its borders. It would be devastating if any of these companies relocated overseas. I hate to imagine the far-reaching and harmful effects that would have on communities. But the fact is that our corporate tax rate is putting an unnecessary burden on the nation's private sector, not to mention costs that are passed along to consumers.
I believe in the American Dream, but many Americans aren't so sure it still exists. The national unemployment rate is at a heartbreaking 9.8%. It has been at or above 9.4% for 19 consecutive months. That's why now is the time for our federal government to do more to give certainty to corporations.
By lowering the corporate tax rate, Congress can take an important step in restoring confidence for the job creators that make up our country's business community.
As a foster mom of 23, and biological mother of five, my strongest desire is to see America succeed for future generations. The era of bailouts, takeovers and failed "stimulus" spending must not continue into the future. Congress can put a stop to it immediately in January.
Then we can work to bring down our $13.8 trillion national debt, much of which is owned by China and Japan, and take on the enormous problem of unfunded liabilities. When you account for benefits promised by the United Sates government and adjust for inflation, those unfunded liabilities soar past $100 trillion.
The United States should not fall behind other nations. Instead, it is our time to lead. Let's focus on cutting taxes, growing our economy and leading in technology, education and industry. If we reverse course from the agenda Nancy Pelosi, Harry Reid and Barack Obama have put us on, then our nation can truly succeed well into the future.
• Bachmann represents Minnesota's 6th congressional district and is a member of the House Financial Services Committee.
Sen. Mark Kirk of Illinois, in the weekly GOP media address emphatically calls for the continuation of the Bush tax cuts. He also notes that the uncertainty regarding the tax rates come Jan. 1st have caused the consumer as well as businesses to act extremely cautiously which has held back any recovery even further.
The government needs to get its fiscal house into better order which is what the voters have strongly demanded as indicated with their mid-term voting (and not the profligate spending and taxing that the Democrats want to persist in doing).
The federal government must:
Spend less.
Borrow less.
Tax less.
These are crucial ingredients for a healthier economy.
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