Thursday, October 14, 2010

Who says Obama is not doing a good job on the economy?

Who says Obama is not doing a good job on the economy? Unfortunately, he is wrecking the economy – not helping it.
Figures released today show that first-time weekly jobless claims rose to 462,000 last week from an upwardly revised previous figure of 449,000. Economists expected a total of 450,000 initial claims. But that’s not all.
The trade deficit soared 8.8% to $46.3 billion in August. That's much higher than estimates pegging a decline to $40.8 billion from July's $42.8 billion. Exports edged up 0.2% in August, but a 2.1% jump in imports negated that small gain.

Since Obama took office, our economy has shed more than 4 million jobs and with the latest figure the job losses are growing. It currently stands at 9.6% — higher than it was in June 2009, when, according to Obama and Biden, the "recovery" began. Do you recall all the promises Obama made when he said he needed all the stimulus money to keep unemployment that was then at 7.7% from going to 8%.

But let’s look at the “positive side.” Under the anointed one’s leadership we have spent $700 billion in bailouts and more than $862 billion in “stimulus bills” that were in reality sops to labor unions. In addition, the Fed has printed more than $1.4 trillion in money to finance this reckless spending. Our deficit in the last two years has grown to $2.9 trillion – it is now more than 10.3% of the Gross Domestic Product (GDP). So, we are now number one but unfortunately it is with the largest deficit ratio of any of the other G-20 richest nations. Under Obama, Pelosi, and Reid our reckless spending continues. Last year federal debt amounted to $7.5 trillion – 53% of our total GDP. By 2020 unless this spending is abated the debt will climb to $20 trillion – 90% of GDP. The Democratic appointed Congressional Budget calls this spending in its own words “unsustainable.” And yet Obama and his friends want to spend even more on other stimulus bills! But, of course, Obama can’t accept responsibility for his programs and the spending they cost us. No, it’s all the fault of the Bush tax cuts that took place in 2001 and 2003 – years before these record deficits took place.

It is readily apparent that Obama is incapable of accepting responsibility for his actions and programs. He is like a captain of sinking ship who tells the passengers to enjoy the entertainment (special appearances by Hollywood celebrities) rather than doing something to plug the hole in the sinking ship.

Yes, all of that spent money sure worked. After spending all of this money we now have an unemployment rate of 9.6% - and this figure does not take into account all of those people who have given up looking for jobs.

Written by Jim P., a Real Patriot

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