By now you’ve probably heard about Barack Obama’s interview with Jake Tapper where he says, “I believe all the choices we’ve made have been the right ones.” I want to focus on something else that I think gets to the heart of the matter. It’s Barack Obama’s fun use of the pronoun “it,” as in the economy. He tells Tapper, “The economy is not where | Read More »
“As you continue to watch the news coverage of the deteriorating economic climate, just remember that most of the premises that will be made and enunciated are that the government must do more, not less.” In all of the discussions about our current economic state, a possible regression or double dip recession, out-of-control debts, and continued high unemployment there is one conversation those who frame | Read More »
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The jobs numbers don’t paint a good picture over all. Unemployment went back up slightly. The number Mr. Obama will want us to pay attention to is private sector job growth. According to the government, private sector jobs went up and the growth of unemployment is attributed to those census workers leaving their jobs. In fact, I’m already getting emails from Democrats saying I’m being | Read More »
I though the stimulus was working. Sean Hannity brings us some video of Joe Biden this week contradicting everything we have heard from the White House so far. According to Joe Biden, the American economy is not in a recession, but a depression. We’ve got the video. And we owe Hannity a big thanks because you and I both know everyone else would bury this | Read More »
There is another problem with the Democrats’ healthcare legislation that hasn’t been talked about much. It makes a heck of a tradeoff. In exchange for universal healthcare under a government run plan, Donald Luskin points out an independent analysi that says we’ll see wage stagnation. That’s right — in exchange for healthcare, don’t expect to ever get a pay raise. If we expanded health insurance | Read More »
This is just disgusting. According to CongressDaily, Tim Geithner testified before “a joint House Agriculture and Financial Services hearing on the regulation of derivatives.” Noting the rising unemployment, Geithner said what the economy “is going through is a very necessary and healthy adjustment as [Americans] go back to living within their means.” He added: “We do not have an economy that is growing again.” It’s | Read More »
Why? For writing this. Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market. The payroll decline was more than forecast and followed a 322,000 drop in May, according to Labor Department figures released today in Washington. The jobless rate jumped to 9.5 percent, | Read More »
Moe has already pointed this out. It is worth reiterating and paying attention to. Below is a chart prepared by the Obama administration — at least the blue lines were prepared by the Obama Administration. The light blue line shows what unemployment would be like if Barack Obama’s stimulus plan had not been passed. The dark blue line shows what unemployment would be like with | Read More »
Rep. Louie Gohmert (R-TX), a member of the Republican Study Committee, has had enough of Congressional bailouts. Right now there is $350 billion left of he $700 billion Congressional bailout funds. He has an alternative to more bailouts: a two month tax holiday. Gohmert’s tax holiday plan is elegant in its simplicity: every American taxpayer would pay no federal income or FICA taxes for the | Read More »
All they needed were twelve more votes. It looks like they now just need eleven. Two changes in the economic bailout proposal have bi-partisan support and could enhance its chances of passage when it comes before the House a second time, according to Arizona Congressman John Shadegg. Shadegg, a Republican who voted against the bailout bill that was defeated by the House on Monday, said | Read More »
If you listen closely, you can hear a lot of the “hell no” rhetoric starting to shift to “maybe we should vote for a plan.” Even Tom Coburn has now said he would vote for the plan. Why? Because while the conservatives on the Hill have been listening to people like me and you who are opposed to the plan, they are starting to hear | Read More »
People vastly smarter than me say that the Paulson bailout plan is a necessity to prevent a market meltdown. I trust these people. But I also know that people smarter than me got us into this mess and the Democrats will not allow us out of this mess without creating another mess of some sort down the road. I have no bone to pick with | Read More »
Harry Reid is on television right now. He says we need to get Presidential politics out of the negotiations because it is not helpful. Then he goes on to say we must do what Senator Obama says. Senator Obama’s principles must be in the plan. Then he starts bashing John McCain for grand standing and getting in front of the camera and causing disruptions.
It is becoming abundantly clear that if the Paulson Plan does not pass by market close on Friday, the world will be a very different and more unstable place come sunrise Monday morning. Why? The credit market is crashing. There is not enough credit in the market right now. Come Monday, if Wall Street does not have the assurance of a workable plan, the nightmare | Read More »
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