When will President Obama finally take responsibility for a failing economy?



Let us take a look at the state of America’s economy and some very sobering facts that point to poor if not intentionally destructive leadership. That failure in leadership goes all the way to the top on Capitol Hill, and it’s not Congress either.

Historically terrible changes

Poverty is at it’s highest point among the population since such figures were recorded in 1959. 1 out of every 7 persons in the US is now receiving food stamps and the federal government wants to encourage more people to qualify. The job crisis is at a peak that has not been surpassed since the Great Depression. When it was announced that 35,000 jobs were created this month 35,000 citizens filed for disability and dropped out of the workforce. New housing starts fell in almost every region of US real estate markets.

Latest US economic growth figures show a 1.5% rate of expansion. In the middle of the Great Depression when FDR led a struggling nation the growth rate for the economy was 9%. When President Ronald Reagan took office in the 1980’s after President Jimmy Carter’s disastrous 4 year term a recession raged and 6% was reported. Compare these economic numbers all indifferent eras but still beneath the duress of economic calamity and you will find President Obama’s performance easily the worst.

Democrats try blames to cover their failures

Don’t tell me about President Bush and what Obama inherited. Under George Bush there was a record 53 consecutive months of economic growth. In 2007 there were 2 million more self employed Americans than there are now. In the last 2 years of Bush’s second term the Democrats had a majority in Congress and Nancy Pelosi and Harry Reid were cranking out record government spending that President Bush could no longer veto in his final year. Under the Obama administration the US government has spent more money than when George Washington took office all the way to Bill Clinton’s first term. Under Obama the federal government is spending 3 to 4 billion dollars a day on average!

When a massive economic adjustment is necessary

Currently the US treasury is under a sustained rate of funding demand that would soon deplete any normal banking corporation and cause a run on accounts reminiscent of the Great Depression when banks were overwhelmed by withdrawals from depositors who had lost faith. If not for the for the printing presses stamping new federal reserve notes around the clock, the same would happen to the US Treasury. There’s only one major difference. The US Treasury unlike any other nation’s currency in the world can print money when there are no assets or precious metals to cover the value of the US Dollar as it comes hot off the presses. The jobless, the illegal immigrants, the retired, and the wards of the state all depend on a worthless piece of paper we call the US Dollar.

Refusing the Keystone XL pipeline-what were you thinking?

Obama’s economic policies have only worsened prospects of new jobs and recovery. When the President refused to approve the Keystone XL pipeline, he effectively put a halt to some 40,000 jobs, the creation of a secure source of domestic energy independent of the Middle East oil cartel, and provide the American consumer with cheaper access to oil and gas, not to mention tax revenues from piped in product. Why? President Obama and the Democrats are only interested in solutions they can take credit for, not the oil industry, time and again the administration uses a regulatory nightmare to squelch job and economic growth. For Obama it is a question of politics not what is good for the country.

More federal obstructionism

The fact that the US petroleum industry can even do its job domestically is attributable not to the Obama administration, but to privately owned land leases where oil exploration has been allowed to flourish. The Democrats have not allowed any new drilling on federal lands and thus have limited the growth of domestic drilling, American energy independence, and the jobs that would come with it. In Texas and offshore Gulf of Mexico oil rigs thousands of drilling sites remain dormant awaiting the renewed licenses that can only issued by the federal government. In Texas alone 2 million oil industry jobs represent 24% of the state’s economy while federally imposed moratorium on gulf drilling is costing more than 33,800 jobs to the state of Louisiana.

Democrats invested in holding America down

The Democrats and the Obama administration characterized their concern for job growth and domestic energy in an argument between Republican Mitch McConnell and Ken Salazar of Colorado over what crisis price for oil would ignite federal approval for offshore drilling on the outer continental shelf. Typical of Democrat refusal to compromise or consider the impact of even $10.00 dollar a gallon gasoline as a triggering point for an amendment to drill for deep water offshore crude oil, Ken Salazar (D) of Colorado refused any cooperation over renewing drilling efforts over domestic oil production even under circumstances that would drastically impact the lives of Americans.

I do not have reasonable length left in my article to address how Democrat policies have impacted the US manufacturing industry. There once again another source of trade deficit and job loss, but the facts clearly point to the solution to the American dilemma. That solution is to get rid of the Democrats in Congress, the Senate, and in the cabinet. Remember there are 40 czars appointed by Obama that are doing immeasurable damage to the American system that will go away when Obama loses the election. Some economists claim that there are no guarantees to recovery based upon partisan choice, but they are biased and liberal if they espouse such beliefs. Government policies plain and simple have been responsible for causing the worst recession in US history and Obama’s faulty and poorly advised legislation has been responsible for American demise.

 

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Comment by raymond _______ on August 11, 2012 at 1:10pm

Never.

Comment by truth on August 11, 2012 at 12:30pm

Hello Doc, please add your sources/links, if "borrowing".  Thanks

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