Obama's Oval Office Chat On The Economy

President Obama spoke in the Oval Office today, Friday 13, 2009, after meeting with economic adviser Paul Volcker and members of his business advisory board. Here’s AP’s account of the chat, ‘Obama: Help coming for those facing economic pain.’ What does ‘for those’ mean?’ I’m of the impression that the whole country is facing economic pain, not just ‘those.’

– President Barack Obama on Friday acknowledged that many families are suffering “incredible pain” from the economy but said his government is on a daily campaign to get credit flowing and build a long-term recovery.

He is right about one thing. The ‘daily campaign’ part. The ‘his government’ was kind of cute too. The teleprompter just isn’t working to boost confidence that he has a clue. Confidence is what the market is looking for, and does not yet have. The ’empty suit’ is showing again.

“If we are keeping focused on all the fundamentally sound aspects of our economy – all the outstanding companies, workers, all the innovation and dynamism in this economy – then we’re going to get through this,” Obama told reporters in the Oval Office. “And I’m very confident about that.”

Did he say ‘the fundamentally sound aspects of our economy?’ (bad images of John McCain going through my head) I’m glad President Obama feels confident. I’m not. This one statement shows Obama’s lack of understanding of our economy. There is one fundamental aspect of our economy that he omits, the weight and level of involvement of government on the free market. To be fair, it may not be a lack of understanding on his part. If not that, then he is being intellectually dishonest and deceptive in discussing the economy and its performance by leaving government involvement out of the picture. Neither one makes me feel very confident. Which one works for you?

Under his bailouts, nationalization and stimulus plans, the exceptionalism of our people (he refers to as workers), and the innovation and dynamism of our companies will be all but gone. I suppose it depends on what your definition of ‘getting through this’ is? Someone should ask him. Maybe Jim Cramer from  CNBC’s business channel. Does it mean recovering once again as a free-market economy like we used to be, or recovering as a more socialist country with the lousy economy that goes with socialism?

He said more help will be announced soon for small businesses, but did not elaborate.

I can elaborate. Card Check. That’s what he has in store for small business. Card Check is a labor union ticket to organize small business, and any other size business. Card Check will depress and suppress small business. Which will be mirrored by the economy. Can’t wait to hear him spin Card Check as being good for small business. I mean, when he campaigned, he said  ‘no more earmarks.’ Now that he’s elected, and the Pelosi / Reid budgets are in front of him, earmarks are cool.

Pushing a big agenda for health care, energy and education, Obama said he was seeking a “post-bubble economic growth model.”

Wouldn’t it be preferable, safer, and cheaper to recover the economy BEFORE going into the grand government health care scheme?  NO, before nationalized health care. How about announcing your plans to fix Social Security, which even if we were in good economic times, will bankrupt the country all on its own? On that point, there isn’t even any argument. (embarrasing images of Obama, the ‘long-term thinker’ come to mind)

“The days when we are going to be able to grow this economy just on an overheated housing market or people maxing out on their credit cards, those days are over,” he said.

It’s good that he is at least admitting, in a way that only Obama can, that the Left’s idea of putting people in houses that they can’t afford was not a good idea.

“We’ve got to get through this difficult period,” he said. “And, look, there are a lot of individual families who are experiencing incredible pain and hardship right now. If you’ve been laid off at your job, if you’ve lost your home, then, you know, right now is very tough. But we’re providing help along the way.”

And getting used to living in a socialist nation will take time. Just hang in there and remember, we feel your pain.