Tag Archives: Economy

The Fallacy of Redistribution -Thomas Sowell

The recently discovered tape on which Barack Obama said back in 1998 that he believes in redistribution is not really news. He said the same thing to Joe the Plumber four years ago. But the surfacing of this tape may serve a useful purpose if it gets people to thinking about what the consequences of redistribution are.

Those who talk glibly about redistribution often act as if people are just inert objects that can be placed here and there, like pieces on a chess board, to carry out some grand design. But if human beings have their own responses to government policies, then we cannot blithely assume that government policies will have the effect intended.

The history of the 20th century is full of examples of countries that set out to redistribute wealth and ended up redistributing poverty. The communist nations were a classic example, but by no means the only example.

Continue reading The Fallacy of Redistribution -Thomas Sowell

From ‘Yes We Can’ To ‘No One Could Have’

What a difference four years makes.

President Clinton (impeached Dec. 1998) tells us what the Obama campaign wouldn’t tell us four years ago, when everything was “Hope and Change” and “Yes We Can.”  Now the message is things were so bad that no one (except Bill Clinton) could have turned the economy around in one term.

And he should know. Bill Clinton’s own administration, “more than any other, promoted an unsustainable housing boom, which eventually and inevitably led to a housing bust that brought down the whole American economy.”

Sounds like a Romney/Ryan endorsement to me. Obama is campaigning as if someone else has been in The White House these last four years. Because it’s not just that things ‘were’ bad. Things still are bad. And Obama has been at the helm for four years blaming everyone but himself for a still stagnant economy and record unemployment. Neither he nor his party have a long-term solution to our nations debt, Social Security, Medicare and Medicaid. No plans to make a balanced budget and no plans to outline a path towards a balanced budget. His world, his focus, is in the next four years. Not the next forty years.

With the foundation for ‘fundamental change’ already set with the railroading of Obamacare on the American people, Bill Clinton tells you what’s coming in a second Obama administration.

Now — but he has — he has laid the foundations for a new, modern, successful economy of shared prosperity. And if you will renew the president’s contract, you will feel it. You will feel it.

{You won’t like what you feel, emphasis added}

I believe it because President Obama’s approach embodies the values, the ideas, and the direction America has to take to build a 21st-century version of the American dream, a nation of shared opportunities, shared responsibilities, shared prosperity, a shared sense of community.

In his core, Obama will not accept free-market capitalism. Period! There is no one in the country, except Obama and Clinton, saying that America “has to take” a new “direction.” All the shared stuff does not relate to freedom and liberty. There’s less of that, more of government. The kind of America Obama wants is one where the government dictates who gets what of other people’s money. IE. Social Justice.

Creating an environment where people can succeed and won’t need government help is not in Obama’s political or social DNA. He is demoralizing Americans by robbing them of their potential and creating dependency every step of the way. Clinton said it, “to build a 21st-century version of the American dream.” Excuse me but, there’s nothing wrong with the old version. It is timeless. America did not elect him to change the American Dream. He was supposed to preserve it.

Had our country’s founding fathers based America on where they came from, or like twentieth century Europe, America would not be the leader of the free world but, just another miserable place with high prices, high taxes, less freedom and fewer choices. And with a ruler in The White House instead of a President.

Update: Thomas Sowell quote added

Link: The Brass Standard

Obama’s Cost Of War, No Problem

President Obama finally confirmed what I said four yeas ago about all his complaining about the cost of two wars in his acceptance speech Thursday night. The sleight-of-hand with borrowed money.

President Obama’s acceptance speech 9/6/2012 . . .

I will use the money we’re no longer spending on war to pay down our debt and put more people back to work rebuilding roads and bridges and schools and runways.

Because after two wars that have cost us thousands
of lives and over a trillion dollars, it’s time to do some
nation- building right here at home.

Here’s where he is wrong. The money spent on the war is borrowed. So he wants to borrow more money, another trillion dollars, to pay down the debt (which is now over 16 trillion dollars) and to build roads and bridges. (Like he told us he was going to do with the last ‘stimulus’ spending bill, and didn’t. Remember the ‘shovel ready’ joke?) In the Progressive/Liberal mind, spending your way to prosperity and borrowing your way out of debt makes sense.  My calculator tells me the debt will grow by another trillion dollars. It’s time to stop opening new credit cards to pay off old ones, while committing generational theft.

Lunch Counter 9/9/2008, speaking to the cost of war issue . . .

True, the cost of the war is great. Unfortunately, the cost of losing it is greater. Early on in their [Obama and Democrats] chorus of the immense cost of the war, I suspected that they were basically looking at the ‘cost’ of the war as opportunities lost for all sorts of entitlement and other socialistic programs that build (read ‘buy’) voter constituencies.

What is the answer to the enormous cost of the war? When it ends, the cost also ends. Who knows, we might need it again some day.

This from a guy who said it will bankrupt our country, that we can’t afford these wars. How does his arithmetic tell him that we can afford it now providing we spend it? That’s a rhetorical question. It’s Liberal math.

Obama Has Quit On You

Vice President Joe Biden pumped up the crowd at the Democratic National Convention Thursday night, testifying to his observations of President Obama. Up close and personal.

The theme seems to be another redefining of the Democrat Party. It’s ‘values.’ They have values. And Republicans don’t? The challenge today is the economy and jobs. Not ‘values.’ Since they can not talk about the shape we’re in and how they’re going to fix it, they talk about ‘values.’

With that understood, let’s look at the ‘values’ of this president. According to Joe Biden tonight . . .

You never quit on America. And you deserve a President who will never quit on you. And one more thing that our opponents are dead wrong about: America is NOT in decline.

In September 2011, President Obama had a very different feeling about America and Americans. President Obama blamed the stagnant economy on the Arab Spring, Japan’s tsunami, and rich people. Then he finally came down, to YOU. Not himself or his policies. You! Where was Joe last September?

This is a great, great country that had gotten a little soft, and we didn’t have that same competitive edge that we needed over the last couple of decades. We need to get back on track.

With All Due Respect, You Go Girl

Arizona Governor Jan Brewer (R) signed an executive order of her own. Protecting her sovereign (used to be anyway) state,  the order essentially pulls up the welcome mat for illegal aliens. AKA undocumented democrats.

Republican Governor Jan Brewer issued an executive order saying state law bars benefits or state-issued identification for those in the country illegally — including those who qualify for the deferred-enforcement program announced by President Barack Obama in June, which kicked off yesterday. She directed agencies to block access for an estimated 80,000 immigrants in Arizona who may qualify.

I came across this handy map that should be part of their ‘registration package.’

https://rosscalloway.com/wp-content/uploads/2010/05/mexicos-guide-for-migrants.jpg

 

Link: Arizona Won’t Grant Licenses to Immigrants in Obama Program

Obama’s Economy To Defend

How’s Obama doing?

  1. Unemployment, which at 8.3 percent is the highest this long after a recession ended.
  2. 8.8 million jobs lost, just over 4 million jobs created.
  3. Long-term unemployment a “national crisis.”
  4. Adjusted for inflation, wages have fallen 0.8 percent.
  5. Economic growth has never been weaker in a postwar recovery.
  6. Falling home prices have slashed home equity.
  7. Consumer spending has never been so slack. Only once has job growth been slower.
  8. Growth-chilling uncertainty.

And that doesn’t include energy and its cost. Anyone would look at this and say, ‘Yeah, I’ll vote for more of that!’

Rare act of journalism committed by AP.

White House OK With – “Put Y’all Back In Chains”

Remember those “nice” and “decent” people Biden and Obama were talking about two days ago? Kissy kissy. Today Vice President Joe Biden told supporters that Republicans would “put y’all back in chains,” speaking before a “racially mixed” audience, during a campaign speech Tuesday in Danville, Va.  It’s obvious, there is no shame possible from this administration from the top down. And when ‘the top’ is the President of the United states, it’s disgraceful.

It’s even endorsed by The White House. Imagine that . . .

Obama deputy campaign manager Stephanie Cutter says the campaign has “no problem” with Vice President Joe Biden’s comment about putting people back in chains.

Folks, this is what a community organizer is. A president would not divide the American people against each other in every possible way he can think of, just so he can get re-elected. He got elected on “Hope and Change.” A post-racial society that HE was going to create in America. How’s that working out?

H/T Victor Davis Hanson: Racial comity got Obama elected. He hopes racial division will get him reelected.

Obama Threatens “Every Industry”

On the campaign trail, President Obama touted his takeover of the auto industry as a smashing success (for who?). He said the auto industry is roaring back, which it isn’t. And that GM is #1 again, which it isn’t. Then he said this . . .

I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back and GM is number one again. So now I want to do the same thing with manufacturing jobs not just in the auto industry, but in every industry. I don’t want those jobs taking root in places like China. I want them taking root in places like Pueblo.

President Obama just illustrated the power of the bully pulpit. Knowingly or not, the content of what he said will have a negative effect on an already stagnant economy.

The business climate now is in survival mode. Not hiring employees and not planning to expand. The administration is doing everything it can to depress private business by Fear, Uncertainty, and Doubt. The FUD Factor. And it has been that way since before President Obama was inaugurated.

In his first 100 days analysis . . .

The power grab the Obama administration has perpetrated over various industries and companies within his first 100 days is sending only one message to business. Watch out, you could be next.

President Obama’s recent statement answers the final question. Who, what business, or what industry, could be next? Given the chance, he wants “every industry.” After finally admitting to how he truly intends to change this country, there is no end to the FUD Factor where private sector business is concerned.

Until the FUD Factor is eliminated, there will be

  • no economic rebound
  • higher unemployment
  • college grads without jobs
  • higher energy costs
  • higher food cost
  • depressed home values
  • “kids” returning home

You know, the whole economic scheme that Obama said “works”.

Couldn’t have said more to perpetuate the fear, uncertainty, and doubt to American business. He’s already got his thumb on energy-related industries. Preventing (high-paying, union) oil industry jobs from being created, and kicking coal miners out of a job. Now, it’s everyone else.

related link: Hugo Chavez Campaign, Sean Penn

“No Place In The Public Square”

There’s never been a more glaring example of the way Liberals think than the statement The Five’s Bob Beckel made on Friday’s show.

Here’s the context. They started discussing the way that Chick-fil-A was being persecuted in the media by Democrat politicians for something as bad as having an opinion. An opinion, btw, held in common with most of the country. But apparently not by most high-profile Democrats. Like Rahm Emanual and that religious bigot in Boston Thomas Menino.

I can’t accuse Rahm Emanual of being a religious bigot because at least he was honest about it where his city, Chicago, is concerned. He said that the Chick-fil-A president does not represent the values of Chicago. Judging by the murder rate among Eric Holder’s “people” there, he’s right.

Getting back to Beckel and Liberals. Beckel said “that guy, a high-profile rich business man like that, has no place in the public square.” Here is Liberal-think in one simple statement. First Amendment aside, he is 1) attacking business, 2) attacking success, and 3) telling us who they think should not voice a public opinion. They of course only “approve” their opinions. No, that’s not exactly it. They also want to be the only voice heard in so-called public discourse.

I just thank Bob Beckel for illustrating so clearly how the Left’s belief system is  incumbered by nothing. Including the Constitution.

Forward Or Backward?

GDP ‘growth’ fell from 2 to 1.5% for the second quarter ending June. Or to put it another way, a 25% decrease from the first quarter. That’s how it would be described if it was Bush in the White House. And arrgh! We’re headed for a depression! But what do we get? From the architect himself, it is “a step in the right direction.” And, I need another trillion in “stimulus” spending to keep the economy moving “forward. ”

This from the guy that pretends that “taxing the rich” is something fiscally responsible to do for the economy. Something ‘fair,’ given that we are now over $15 trillion dollars in debt.

Let’s talk about being ‘responsible.’ Truth is, Obama has incurred over a trillion dollars in new debt each year he has been in office. And his 10 year budget projection has no year where the annual deficit increases by less than a trillion dollars. In fact, Treasury Secretary Tim Geithner told House Budget Committee Chairman Paul Ryan that they have no plan to reach a balanced budget. Ever! Completely ignoring the debt bomb on year 11 caused by baby boomers entering Social Security and Medicare.

In a House Budget Committee hearing on the subject, here’s what Geithner told committee chairman Paul Ryan.

We’re not coming before you to say we have a definitive solution to our long-term problem. What we do know is we don’t like yours.

At current spending levels,”taxing the rich”, as Obama puts it, would generate enough revenue to run the government for a total of eight days. Does that sound like a solution to the debt problem? How is that being responsible?

Now if these economic and political facts do not illustrate that his “tax the rich” campaign serves no economic purpose, is nothing more than his divide-and-conquer strategy to stay in The White House via class warfare, I don’t know what can.

UPDATE:

Parting Shot for the AP

Couldn’t help but notice the slug in the Chicago Tribune’s article compared to the title in the dead-tree version and online.

The slug: chi-few-think-sluggish-us-economy-will-strengthen-soon-

The title: GDP: Economy grew at sluggish 1.5% rate in 2Q

In fact, that AP article is so rich (none of it good for Obama) in the condition of the economy and the administrations’ performance that it requires a post of its own. The bad news in it for Obama is dispersed over the entire article to avoid a connection to Obama. Except this one line in a 971 word article “The lackluster economy is raising pressure on President Barack Obama in his re-election fight…”