When President Obama meets with his economic advisors today his message will be ‘I care’ – but it should be ‘you’re fired.’ The White House economic team, led by Treasury Secretary Geithner and National Economic Council Director Summers, promised that if we spent more than a trillion dollars on their government ‘stimulus’ plan, it would create jobs ‘immediately’ and keep unemployment below eight percent. Instead, millions of Americans lost their jobs and unemployment is near double-digits. By the standards that President Obama himself set, the ‘stimulus’ spending spree has failed.
Economy & Budget
Some problems left over from Katrina are getting less attention than others, writes the Louisiana congressman.
House Majority Leader Steny Hoyer (MD) released the following statement today commemorating the fifth anniversary of Hurricane Katrina.
As Members of Congress, it is our responsibility to ensure that we are good stewards of the American people’s money. Over the past two years this task has become increasingly more difficult as the Obama administration has sought to throw previously unimaginable amounts of money at problems with little to no oversight or accountability.
The nation’s middle class is under attack. The recession hit private businesses and public budgets hard, but Americans’ ability to attain or hold onto a middle-class standard of living may be the ultimate victim. We’re losing jobs, losing services we depend on, losing pay and benefits. Yet instead of working to build up the middle class, a growing chorus of pundits insists that dragging down city and state workers across the country is the answer to our economic woes. Democratic mayors and governors fall for this ploy at their peril: it threatens the nation’s economic recovery, and feeds into conservatives’ anti-government, anti-worker agenda.
Glenn Beck made it official on Fox News last week: He’s seeking the office of 21st Century Marie Antoinette.
The queen of France, beheaded during the revolution, attained infamy for insensitivity toward hungry peasants. Glenn Beck, the Fox talk show host, achieved celebrity for his callousness toward unemployed Americans.
A young person following the news for the first time would probably think that an economist is someone who gets on television to say how surprised he is by the economy. Yesterday, the economists were out in force telling us how surprised they were by the 27 percent drop in existing home sales in July. This was the sharpest one-month drop in sales ever recorded and left monthly sales at their lowest levels since 1999.
America needs balanced trade. Three years ago, the imbalance reached almost one trillion dollars per year. The latest numbers show the imbalance is getting worse again, now at $600 billion per year. Every one billion “deficit dollars” represent 20,000 “deficit jobs.” These are jobs lost to outsourcing, to other nations.