President Obama: “The truth of the matter is that, as I said, we created 4.3 million jobs over the last 27 months, over 800,000 just this year alone.”
“The private sector is doing fine. Where we’re seeing weaknesses in our economy have to do with state and local government. Oftentimes cuts initiated by, you know, Governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don’t have the same kind of flexibility as the federal government in dealing with fewer revenues coming in.”
Blame mayors, governors, Bush; don’t blame President Obama for 23 million unemployed and underemployed Americans. Don’t blame him for national median income dropping like a rock during his Presidency. Don’t blame him for family wealth disappearing, especially among Hispanics.
In that disappearance of wealth, he is partly right. The wealth plunge started under George W. Bush. The Pew Hispanic Center reports:
“Median household wealth among Hispanics fell from $18,359 in 2005 to $6,325 in 2009. The percentage drop—66%—was the largest among all racial and ethnic groups, according to…the Pew Research Center’s Social & Demographic Trends project. During the same period, median household wealth declined 53% among black households and 16% among white households.”
Question: Does Obama have a solution to wealth disappearing from the Hispanic population? Assuming, of course, he has even looked. Adding to the wealth loss is huge Hispanic unemployment.
A visitor from Mars would find 11% Hispanic unemployment and compare that to 4% public sector unemployment and 4% among college graduates and 8.2% of all; the visitor might think that President Obama has targeted Hispanics for economic disaster or extinction.
Seven of ten American teenagers will not find work this summer. The Hispanics median age is 26 thus Hispanic teenagers will suffer disproportionately from a lack of jobs this summer. Gracias Senor Presidente!
Despite President Obama’s blame game, the Americans know better. In an ABC/Washington Post poll 38% of Independents are happy with Obama’s stewardship of the economy but 54% are not. This, after three and a half years of Obama seeking a trillion dollars worth of “shovel ready projects” and keeping unionized public sector employees employed.
What a wreck the economy would be if the Bush-appointed Federal Reserve hadn’t printed billions upon billions of dollars to support the economy. It would be worse than 1.95% growth and only 69,000 private sector jobs “created” last month.
Comparison: In April, 1984 after a Jimmy Carter recession with high unemployment, record inflation and record high interest rates the Reagan Presidency “created” 750,000 jobs in one month — as many as President Obama has in five months.
The Obama future..? Wishful thinking by Obama partisans — President Obama outlines a comprehensive program to accelerate economic growth and job creation as well as retention of public sector workers, especially in union-controlled states. Living up to his campaign promise, he cuts the deficit he inherited in half. He has laid out detailed plans on saving Social Security and Medicare and while at it, he adds 30 million people onto various government-inspired and mandated health insurance programs that will drive down health care costs dramatically.
More of the future as wished for by Obama partisans and maybe even Obama himself – comprehensive immigration reform that allows young people brought here as children to be legalized and set on a path for citizenship; 12 million people illegally in the country will wake up and be legal one bright Obama day. Unions will control the flow of temporary guest workers to tiny numbers and force them to become union members. Russia and Iran will become our friends and the Syrian slaughter will end. All the various Muslim sects will coexist happily; Israel and Muslims will embrace and love each other.
Laugh Out Loud (LOL!) — even the most partisan of Obama partisans know that none of that wishful thinking will come to pass because President Obama has no such plans, no such details and health care costs are skyrocketing even before Obamacare becomes real.
There will never be any deficit and budget cutting by a President Obama. There will be few growth prospects for the economy. Our national defense will be emasculated. Social Security and Medicare will collapse. Our borrowing to finance Obamaville will increase from 40 cents to 60 or 70 cents of the budget dollar and the national debt will increase by a trillion or more dollars every six months under a reelected President Obama. All this and the largest tax increase in American history will occur under President Obama on January 1 just 6 months from now.
If we retire him on Election Day, November 5, however, the U.S. of A might survive and prosper.