RWNJ Conservative Views from Cincinnati

Yeah yeah, I know “misspeak!”…  I just find this humorous (besides, as much as everyone made fun of Bush’s pronunciation of ‘nuclear’ the door is open anytime a pol makes any sort of mistake).  Seeing as how our population is around 300 million (including elderly, children, illegals, etc), everyone is losing their job twice a month on average.  I guess I should be happy I was only laid off twice in 16 months!

Regardless if this is a misspeak, ignorance, or exaggeration, this approx $1 trillion pork-filled package isn’t an instant cure.

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It seems Obama is falling for the same flawed economic logic that fooled FDR back in the 1930′s.  The New York Post is reporting that Obama is wanting to push through a $500 million (4% of US GDP) stimulus package similar to FDR’s “New Deal”.

While investing in infrastructure, replacing bridges, and rebuilding roads is great for the construction industry, it suffers from “lag”.  Often, by the time the investment is felt from an economic standpoint, the economic issues are past.  It is not a quick fix to economic woes, as Roosevelt found out in the 30′s.

Jason Furman, one of Obama’s chief economic advisers, wrote, “In the past, infrastructure projects that were initiated as the economy started to weaken did not involve substantial amounts of spending until after the economy had recovered.”  Alan Blinder, another of Obama’s economic advisers, said that spending money on public works for the purpose of economic recovery was “wasteful”.

So here we are, looking at what essentially is pork (even larger than Ted Stevens’ wildest dreams) and it’s being pandered as an economic recovery package.  I have no problem with backing the repair of our aging and sometimes dangerous infrastructure, but I certainly don’t like the packaging.

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Posted under Economy

I might be a bit slower with my postings for a while.  Found out today that I am laid off (sorry to disappoint all my left-leaning readers that thought I was a greedy and filthy rich…  I’m middle class, even well under Obama’s strictest standards, but still dislike wealth redistribution).  I’ll still try to post daily or more, but if I miss from time to time you’ll know why.

Wish me luck on the job search, Ohio isn’t the bastion of job availability and the incoming President’s plans are going to make it even worse.

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Posted under Economy

The trend of election-timed records continue.  As reported earlier, stocks set a record post-election day drop earlier in the week.  Reuters reports that even with the rally on Friday, stocks set a new record for losses for the week after an election.

So far, it seems that Wall Street lacks confidence in an Obama administration.  The fear likely stems from Obama’s promise to raise taxes on those who hire, set salaries, and set pricing for goods and services.  A tax hike on any level is likely to only make the current economy issues even worse.  In fact, Herbert Hoover created the depression with policies such as these.  Time will tell if advisers have any success in persuading Obama to make sound economic decisions.

With even more job losses this week, it is unclear if the economy has hit bottom.  Unfortunately, it can turn into a self-perpetuating situation.  People lose jobs and are unable to spend money with companies.  Companies lose profits and have to let more people go.  It’s a situation that will be a challenge for the new President-elect.

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Posted under Economy

Fordham has provided this list of polls and their accuracy compared to the real election.  As expected, the polls overestimated Democratic support, but only by 1.37 percent.  23 polls overestimated Obama’s strength, only 4 polls overestimated McCain’s.  Rasmussen and Pew got the election spot on!

The List
1(T). Rasmussen (11/1-3)
1(T). Pew (10/29-11/1)
3. YouGov/Polimetrix (10/18-11/1)
4. Harris Interactive (10/20-27)
5. GWU (Lake/Tarrance) (11/2-3)
6(T). Diageo/Hotline (10/31-11/2)
6(T). ARG (10/25-27)
8(T). CNN (10/30-11/1)
8(T). Ipsos/McClatchy (10/30-11/1)
10. DailyKos.com (D)/Research 2000 (11/1-3)
11. AP/Yahoo/KN (10/17-27)
12. Democracy Corps (D) (10/30-11/2)
13. FOX (11/1-2)
14. Economist/YouGov (10/25-27)
15. IBD/TIPP (11/1-3)
16. NBC/WSJ (11/1-2)
17. ABC/Post (10/30-11/2)
18. Marist College (11/3)
19. CBS (10/31-11/2)
20. Gallup (10/31-11/2)
21. Reuters/ C-SPAN/ Zogby (10/31-11/3)
22. CBS/Times (10/25-29)
23. Newsweek (10/22-23)

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Posted under Economy