RWNJ Conservative Views from Cincinnati

In a turnaround from the doom and gloom that Obama has spreading since taking office, he switched back to a more “hope” inspired speech. Unfortunately, it appears he is still going to push towards a Government-based solution. As a Conservative, I believe strongly that America is best when its citizens learn self-reliance. Government should strengthen its citizens, not itself.

Obama stated that he has identified $2 Trillion in savings over the next 10 years. Though the ten year forecast seems popular in Government, Obama truly only has control over his own term (4 years, possibly 8). Even so, $2 Trillion isn’t much more than the stimulus and mortgage bailout (well over $1 Trillion) which he’s spent in only his first month in office. Furthermore, Obama’s budget proposal seems to heavily depend upon tax increases on both corporations and business owners that will heavily affect the job market. Some in Congress will have the foresight to see the ill effects to the economy and will fight hard to prevent this mistake from occurring.

I am still concerned that he continues to push that his plans will “save or create 3.5 million jobs” as if it is a fact. His own economists stated: “It should be understood that all of the estimates presented in this memo are subject to significant margins of error…. Our estimates of economic relationships and rules of thumb are derived from historical experience and so will not apply exactly in any given episode. Furthermore, the uncertainty is surely higher than normal now because the current recession is unusual both in its fundamental causes and its severity.” It’s nice to have predictions, but the expectations are set high. Ideas similar to Obama’s that have been tried in the past have come up well short of their predicted values.

Obama’s Address in full is embedded below:

No comments, add your thoughts here

Posted under Economy

Here is a video of Rick Santelli on CNBC.  He gets vocal about Obama’s proposed $275 Billion (to be funded by more debt of course) mortgage bailout plan.  Rick gets a ton of support from those on the trading floor in Chicago.  He shouts out at one point “President Obama, are you listening?” It seems apparent that the backlash on Obama’s policies is growing.

6 comments, join the conversation

Posted under Economy

Hats off to “The Deep Insight“, where I came across this spoof video.

No comments, add your thoughts here

Posted under Misc

I know, don’t rely on anything a politician says…  Just a reminder that Obama promised 5 days between the time a bill hit his desk and the time any of them would be signed.  Though in this case that means he wouldn’t sign the “stimulus” bill until late Wednesday, last I heard it will be signed on Tuesday.

No comments, add your thoughts here

Posted under Misc

Bradley Schiller has stated in a Wall Street Journal opinion article today that Obama has turned his fearmongering into an art form.  He has continually compared the current econonmic situation to the Great Depression.  He has repeatedly said that action must be taken immediately or the economy may be unable to recover (yet he mysteriously is letting the bill sit on his desk until Tuesday…  go figure).  Honestly, he is invoking fear just as well as Bush did with Iraq.

While the economic situation is not rosy, it is far from The Great Depression but more like the Carter-era recession.  Schiller points out that last year we shed 2.2% of the work force.  1981-1982 job force losses were also 2.2%.  The Great Depression saw us lose 4.8% in 1930, 6.5% in 1931, and 7.1% in 1932.  Our current job losses aren’t even in the ballpark.  Current unemployment is 7.6%.  The peak in the Carter-era depression was 10.8%.  The peak during The Great Depression was 25.2%.

If you stick some evidence alongside the fearmongering, Obama seems to be stretching the evidence far futher than Bush ever did.  Is this a trend Obama will continue?  It certainly will have a negative effect on the economy as consumers aren’t likely to have their confidence boosted by these heavyhanded fear tactics from our President.

9 comments, join the conversation

Posted under Economy