RWNJ Conservative Views from Cincinnati

The CBO has reported that Obama’s budget would put the United States into a deficit of $1.8 Trillion this year.  Even more worrying is that under Obama’s policies the debt would grow to 82 percent of the entire US economy by 2019. This will certainly pose problems for Obama’s proposed $3.6 Trillion budget.

The massive spending needs to stop before we get swallowed up by a black hole of debt. This is not the time to be pushing things like governmental health care, not that there would ever be a good time to institute it anyhow.

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Posted under Economy

The Wall Street Journal is reporting that confidence in Obama is rapidly dropping. Obama’s numbers have now dropped to the point that they are lower than President Bush in this point in 2001. His net approval rating was as low as +6% this week according to Rasmussen. The article points out multiple signs of trouble in the polling data:

• A third strongly disapprove of Obama’s performance.
• Obama has lost nearly all Republican support and a large portion of Independant support.
• Support is dropping more rapidly than other Presidents of the 20th and 21st centuries.
• 83% are concerned Obama’s policies will not improve the economy.
• 82% are worried about the growing deficit.
• 78% are concerned about inflation.
• 69% are worried about Government’s increasing role in the economy.
• Less should have been spent on the stimulus according to a 3-to-1 margin.
• Obama’s budget is opposed by a 46% to 41% margin.
• Voters reject Pelosi’s idea of a second stimulus by a 2-to-1 margin.
• The feeling is that the mortgage bailout will unfairly benefit the irresponsible by 48% to 36%.
• 45% do not have confidence in the direction Obama is taking.
• Less than half suport increasing taxes for expanded health-insurance (17% less support than 1993).
• Only 20% support the most recent bank bailout.

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Posted under Economy

It looks like President Obama is about to face a big test with the omnibus spending bill on its way to his desk. Obama made it clear that he was against earmarks in both the campaign and in his rhetoric during his presidency. The package has nearly 8000 earmarks in it (both Republican and Democrat), worth $5.5 Billion.

The question is, will Obama stand true to his anti-earmark principle and veto this bill? It isn’t difficult to take this bill and send it back to be reconstructed without earmarks. Unfortunately, the administration to this point has become expert at taking action contrary to what was promised and deflect the blame back on the previous administration.

According to an AP story, it appears that is exactly what Obama is preparing to do. White House spokesman Gibbs has already said “It represents last year’s business.” This has set the stage for Obama to not stand to his principles and use yet another instance of the blame game. At some point, the new administration is going to have to make a stand that they aren’t afraid to take responsibility for.

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Posted under Economy

Being a former resident of Indiana, I still follow Indiana politicians fairly closely. Evan Bayh has been one of those that I can admire for sticking to his principles, even if I don’t always agree with him. This is an example where he is sticking to his guns and is not supporting the earmark-laden $410 billion spending bill.

If I had more faith that Obama was a man of his word, I’d expect he would veto this bill… unfortunately, the President has backed out of several of his campaign promises and I cannot expect the earmark promise to be maintained either. Bayh apparently agrees.

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Posted under Economy

In an interview with Matt Lauer on NBC, CNBC Analyst Jim Cramer (who, I should point out, is not a Conservative) regarded Obama’s policies as an advancement of a “radical agenda” and pointed out that this was the “greatest wealth destruction by a President” that he’s seen.  

Obama has shrugged off the steep decline in the stock market. He said, “What I am looking for is not the day-to-day gyrations of the stock market … but the long-term.” Apparently, he has missed the continued stock market slide (25% reduction since he was elected). He also stated, “The stock market is sort of like a tracking poll.” The Wall Street “poll” is speaking volumes on its opinion of the way the economy is heading. Given that the economy usually lags the market by 6 months, our economic future does look grim.

Perhaps we should move away from the agenda of restributing wealth, hiking taxes, and burying ourselves in even more debt. We need to do what is right for the economy. That includes business-friendly policies, lower taxes for all economic classes, and long-term job promotion. This new administration has had the opportunity to implement these types of policies, but instead has moved from one set of bad policies to another. In the end, it is the country that pays for this mistake.

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Posted under Economy