“Three Strikes & You’re Out” Rule Applied To Economic Policies
Let’s review Obama’s record on the major issues as a method to gauge how right (or wrong) he may be on Health Care Reform.
Banking Industry Bailouts. In January of 2009, the Wall Street Journal predicted that the banking industry bailouts could cost up to $1 TRILLION dollars. The final bailout total was just over $700 BILLION dollars, primarily due to the reduced cost of common and preffered bank stocks, which were purchased by the Government as part of the bailout. The problem with the banking industry bailouts is that few if any of the banks that received TARP money used the money to restore health to the credit markets through lending. Many used the money to acquire other banks, paid down their debt obligations or used the money to write-off bad loans.
In stopping otherwise bad banks from going under (“too big to fail”) the Obama Administration literally pissed away hundreds of billions of taxpayer dollars.
On banking bailouts, Obama = WRONG. Strike one.
Economic “Stimulus” Package. As Obama entered office, a package of $787 BILLION dollars of Government Spending was quickly rushed through Congress and signed by Mr. Obama with audacious claims that the legislation would keep unemployment below 8% and that the bill would provide jobs “immediately.”
Six months into the “Economic Stimulus” this Administration cannot point to a single job “created or saved”, has backed away from claims that the “stimulus package” was designed to keep unemployment below 8% and is now saying that the jobs creation portion of the bill won’t kick-in until late 2010, early 2011.
Which lie are we supposed to believe here? Maybe this clip will help.
There really is only one rational conclusion after viewing the above clip.
On Economic Stimulus, Obama = WRONG.
Auto Industry Bailouts. After American Taxpayers were told that the Domestic Auto Industry was “too big to fail” and go through bankruptcy, the Obama Administration pumped tens of billions of hard earned Taxpayer dollars into General Motors and Chrysler only to have them both enter bankruptcy anyway. More than $30 billion dollars were wasted trying to prop up GM and Chrysler to avoid bankruptcy, and another $50 billion has been spent or promised post-bankruptcy to “help” both companies restructure, re-organize and reduce their debt.
In this case, the Obama Administration directly interfered in contractual debt obligations of both companies, bullied investors and preferred debt holders, and negotiated a sweet deal for the Unions, who now with the Federal Government own majority stakes in both GM and Chrysler.
The fallout since the auto industry bailouts has been clear: hardly any American Consumer wants to buy a car from GM or Chrysler because both took taxpayer dollars, both companies investors got screwed, and the fix is apparently in for the unions. The proof in this statement is the fact that GM’s second quarter sales plummeted another 15% while Chrysler’s second quarter sales plummeted 31%, selling only 391,000 cars.
Ford, the only domestic U.S. autobuilder to not take Government bailout money reported a profit of $2.8 billion dollars, ending a string of four straight quarterly losses for the #2 domestic auto maker.
Again the proof is in the pudding (meaning: the results are what counts) showing just how ill-conceived the Auto Industry bailouts were.
On Auto Industry bailouts, Obama = WRONG. Strike three.
To measure the full failure of Obama’s Liberal economic policy mistakes, we need only to look at the unemployment rate and the net number of jobs lost since Obama won the election and began espousing his anti-business, Pro-Big-Government intervention into our daily lives.
In August of 2008 the national unemployment rate was hovering around 6%. As we enter August 2009, the unemployment rate is over 9.5%, with many economists predicting 10% or higher by the end of the year. While the unemployment rate was on an upward trajectory as Obama took office, the rate began skyrocketing after the November 2008 elections as small, medium and large companies began cutting jobs n anticipation of Obama’s anti-business, pro-tax, pro-big government policies (which turned out to be correct.)
To put this in perspective, a total of 6,500,000 jobs have been lost since the recession began in December 2007. Nearly 4,000,000 American’s have lost their jobs since Obama won the election.
This is not the “smartest President in our lifetimes” as the Obama-nuts would have you and I believe.
Keep in mind we haven’t even addressed Obama’s Cap & Tax plan, which would add another $1,000,000,000,000 (Trillion) dollars in taxes on you and I, and would kill another 2,500,000 jobs according to the Department of Labor.
Now since we’ve proven that Obama’s been wrong on all matters economic in this country, exactly why should he be believed that his “Health Care Proposal” would be good for the country or “save money” as he’s claimed? The non-partisan Congressional Budget Office has already come out – twice – stating that Obama’s plan would cost more than the Obama administration is claiming and in fact drive health care costs UP instead of down. The CBO’s estimates are that Obama’s “plan” would cost in excess of $1,000,000,000,000 dollars.
Who’s going to pay that TRILLION dollars? Why you and I, the American taxpayer of course! All for the benefit of having socialized medicine like the rest of the world – who’s citizens not so coincidentally come here for life-saving operations because they’ll die waiting for them in their own countries. Do we really want Government run, socialized medicine?
The reality is this: Obama is a tax and spend extreme leftist liberal who if left un-checked much longer will destroy our economy and our way of life.
Just say NOBAMA on Health-Care “Reform.”
More Bad News For Obama ….
Rasmussen released a new poll today showing Obama’s popularity continues to plummet. As we’ve stated before, Obama’s track record on the banking industry bailouts, GM/Chrysler bailouts and the failed economic “stimulus” package have all been drivers behind the fall.
Now American’s are turning away from Obama’s health care “reform” initiative and see it for what it truly is. According to the Rasmussen polling data:
Just 23% believe health care costs will go down if health care reform is passed. The majority (53%) expect prices would rise, and 50% expect that the quality of health care would decline.
Additionally, 51% now say that the country is headed in the wrong direction.
Obama’s “strong approval” ratings have now dropped below President George W. Bush’s to an abysmal 28%, with just over 40% “strongly disapproving.”
In 7 short month’s, Obama has managed to squander the political capital he had post election and become more unpopular than Bush. No wonder “independents” and “moderates” are flocking to the Conservative side of the spectrum.
Read it and weep, Obamanuts.
Is it November 2010 yet?