At times I almost feel sympathetic when my Liberal/Progressive friends put so much effort into proving that Barack Hussein Obama has not been the absolutely worst President in terms of his economic policies & that those policies have not punished the American Middle Class while benefiting Obama’s core constituencies, the very wealthy & the permanently Federal government dependent. Fred has been gallantly making the case that unemployment has now dropped below 6% & that the equity markets continue to set new highs in terms of stock prices.
While both statements appear to be technically accurate if one still believes any statistics coming out of the Obama Administration bureaucracy (I don’t, due to their constant “losing” of key data that always seems to be the negative stuff!!! See the omission of California’s unemployment data from the national unemployment numbers in the month before the 2012 Presidential election as one example…Oooops!!!), the stats Progressives & Obama-sheep are crowing about are effectively meaningless as economic indicators for several obvious reasons.
First, “National Unemployment” has declined because people have been giving up hope of ever finding a job in Obama’s Economy!!! That lowers the base against which unemployment is calculated & makes 14% unemployment “look” like 6%…a pretty nifty way to “cut” unemployment. Under Obama, official unemployment will inevitably drop to “0,” at which point no Americans will actually be working but everyone will have given up looking so…Presto…no unemployment here!!! Move along!!!
Those who are employed or finding work at Wendy’s are now much more likely to be working part-time at something close to Minimum Wage, rather than making $100,000 as the engineers they used to be. The biggest cause of making America’s economy into a part-time universe where experienced professionals take the jobs that used to be filled by high school kids is…Obamacare!!! That brilliant obscenity that promised premium savings of $2,500 to every American household has actually increased the cost of health insurance, reduced consumer options, forced American citizens to leave the plans & physicians they were happy with & brought about lay-offs & reductions of working hours below 30-hours per week all over the nation that are still building. Obama’s “Signature Program” really is his legacy…lies compounded by economic disaster for average Americans!!!
Another phenomenon not featured at NBC or the NYT is the fact that if the jobs produced in Texas & North Dakota, both of which are (according to our Progressive politicians) governed by Satanic agents, are factored out, both Unemployment & GDP growth would have been significantly weaker that the “Obama Results” being toasted by his sycophantic media acolytes. To speak plainly, if painfully, without Texas & North Dakota’s economic & employment growth since 2009, the rest of the US has been in a technical Depression during Obama’s entire Administration thus far!!! That’s why many Americans feel like they are living through a Depression, because unless one has been living in Texas or North Dakota, one has!!! Doesn’t that explain a lot that few media talking heads have been discussing in the national press corps???
And I’ll explain one more time why the stock markets continue to break new ground, despite America’s underlying economic weakness, since apparently 26-expositions have been insufficient for the delusional Progressives in our midst. Under Obama the Federal Reserve has been following an unprecedentedly risky policy of maintaining interest rates at effectively “0,” while pumping inflationary cash into the US economy through the banking system. “0” interest rates punish Middle Class Americans who typically invest through bank savings accounts & reward the very wealthy who are able to invest in more sophisticated financial instruments. The Fed’s “0” interest rate policy has also held down the deficits the Obama government has actually been producing since service on the National Debt is a major driver of the annual deficit & the Fed’s risky policy serves to disguise how much of a Federal Budget Deficit the Golfer-in-Chief & his band of Merry Marxists are actually creating.
With fixed income investments(bonds) unattractive due to low interest rates, banks not making loans due to the new Dodd-Frank disaster (that has not yet issued full operating rules) & cash pouring into the banking system ($90-billion per month & now very slightly less), investment has been flowing into the artificially attractive equity (stock) markets, driving up the incomes of the wealthiest 3% of Americans (who already pay most of US Personal Income taxes) & creating what is likely an inflationary bubble in the stock prices & stock market benchmarks like the Dow Jones 500.
What will this mean when the Fed eventually stops inflating the dead Obama economy with cheap dollars??? While no one knows for certain, a substantial drop (which might be a crash) in stock prices is not an unrealistic scenario. NO ONE REALLY KNOWS WHAT WILL HAPPEN BECAUSE THE FED HAS NEVER PURSUED A STRATEGY THIS RISKY FOR THIS LONG BEFORE IN ITS 100-YEAR HISTORY!!!
The attached WSJ article provides details on how the Obama economic policies have been building increasing income inequality even while he continues preaching & lecturing about the evils of free markets economics, which he would not recognize if they bit him on his bony butt!!! Obama is serving the demands of his two core constituencies…the wealthy Fat Cats & crony capitalists like George Soros, Warren Buffett & Tom Steyer & the permanently unemployed & government dependent. Barack Hussein Obama has brought his promised “Change” to America, just as Herbert Hoover & Franklin Roosevelt did in the 1930’s!!! Stay tuned…this will only get more interesting!!! CDE