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Special Report
Economic Hope Over Experience
Democrats respond to the utter failure of their policies by insisting on more of the same.
Perhaps it shouldn’t be surprising that an administration whose mantra is “hope and change” is arguing for economic policies that are a triumph of hope over experience. After two years of Keynesian pump-priming “stimulus” and temporary measures such as cash-for-clunkers and a one-year reduction in payroll taxes, economic growth and employment statistics have slowed dramatically. Yet liberals in politics and media want to respond to the utter failure of these policies by repeating them.
From the middle of last week to the middle of this week, the stock market fell six days in a row for the first time in nearly a year. The market has been down five weeks in a row, which hadn’t happened since 2004; if the market is down modestly today, that would make a six-week losing streak, the first since 2002.
The yield on the benchmark U.S. government 10-year note is back under 3%, implying that investors see the risk of an economic slowdown as greater than the risk of inflation. (It also implies that the market has little or no worry about the current debt ceiling negotiations.) It’s the lowest yield since late last year.
Most dramatically, and most tangible to the American worker, last week’s May employment report showed job growth of 54,000 in the month, less than a third of the consensus. The unemployment rate ticked up to 9.1%, higher than the highest estimate in Bloomberg’s survey of economists, and a new high for 2011.
This is not supposed to be happening during a “recovery.”
The instructive chart atop this N.Y. Times Economix blog piece illustrates that in prior recessions the trajectory of the recovery was roughly a mirror image of the downturn. In other words, however many months it took to reach the trough in terms of job losses, it took roughly the same number of months to recover those jobs (or, more precisely, to reach the same number of employed in America.) The current “recovery,” if it can be called that, has in 12 months since the bottom of a 24-month drop recovered fewer than one-sixth of the jobs lost during that drop. In prior recoveries the economy had gained back about half of the jobs lost at a similar point in time. This is not a recovery; it’s the economic equivalent of Chinese Water Torture.
What additional evidence would a rational person need to see in order to conclude that existing policies are not the right medicine for our economy — or indeed that they are little more than economic snake oil?
How about the fact that Keynesian policies have always failed, from the Great Depression to George W. Bush’s 2001 temporary tax rebates, as explained by the Heritage Foundation?
And here’s more evidence: The unemployment rate in Germany has fallen to 7%, the lowest in the two decades during which records for a reunified Germany have been kept. This follows the German government’s passing a 2011 budget which slashed German government spending by nearly four percent from the prior year and made no change to their national income or sales tax rates. Now we have evidence that the opposite of our policies is working somewhere. German unemployment, which was famously stubbornly higher than ours, is now an incredible 2% lower as Germany cut spending and didn’t raise taxes.
The New York Times reports that “some Democrats, economists and financial market analysts are raising concerns that too much fiscal restraint this year and next could further undermine the recovery.” They proceed to quote a Tax Policy Center analyst who warns against “a deal that’s going to send the economy back into recession.” (Leave it to the Times to call a liberal group like the Tax Policy Center “centrist” to try to offer it credibility.)
How does one undermine something that is essentially not happening? How can liberals argue with a straight face that ending policies that have consistently failed to bring us out of recession would somehow risk recession?
Stimulus must fail because it simply represents a transfer of money from the private sector to the government that redistributes it inefficiently to the private sector, like the water that remains in a sponge after you squeeze it out. It is also a transfer from the future to the present — leaving just the economic hangover of higher tax bills without even the buzz of a nice glass of single malt. It’s a sort of reverse inheritance, transferring money from our children’s futures to us — or rather to the politically connected among us. It is not the magical creation of free money.
Entrepreneurs aren’t stupid. They realize that stimulus creates a larger future liability than current benefit, that every dollar they get now anticipates more than a dollar of taxes someday soon — and much more if they’re in an industry that the government of the moment decides to target. Short-term policies like Cash for Clunkers or a one-year reduction in payroll taxes fail for essentially the same reasons. As crazy as it must sound to liberals, businessmen actually think about the future.
Frustrating to those of us watching the Obama Administration’s feckless, naïve, real-world-experience-free economic policies is that common sense argues against almost all of them.
But even with no common sense, Democrats and their media allies are also determined to ignore experience that shows increasing government spending and implementing short-term “stimulus” in one form or another stimulate nothing but the growth of government.
About the Author
Ross Kaminsky is a self-employed trader and investor and is a senior fellow of the Heartland Institute. He is the host of The Ross Kaminsky Show on Denver’s NewsRadio 850 KOA at 11 AM on most Sundays. You can reach Ross by e-mail at rossputin(at)rossputin(dot)com.
Letter to the Editor View all comments (86) | Leave a comment
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Intelligent Design| 6.10.11 @ 6:57AM
"The definition of insanity is doing the same thing over and over again and expecting different results". - Albert Einstein
Obama and his fellow Demo-Socialists firmly believe in: bigger government, more government spending, more national debt, and higher taxes. They are deaf, dumb, and blind.
Timothy L. Pennell| 6.10.11 @ 7:54AM
You took the words right out of my mouth.
Socialism is Insane. It can never happen, as long as Men year to be FREE. But, the LEFT keeps insisting on it.
They swear by Keynes Economics, even though Keynes, himself, came to realize the folly of his idea. They do the same with DARWIN. They use Darwin, to promulgate their : "There is no God" theory. Never mind that DARWIN, himself, said that He never said that there was No God, and that he believed in God.
There has always been EVIL in men. The EVIL that makes them believe that THEY can Control your life. That, THEY will determine how you live, what you Eat, Where you Work and what you will be paid.
Our Founding fathers had it right, that "All Men are created Equal". It is OBAMA, and his Leftist ilk that believe - "Some Pigs are MORE EQUAL than others".
Sieg Heil!
"Harte Arbeit Wird Euch Frei Machen"
Never again?
Don't you believe it.
Alan Brooks| 6.10.11 @ 6:06PM
At least the overall situation will change in the long run. With stagnant McCain politics we would have gone nowhere. So please elect someone good next year-- that is if you are deep-down actually serious, if you don't secretly (no one can read your minds) want the dreary aimlessness of 2001 to 2009 to be repeated for status quo purposes.
If you can do better than Obama, then do so-- put up or shut up.
Doorgunner| 6.10.11 @ 6:24PM
"...do better than Obama..."
I nominate the footstool by the fireplace. Even i's better.
Alan Brooks| 6.10.11 @ 8:17PM
That doesn't say anything positive about McCain, Dole, 2 Bushes, a Nixon*.
(*Ford doesn't count)
carnot| 6.10.11 @ 11:10PM
yes...distractions can be entertaining...if irrelevant.
play nice| 6.11.11 @ 2:29PM
"They are deaf, dumb, and blind".
...and determined. Like a junk yard dog.
martin j smith| 6.10.11 @ 7:51AM
Mr Kaminsky: You apparently subscribe to the "incompetent " theory of Obama's behavior--that is his character,flaws,inexperience,idealism whatever. I do not. I subscribe to the purposeful goal of destroying this nation theory. Obama and even the Democrat Party are on a suicidal mission ( the political equivalent of a suicide bomber ) wh0 believes in "victory" thru the destruction of this nation. These are Socialists,Communists,Marxistist, Maoists whatever.
One has to ask the question that goes like this: Why would Obama ( insert Democrat Leadership)
follow policies that are so damaging and unpopular in a period where a big election is looming ? Your assumption of " incompetence,foolishness or whatever" is at your own peril.
Adolph Hitler was not taken seriously by Jews of Germany even though his actual policies were available to read. Same with Obama and the Socialists Those who do not learn the lessons of history are doomed to repeat history. Mr Kaminsky I fear that you and Mr Wilson among others are in this crowd.
Ross Kaminsky | 6.10.11 @ 9:04AM
Martin,
I think Obama is more about far-left ideology than incompetence. But I think many members of Congress and most of the media, although also left-leaning, hold their economic views more due to incompetence than ideology.
Don't forget, however, in response to your question about why Obama would follow policies that are so damaging, that Progressives think they are smarter than everyone else and that Keynesianism really works. If "stimulus" fails, many of them truly believe (and I think Obama is one of them) that it's because it wasn't big enough. That was the point of my little doctor/nurse dialog at the end of the article.
Obama, although among the worst presidents we've ever had, is not comparable to Hitler and I think you do "our" side a disservice with such comparisons. That said, I have myself made the point that just as we should believe our enemies when they say they want to kill us, we should believe Obama when he says he wants to "fundamentally transform" America and we should believe Mrs. Obama when she says that prior to her husband's nomination she had never been proud of her country.
PCC| 6.10.11 @ 12:55PM
Increasingly I am of a mind to remember the engineering geek in the film 'Apollo 13' who says to Flight Controller Gene Kranz, "We have to talk about power. We need to turn everything off. Without power, we can't talk to them. We can't get them make to earth."
Does the Obama administration not understand that without the private economy, none of their government-paid social programs have the money to meet their social engineering dreams?
Oldefarte| 6.10.11 @ 3:22PM
Ross, I'm very much in agreement with Martin's opinion and don't think that he was attempting a direct maniacal comparison to Hitler. As he said, the people of Germany etc ignored to their demise Hitler's tyrannical activities; just as the people apparently have done with this president. I think possibly that this administration's motivations can be explained by Denish DeSooza's book [and that of his own book DREAMS] concerning their anti-colonialistic views. I suspect that their indirect involvement concerning the turmoil in the middle east indicates his desire for a Muslim Brotherhood type eventual takeover of these countries similar to that which occurred previously in Iran [and which is now controlled by the fanatical Muslim religious faction]. Also their anti-oil company dictations post the Louisiana oil spill, their suing Arizona over immigration, etc additionally indicate a political philosophy that apparently is intent upon destruction of this country. Call it naivete if you will, but I prefer to think that it is far more sinister than pure community-orgainzing ignorance or liberalistic dedication. The intent IMO is destruction [ie """"""CHANGE""""""], and not simply a dedication to Europeon style socialiam!!!!!!!!!!!!!!!!!!
Dixie Pixie| 6.10.11 @ 5:22PM
Martin, Ross....May I submit another idea for your consideration.
Nether incompetence nor malice may be involved.
Have you considered that Obama may be nothing more that a highly successful con artist!
Keynesian Economics is simply an system of beliefs that are designed to move private sector wealth to the public sector so the governmental bureaucrats can spend it on themselves.
That is why Keynesian policies are so popular with the public employees, managers, unions and politicians.
The Keynesians provide the financial and legal machinations for the governmental bureaucrats to confiscate wealth, to spend it on themselves.
For example, Keynesians promoted the belief that wealth stored as savings in banks is less desirable than government having that money to spend on itself.
Therefore the saving rate is forced to near zero percent and far below the inflation rate making the money kept in banks lose value daily.
Thus that money is forced into the open where it confiscated through taxation and inflation.
The Keynesian is a complex confidence scheme that has resulted in the public being swindled out of trillions of dollars.
A con artist can do no better than become President where trillions can be stolen and best of all it can all be made legal so jail is an impossibly.
No more perfect a crime can be devised.
RWinks| 6.11.11 @ 2:31PM
I believe you're on to something here. I've said for years the Democrat Party is nothing but a criminal enterprise. You've provided some intellectual underpinnings for the theory.
Oldefarte| 6.11.11 @ 4:27PM
Yours is another way of sayiing mine!!
victor| 6.10.11 @ 7:01PM
Add to the list of isms, Martin: Lefty Libertarianism.
Those like Ross Kaminsky who want to see the legalization of drugs in America, and who blames the deaths of those involved in drugs on those of us who want to keep them legal.
This is what AmSpec sells~ these kinds of authors, who then insult the intelligence of its conservative readers for daring to speak out against their immoral "immorality in the name of freedom" Religion, just like the Left.
Maybe that's why he pussy-foots around Obummer~ maybe he actually likes his way of thinking~ just a little bit?
Intelligent Design| 6.10.11 @ 8:11AM
Martin - I have the same concerns about Obama. It will be interesting to see how much damage he tries to inflict on the U.S. from the time he loses the election in November 2012 until he physically exits the White House in January 2013. What kind of outrageous acts will he commit? The new president should be prepared to reverse many Obama "edicts".
John Navratil| 6.10.11 @ 10:46AM
Intelligent Design,
Look to the last lame-duck for a clue. Fortunately, this time, he doesn't have a willing Congress to go along. Still, the executive orders, and pardons, will likely be damnable.
Oldefarte| 6.10.11 @ 3:40PM
ID: I think that possibly the recent Democrats in congress appealing to this administration for moderation in their policies may be an indication of their sensing of a doom scenerio regarding the upcoming 2012 elections. I think even Reid, Pilosi, Schumer, Durbin etc are beginning to think possibly that this administration is not cut from the same political mold as they have been [and that even they/Reid etc in their socialistic stupidity collectively have the better interests of this country at heart]. As the old saying goes, THE HANDWRITING IS ON THE WALL REGARDING NOVEMBER OF 2012!!!!!!!!!!!
Teaghan| 6.10.11 @ 8:11AM
This all makes me wonder what's in store for us in the next 16 months. Some on the left are saying that there will be anarchy and riots in the streets. Would they be setting the stage for martial law? "Let me clear, we will resume elections in 2016, but for now, the 2012 election will have to be put on hold" I don't put anything past these facists.
Howard| 6.10.11 @ 8:53AM
Democrats as a rule believe that wealth springs from government programs, and that business itself is tawdry. They like jobs, they dislike businessmen. Most Democratic administrations are disproportionately populated with academics, intellectuals, and journalists. All hold various degrees of contempt for business. So they tend to rely on "answers" offered from the campus. So their answers are consistent with their worldview. Unfortunately we all suffer from that arrogance.
Ross Kaminsky | 6.10.11 @ 9:05AM
Howard, you are exactly right. It is, as Hayek called it, the Fatal Conceit.
Clint| 6.10.11 @ 1:02PM
Friedrich Hayek:
"Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one's government is not necessarily to secure freedom."
victor| 6.10.11 @ 7:04PM
Right, but you will not vote for the Republican candidate in order to defeat the Left~ yet you name call and accuse those who do~ your ilk is part of the problem.
RINO~ those who act like they're conservative, but refuse to vote Republican when it comes down to it.
Clint| 6.11.11 @ 1:35PM
We Tea Party Patriots aren't owned by The Ruling Elite Fops, RINO-CINO Victor-Margie-Sybil.
Tell us all about your New Jersey Primary Vote for The Serial Traitor to Conservatism John McCain.
Then tell Us all about McCain-Feingold, McCain-Kennedy, McCain-Lieberman, Gang of 14, Opposing Bush Tax Cuts of 2001 & 2003, Tarp, RINO-CINO Israel Firster Victor-Margie,Sybil,VicMar,Martor...
victor| 6.11.11 @ 7:46PM
"Israel Firster".
You idiot, You're not even an America Firster. You helped elect Obama because your lunatic candidate, anti-Israel and anti-America terrorist sympathizing R. Paul wasn't the nominee.
You and your disgusting ilk are the true definition of the word, RINO.
Wolves in sheep's clothing to be sure, and you lying piece of slandering garbage~ you're getting ready to do it again.
Re elect Obama, that is. Seems you need to "punish" us again, eh?
Clint| 6.11.11 @ 11:46PM
Duuuuhhhh!
RINO-CINO Israel Firster Fanatic Victor-Margie-Sybil. Dr.Ron Paul Ran in Our Republican Primary, but I wrote in My Brother-In-Law (despite McCain's status as presumptive nominee and the statistical irrelevance of Pennsylvania), As A Protest Vote Against The Serial Traitor To Conservatism, John McCain.
Now, tell all the American Spectator Readers about McCain-Feingold, McCain-Kennedy, McCain-Lieberman, Gang of 14, Opposing Bush Tax Cuts of 2001 & 2003, Tarp, RINO-CINO Israel Firster Victor-Margie,Sybil.
Aaaaand, You're A Slandering Liar, RINO-CINO Israel Firster Fanatic Victor-Margie-Sybil.
"Ron Paul is one of the outstanding leaders fighting for a stronger national defense. As a former Air Force officer, he knows well the needs of our armed forces, and he always puts them first. We need to keep him fighting for our country."
-Ronald Reagan
victor| 6.12.11 @ 6:42PM
Your insanity is trumped by your filth and deceit, but only by just a tad.
Clint| 6.12.11 @ 8:47PM
With RINO-CINO Israel Firster Fanatic Apocalyptic Crank Lady Victor-Margie-Sybil, Her Zany Crazed Insanity, Is An Art Form.
Take Two Shock Treatments And Call Yourself In The Morning.
victor| 6.12.11 @ 9:24PM
Insanity: Those who do the same things over and over, hoping for a different result.
Go ahead and pull that lever for your pal, the anti-semitic Jew hating anti-Israel lunatic~ I hear he's running for President again~ and you will help to re elect Obama again!
BWAAAAHHHAAAA!
Clint| 6.12.11 @ 9:51PM
The Joisey White Trash Bigot Pig Apocalyptic Crank Lady Victor-Margie-Sybil-Marvic-Vicgie Attempts To Play The Anti-Semite Card On Dr. Ron Paul Again.
Now, Tell All The Practicing Jews & Muslims Where You Say They Go When They Die.
You're Up Joisey White Trash Bigot Pig Apocalyptic Crank Lady Victor-Margie-Vicmar-Marvic.....
victor| 6.13.11 @ 2:41AM
Poke an anti-semite scumbag and it just oozes.
Peter McGrath| 6.10.11 @ 11:11AM
"Fatal conceit" may be one way to describe the phenomena, but "Blindness to Reality" might be more accurate. Obama - not a native African-American by any stretch of the imagination - must still be aware of the current plight of blacks - and Hispanics - in this country. They face endemic double-digit unemployment, misery and dependence. Obama's form of trickle-down socialism translates to higher rates of illegitimacy, drug abuse, hunger, crime - and, sadly of course, higher overall death rates.
Is the current POTUS even the slightest bit concerned over any of the above? Like Lenin in the 1920's (who expanded a policy of allowing peasant ownership of land), might Obama even consider the idea of lessening burdens on the productive class to free up private capital to create more jobs and opportunities for the less fortunate?
The answer is no. The more and often I hear this fool's trite posturings and inane sloganeering, the less likely it would appear that there will of any change of course by this failed administration.
The man is cold, even brutal. He is indifferent to the suffering caused by his policies.
He's Obama - the "One We've Been Waiting For" - and if his "solutions" are making life worse for his (ostensible) fellow countrymen, that can't possibly be his fault.
Oldefarte| 6.10.11 @ 3:49PM
Not only he [but most Democrats as well] don't give a rat's ars about the downtrodden indigents of society. They use them for their own selfish political purposes in order to gain and maintain power. This administration is more unusual than most liberal Democrats previously in that there appears to be a revenge-type motive occurring, a GOTCHA mentality, if you will. It's using the immense political power gained in 11/2/08 to institute its selfish personal political ideology upon this country, full speed ahead, damn the torpedoes style!!!!!!!!!!
martin j smith| 6.10.11 @ 10:03AM
Ross: I beg to differ on the point of comparing Obama and Hitler to this extent: Obama has a TOTALITARIAN AGENDA. I also believe he has a "Jewish Problem" in the sense of Israel and Jewish Survival. Oh yes, if you are Jewish but Socialist first your OK. But,disagree with him and including regarding Israel you are lets say"mud" as far as he is concerned. Does he have plans to exterminate any population--I with hesitation say not observable. Can he become one day a Muslim "convert" --? Maybe. would he then be involved in forcing Sharia Law down our throats--possibly.
Obama is definitely totalitarian in nature and his behavior vis a vis opposition is extremely troubling to me thus the idea is not to deny realities that are out there and they are out there.
He wants to destroy ALL WHO DISAGREE. HOW FAR HE WOULD GO I CANNOT SAY --BUT THIS I DO BELIEVE.
Oldefarte| 6.10.11 @ 3:58PM
I agree almost totally, especially concerning Israel destruction. The recent citizen uprisings with the middle eastern countries is disturbingly freightening to me. Why all of a sudden now, two years after 11/2/08 is this now universally happening [and after their overwhelmingly political support for his election, and no doubt monetary support of same]? This situation to me is the second coming of Iran [which resulted in the overthrow of the Shah of Iran and replacement with their current Muslim religious theocracy goverment], and could possibly end up with the middle east becoming one big Muslim country dominated by Muslim Brotherhood type governments [which will spell tremendous trouble for not only Israel bu the US and Europe as well]!!!!!!!!!!!!!!
David W| 6.10.11 @ 10:29AM
I am reading Michelle Malkin's Culture of Corruption. I am only halfway through, but based upon what I've read, the only experience Obama's team has is in "quid pro quo" and nepotism and cronyism. They have no understanding of the real world at all. This has got to be the most corrupt and know-nothing administration we've ever had.
Oldefarte| 6.10.11 @ 4:04PM
You cannot expect anything but what you've just described, from this community-organizer, career school oriented president. He's never administered/managed a snowball stand, a city, a state, a company; passed any meaningful legislation in congress; held any leadership positions with congress; etc. How would anyone expect him to successfully operate the largest country in the world. As I've said previously, the voters of this country ''''''ACTED STUPIDLY'''''on 11/2/08, and we're all paying drastically for same now!!!!!!!!!!!!!!!!!
carnot| 6.10.11 @ 11:18PM
with all due respect....the country acted stupidly...in large part...because his predecessor was an F up (to put matters bluntly).
Oldefarte| 6.11.11 @ 4:36PM
The only way that his predessor was a F-Up was in sending our military troops into the middle east to fight these disguised Muslim terrorists after 9/11/01 [when what he should have done is simply HIROSHIMAIED them]. The American public-voters simply grew tired [as always] of extended land wars with no concluding victory in sight. Otherwise, his predessor was far superior in all respects to the current office holder [intelligence wise and in all other ways as well], who is the epitome of the ultimate, incompetitent F-Up!!!!
carnot| 6.12.11 @ 10:38PM
Obama was bequeathed by Bush.
Petronius| 6.10.11 @ 10:58AM
There one, and only one reason Obama does not go all the way by taking our economy to total ruin. He needs tax revenue and the backing of the Wall Street plutocrats. He wants to keep picking and choosing who he forces into bankruptcy as well as when and how. He is very calculating in his use of executive power for acts of political reprisal. So long as the Immelts of the Fortune 500 hand the DNC the Danegeld, there will still be a GE. To all the rest; ain't serfdom wonderful?
martin j smith| 6.10.11 @ 11:02AM
Ross: Let me add to the above post.
Once you have a President with a Totalitarian method which seems to repeat over and over there is no telling where it can go. This in itself scares me. But lets look at what Obama has actually DONE.
Jammed Obamacare down our throats
Sued the State of Arizona for wanting to protect their borders
Uses the MSM,Unions,Hollywood even some on Wall Street and other Large Businesses to lead to the conclusion that we havee Crony Capitalism
in this country --NOT FREE MARKET CAPITALISM. And how does he treat his ENEMIES ? He uses the MSM as attack dogs
to smear and do anything lies not withstanding.
He goes to war without the consent of congress.
He has no goals and disregards to cost to this nation--and is just one more example pushing us to the brink--for such as "peace loving" person.
No Ross: Obama is extremely dangerous and has ambitions which neither you nore I are privy to but they are there. He is not an incompetent boob. He is a DICTATOR IN TRAINING and we all better hope he is defeated. By Not facing the reality of Obama as a danger to this nation not because of lack of knowledge but because this is his PLAN does a disservice to "our side"
Oldefarte| 6.10.11 @ 4:06PM
Pure prose, Martin, and THANK YOU for same!!!!!!
victor| 6.10.11 @ 7:05PM
Seconded. Right on, Martin.
George S| 6.10.11 @ 11:51AM
This is not incompetence nor is it an intentional attempt at destruction. It is ideological. An ideologue is incapable of seeing solutions to a problem outside his world view. A doctor, for example, may be seen as incompetent if he believes that turpentine is a cure for fever. But if that doctor is an ideologue, he has based that belief on what he has been taught or deduced from all those textbooks he has digested. So when he prescribes turpentine to a patient and the patient gets worse, his ideology prevents him from questioning the turpentine's efficacy -- he instead ascribes the problem to not enough turpentine. When the turpentine finally kills the patient, the ideologue concludes that not enough was given in time.
It is the same with the good doctor Obama, he will never ever be convinced of economic arguments, data and historical fact to abandon an ideology he was weaned on since he sat on a Communist pervert's lap. We are in this mess because we ignored all the warning bells on his ideology.
Jack London| 6.10.11 @ 1:50PM
Are you saying that GW Bush didn't leave one of the biggest ever economic messes? That it was an evil Obama working his spells while not even president?
And in fact of course Obama is a right of center politician by any world standard. The Europeans would call him conservative. This far-left ideology thing is complete and utter nonsense.
skip| 6.10.11 @ 3:21PM
You got it.
GW Bush did not do enough to expose the junior senator from Illinois, found in a study by the nonpartisan National Journal in 2008 to be the most far left liberal senator in 2007 in America, as opposed to Europe, the year before the presidential election to replace Bush, in order to discredit the junior senator from Illinois for his lack of intelligence and lack of honesty in all social, political, and economic matters both foreign and domestic.
GW Bush did not do enough to operate based on principle alone, and to avoid bipartisanship for its' own sake, contributing to the failure to prevent the takeover by the democratic left of control of the house of representatives from the republican party, whose last budget while in control of the house had resulted in a deficit of 161 billion dollars.
GW Bush did not overcome the bias of the media, the unintelligence and dishonesty of political opponents, and the immorality of the electorate sufficiently to prevent the presidential election of the most far left liberal senator in the senate of the year before, with corresponding democratic left control of both the house of representatives and the senate, resulting in budget deficits of no longer 161 billion dollars but of 1.61 trillion dollars, an increase in the deficit ten times higher than the last republican budget under Bush, plus higher unemployment, higher inflation, higher government spending, more government regulations, higher taxes, lower tax revenues, lower net personal income, less quality of living, less of a perfect union, less justice, less domestic tranquility, less common defence, less general welfare, and less liberty for not only ourselves but also future generations, among other disturbing trends.
One thing certainly complete and utter nonsense is why you would willingly subject yourself to ridicule for stating such monumentally stupid lies on the internet.
Jack London| 6.10.11 @ 4:49PM
But you have no policies to do anything other than massively increase the deficit by enacting huge extra tax cuts. Most of what Obama is doing is or was mainstream GOP policy. We desperately need more debt relief and employment programs - but we're not going to get them from Obama and least of all from the GOP. So much for left-wing policies - there are virtually none. And so much for getting the economy moving - slashing spending is the reverse of what we need.
skip| 6.10.11 @ 5:40PM
You idiot.
Government creates no new wealth. The money spent by government is confiscated from the private sector. The exchange is not dollar for dollar. There is a study out that has shown for every dollar spent by government three dollars and forty cents is confiscated from the private sector. Government spending is inefficient and uneffective by definition. Every extra dollar takes another $3.40 out of the economy.
Government and politicians need to be removed from economic activity. There is no debt when there is no government spending. Private industry, with their wealth unconfiscated, and their business operations unpenalized, have much more wealth available for investments, which is how jobs are created. Private industry can invest $3.40 dollars for every $3.40 put in, instead government investing $1.00 for every $3.40 put in.
Government spending is creating the debt you state we need relief from.
Government employment programs by definition cause a net decrease in employment.
The last 30 months have proven this. As did Carter 30 years ago. As did Roosevelt 75 years ago. History doesn't have to repeat itself.
The statement you made about taxes displays such ignorance it is surprising you are able to type and submit a comment using the internet. Whether the tax rate is 90% or 20% has not changed the fact Americans are only willing to to pay 18.7% of GDP in taxes, and will adjust their finances accordingly. Based on your statement on taxes, all GM needs to do to make more money on the Chevy Volt is raise the price and never worry about bankruptcy again.
This isn't brain surgery or rocket science, if you don't gain some intelligence and honesty before it's too late you are going to starve, because based on the content of your many posts on AmSpec no one will care what happens to you.
Try to avoid being an idiot.
Jack London| 6.10.11 @ 5:49PM
Our major periods of prosperity have come with higher taxes and higher worker benefits. What is also not brain surgery - and I'd say you need a brain transplant - is that people start spending and investing in an economy that is stimulated.
Your lack of insight is no more better illustrated by the simpleton belief that cutting corporate taxes means companies create jobs. No - they sit on cash piles, as they are doing now. Jobs are created when there is a market, which is why we need more not less government intervention.
Bruce Berger| 6.10.11 @ 6:13PM
Jack,
Please tell me at which institution of higher learning you studied economics. I want to make sure my children don't attend that college or university. Thanks in advance.
Oldefarte| 6.11.11 @ 4:44PM
Jack, YOU'RE STUPID!
carnot| 6.10.11 @ 11:23PM
thank goodness you dispensed with an explanation of why more spending is needed! can't wait for the tax crunch coming in 2013! you really nailed it Jack!
Oldefarte| 6.10.11 @ 4:10PM
BS! This economic mess essentially began in 1977 with the Democrats' CRA, continued with the GRE's socialization/unprivitation of housing policies [ie """"""AFFORDABLE HOUSING""""], whicyh FYI Bush made a half-hearted attempt to remedy [but was typically defeated by Democrats]. Want to blame someones, thy ......THE GD DEMOCRATIC PARTY OF SOCIALISM!!!!!!!
carnot| 6.10.11 @ 11:24PM
finally!
John Navratil| 6.11.11 @ 8:41AM
Oldefarte,
A few years earlier the Congress passed the "1974 Congressional Budget and Impoundment Control Act" in response to Nixon's refusal to spend money appropriated by Congress. The act created the CBO, increased the budget authority of Congress and basically said, if we appropriate (Congress) you (Executive) will spend.
The annual budget deficit went from about 1/2 % per year to 3%. The Federal debt, which had been declining since WWII, has been rising ever since.
Pat| 6.10.11 @ 12:30PM
Who’s more believable – the scruffy looking guy with 3 days of beard growth and a sign proclaiming the “End Is Near” on his sandwich board – or the respectable looking guy with the neatly trimmed goatee and three impressive degrees from three impressive universities? Wouldn’t you prefer to hear the “End Is Near” message accompanied by charts, graphs and a Powerpoint presentation complete with sound and vibrant colors Our Economists with the capital E’s haven’t an actual clue about what will happen but, then again, we feel considerably better hearing “I’m Clueless” from a guy we assume is much smarter than we are - it sure beats heeding some street person wearing last night’s soup kitchen meatloaf on his army surplus jacket.
Of course that’s completely understandable and only our human nature at work but the current economic predictions can be collectively summed up as “Something Bad is Going to Happen”. Really? Consequently, one proposed medicine is yet another Keynesian stimulus program, naturally. And somehow, and in some mysterious way, changing the word from “Stealing” to “Keynesian” magically transforms this age old form of government larceny into a respectable topic for public debate. At the very least it dignifies creative larceny to the extent we, the voters, will actually argue which form of larceny we individually prefer – Monetary, Keynesian or Other.
But among the Democratic Party Movers and Shakers, Keynesian is defined as take money from the taxpayers, give it to your family, friends and political allies, keep some for yourself and fervently deny you’re doing anything wrong. And among our Democrats at the very top of the political food chain, "Keynesian Economics" is code for head down to your local Jaguar dealer and order that new convertible. But let’s not tell our friends, the Economists, that - they look like they already have enough stress in their lives.
Tom Osterman| 6.10.11 @ 12:59PM
Let's consider the possibility that Obama and the Dems the havoc they've caused as collateral damage on the way to building their "just" society. After they get an unshakable grip in the reins of power, they'll have all the time in the world to get it right.
Tom Osterman| 6.10.11 @ 1:01PM
"...view the havoc they caused..."
Sorry!
Pat| 6.10.11 @ 2:13PM
Tom, I hope it’s not presumptive on my part but I believe I know where you’re coming from. However, building a “just society” may be giving the current crop of elected swindlers too much credit – it’s like assuming they’re determined to impose their personal vision of utopia on their fellow citizens, but are, in actuality, fundamentally misguided innocents sharing in a collective delusion. To my mind, “building a just society” is the same message as “give me all your money or I’ll stick this revolver up your nose and pull the trigger until I hear the click”. Dressing up a street mugging in abstract concepts and altruistic code words is perfuming the government pig on a very grand scale.
Obama and his handlers are doing nothing more than deliberately serving themselves and their political allies. For us taxpayers, pretending larceny is legitimate 2 party politics will no doubt make us feel less like victims, but it’s merely a coping mechanism, nothing more. Obama will become very wealthy from his stint as president, just as the Clintons have. There is nothing “harmless” about larceny by false promise even when the Living Constitution allows our elected employees to dabble in it. Nor are these Keynesian swindles an unfortunate accident – and our beloved Democrats increasing their personal wealth in lock step with these “economic” programs is not coincidental either. We can’t stop them from doing all they can to enrich themselves, both the Law and armed soldiers say differently – yet, maybe it’s time we stopped assuming these larcenous schemes are vast ideological conspiracies, naively misguided politics or utopian philosophies and view them simply as individual Get Rich Quick schemes with us taxpayers providing the pizza and beer.
Tom Osterman| 6.10.11 @ 3:31PM
Fair enough, but let me just point out that nations under Communist rule were run by cadres that lived high on the hog while spouting the whole litany of socialist talking points. May I also add that there is considerable overlap between leftist ideology and simple corruption: both show a contempt for the law and a "do whatever it takes" ("by any means necessary") strategy for getting and keeping power. Just ask yourself what the current bunch would do differently if they weren't hardcore leftists.
Pat| 6.10.11 @ 5:01PM
Tom, a well-reasoned rebuttal but it could also be one of those cart before the horse perspectives. Does a street hood have a guiding philosophy – or does a convenient rationalization for a brutal robbery come out only after the criminal is arraigned and with some helpful coaching from his legal advisor? Is a man defined by his motivations or by his actions? From my limited knothole, government policies which invariably enrich those within government, and enrich to the greatest extent those in the highest levels of government, are automatically suspect as stemming from something other than radical ideas – unless the radical idea is pure self-interest.
In the business world where I earn my modest living, it’s perfectly acceptable to embrace the notion a prospective deal must benefit your firm or yourself, otherwise what is the point? Sure, the occasional vendor or customer will approach you from time to time claiming their sole motivation is your welfare and improving your bottom line – but both sides of the negotiation table are absolutely certain that is never the case. However, in the public service arena, claiming your actions are guided solely by your philosophy is a transparent, even a laudable, lie.
Consider, for example, if you were tapped for an upcoming stint of jury duty, serving on a criminal trial for a murder or a vicious mugging. Would you be completely taken aback if the defense attorney told you and your fellow jurors his client deserves a good defense but that he, your local Johnny Cochran, personally believes his client is guilty as sin? Defense attorneys are certainly entitled to personal opinions and may actually despise their clients, but they’re expected, when addressing you as a juror, to pretend to believe in their client’s innocence – or, at the very least, in mitigating circumstances which partially diminish their client’s guilt.
The defense attorney’s role is, and with encouragement from our Justice System, to examine the evidence solely from the prospective of protecting his client’s interests – we don’t quibble when the attorney attacks the evidence or tries to have legitimate evidence suppressed, even while it is blindingly obvious the evidence points to the suspect’s guilt. The so-called search for truth encourages the defense attorney to adopt this artificial attitude toward their client’s guilt or innocence, they may even personally believe it’s a legitimate attitude in the abstract.
Yet, defense attorneys earn good livings, they focus quite effectively on serving their own economic interests and realize, consciously or otherwise, that voicing adverse personal opinions in court regarding their client’s character or probable guilt isn’t the key to continuing personal wealth. Is it any different with our elected Lefties – and is their increasing wealth nothing more than a fortunate by-product of their political philosophy?
Tom Osterman| 6.12.11 @ 1:01AM
Pat,
Kind of late, but...
In fact, left-wing ideology WAS concocted BEFORE the fact, back to Marx and Engels in the nineteenth century. It may be that their modern disciples adopted it to give a veneer of philosophical justification. It may also be that socialist or Marxist theoreticians were concocting and expounding a justification for putting people like themselves in charge. But we're still left with a political ideology that can be and has been invoked to justify the harm they inflict while creating their "just", "humane" etc
society. We may expect a guilty person to plead innocent, but we can't on that account disregard his lawyer's arguments. Neither can we dismiss the role ideology plays in the Democrat's deliberations. There is such a thing as the true believer.
martin j smith| 6.10.11 @ 2:04PM
I believe Obama knows full well what should ( or others suggest ) to do about the economy--why does he not do it ?
Obama has demonstrated his contempt for any who disagree.
He uses the MSM to do his bidding
He is a coward. And lies easily.
What we need some someone who will debate with him directly on his policies and how they have destroyed our nation. What we do not need is another coward like GWB like John McC--and if they are not cowards they are fools which g-d knows we have enough of.
This is not about taking out some one on a personal basis--no it is about preventing our current President from destroying what is left of what we have and that goes for the rest of the Socialists as well.
Oldefarte| 6.10.11 @ 4:18PM
Martin, I respectfully slightly disagree with you on your first point concerning his knowing what to do to economically improve our situation. He does not know, and the reason is such that he is a career egghead who has lived continually within the academic confines of university/college, liberal arts philosophy. He has never administered/managed a snowball stand [and wouldn't how to do so if anyone painted him an operational manuel for same]. His whole mantra is government right, left and center. Additionally he's never run state, city, or congressional committee; or has he ever produced a meaningful piece of congressional legislation even. He's simply an overeducated MORON, but as you correctly states, a tyranical one at that!!!!!!
Rick| 6.10.11 @ 4:59PM
Your a rasist!
Oldefarte| 6.11.11 @ 4:47PM
A RASIST?????????????
Speedypete| 6.10.11 @ 6:40PM
No one looked at the Obama economic dream team until each one started to resign. As you look at the philosphy of each one you then say to yourself, "Oh My Gosh!" These people were idealogues and totally clueless and your saying we are going to get more of the same. "Oh My Gosh!" isn't near strong enough. When will this nightmare end?
Marxfreesociety| 6.10.11 @ 8:24PM
Fascinating article and comments. Further perplexing when you see for profit MSM outfits (NYT, Time, etc) promote the liberal orgy and literally take their organizations over the ideolgical cliff with their party of fancy. We have to change this in 2012.
Marxfreesociety| 6.10.11 @ 8:24PM
Fascinating article and comments. Further perplexing when you see for profit MSM outfits (NYT, Time, etc) promote the liberal orgy and literally take their organizations over the ideolgical cliff with their party of fancy. We have to change this in 2012.
victor| 6.10.11 @ 9:13PM
“America is like a healthy body and its resistance is threefold: its patriotism, its morality and its spiritual life. If we can undermine these three areas, America will collapse from within.”
~Joseph Stalin.
Who agrees with undermining America's Patriotism, its morality and its spiritual life?
Liberalism
Communism
Socialism
Libertarianism.
Clint| 6.11.11 @ 1:39PM
Ronald Reagan:
" If you analyze it I believe the very heart and soul of conservatism is libertarianism. I think conservatism is really a misnomer just as liberalism is a misnomer for the liberals–if we were back in the days of the Revolution, so-called conservatives today would be the Liberals and the liberals would be the Tories. The basis of conservatism is a desire for less government interference or less centralized authority or more individual freedom and this is a pretty general description also of what libertarianism is.
Now, I can’t say that I will agree with all the things that the present group who call themselves Libertarians in the sense of a party say, because I think that like in any political movement there are shades, and there are libertarians who are almost over at the point of wanting no government at all or anarchy. I believe there are legitimate government functions. There is a legitimate need in an orderly society for some government to maintain freedom or we will have tyranny by individuals. The strongest man on the block will run the neighborhood. We have government to insure that we don’t each one of us have to carry a club to defend ourselves. But again, I stand on my statement that I think that libertarianism and conservatism are travelling the same path."
victor| 6.11.11 @ 7:52PM
Reagan would have voted for McCain/Palin, idiot. He understood the need to beat the Leftist Democrat party.
And he DESPISED anti-semites.
Fool.
Clint| 6.11.11 @ 11:27PM
Reagan would never have backed The Serial Traitor to Conservatism in The GOP Primaries RINO-CINO Israel Firster,Victor-Margie-Sybil.
Aaaaand, Reagan endorsed Ron Paul RINO-CINOVictor-Margie-Sybil.
Now, Tell All The Practicing Jews & Muslims Where Apocalyptic Crank Lady Joisey White Trash Bigot Victor-Margie-Sybil Says They Go When They Die.
You're Up Joisey White Trash Bigot.
victor| 6.12.11 @ 6:43PM
Like I said above- your insanity is trumped by your filth and deceit, but only by just a tad bit.
Clint| 6.12.11 @ 8:49PM
Like I Said.....
With RINO-CINO Israel Firster Fanatic Apocalyptic Crank Lady Victor-Margie-Sybil, Her Zany Crazed Insanity, Is An Art Form.
Take Two Shock Treatments And Call Yourself In The Morning.
victor| 6.12.11 @ 9:21PM
Tell your troubles to your cult leader, the anti-semite anti-Israel Jew hater, Ron Paul.
I hear he's running for President again. BBWWWAAAAAHHHAAA!
Clint| 6.12.11 @ 9:54PM
The Joisey White Trash Bigot Pig Apocalyptic Crank Lady Victor-Margie-Sybil-Marvic-Vicgie Attempts To Play The Anti-Semite Card On Dr. Ron Paul Again.
Now, Tell All The Practicing Jews & Muslims Where You Say They Go When They Die.
You're Up Joisey White Trash Bigot Pig Apocalyptic Crank Lady Victor-Margie-Vicmar-Marvic.....
JOIIISSSSEEEEYYYYY
WHIIITTTEE TRRAASSSHHH BIIIIIGGOOOOTTT PIIIIGGGGG !
victor| 6.13.11 @ 2:38AM
The only pigs are the ones who speak as you do~ the anti-semites and haters of both Jews and Bible believing Christians.
It's all you have~ your hate which oozes from your very being.
Jew hater Christian hater God hater you will burn in Hell, scum.
martin j smith| 6.11.11 @ 8:22AM
I think there is a need for a serious summit which should include all who are strongly against OBAMA'S POLICIES--not just little bit, not OBAMA LITE, But dead set opposed and want to get him removed no later than 2012. This summit should include Conservative and Tea Party and Main Stream Republicans who are in this camp.
The purpose is to do two things : Pick a list of acceptable Presidential candidates and two strategies for the 2012 campaign. I truly believe any talk of third party is EXTREMELY DESTRUCTIVE AND FOOLISH--and suspect in my view. Suspect of what ? Sabotage.
Oldefarte| 6.11.11 @ 4:51PM
I agree. Think the R's field is adequate enough [but the more the merrier]. Also Trump's recent declaration of his possible third party run would be detrimental and insures an Obama victory!!!!
Richard Baker| 6.11.11 @ 6:16PM
Sounds like a drug addiction to me. Replace dope with money and power and there you have it. It's just a shame that DC carries George Washington's name.
Dan| 6.11.11 @ 8:27PM
If you want to take a break from the Weiner story, I think you'll enjoy a piece called Mitt Romney Comes to Michigan and Liberals Have a Hissy Fit http://mittromneycentral.com/2.....hissy-fit/ You won't believe some of the stuff in that article.
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