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A Further Perspective
He Could Always Admit He Was Wrong
If he wants economic improvement, there’s only one thing he can say.
Only 26 percent of the public approves of President Obama’s handling of the economy in the latest Gallup poll, conducted Aug. 11-14, while a whopping 71 percent said they disapproved.
That’s down from Obama’s previous low point of 35 percent on this top issue.
The public’s growing dissatisfaction shouldn’t be surprising. Going back to 1890, reports the National Bureau of Economic Research, the only U.S. president with a worse record than Obama in job creation in his first two and a half years in office, measured in terms of percentage change, was Herbert Hoover, presiding over the emergence of the Great Depression.
“Official unemployment is 9.1 percent,” stated a New York Times editorial on August 15, decrying the nation’s jobs picture, “but it would be 16.1 percent, or 25.1 million people, if it included those who can only find part-time jobs and those who have given up looking for work.”
“Keeping the economy going and making sure jobs are available is the first thing I think about when I wake up the morning,” said President Obama back in March. “It’s the last thing I think about when I go to bed each night.”
Now, nearly a half year later, the White House reports that Obama is working on a new strategy for job creation that will be unveiled after he returns from vacation.
The task of coming up with a jobs plan that works shouldn’t be all that terribly difficult. All Mr. Obama has to do is reverse what he’s done and change what he thinks.
First, by the government’s own numbers, small businesses have created 64 percent of the net new jobs in the U.S. economy over the past 15 years.
In fact, that understates the role of small business, since the vast majority of America’s medium-sized and large businesses began as small businesses. The Heinz corporation began when 16-year-old Henry Heinz grated piles of horseradish at home, using his mother’s recipe, and sold the bottled product door-to-door out of a wheelbarrow in the small Pittsburgh working class neighborhood of Sharpsburg.
Second, 39 percent of small business owners said in a Chamber of Commerce survey in July that the Obamacare health care law was either their greatest or second-greatest obstacle to new hiring.
The President of the Federal Reserve Bank of Atlanta, Dennis Lockhart, concurs, stating that “prominent” among the obstacles to hiring is the “lack of clarity about the cost implications” of Obamacare.
“We’ve frequently heard strong comments,” reported Lockhart, “to the effect of ‘my company won’t hire a single additional worker until we know what health insurance costs are going to be.’”
Additionally, 84 percent of small business owners in the Chamber survey said the economy is on the wrong track, 79 percent view the current regulatory environment as unreasonable, and 79 percent believe Washington should get out of the way of small business, rather than offering a helping hand (14 percent).
Instead, employment at the federal regulatory agencies jumped 13 percent since President Obama took office, while private sector jobs shrank by 5.6 percent, reported Investor’s Business Daily recently.
Similarly, the Heritage Foundation reports that the Obama administration imposed new regulatory rules in its first 26 months in office that will cost the private sector $40 billion. In July alone, reports Sen. John Barrasso, federal regulators imposed a total of 379 new rules that will impose some $9.5 billion in new costs.
Bottom line, what’s required from Obama is a complete about-face, the shelving of his flawed economic philosophy, and a reversal of his counter-productive policy prescriptions.
About the Author
Ralph R. Reiland is the B. Kenneth Simon professor of free enterprise and an associate professor of economics at Robert Morris University in Pittsburgh.
Letter to the Editor View all comments (31) | Leave a comment
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VBMax| 8.22.11 @ 6:40AM
Obama does not have the capacity to do an "about face". This personality type doesn't have the luxury of self-reflection. Everything they do is correct according to their view. Any failures are due to others.
Al Adab| 8.22.11 @ 11:32AM
Gives rise to serious questions about his mental stability. We need to study up on the 25th amendment.
Bill Hussein O'Stalin| 8.22.11 @ 11:57AM
http://www.youtube.com/watch?v=KynpC1e9I9E
SpiralArchitect| 8.22.11 @ 11:59AM
True & quite evident.
Alky| 8.22.11 @ 5:58PM
Obama's agenda is going exactly as planned, think Clowerd & Pivan. He wants to collapse the economy!
Brian Mc| 8.22.11 @ 6:52AM
Two little words from the alien would split the unemployment rate in half, "I resign".
Larry| 8.22.11 @ 6:58AM
Come on, I think that we all know President Hussein by this time and we all know that he will NEVER admit to being wrong about anything. He'll admit that everyone and every thing else is at fault. Being the supreme narcissist, the saviour of all and smarter than even Bill 'n' Hill (the last Washington politicians who were smarter than anyone in the history of the universe), he will ALWAYS know better than the rest of us dummies. As far he's concerned, we're now in the second Summer of Summer Recovery.
Pecos Pete| 8.22.11 @ 6:59AM
Dispatch from the Vineyard: Let them eat cake. Folks need to just get along ... with me. Let me be clear, if all you Republicans would just do what I want, then we could put folks back to work. Um, uh, what I think is fair ... is for the rich to give their money to me. I already get all the union money, they love me for I am the One. It ain't my fault that you can't understand me. Now excuse me while I get back to work on ruining your lives.
Stuart Koehl| 8.22.11 @ 7:13AM
Maybe Obama is under the delusion he is Kanye West?
Doorgunner| 8.22.11 @ 1:41PM
snort... choke... wheeze... inhale, and... Bwwwaaaaaahaaaaahaaaaahahahahahahahahahah!
sniff, wipe tear.
Yeah, I think it is something like that.
Merlin| 8.22.11 @ 8:05AM
It is not only regulation, but fear of regulation that is affecting small businesses. Our fruit COOP is insisting that we comply with Global Gap (a voluntary program of environmental and labor practices, etc.) in part to preempt more onerous regulations by EPA.
One of the Global Gap requirements is that farm chemical storage structures be fire resistant. I am sure it has happened, but I have never heard of a fire in a farm chemical storage building, so to some extent Global GAP is a solution without a problem.
An unintended consequence of the expectation of inflation due to Obama's economic policies may be that farmers will want to buy chemicals before inflation makes them more expensive and the increase in stored chemicals will increase the number and severity of fires and other accidents. So, of course, EPA (or Global GAP) will have to make more regulations. Hey, maybe that is Obama's plan. Sort of an on-the-farm, gun-runner strategy.
Mike Hawk| 8.22.11 @ 8:05AM
Obama is a rigid ideological Socialist/ Marxist. He will doggedly plod on until removed from office. He may not go willingly either.
Nancy in NC| 8.22.11 @ 10:56AM
Give amnesty via executive order and let all the "new" citizens vote. All the usual suspects will vote for him again.
GOP picks another Bush (such as Perry) to run against him.
Our goose is cooked.
Larry| 8.22.11 @ 8:14AM
Why is there no investigation of the sources of his campaign funds?
Mike Hawk| 8.22.11 @ 12:22PM
You aren't serious. Who's going to do that?? Eric Holder?? Guess again.
Drunken Sailor| 8.22.11 @ 10:33AM
"He could always admit he was wrong"
HAHAHAHAHAHAHAHAHAHA, No he can't! It's not in his DNA. He has never, in his life, been wrong. Just ask him.
But thanks I needed a good laugh on a monday morning.
Bill S| 8.22.11 @ 10:36AM
But Obama hasn't made mistakes. What he's done is consistent with his plans to destroy the country. You have to admit he's done an incredible job. Who would have thought the economy would be this bad so soon?
Al Adab| 8.22.11 @ 11:12AM
Not only will he not admit his policies are wrong, he is not capable, given his mental condition, of admiting it. He is following his Faith in centralization, redistribution and government elitism. To men li8ke this, all the plebs are a simple inconvienience to be ridden over for their own good. The masses are not able to understand what is good for them so it must be imposed through government power. Understanding that it is a matter of Faith to the Left is central to understanding the battle for Liberty we are in.
Hillel| 8.22.11 @ 11:40AM
I'm sort of hoping that like Georgy Malenkov, Obama will realize that life would be more fulfilling if he ran a hydoelectic plant in Wasilla.
NotALibertarian| 8.22.11 @ 11:53AM
How about,
"You know, robbing the American taxpayers blind to pay back my campaign donors and line our own pockets was really rotten. Valerie, Nancy, Harry and I are going to return the money we suckered you guys out of and help pass legislation that would force other members of Congress -- both current and past -- to do the same. And Michelle is going to start living in the actual manner to which she was accustomed, instead of living like a Jackie Kennedy wanna-be."
Akaky| 8.22.11 @ 12:03PM
"The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately, by the grace of God." Thomas Jefferson, June 24, 1826.
Unfortunately, the former junior Senator from Illinois will never admit that he is wrong about anything, since at the root of his ideology is that he can't be wrong; he is one of the booted and spurred few whose duty it is to rule over the ignorant helots and the bitter clingers for their own good. In a contest between his ideology and American reality, reality must bend to ideology; if it does not, then the former junior Senator's entire world view must change and for a man as mentally rigid as he is, this is not possible.
Anthony| 8.22.11 @ 12:11PM
Obozo, the black FDR, who is as clueless, cunning, and deceitful as the origional was, only he's not as smart.
Almost NINE years into FDR's Keysian nightmare, unemployment was 17.5% on the day the Japanese saved FDR from himself and liberated the American economy.
It's no wonder lefty morons like Krugman and Friedman dream of alien invasions ( no not the Mexican variety) so Obozo can save the world with the U.S. private sector as his savior. Lord knows, Obozo won't do it on his own!!!
I always laugh when a lefty extolls the virture of FDR's alphebet makeshift work programs as having saved America.
I have a picture of my deceased father, then a boy from Hell's Kitchen, standing somewhere in a national park with some of his pals holding up a dead 6 ft rattlesnake. Yep, a kid from NY becomes a forest ranger!! FDR's version of "doing the work Americans would not have had to do if someone sane was running America".
Obozo's EPA is shutting down power plants as we speak, I guess under the black FDR we'll all become forest rangers or scroungers hunting for rabbits as his dismantling of America continues.
The left have achieved Thoreau's dream at last!! I only hope they can shoot straight, and no jacklighting using electric Volt's in the woods!!
Pat| 8.22.11 @ 12:27PM
It’s hard when you have no talent for your job. And his handlers told him it would never get this frustrating, everything was supposed to work out swell. Just give it a year, maybe a year and a half, and the “Bush” recession will be over, those “good” economic indicators will be shooting up like corn in Kansas - you’ll be the hero. Oops, what happened? With the election campaign just around the corner, what can Obama promise his loyal – but dwindling – base?
Another Stimulus Bill should do it, right? In fact, Apple has developed a brand new app just for him – Stimulus Plan – Obama has it resident on his IPhone, his Mac, his IPad and his Gameboy. So, soon as vacation is over, press a few keys and everyone in Congress will get the following text message: From Obama, To Congress Folks: “Another trillion dollars, maybe a trillion and a half should do it, right? What are your thoughts? We should do this, America wants us to do it, America needs us to do it.”.
Occam's Tool| 8.22.11 @ 12:33PM
Well, Stuart, he certainly is a "jackass."
Flee| 8.22.11 @ 3:05PM
Like George Costanza on Seinfeld, when he chose to do everything the opposite of what he had been doing, all of sudden he had great success. I think this practice could work very well for Obama too. Since he and George are both partial to relaxing and reading the Daily News with their feet up, you would think one of Obamas dozens of 20's and 30's aged deputies of whatever would have suggested this bold approach. We all know Obama is all for being bold. To be truly bold is to admit the errors of your ways and try something new. Nah never happen.
Oldefarte| 8.22.11 @ 4:59PM
The easiest investment ever made in the history of finance would represent the wagering that what professes WILL NEVER HAPPEN. Why, because Obama is the head radical amoung the radicalized Democratic Party. The economy [including employee hiring, the real estate industry, consumer spending etc] will begin to improve/increase the minute that polls/opinions predict with any doubt whatsoever that Obama and many Democrats will be politically defeated in November of next year [and not until that time]!!!!!!!!
marshcope| 8.22.11 @ 7:38PM
Re Malenkov being happier running a power plant than being scared every day of his life when he was in the Politburo: when Franklin Pierce was out of the Potuscy, he said he was going to start Drinking. And he did, 23 hours a day for the rest of his life. Just a couple of thoughts on the future years of BHO.
Rick| 8.22.11 @ 11:50PM
Your a bigget and a rasist!
marshcope| 8.23.11 @ 2:12AM
Learn to spell! It should be "You're a bigot and a racist." I will admit that my comment about Obama becoming a drunk is over the top, so I will retract it. I have read website comments about Obama that are so savage against him that my regular conservative senses get disturbed. He may be in the same situation now that the pre-Civil War presidents were in: whatever their policies were were not going to calm down the emotional turmoil boiling over slavery in the 1850s. Maybe No president from either party will be able to straighten out the economic and international problems of the early 21st century. "First rule of Power; 'Whoever was in is out, and the new #1 will have to be so ruthless in straightening out the mess made by his predecessor that he will end up more hated than the hated guy he replaced.' " [an old comment from Time, about Felipe Gonzalez of Spain.]
heredress | 8.23.11 @ 5:08AM
every one knows how to do, except them