Good morning, suckers: President Obama is playing you.
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Another $436 billion in spending cuts are from assumed interest savings due to the supposed spending cuts in the plan. But interest rates over the next 10 years will only rise from the current historic low levels. Moreover, there are no net spending cuts in the plan. The remaining cuts outside the planned reductions in Iraq/Afghanistan spending over the next 10 years total $577 billion. But the proposal involves $447 billion in increased “stimulus” spending for the President’s so-called Jobs Plan. In addition, $320 billion of the remaining $577 billion are cuts to Medicare and Medicaid mostly involving further reduced payments to doctors and hospitals providing health care to the poor and elderly under those programs. That only threatens the continued provision and quality of that health care.
Class Warfare: Making War on Working People
Before this last recession, since the Great Depression recessions in America lasted an average of 10 months, with the longest previously lasting 16 months. But in August 2011, 44 months after the last recession began, unemployment was stuck at 9.1 percent, with exactly zero jobs created for the month, leaving over 25 million Americans unemployed or underemployed. This is the longest period of unemployment that high since the Great Depression, when Keynesian economics first reigned supreme.
Unemployment for African-Americans in August was 16.7 percent, stuck at depression levels for over 2 years. Hispanic unemployment at 11.3 percent has been in double digits for over 2 years as well. Teenage unemployment was a depression level 25.4 percent. Black teenage unemployment was at a Jim Crow level 46.5 percent.
The U6 unemployment rate, reflecting total unemployment and underemployment, was 16.2 percent. And that still doesn’t fully count the millions of Americans who have given up and dropped out of the work force altogether.
The Census Bureau reported on September 14 that median family income has fallen all the way back to 1996 levels. As the Wall Street Journal explained the next day, “Earnings of the typical man who works full time year round fell, and are lower — adjusted for inflation — than in 1978.”
Census also reported that the poverty rate climbed to 15.1 percent, higher than in the late 1960s when the War on Poverty was getting underway, $16 trillion ago. The child poverty rate climbed to 22 percent, nearly a quarter of all American children. The total number of Americans in poverty is higher than at any time in the over 50 years that the Census Bureau has been tallying poverty.
Obama apologists cannot argue that this is because the recession he inherited was so bad. The historical record for the American economy is the worse the downturn the stronger the recovery. Based on the historical record, we should be completing our second year of a booming recovery by now.
These are the natural results of Obama’s class warfare. If you try to rob the rich, you only end up stealing from the poor and working people. That is because the poor and working families have the most to lose when the economy turns bad, as they lose the jobs and wages they need to maintain a basic standard of living.
Most small business income is earned by singles making over $200,000 or families making over $250,000. Obama’s $1.5 trillion tax increase, and his 2013 tax increases, will fall precisely on these small business earners. And most jobs are created by small business.
Moreover, what creates jobs is capital investment. Virtually all of Obama’s tax increases will fall on capital investment, as proposed in his supposed jobs plan, and in 2013. The result would be even fewer jobs. If the economy falls back into recession, unemployment will soar further, along with government spending, deficits and debt.
But Obama figures the suckers will have re-elected him by then, and he could care less.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?