As much as the Obama White House continues to promote the idea that the American economy is in an improving stage, facts and data prove that, at least in employment, the improvement is not an addition of jobs but only a smaller number of newly lost jobs.
Labor experts for Washington have for the past month made prognostications that the March employment data would show at least a 40,000 increase in private sector jobs. Some of these economic wizards went as far out on a limb to guess that 80,000 and even 130,000 new jobs would be created. All these pundits were wrong.
In March of 2010 our nation lost another 23,000 private sector jobs.
This negative employment number news will be set-off by Washington telling us that 150,000 to 200,000 people found employment in March with only a minor mention by footnote that these new positions are all with the Census Department and are mostly temporary in duration.
You can also expect that it will be brought to our attention that national unemployment is not that bad. This contention will be supported by pointing to the unemployment rate in Europe which is at 10% with Spain suffering from a 19% unemployment rate. Of course Obama will insist that USA unemployment is at 9.7% and continue to ignore the reports that had our real unemployment rate is just short of 17%.
Looking on the bright side, America is no longer losing jobs monthly by the 100,000's as was the situation just a year ago. It can be viewed that there is good news in that the loss of jobs has greatly slowed. However, "real" and "meaningful" good news must be restricted to a report of consistent monthly increases in private sector employment.
We don't have that yet.
UPDATE:
Actual figures released today (4-2-2010) show a gain of 162,000 jobs in March. Of these 48,000 were temporary Census jobs and 40,000 were temporary private sector jobs. Unemployment still remained, by US government calculation, at 9.7% and by more realistic sources at 16.7%.
The economy may actually be moving in the right direction but it is at a real slow pace.
Wednesday, March 31, 2010
Monday, March 29, 2010
More Tea Party Thoughts
A United States Senator, Judd Gregg a Republican from New Hampshire, recently expressed that because of the extent of the current national debt and the certain growth of governmental monetary deficits, we are facing "the financial meltdown of our nation". This financial concern is one of the reasons why the Tea Party was originated and why it is actively working for a reduction in almost all forms of government spending. However, a number of political commentators have recently twisted the future path of the Tea Party.
Articles have appeared that suggest that Sarah Palin should seize control of the Tea Party and create from it a new "national political party" and via her Tea Party challenge all current office holders, be they Democrats or Republicans. One of the offices to be actively sought would be the White House with Palin herself being the candidate. This is not the purpose of the Tea Party but rather a formula for the rapid weakening of the impact of these concerned voters.
Both the US Senate and the US House of Representatives, with support sometimes active and sometimes by benign neglect from our last three (3) Presidents, have replaced the concept of our founding fathers of a limited federal government with the reality of a medium-sized welfare state. Obama and his legislative supporters now want to scale-up to an European-sized welfare state. This openly expressed socialist goal is exactly what the Tea Party opposes and its members actively support those candidates who express the sentiment of opposing further federal government control.
The reality is that the Tea Party is not a protest movement nor is it a political party. This group of concerned, politically aware citizens wishes for American political leaders to honor the Constitution and return the nation to a conservative status. They will gather, express opinions, support conservative candidates, get out the vote and with any luck celebrate this fall and again in 2012 the victories of right-of-center politicians.
All other suggestions pertaining to the Tea Party must be seen as self-serving, at best, and, at worst, intentionally disruptive.
Articles have appeared that suggest that Sarah Palin should seize control of the Tea Party and create from it a new "national political party" and via her Tea Party challenge all current office holders, be they Democrats or Republicans. One of the offices to be actively sought would be the White House with Palin herself being the candidate. This is not the purpose of the Tea Party but rather a formula for the rapid weakening of the impact of these concerned voters.
Both the US Senate and the US House of Representatives, with support sometimes active and sometimes by benign neglect from our last three (3) Presidents, have replaced the concept of our founding fathers of a limited federal government with the reality of a medium-sized welfare state. Obama and his legislative supporters now want to scale-up to an European-sized welfare state. This openly expressed socialist goal is exactly what the Tea Party opposes and its members actively support those candidates who express the sentiment of opposing further federal government control.
The reality is that the Tea Party is not a protest movement nor is it a political party. This group of concerned, politically aware citizens wishes for American political leaders to honor the Constitution and return the nation to a conservative status. They will gather, express opinions, support conservative candidates, get out the vote and with any luck celebrate this fall and again in 2012 the victories of right-of-center politicians.
All other suggestions pertaining to the Tea Party must be seen as self-serving, at best, and, at worst, intentionally disruptive.
Wednesday, March 24, 2010
Tea Party
As an active member of the local Tea Party organization, and I use that "organization" term loosely, a recent article by Richard Reeves caught my attention. He expressed the opinion that Republican candidates must know that they are playing with fire by trying to "co-opt or assimilate the tea partiers".
The "fire" he was referring to was the 1992 Presidential election when Bill Clinton won the White House by defeating George Bush. This victory was, according to Reeves, the result of Ross Perot being a strong 3rd party candidate. Clinton received 43% of the vote compared to Bush's 37% and a 19% showing by Perot. The point being made by Reeves was that if there had been no Perot then Bush would have won and that in 2012 a Tea Party candidate could become the vote getter that puts Obama back into White House.
Reeves is absolutely wrong.
Some degree of credit has been given the Tea Party for the recent election wins in New Jersey, Massachusetts and Virginia but these victories were the result of many conservative and right of center voters having had enough of liberals, socialists and Obama backers. There is no "political party" known as the Tea Party but rather this term is a label for a nation wide conservative grouping of concerned citizens who are politically vocal and active.
There is no question that liberals, be they Democrats or worse, look at the Tea Party as a real obstacle to the furtherance of programs that the current White House desires to impose on the United States. This "real obstacle" has been recognized by Republican office seekers who, according to the LA Times, want to "tap what they see as public fury over the failures of government by heavily courting the Tea Party".
Obama and his supporters have become well aware of the fact that the majority of American voters are more in favor of the ideals that are urged by conservative groups, like the Tea Party, rather than the liberal, socialist goals being promoted by Washington. These same worried Democrats viewed Newt Gingrich's recent comment "not to consider any Democrat seat as being safe" as a reality.
The Tea Party is not a national political party. It is, however, a group of people who champion the traditional American way and this group will work to elect more candidates that have rejected the policies of the Obama White House and of the Democrat controlled House and Senate.
The "fire" he was referring to was the 1992 Presidential election when Bill Clinton won the White House by defeating George Bush. This victory was, according to Reeves, the result of Ross Perot being a strong 3rd party candidate. Clinton received 43% of the vote compared to Bush's 37% and a 19% showing by Perot. The point being made by Reeves was that if there had been no Perot then Bush would have won and that in 2012 a Tea Party candidate could become the vote getter that puts Obama back into White House.
Reeves is absolutely wrong.
Some degree of credit has been given the Tea Party for the recent election wins in New Jersey, Massachusetts and Virginia but these victories were the result of many conservative and right of center voters having had enough of liberals, socialists and Obama backers. There is no "political party" known as the Tea Party but rather this term is a label for a nation wide conservative grouping of concerned citizens who are politically vocal and active.
There is no question that liberals, be they Democrats or worse, look at the Tea Party as a real obstacle to the furtherance of programs that the current White House desires to impose on the United States. This "real obstacle" has been recognized by Republican office seekers who, according to the LA Times, want to "tap what they see as public fury over the failures of government by heavily courting the Tea Party".
Obama and his supporters have become well aware of the fact that the majority of American voters are more in favor of the ideals that are urged by conservative groups, like the Tea Party, rather than the liberal, socialist goals being promoted by Washington. These same worried Democrats viewed Newt Gingrich's recent comment "not to consider any Democrat seat as being safe" as a reality.
The Tea Party is not a national political party. It is, however, a group of people who champion the traditional American way and this group will work to elect more candidates that have rejected the policies of the Obama White House and of the Democrat controlled House and Senate.
Tuesday, March 23, 2010
OBAMA ACTIONS
There is little doubt that the majority of Americans do not support the most recent Obama legislative victory in the area of healthcare. Many conservative political commentators have strongly opined against this newly passed, socialist leaning undertaking but none has been as direct as Rush Limbaugh.
"We need to defeat the bastards!", said Limbaugh. "We need to wipe them out. We need to chase them out of town. But we need to do more than that. We need to elect conservatives. If there are Republican primaries, elect conservatives, and then defeat the Democrats - every last one of them - and then we start the repeal process."
Well said and absolutely true. However, Limbaugh, at least in this instance, did not acknowledge and contemn the healthcare insurance industry for its excessively high premiums; for its denial of coverage because of preexisting conditions; and for its constant opposition to paying for its policy holders' properly incurred medical care expenses. These issues must be addressed and resolved.
With this win by the Obama Administration, certain voices have again raised the vision of additional gloom that is just around the political corner. Obama will need more money to fund his healthcare goals, not to mention paying the huge amount of money the federal government owes foreign nations via Treasuries, and so a federal sales tax will be implemented. Obama wants to be re-elected in 2012 but polls show that 60.5% of the nation believes America is headed in the wrong direction. Other polls show Obama's approval/disapproval rate at best to be pro 47% and anti 47% to a pro of 43% and an anti of 56%. The Obama remedy, again according to the pundits, is to mandate that all illegal immigrants are now US citizens and as such have the right to vote in the 2012 Presidential election. The theory is that these new voters, almost in mass, would in a show of thanks pull the lever for Obama and reward him with a second term.
These negative connotations are a bit too extreme to be seriously considered but so was, until this week, the socialization of the medical industry.
"We need to defeat the bastards!", said Limbaugh. "We need to wipe them out. We need to chase them out of town. But we need to do more than that. We need to elect conservatives. If there are Republican primaries, elect conservatives, and then defeat the Democrats - every last one of them - and then we start the repeal process."
Well said and absolutely true. However, Limbaugh, at least in this instance, did not acknowledge and contemn the healthcare insurance industry for its excessively high premiums; for its denial of coverage because of preexisting conditions; and for its constant opposition to paying for its policy holders' properly incurred medical care expenses. These issues must be addressed and resolved.
With this win by the Obama Administration, certain voices have again raised the vision of additional gloom that is just around the political corner. Obama will need more money to fund his healthcare goals, not to mention paying the huge amount of money the federal government owes foreign nations via Treasuries, and so a federal sales tax will be implemented. Obama wants to be re-elected in 2012 but polls show that 60.5% of the nation believes America is headed in the wrong direction. Other polls show Obama's approval/disapproval rate at best to be pro 47% and anti 47% to a pro of 43% and an anti of 56%. The Obama remedy, again according to the pundits, is to mandate that all illegal immigrants are now US citizens and as such have the right to vote in the 2012 Presidential election. The theory is that these new voters, almost in mass, would in a show of thanks pull the lever for Obama and reward him with a second term.
These negative connotations are a bit too extreme to be seriously considered but so was, until this week, the socialization of the medical industry.
Wednesday, March 17, 2010
FINANCIAL REALITY
As much as Obama, as well as all other Americans, are focused on the rapidly approaching initial conclusion of the White House sponsored medical reform legislation, it is impossible to ignore the ever growing US government debt.
The acknowledged federal government debt, according to the most recent figures released by Washington, is just over $12.6 Trillion. This is a real concern but is no surprise in that America continues to be not just in debt but in record debt.
These most recent figures [as of January of 2010] show that Communist China remains our largest creditor by holding $889 Billion in Treasuries followed by Japan which can claim a $765.4 Billion share of the American debt. Of greater interest are the facts that 1) the Chinese holdings are at their lowest level since June of 2009; 2) China dropped its holdings by $5.8 Billion in the month before the latest reporting; 3) Japan lowered its holdings in the same time period by $300,000,000.00; 4) England upped its American Treasury holdings by $28 Billion; and 5) OPEC upped its interests by $11 Billion. It is easy to rationalize how OPEC had excess funds so to allow a multi billion dollar investment. However, the question must be asked at to how a financially challenged nation like England could find and expend the said $28 Billion.
The more difficult question is centered on how the United States will repay all these obligations.
The Obama Administration has conceded that the American economy will not have a"robust" growth during this year and that the number of our unemployed will remain roughly the same during 2010. These two prognostications, if they become fact, have been viewed by many economic experts as elements of a looming world wide inflation and of the real possibility that America as well as other nations will be hard pressed to raise needed operational money via international borrowing. The above numbers already show China and Japan moving away from the funding of America. This leaves tax growth as the only viable source of needed additional government income.
Options available to Obama are not of great number but there remains the very drastic action of an American devaluation of its Treasury obligations. The implications, almost all bad, are many but some form of meaningful action is needed or we will watch for the next several years to come the national debt continue to rise; the availability of foreign investment continue to diminish; and the American economic leadership become at best marginal.
These are true elements of a pending failure of at least our economy and perhaps even more.
The acknowledged federal government debt, according to the most recent figures released by Washington, is just over $12.6 Trillion. This is a real concern but is no surprise in that America continues to be not just in debt but in record debt.
These most recent figures [as of January of 2010] show that Communist China remains our largest creditor by holding $889 Billion in Treasuries followed by Japan which can claim a $765.4 Billion share of the American debt. Of greater interest are the facts that 1) the Chinese holdings are at their lowest level since June of 2009; 2) China dropped its holdings by $5.8 Billion in the month before the latest reporting; 3) Japan lowered its holdings in the same time period by $300,000,000.00; 4) England upped its American Treasury holdings by $28 Billion; and 5) OPEC upped its interests by $11 Billion. It is easy to rationalize how OPEC had excess funds so to allow a multi billion dollar investment. However, the question must be asked at to how a financially challenged nation like England could find and expend the said $28 Billion.
The more difficult question is centered on how the United States will repay all these obligations.
The Obama Administration has conceded that the American economy will not have a"robust" growth during this year and that the number of our unemployed will remain roughly the same during 2010. These two prognostications, if they become fact, have been viewed by many economic experts as elements of a looming world wide inflation and of the real possibility that America as well as other nations will be hard pressed to raise needed operational money via international borrowing. The above numbers already show China and Japan moving away from the funding of America. This leaves tax growth as the only viable source of needed additional government income.
Options available to Obama are not of great number but there remains the very drastic action of an American devaluation of its Treasury obligations. The implications, almost all bad, are many but some form of meaningful action is needed or we will watch for the next several years to come the national debt continue to rise; the availability of foreign investment continue to diminish; and the American economic leadership become at best marginal.
These are true elements of a pending failure of at least our economy and perhaps even more.
Monday, March 15, 2010
Tea Party Thoughts
On April 15, 2009 the local branch of the Tea Party sponsored, and I attended, a town square rally. The turnout was quite nice and each of the speakers voiced an opposition towards the level of federal taxation and while doing so also showed little love for our newly inaugurated President Obama. Today the political pundits in this nation have the Tea Party as an often addressed subject and give this rather unorganized group of concerned Americans some degree of credit for election victories of conservatives in Massachusetts, New Jersey and Virginia.
A year ago not one person predicted that this band of Tea Party Americans would be politically effective and could well reshape the future of the Republican Party. This is exactly what is happening. A recent on-line article opined that the Tea Party, although labeled fascists and racists by ultra-liberal Americans, is in fact a persuasive figure in the realm of conservative politics and is forcing the Republican Party to return to a much more right-leaning approach to national and international problems.
On the other side of the political fence, President Obama continues to promote programs and legislation, which some have labeled socialist, making the American voter consider if Obama has become a "bold liberal" rather than remain the "cautious liberal" who was elected.
There is no question that the Obama Administration is faced with very difficult situations: 1) millions of Americans being unemployed in this on-going recession troubled economy; 2) foreign wars that are draining US dollars and costing US lives; and 3) Communist China maintaining a formidable potential influence on our nation via the almost $900 billion our government owes Peking. The truth is that Obama has done nothing positive to resolve any of these issues and has accordingly punished the American citizen as well as substantially diminish his own chances of a 2012 reelection.
This is truly bad news setting the stage for good news. Unfortunately this piece of "good news" will not be a reality for another 2 and 1/2 years. Until then concerned Americans, aiding the actions of the Tea Party, will have to take every reasonable step to put conservatives in office and help road block the programs of the Obama Administration.
A year ago not one person predicted that this band of Tea Party Americans would be politically effective and could well reshape the future of the Republican Party. This is exactly what is happening. A recent on-line article opined that the Tea Party, although labeled fascists and racists by ultra-liberal Americans, is in fact a persuasive figure in the realm of conservative politics and is forcing the Republican Party to return to a much more right-leaning approach to national and international problems.
On the other side of the political fence, President Obama continues to promote programs and legislation, which some have labeled socialist, making the American voter consider if Obama has become a "bold liberal" rather than remain the "cautious liberal" who was elected.
There is no question that the Obama Administration is faced with very difficult situations: 1) millions of Americans being unemployed in this on-going recession troubled economy; 2) foreign wars that are draining US dollars and costing US lives; and 3) Communist China maintaining a formidable potential influence on our nation via the almost $900 billion our government owes Peking. The truth is that Obama has done nothing positive to resolve any of these issues and has accordingly punished the American citizen as well as substantially diminish his own chances of a 2012 reelection.
This is truly bad news setting the stage for good news. Unfortunately this piece of "good news" will not be a reality for another 2 and 1/2 years. Until then concerned Americans, aiding the actions of the Tea Party, will have to take every reasonable step to put conservatives in office and help road block the programs of the Obama Administration.
Wednesday, March 10, 2010
A Naive View On China
Recently several American political/financial commentators have published positive views on statements accredited to a Communist Chinese government official named Yi Gang. This individual is the head the State Administration of Foreign Exchange [SAFE], an agency of the Chinese government and anyone who views Yi Gang's comments as positive for the United States is simply naive.
This SAFE agency appears to be substantially involved with investments made by China in other nations' treasury bonds which, unfortunately and dangerously, include the United States to the tune of $894,800,000,000.00. This huge figure represents only the principal amount due by America to Communist China and only though the end of December of 2009. What the above said political/financial commentators were pleased about was an indication from Yi Gang that his nation would continue to be a "responsible investor" in the American Treasury. He further stated that the on-going Chinese investment in the United States should not be "politicized" and hoped China's presence in the US Treasury market would not become a political football.
Yi Gang continued with, "Our foreign exchange reserves are huge so you can imagine that the US Treasury market is an important one to us."
Every American with any world political and or world economic knowledge well knows that the ultimate goal of Communist China is not just to control Asia but to also dictate all that occurs in the rest of the world including the United States. The fact that China is the #1 creditor of the United States is not only an economic fact but is also a political fact. Our nation is in the midst of a terrible economic situation which is defined by a real 17% unemployment rate; a $1.4 trillion dollar deficit in the pending federal budget; and a massive international debt.
The heralded statements by Yi Gang may well mean that Communist China will not dispose of any more of its US Treasury Bonds/Notes [remember that in the past 6 months China lowered its US Treasury holdings by almost $44,000,000,000] and may very well purchase additional debt from America. Our "leaders" in Washington are most happy with this "maybe" continued Chinese investment scenario and are totally naive believing that this debt will not be absolutely manipulated and "politicized" by Communist China.
America's solution has yet to be raised by anyone in Washington and involves a unilateral percent reduction in all foreign government holdings in US Treasury Bonds/Notes.
Radical approach but absolutely justified and doable.
This SAFE agency appears to be substantially involved with investments made by China in other nations' treasury bonds which, unfortunately and dangerously, include the United States to the tune of $894,800,000,000.00. This huge figure represents only the principal amount due by America to Communist China and only though the end of December of 2009. What the above said political/financial commentators were pleased about was an indication from Yi Gang that his nation would continue to be a "responsible investor" in the American Treasury. He further stated that the on-going Chinese investment in the United States should not be "politicized" and hoped China's presence in the US Treasury market would not become a political football.
Yi Gang continued with, "Our foreign exchange reserves are huge so you can imagine that the US Treasury market is an important one to us."
Every American with any world political and or world economic knowledge well knows that the ultimate goal of Communist China is not just to control Asia but to also dictate all that occurs in the rest of the world including the United States. The fact that China is the #1 creditor of the United States is not only an economic fact but is also a political fact. Our nation is in the midst of a terrible economic situation which is defined by a real 17% unemployment rate; a $1.4 trillion dollar deficit in the pending federal budget; and a massive international debt.
The heralded statements by Yi Gang may well mean that Communist China will not dispose of any more of its US Treasury Bonds/Notes [remember that in the past 6 months China lowered its US Treasury holdings by almost $44,000,000,000] and may very well purchase additional debt from America. Our "leaders" in Washington are most happy with this "maybe" continued Chinese investment scenario and are totally naive believing that this debt will not be absolutely manipulated and "politicized" by Communist China.
America's solution has yet to be raised by anyone in Washington and involves a unilateral percent reduction in all foreign government holdings in US Treasury Bonds/Notes.
Radical approach but absolutely justified and doable.
Monday, March 8, 2010
A Vision From Kentucky
Some very interesting, and very positive, poll numbers have been released in regard to the 2010 US Senate race in Kentucky. Senator Jim Bunning, a Republican, has decided not to seek reelection which has caused 11 individuals, of whom 6 are Republicans and 5 are Democrats, to enter the race. In reality the contest is between only two individuals.
On the Republican side in a recent poll, Rand Paul garnered 42% of pending primary vote and leads all other Republican candidates with only Trey Grayson showing any real impact. Grayson received a 27% backing and the others jointly could only manage a backing of 10% of those polled. Almost the same picture is seen on the Democratic side with Daniel Mongiardo, the Lt. Governor, receiving a Democrat backing of 45% followed by Jack Conway at 27%. The other Democrat hopefuls combined to get 9% of the votes.
Most intriguing is that both polls showed that 19% of those approached gave the reply that they were to date undecided.
When a pollster had the leaders, Republican Paul and Democrat Mongiardo, placed in a head-to-head race, Rand Paul was victorious by a 51% to 34% margin.
So what is the early message being sent by the voters of the Bluegrass State? It would appear that even through the Democrats remains strong in local governmental matters and local pending elections, the bigger picture [what is best for the United States] continues to be a growing strength of the Republican Party.
Conservatives like Rand Paul, the son of Congressman Ron Paul who is an anti big government, almost libertarian politician as well as an unsuccessful but out-spoken 2008 Republican Presidential candidate, could well ride the current tide of American discontent right to the Senate. This same scenario of conservative politicians carrying the day has already been witnessed [Massachusetts, Virginia, New Jersey] and, with any luck, will be seen repeatedly in November of this year.
On the Republican side in a recent poll, Rand Paul garnered 42% of pending primary vote and leads all other Republican candidates with only Trey Grayson showing any real impact. Grayson received a 27% backing and the others jointly could only manage a backing of 10% of those polled. Almost the same picture is seen on the Democratic side with Daniel Mongiardo, the Lt. Governor, receiving a Democrat backing of 45% followed by Jack Conway at 27%. The other Democrat hopefuls combined to get 9% of the votes.
Most intriguing is that both polls showed that 19% of those approached gave the reply that they were to date undecided.
When a pollster had the leaders, Republican Paul and Democrat Mongiardo, placed in a head-to-head race, Rand Paul was victorious by a 51% to 34% margin.
So what is the early message being sent by the voters of the Bluegrass State? It would appear that even through the Democrats remains strong in local governmental matters and local pending elections, the bigger picture [what is best for the United States] continues to be a growing strength of the Republican Party.
Conservatives like Rand Paul, the son of Congressman Ron Paul who is an anti big government, almost libertarian politician as well as an unsuccessful but out-spoken 2008 Republican Presidential candidate, could well ride the current tide of American discontent right to the Senate. This same scenario of conservative politicians carrying the day has already been witnessed [Massachusetts, Virginia, New Jersey] and, with any luck, will be seen repeatedly in November of this year.
Thursday, March 4, 2010
Unemployment Jibberish
Our federal government continues at least weekly to publish up-to-date data on several if not all aspects of the nation's unemployment crises. No matter how much these particular economic numbers may be of a concern to Americans, the Obama White House is pleased and congratulates all on the progress being achieved. However, there is little if any real progress and the published numbers are severely slanted to hide the truth.
Unemployment is officially set at 9.7%, down slightly from the high of 10%, and Obama's best prognostication expects unemployment to remain generally at the 9.7% figure through July of this year. In reality the unemployment figure is slightly greater than 17% when Americans who are severely underemployed or who have given up the effort to seek a job are included. They are currently not officially considered. Additionally the definition of who qualifies to be considered in the unemployment count excludes those under the age of 20 years and almost all agricultural workers. Addition federally definitions of what "unemployment" means eliminates other unemployed Americans.
For some reason Obama does not acknowledge that the restoration of jobs lags behind and negates his claims of economic recovery.
Consider these numbers. Since January of 2008 the national payroll has dropped every month except in November of 2009. That gain was eliminate during the following two months. Since January of 2009 the American economy has eliminate 4,200,000 jobs. In the last three weeks of February 2010, new unemployment claims were in the approximate amounts of 442,000 (2nd week); 473,000 (3rd week); and 469,000 (4th week).
It is impossible to believe Obama's view of an improving economy in the United States when confronted with these numbers on the American worker.
Unemployment is officially set at 9.7%, down slightly from the high of 10%, and Obama's best prognostication expects unemployment to remain generally at the 9.7% figure through July of this year. In reality the unemployment figure is slightly greater than 17% when Americans who are severely underemployed or who have given up the effort to seek a job are included. They are currently not officially considered. Additionally the definition of who qualifies to be considered in the unemployment count excludes those under the age of 20 years and almost all agricultural workers. Addition federally definitions of what "unemployment" means eliminates other unemployed Americans.
For some reason Obama does not acknowledge that the restoration of jobs lags behind and negates his claims of economic recovery.
Consider these numbers. Since January of 2008 the national payroll has dropped every month except in November of 2009. That gain was eliminate during the following two months. Since January of 2009 the American economy has eliminate 4,200,000 jobs. In the last three weeks of February 2010, new unemployment claims were in the approximate amounts of 442,000 (2nd week); 473,000 (3rd week); and 469,000 (4th week).
It is impossible to believe Obama's view of an improving economy in the United States when confronted with these numbers on the American worker.
Tuesday, March 2, 2010
FEDERAL BUDGET CONCERN
The proposed Obama budget for 2010 calls for the Federal Government to spent in the range of $3.83 Trillion. This fact alone is bothersome but does not reach a real degree of concern until it is learned that the Federal income range for that same period will be only $2.38 Trillion. Simple mathematics declares that there will be a deficit of approximately $1.4 Trillion dollars.
Looking for comparisons, in 2008 Bush had a budget that was $1.1 Trillion less than this pending Obama budget with an over-spending of $249 Billion. In 2009 the budgeted amount stayed roughly the same as the year before but the shortfall reached $407 Billion. Obama, in one year, more than doubles the combined deficits of 2008 and 2009.
Who is going to be the source of this needed $1.4 Trillion? The answer may well be the worst aspect of Obama's fiscal efforts if the lender turns out to be Communist China via the purchase of US Treasuries.
As of the end of December 2009, America owed China $894.8 Billion. Granted this huge total is $44 Billion lower than the record high holdings by China in US Treasuries which was set six months ago. The current total debt of America to foreign nations is at $3.7 Trillion and after this fiscal year will be just over $5 Trillion regardless of the source of the advance. The obvious next concern is from where will this $5 Trillion payback originate. Choice number one is a drastic increase in Federal taxes; choice two is the socialization of segments of our economy; and choice three is a default on foreign debt. This default can be by straight non-payment or via a US mandated percentage reduction of debt by the foreign nation-holders of our Treasuries.
The obvious answer is to refocus on America; cut back on our international programs, including military actions; and grant our free society and free market system the opportunity to address and resolve the current economic troubles.
Looking for comparisons, in 2008 Bush had a budget that was $1.1 Trillion less than this pending Obama budget with an over-spending of $249 Billion. In 2009 the budgeted amount stayed roughly the same as the year before but the shortfall reached $407 Billion. Obama, in one year, more than doubles the combined deficits of 2008 and 2009.
Who is going to be the source of this needed $1.4 Trillion? The answer may well be the worst aspect of Obama's fiscal efforts if the lender turns out to be Communist China via the purchase of US Treasuries.
As of the end of December 2009, America owed China $894.8 Billion. Granted this huge total is $44 Billion lower than the record high holdings by China in US Treasuries which was set six months ago. The current total debt of America to foreign nations is at $3.7 Trillion and after this fiscal year will be just over $5 Trillion regardless of the source of the advance. The obvious next concern is from where will this $5 Trillion payback originate. Choice number one is a drastic increase in Federal taxes; choice two is the socialization of segments of our economy; and choice three is a default on foreign debt. This default can be by straight non-payment or via a US mandated percentage reduction of debt by the foreign nation-holders of our Treasuries.
The obvious answer is to refocus on America; cut back on our international programs, including military actions; and grant our free society and free market system the opportunity to address and resolve the current economic troubles.
Subscribe to:
Posts (Atom)