Boom boom boom…nothing but bad news on the economic front —and with every decision Obama and the Socialist Dems make, things only get worse.
The tea party movement was born in Feb 2009 because people instinctively knew that the Stimulus bill was was just a huge expansion of a capital-sucking government. Now, via Dan Riehl, I see at USA Today:
Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.
At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010.
Those records reflect a long-term trend accelerated by the recession and the federal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs.
Or spreading the wealth around…
Economist David Henderson of the conservative Hoover Institution says a shift from private wages to government benefits saps the economy of dynamism. “People are paid for being rather than for producing,” he says.
Here’s some cheery news from Doug Ross:
Black coffee-style sobering: “Anyone Who Is Still Bullish On Housing Clearly Isn’t Paying Attention To The Real Numbers.”
Conclusion: “Add it all up, and there is a massive structural imbalance in residential real estate that will take at least a decade more to unwind. We could be looking at a replay of the same 26 year period from 1929 to 1955 when prices remained flat, and we are only 3 years into it!”
More cheery economic news from Doug:
Economy Hitting On All Cylinders as Obama Recovery Rolls On
Betsy Mccaughey in an oped at the NY Daily News says : Bam’s budget is a monstrosity: Deficits are huge. A value-added tax could be coming
On Feb. 1, President Obama released his fiscal 2011 budget. It’s a whopper. It calls for federal spending of $3.8 trillion, soaring to $5.7 trillion in 2020.
A 5-foot-high stack of hundred-dollar bills totals $1 million. To get to $1 billion, you need 10 stacks as high as the Washington Monument. To get to $3.8 trillion, you need 38,000 Washington Monuments.
$3.8 trillion also equals 25% of everything produced in the U.S. (Gross Domestic Product). State and local government spending brings the total to 42% of GDP.
Government spending has crossed the 40% line just twice in American history: when the nation plunged into World War II and again last year, during the economic crisis. The Obama administration intends to make big government permanent, with spending at 40% even in 2020, when no crisis is expected.
Money News.com: Sen. Gregg: Finance Reform Bill a ‘Disaster':
Sen. Judd Gregg, R-N.H., has a very harsh view of the financial reform bill passed by the Senate last week, calling it a “disaster.”
“The bill is a disaster because it doesn’t address the fundamental underlining causes of the economic issue, which were real estate and underwriting,” he says.
“This bill became, ‘I want to score the most points against Wall Street.’ Most of the initiative of this bill wasn’t directed at solving the problem, but it was directed at scoring political points,” he recently told CNBC.
The Senate version of financial reform was approved late last week and must now be reconciled with the House version before it is signed into law by President Barack Obama.
He said the proposed consumer protection agency will extend the footprint of government and spark conflicts with the banking industry.
Gregg proposed underwriting standards in tandem with Sen. Bob Corker, R-Tenn., that weren’t included in the bill.
Gregg’s also upset that the bill doesn’t reform Fannie Mae and Freddie Mac. “The failure to take on Fannie and Freddie is almost malfeasance of a criminal level,” he said.
“You’ll basically have a consumer protection agency which decides to go out and in the morning and say, ‘Well everybody who’s XYZ should have a loan, even though the local community bank says XYZ shouldn’t have a loan, because if we give them a loan, we know they’re not going to pay back,’” he said.
“It’s going to become an agency that defines lending on social justice purposes instead of safety and soundness purposes.”
With Republicans still burning from that travesty, it would have been fun to have been a fly on the wall when Obama came to visit Senate Republicans, earlier today. This Washington Post report probably only scratches the surface:
“He needs to take a Valium before he comes in and talks to Republicans,” Sen. Pat Roberts (Kan.) told reporters. “He’s pretty thin-skinned.”
Heh!: Krauthammer offered to write Bam a prescription, video at Weasel Zippers.
Sen. Sam Brownback (Kan.) described the meeting as “testy,” and Sen. John Thune (S.D.) called it a “lively discussion.” Others questioned whether the “symbolism” of Obama’s approach matched the actions of his Democratic congressional allies.
In his first meeting with the Senate Republican caucus in more than a year, Obama hoped to secure support on a broad range of issues, including immigration. As he left, the president said, “We had a good, frank discussion on a whole range of issues.”
But his spokesman Robert Gibbs acknowledged that little agreement was reached. “Obviously, there were continued differences on some of these issues. But the president believes that direct dialogue is better than posturing, and he was pleased to have the opportunity to share views with the conference,” Gibbs said.
Brownback said Obama explained several times that he is “under pressure from his left” on major issues, including climate change. Obama asked Republicans to be willing to take some of the same kind of criticism from their right flank in working toward bipartisan accords, other senators said.
DO NOT FALL FOR IT, REPUBLICANS!
Bob Corker was brutal:
“I said, ‘I got to tell you something, there’s a degree of audacity in you being here today,’” Corker said, recalling his exchange with the president.
“If you look at your three major initiatives they were almost all done on party-line votes,” Corker told Obama. “I feel we’re all props here today.
“Just last week you engineered a very partisan vote,” Corker added. “I would just like for you to explain to me, when you get up in the morning, and when you come over to lunch like this, how you reconcile that duplicity.”
“It hit a nerve, obviously,” Corker said, describing Obama’s reaction to the broadside.
Corker told The Washington Post:
“How can you come in on a Tuesday after [the financial bill vote]? . . . It was odd to me.”
Obama’s doing a lot of odd things lately, like planning to jet off to Chicago for Memorial Day weekend, instead of making the traditional Arlington National Cemetery Memorial Day speech:
On Monday, Obama will make remarks at the Abraham Lincoln National Cemetery, south of Chicago – missing the usual tradition of presidents speaking at Arlington National Cemetery on Memorial Day.
Ace thinks Obama’s being commendably honest, here…or perhaps he’s just clueless:
Past Democratic presidents — Clinton, say — were plainly card-carrying members of the would-be ruling class of the Harvard-to-DC corridor. But they feared the people, at least, and practiced gestural politics to symbolically, but deceptively, suggest they “shared the values” of non-ruling-class Americans.
Obama’s kind of giving up on that ruse. His attempts to establish populist credentials were half-hearted from the outset, and now he can’t even be bothered to phone it in.
See Sondrak’s photoshop - it says it all.
And now, Byron York notices, (with some satisfaction, I think), that the chumps in the MSM are getting the cold shoulder from their Messiah:
Will Barack Obama go an entire year without holding a formal news conference? He’s getting close: The president’s last full-scale session with the press was on July 22, 2009, which was 307 days ago.
Obama makes no secret of his disdain for the press. Just look at the scene in the Oval Office May 18, when Obama invited a few journalists to watch him sign a new bill — it just happened to be the Daniel Pearl Freedom of the Press Act.
“Speaking of press freedom, could you answer a couple of questions on BP?” CBS’s Chip Reid asked Obama after the signing.
“You’re certainly free to ask them, Chip,” Obama said.
“Will you answer them?” Reid continued. “How about a question on Iran?”
“We won’t be answering — I’m not doing a press conference today,” Obama said. “But we’ll be seeing you guys during the course of this week. OK?”
And that was that. In the spirit of the day, Obama conceded that the press had the freedom to ask questions — he just didn’t have to answer them. (By the way, Obama aides edited the exchange with Reid out of the video of the signing posted on the White House Web site.)
While Obama dodges questions, his spokesman stonewalls them. There’s simply no other word to describe the White House handling of Pennsylvania Democratic Rep. Joe Sestak’s charge that the Obama administration offered him a job if he would not challenge Sen. Arlen Specter in the state’s recent primary.
And so on…Read Byron’s entire piece.
I wondered after the election if the media would ever turn on Obama, after their shameless, salivating, bias during the election. I always figured that they had too much of their own credibility invested in him, to ever turn on him. But maybe they never bargained for such a snide, arrogant and narcissistic Socialist Messiah.