Monday, August 9, 2010

Let Them Eat Food Stamps

The Obama Whitehouse is having their ‘Let them eat cake’ moment as the economy slowly begins to slide into the second great depression.  They have lost their chance to turn it around fast and we will now watch as the real financial contraction bites in.  I cover details of how it could be fixed, but the best window is now gone.  I can not even fault Obama for outright incompetence since everyone else was as dumb.

I hope I am wrong on this but nothing is picking up the slack and over the next two years government finance at all levels will wake up to how low their tax revenues actually are now.  And yes the unemployed are staying unemployed while Obama looks and acts clueless.

The good news is that the rest of the world was not so stupid as to hugely damage their retail financial system.  They just made a mess out of the wholesale part of the business which is now fixing itself as has the US wholesale financial business.  In fact the rest of the world is working to expand the retail system to keep bringing more consumers aboard. 

This suggests that the rest of the world will avoid a depression.  However, it remains to be seen if the USA can get through the next two years in some form or the other.   I continue to be unhappy.

Food Stamps for the Masses While First Family Lives it Up

2010 AUGUST 6

A First Family jet-setting from one vacation spot to another while  Americans suffer through unemployment, debt,  frustration, exhaustion and just plain fear of what awaits their children in ten years, has to stop.

Sorry, President and Mrs. Obama, you need to cancel your August 19th one-week getaway to Martha’s Vineyard. We are paying for your Secret Service protection, the official entourage, and gassed up Air Force One whenever you need another romp to Kailua, Asheville, New York City, Marbella, London, Paris and Bar Harbor.

The Supplemental Nutrition Assistance Program reports that 40.8 million people are now collecting food stamps, up from 19% a year ago. Not two, or three or four Bush years ago, but 2009-2010. Unemployment is expected to stay the same at %9.5 or increase when the figures come out at the end of this week. “First time claims for unemployment benefits rose last week to their highest levels in four months.” You promised it wouldn’t go over %8 with the stimulus bill. Right.

The U.S. Census Bureau released the figures on new orders for manufactured goods this week. Orders decreased for two consecutive months by 1.2% from $5.1 billion to $404.4 billion. Less orders means less production, less production means less jobs and so on. No jobs leads to no spending and with consumer purchasing 70% of the American economy the retail and service industries are tanking.

President Obama, you are spending like a drunken sailor. The $787  billion stimulus bill, the trillion dollar apocalyptic health care fiasco, a $4.5 billion educational incentive program and of course, Michelle’s ‘Let’s get rid of fat people program’ at a cool $10 billion. And that’s just the tip of the iceberg we’re about to hit.

During a campaign speech in Canton, Ohio on October 27, 2008 you said:

The cost of this economic crisis, and the cost of the war in Iraq, means thatWashington will have to tighten its belt and put off spending on things we can afford to do without.

The only tight belts we’ve seen since you took office are around the waist of your wife.

The revolutionaries that fought against King George III certainly didn’t die so that  240 years later the servant of the people, the president of the most exceptional country in the world, could act like the U.S. Treasury is his own private piggy bank.

Get a clue, Mr. Obama, the tea party is expanding into the ‘fed up’ party and it includes all races, all classes and all political persuasions.  Your “hope and change” will mean rice and beans for the majority of Americans very soon. While you and your wife are living it up, mothers and fathers are working 4 jobs between them; college students are lining up at job fairs where there’s one position per 300 applicants; the laid off are moving in with relatives and young adults are returning to their parents’ homes.

It’s not Bush’s fault you and the Mrs. don’t have the common decency to cancel the parties, the vacations, and the golf outings while desperate Americans are asking neighbors, family and lenders, “Brother, can you spare a dime?”

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