|
Friday, October 09, 2009
“No Real Recovery”
 |
 |
 |
| |
|
|
|
|
|
|
|
|
|
|
| VIDEOS |
 |
|
| VIDEOS |
 |
|
|
|
|
| TOPICS |
|
|
| TOPICS |
|
|
|
|
|
|
|
|
|
 |
|
 |
|
|
Obama Pushing Job-Killing Experiments To Tackle Root Cause Of Economic Downturn
OBAMA IN FEBRUARY ADDRESS TO CONGRESS: “[T]here will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system.” (President Barack Obama, Address To Joint Session Of Congress, Washington, DC, 2/24/09)
AFTER 7 MONTHS, OBAMA HAS DONE NOTHING TO REFORM FINANCIAL SYSTEM
Today, Obama To Push Congress To Create New Bureaucracy As Part Of Financial Regulation Reform. “Obama and Treasury Secretary Timothy Geithner, at a White House event Friday, will urge Congress to create a Consumer Financial Protection Agency as part of a broader overhaul of financial regulations this year …” (Nicholas Johnston, “Obama To Make Appeal To Voters For Consumer Agency, Aide Says,” Bloomberg, 10/8/09)
But Obama Has Placed Financial Regulation On The “Back Burner,” Has Done Nothing To “Prevent A Repeat Of Last Year’s” Financial Crisis. “[T]here are glaring holes in their to-do list. The biggest and most difficult priorities had not been accomplished as Obama reached the six-month mark … Financial overhaul. Now on the back burner are a rewrite of lending and investing laws and a restructuring of government regulations. The goal is to prevent a repeat of last year's financial and credit market collapses.” (Andrew Taylor, “Analysis: To-Do List Largely Undone,” The Associated Press,8/8/09)
WHAT’S BEEN KEEPING OBAMA TOO BUSY TO TACKLE FINANCIAL REFORM?
Obama Signed $787 Billion Stimulus That Failed To Stop Unemployment From Rising To 9.8 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 10/2/09)
Obama Took Over General Motors With $36 Billion In Taxpayer Funds, Only To See Company Shed As Many As 13,000 Jobs After Shutting Down Saturn. “General Motors said today it would shut down Saturn after respected Detroit businessman Roger Penske shocked GM and 350 Saturn dealers by saying that his plans to buy the storied brand had fallen apart. The announcement came a day before GM and its dealers expected the deal to be finalized. The failure could cost as many as 13,000 jobs at dealerships nationwide and GM.” (Tim Higgins, "Penske-Saturn Deal Collapses After Renault-Nissan Backs Out," Detroit Free Press, 9/30/09)
Obama Pushing His Government-Run Health Care Experiment That Includes Job-Killing Taxes On Small Businesses. OBAMA-REID JOB TAX: “The research and data on the devastating impact of an employer mandate is clear – it is a job killer … hardly what this country needs in these challenging economic times …” OBAMA-PELOSI SMALL BUSINESS SUCCESS TAX: “This [surtax] would hit job creators especially hard because more than six of every 10 who earn that much are small business owners, operators or investors, according to a 2007 Treasury study ... America’s successful small businesses would pay higher tax rates than the Fortune 500, and for that matter than most companies around the world ... “ (National Federation of Independent Business, “Health Reform Must Help, Not Harm Small Businesses,” Press Release, 6/10/09; Editorial, “The Small Business Surtax,” The Wall Street Journal, 7/14/09)
Obama Supporting National Energy Tax That Could Mean Nearly 1 Million Jobs Lost Per Year. “Overall, a cap-and-trade system that reduces annual GDP by 0.34 percent per year can be expected to reduce U.S. employment by roughly 964,900 jobs per year, reduce household earnings by $37.8 billion, and reduce total U.S. economic output by $136.1 billion.” (Andrew Chamberlain, “Who Pays For Climate Policy? New Estimates Of The Household Burden And Economic Impact Of A U.S. Cap-And-Trade System,” Tax Foundation, 3/09)
|