Daily Archives: December 5, 2009

Obama Lied and the Economy Died by Gregory Hilton

Many of the economic promises the President made a year ago are turning out to be false. This began last February when the President told us he did not believe in “bigger government.” Now the President is telling us his health care reform legislation will control spiraling costs, but several major studies emphasize costs are certain to increase with Obamacare. The White House portrays a government subsidy as meaning costs will go down. What it really means is someone else is paying for it.
Wall Street has recovered but that is certainly not true of main street. Here is a quick review of the President’s economic performance:
* We were told the $787 billion Stimulus would stop unemployment from reaching 8%. It has now reached 10.2% and “under-employment” is at 17%. The deficit this has created is an enormous burden to the next generation.
* The $60 billion bailout of GM and Chrysler required major changes in bankruptcy laws and huge concessions to the UAW (they own 55% of Chrysler). The recent White House claim that GM is starting to repay the loan is not true. GM has not made a profit. They just decided not to tap a government contingency fund which would place them further in debt.
* The “Cash-for-Clunkers” program cost taxpayers between $20,000 and $45,000 per vehicle purchased.
* The “HAMP” mortgage modification program, designed to save homeowners from foreclosure? Out of 651,000 “trial” modifications, zero have turned into a permanent repayment plan.
More problems are on the horizon.
The President will soon attend the climate change conference in Copenhagen. He will be accompanied by Secretary of Energy Steven Chu who believes the price of electricity in America is “anomalously low.” The “cap and trade” bill would cost the average American family an annual $1,720.
A key theme of the 2010 campaign will be, “Where are the jobs?” The White House is celebrating the “success” of the stimulus this week. One year ago they made jobs predictions for every state. They claimed MI would have 109,000 new jobs because of the $787 billion in federal spending. MI has in fact lost more than 162,000 jobs since last February.
Since they were promised 109,000, that means the Obama administration has a deficit of 271,000 jobs in Michigan alone. The Republican Party has never been so united, and our mission is similar to the time Margaret Thatcher paraphrased St. Francis of Assisi: Where there is discord, may we bring harmony. Where there is error, may we bring truth. Where there is doubt, may we bring faith. And where there is despair, may we bring hope.