The Global Recovery is Leaving Obama’s “Summer of Recovery” in the Dust

"Yeah, I call it the Summer of Recovery, that's the ticket"

Vice President Joe Biden’s June declaration that this would be the “Summer of Recovery” has fallen flat on it’s face and now we have Obama’s new economic advisor Austan Goolsbee stutter in near Clintonian word parsing to restate what Jolt’n Joe really meant!

“The vice president was talking about the summer of recovery in reference to the Recovery Act, that you would see the creation of a series of infrastructure and other projects ramping up over the summer”

Austan Goolsbee 9/12/2010

The Double Dip Summer

Now that the results are in and yet another Obama economic forecast turns into a bad joke on America, the only trick left in the playbook is to go the bench, bring in yet-another advisor and attempt to rewrite history. That’s encouraging!

Not only did we not get the Summer of Recovery that Biden promised, we actually caught the first wave of a feared double dip recession. A few weeks ago, the White House announced that Q2 economic growth had come in at a paltry 1.6%. Most economists will tell you that anything less than 2.5% will not generate job growth, which is exactly what’s happened.

A cursory look at the details behind the 1.6% growth rate reveals just how weak this alleged growth was:

• Final sales of computers added 0.03 percentage point to the second-quarter change in real GDP after adding 0.10 percentage point to the first-quarter change.
• Motor vehicle output subtracted 0.08 percentage point from the second-quarter change in real GDP after adding 0.74 percentage point to the first-quarter change.
• Real federal government consumption expenditures and gross investment increased 9.1 percent in the second quarter, compared with an increase of 1.8 percent in the first.

So there you have Obama’s Summer of Recovery; computer and car sales go into the tank and the only thing that grew was GOVERNMENT SPENDING, which went up by a whooping 9.1%!

The Global Recovery We Missed

As long as I can remember, the US Economy has been the catalyst to lead the world out of recession, but no longer. As Obama jacked up private sector taxes and government spending, Europe and Canada did just the opposite. They went on “austerity programs” and cut government spending while reducing taxes and regulations on business.

The results have been phenomenal. For the last two months, world production levels (135.1 in May and 135.3 in June) have been above the previous peak of 134.4 reached in March 2008, suggesting that there has been a complete recovery in world output from the global recession in 2008 and 2009 (Source: University of Michigan Professor Mark Perry).

The World Economy Has Completely Recovered

The Party of “No New Ideas;” Really?

As poll after poll show that the dems are facing a wholesale slaughter in November, our so-called Commander and Chief and returned to his mean and drooling campaign persona, calling out John Boenher by name last week in Ohio and declaring that “they have no new ideas.”

First of all, this is a BOLD FACED LIE and a disgrace to the office of the president of the United States to stoop this low. For months the GOP has published a comprehensive set of new ideas that anyone can read for themselves at their Roadmap for America’s Future web site.

Second, the new ideas that the republicans are recommending are exactly the same ones that were used in Europe and Canada to effect a full economic recovery in the Summer of 2010.

And that’s the reason why America’s Sumer of Recovery has been left in the dust by the rest of the industrialized world.

Dave

Helping the Poor: What Would Jesus Do?

Matthew 25:40, “As you did to one of the least of these my brothers, you did to me.”

As many of you know, one of the reasons I fight for the private sector is because I believe it is the only way to help the poorest amongst us.

Simply put, the wealthier a free nation becomes, the wealthier your poor become. Conversely, as your national wealth shrinks (like it is in 2010 America), the poor get poorer.

Recently I have gotten into arguments with liberals who claim that their approach, Obama’s approach, is better aligned with my faith — Christianity.

Needless to say, I argue the opposite using the What Would Jesus Do? rhetorical approach.

Regarding the NYC Mosque and 9/11

We cannot let them win!

I realize that the Ground Zero Mosque controversy has little to do with your career, other that the fact the president appears to be spending more time defending it’s right to exist than he does creating private sector jobs in America.

Anyway, my friend Bob just send me this open letter from Newt Gingrich and in honor of the victims of 9/11, I thought I’d pass it along. It provides the best case for moving the mosque I’ve read yet.

Dave

Newt Gingrich Statement on Proposed Mosque/Islamic Community Center near Ground Zero

There should be no mosque near Ground Zero in New York so long as there are no churches or synagogues in Saudi Arabia. The time for double standards that allow Islamists to behave aggressively toward us while they demand our weakness and submission is over.

Rewriting History: Liberal Media Reduced to Senseless Drivel

Who needs facts -- fiction is far more persuasive!

The title of a story in today’s New York Times caught my eye. It’s called Paying the Price by Bob Herbert. I erroneously assumed that it was pundit piece that might have yet-another angle on the November election. It was not. It is an almost comical opinion piece that attempts to make the case that Obama and dems are in trouble because they weren’t liberal enough.

Zuckerman: The New Master Class in America (Public Servants)

The list of outrageous things Obama’s has said  in the last 22 months is pretty long, but there is one thing that hangs “in my craw” like a wound that will not heal; it’s when he said:

We must continue to give our public servants more and more!

“The Obama-Biden Administration will make student loans more affordable by limiting a borrower’s payments to 10 percent of his or her income above a basic living allowance. It will also keep the total cost of loan repayment manageable by forgiving all remaining debt after 10 years of payments for those in public service work and 20 years for all others.”

- Barrack Obama 2010 State of the Union Address

Excuse me, 10 years for government workers who live on the taxpayer dole and 20 years for private sector workers who actually feed the economy — what could possibly justify doubling such a massive hand out for those who work for the government? Greed and cronyism is one answer; contempt for the private sector is the other — take your pick, they all make me sick!

The Obama Presidency’s Irreversible “Death Spiral”

“May you live in interesting times.”

Taken in Barney Frank's District on 9/8/2010

I think it’s time to take a moment and step back from the day-to-day news cycle many of us live in and consider just how interesting the times are that we’re living in.

It begins with the first black president, the government takeover of GM, Obamacare, Scott Brown replaces Ted Kennedy, the swine flu, and it’s “crisis kissing cousin” the Gulf oil spill.

Now go deeper…

Blame the Rich for High Unemployment

Sorry rich people, you can't keep your money...

“We cannot afford to extend the tax cuts for those making more than $250,000 a year”

- White House Press Secretary Robert Gibbs

A few weeks ago, I got into a debate with a waining liberal about Obama’s double-dip recession. He claimed (correctly) that the recession would linger until consumer demand increased. Then he erroneously claimed that extending unemployment benefits to 99 weeks was pumping cash into the market and boasting consumer demand. Clearly the man has weak command of mathematics.