Obama Depression: 20 Months Of Unemployment Over 8% For Official U-3 Rate and Over 15% For Total U-6 Rate–Over 26 Million Americans Looking For A Full Time Job and 41.8 Million On Food Stamps!–Followed By 36 More Months Of Over 8% Official Unemployment U-3 Rate and 15% Total Unemployment U-6 Rate!

Posted on October 8, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, Immigration, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Regulations, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

“Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.”

“True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.”

~Ludwig von Mises

Economy Sheds 95,000 Jobs; 14.8 Million out of Work

 

RECORD 41.8 MILLION PEOPLE ON FOOD STAMPS 9-15-2010

  

 

Sept 2010 Employment Report

 

U.S. Recovering Jobs But Pace Has Slowed, Analyst Says

 

Goolsbee Sees Need to Get ‘Job Engine’ Growing Faster: Video

 

“Traders will look at the U6 unemployment rate…on Friday”

President Obama on September, 2010 Jobs Numbers

Ron Paul: Obama Stimulus Package Will Turn Recession Into Depression

 

The U.S. jobless ” recovery” continues and is getting worse.

While the official unemployment rate of 9.6% as measured by U-3  did not go up in September, the real total unemployment rate went from 16.7% in August to 17.1% in September 2010.

The official unemployment level is currently at 14,767,000 unemployed Americans and exceeds the 13 million unemployed during the worse year of the Great Depression, 1933.

The total unemployment level calculated as 17.1% of the civilian labor force of about 154,158,000 is over 26 million, twice the number of unemployed during the worse year of the Great Depression, 1933.   

The Obama Depression is not over or  improving but is in fact getting worse.

The Keynesian economics recipe for economic disaster of more and more stimulus spending, larger and larger budgetary deficits, financed by layer upon layer of government debt has been a big failure.

A failure made even worse by the Federal Reserves’ quantitative easing monetary policy of monetization of the debt by “printing” more and more money in exchange for the Federal Government’s debt.

Neither the fiscal policy of stimulus spending nor the monetary policy of quantitative easing will create more jobs.

 Obama’s economic policies  only increase the belief among consumers and business owners that the Federal Government is completely out-of-control.

Only when President Obama’s economic policies are reversed and the current regime in Congress and the President are votedout of office will you finally see job creation and low  full employment rates of 2%% to 3% This will take not months but at least five years.

Dixion Says Fed Quantitative Easing Won’t Create New Jobs

http://www.youtube.com/watch?v=85Olz2h6ehM

The immediate result of the Federal Reserve’s monetary policy is the devaluing of the dollar

The Federal Reserve’s policy is a massive tax increase on all Americans as the purchasing power of their money declines daily.

This will only mean higher prices for all imports including petroleum and the costs of all goods and services to the extent they require imported goods and services such as petroleum.

Ron Paul vs. Ben Bernanke

Peter Schiff–Dollar Collaspse–Gold As A Hedge Against The Fed’s Committment To Raise Inflation

 

Who reappointed The Federal Reserve Chairman, Ben Bernanke,–President Barack Obama.

Ron Paul : We Can’t Say Cut Spending For Food Stamps But NOT For The Military Industrial Complex!

http://www.youtube.com/watch?v=whfopF8Xj8I

 

 

 

All Labor and Unemployment Statistics Are From

The Department of Labor, Bureau of Labor Statistics

http://data.bls.gov/cgi-bin/surveymost?ln

 

As Of October 2010

The Numbers In Red Are For The Obama Administration  

U-3

Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over

 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9  
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.6 4.6 4.7 4.7 4.7 5.0  
2008 5.0 4.8 5.1 5.0 5.4 5.5 5.8 6.1 6.2 6.6 6.9 7.4  
2009 7.7 8.2 8.6 8.9 9.4 9.5 9.4 9.7 9.8 10.1 10.0 10.0  
2010 9.7 9.7 9.7 9.9 9.7 9.5 9.5 9.6 9.6        

U-6

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6  
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 8.0  
2007 8.3 8.1 8.0 8.2 8.2 8.2 8.3 8.5 8.4 8.4 8.5 8.8  
2008 9.1 8.9 9.0 9.2 9.7 10.0 10.5 10.9 11.2 11.9 12.8 13.7  
2009 14.0 15.0 15.6 15.8 16.4 16.5 16.4 16.8 17.0 17.4 17.2 17.3  
2010 16.5 16.8 16.9 17.1 16.6 16.5 16.5 16.7 17.1        

 

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634  
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258  
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640  
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317  
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934  
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279  
2006 7059 7185 7075 7122 6977 6998 7154 7097 6853 6728 6883 6784  
2007 7085 6898 6725 6845 6765 6966 7113 7096 7200 7273 7284 7696  
2008 7628 7435 7793 7631 8397 8560 8895 9509 9569 10172 10617 11400  
2009 11919 12714 13310 13816 14518 14721 14534 14993 15159 15612 15340 15267  
2010 14837 14871 15005 15260 14973 14623 14599 14860 14767        

 

 In order to reduce the U.S. official  unemployment rate by .1% in a single month requires the creation of  between 250,000 and 300,000 jobs per month depending upon the number of new entrants into the labor market due to population growth and the labor participation rate or those seeking employment.

The labor participation rate goes down as an economy goes into a recession and goes up as the economy grows and prospers. The labor participation rate is currently  64.7%, well below the more normal range of 66% to 67.5% .

 A higher labor participation rate means more individuals are actively seeking full-time employment and more jobs need to be created each month to absorb both new entrants and re-entrants into the labor market.

This is the reason why between 250,000 and 300,000 jobs need to be created each month to reduce the unemployment rate just .1%.

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0  
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7  
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3  
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9  
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9  
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0  
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4  
2007 66.4 66.3 66.3 66.0 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0  
2008 66.2 66.0 66.1 66.0 66.2 66.1 66.0 66.1 66.0 66.0 65.8 65.8  
2009 65.7 65.7 65.6 65.8 65.8 65.7 65.4 65.4 65.1 65.0 64.9 64.6  
2010 64.7 64.8 64.9 65.2 65.0 64.7 64.6 64.7 64.7        

 

It takes at between 100,000 and 150,000 jobs to employ new entrants into the labor market mostly high school and college graduates.

 There are currently over 1.1 million new entrants into the labor force that have not found their first  job.

 

Series Id:                  LNS13023569
Seasonally Adjusted
Series title:               (Seas) Unemployment Level – New Entrants
Labor force status:         Unemployed
Type of data:               Number in thousands
Age:                        16 years and over
Unemployed entrant status:  New entrants

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 394 420 429 406 466 427 433 499 415 402 419 490  
2001 444 396 378 457 468 467 448 485 473 481 495 515  
2002 484 507 538 527 497 549 545 612 536 479 591 535  
2003 599 584 630 635 630 661 669 652 686 636 593 693  
2004 676 666 631 652 718 649 702 704 695 734 700 702  
2005 621 753 712 764 710 650 630 626 607 638 673 633  
2006 618 710 635 590 522 644 638 647 612 573 583 588  
2007 628 599 614 621 536 634 599 590 668 700 661 688  
2008 685 660 705 631 807 771 829 826 811 826 735 820  
2009 792 1016 881 919 977 969 994 1096 1134 1114 1270 1270  
2010 1235 1238 1197 1231 1206 1140 1188 1259 1187        

 

The unemployment rate for the young, ages 16 to 19, is 26%!

The unemployment rate for the young is currently nearly double the  usual unemployment rate for ages 16 to 19 of between 12% and 16% when the economy is growing. 

 

Series Id:           LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate – 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 years

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2  
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0  
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9  
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2  
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6  
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9  
2006 15.2 15.3 16.1 14.6 14.0 15.7 15.9 16.1 16.3 15.2 14.9 14.7  
2007 14.8 14.9 14.9 15.6 15.9 16.2 15.3 16.0 16.0 15.5 16.2 16.9  
2008 17.8 16.5 16.0 15.6 18.9 19.0 20.8 18.9 19.3 20.3 20.3 20.8  
2009 20.9 21.8 22.0 21.8 23.2 24.3 24.5 25.7 26.1 27.6 26.8 27.1  
2010 26.4 25.0 26.1 25.4 26.4 25.7 26.1 26.3 26.0        

 

Both high school graduates and those who either dropped out or failed to graduate from high school are finding it very difficult to find their first job.

Illegal immigrants, mainly from Mexico and Latin America, of between 10 million to 20 million, has made it even more difficult for young inexperienced American citizens to find entry-level jobs.

Also the Federal  minimum hourly wage law prevents many small businesses from hiring young workers.

Good Intentions 2 of 3 Minimum Wage, Licensing, and Labor Laws with Walter Williams

 

 

Good Intentions 3 of 3 The Welfare System and Conclusions with Walter Williams

It currently takes between 100,000 and 150,000 new jobs in addition to the 100,000 to 150,000 jobs for new entrants to reduce the unemployment rate by .1%.

The civilian labor force is currently about 155 million.

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248  
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305  
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066  
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729  
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059  
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030  
2006 150201(1) 150629 150839 150915 151085 151368 151383 151729 151650 152020 152360 152698  
2007 153117(1) 152941 153093 152531 152717 153045 153039 152781 153393 153158 153767 153869  
2008 154048(1) 153600 153966 153936 154420 154327 154410 154696 154590 154849 154524 154587  
2009 154140(1) 154401 154164 154718 154956 154759 154351 154426 153927 153854 153720 153059  
2010 153170(1) 153512 153910 154715 154393 153741 153560 154110 154158        

Multiply the civilian labor force of  about 155 million by .1% and the result is 155,000.

This is approximate number of jobs that need to be created to reduce the unemployment rate by .1 with no growth in the labor force. 

When you add in the natural growth of the labor force by new entrants from population growth  you arrive at an estimate of between 250,000 to 300,000 new jobs that need to be created each month to reduce the unemployment rate by .1%.

In a robust  economic recovery the private sector should be creating 500,000 to 600,000 jobs per month.

Unfortunately, the private business sector and particularly  small and medium size businesses, are not creating anywhere near 250,000 to 300,000 per month.

In September the private sector created only a net total of 75,000 new jobs. This is far short of the 250,000 to 300,000 jobs needed to reduce the U-3 official unemployment rate by just .1%.

Even if 250,000 new jobs were being created each month and the unemployment rate declined 1.2% per year and over 3 million jobs were created in a year, it would take over five years to bring the official unemployment rate ( U-3) down to under a 3% rate of unemployment or a near full employment level.

The stimulus package of over $789 billion plus billions in interest payments was supposed to keep the unemployment rate under 8% and not above 8%!   

 

 

 

 

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/white-houses-stimulus-math-doesnt-add-up-100456089.html

The stimulus package has been an abject failure of the Keynesian economists including Romer and Berstein who advised Obama that this was what was needed.

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614  
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047  
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426  
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411  
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125  
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752  
2006 143142(1) 143444 143765 143794 144108 144370 144229 144631 144797 145292 145477 145914  
2007 146032(1) 146043 146368 145686 145952 146079 145926 145685 146193 145885 146483 146173  
2008 146421(1) 146165 146173 146306 146023 145768 145515 145187 145021 144677 143907 143188  
2009 142221(1) 141687 140854 140902 140438 140038 139817 139433 138768 138242 138381 137792  
2010 138333(1) 138641 138905 139455 139420 139119 138960 139250 139391        

President Bush’s Federal income tax rate cuts of 2001 and capital gains and interest rate cuts of 2003 worked and the negative impact on the economy of the September 11, 2001 Islamic Al-Qaeda Jihadist terrorist attack was mostly minimized and avoided.

However, President Bush failed to control Federal Government spending by not vetoing the massive Government spending increases of both the Republican controlled House and Senate in 2005 and 2006 and the Democratic controlled House and Senate in 2007 and 2008. 

President Obama followed the lead of President Bush and the Democratic controlled Congress by more than doubling the Federal budget deficits in 2009 and 2010. 

Dan Mitchell on the Deficit

Dan Mitchell discusses Reagonomics vs. Obamanomics

The result is the Obama Depression with more than twice the number of Americans looking for a full-time job  than the 13 million Americans that were unemployed in March, 1933, the worse month of the Great Depression.

President Obama is following in the footsteps of Presidents Herbert Hoover, Franklin D. Roosevelt, and George W. Bush by pursuing both the expansion of government with huge budgetary deficits (2009 was over $1,400 billion and 2010 is over 1,340 billion) and tax rate increases by letting the Bush tax rate cuts expire,  supporting a massive cap-and-trade energy tax and imposing a mandatory health care plan on Americans that they must purchase or pay a tax penalty.

Feldstein Predicts Dollar to Weaken, Boosting Exports: Video

News Update: CBO Deficit estimates

 

The result is the same–massive unemployment–over 26 million seeking a full-time job and 41.8 million Americans on food stamps.

My recommendation made  February 1, 2009 was to first have a six month  payroll tax holiday on payroll and capital gains taxes and at the end of the six month period switch from the current Federal income tax system to the FairTax, which is a national sales consumption tax on the sale of all new goods and services.

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! Revised and Updated

 

The FairTax would replace all Federal personal and corporate income taxes, payroll taxes, Social Security taxes, Medicare taxes, capital gains taxes, interest and dividend taxes, alternative minimum taxes, estate and gift taxes.

The FairTax requires the repeal the 16th Amendment that gave the Federal government the power to collect an income tax.

“The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”

     

The FairTax is also progressive for it provides a prebate or check each month to every American to pay the sales tax on necessities of living such as food, clothing, housing, and energy (electricity and gasoline).

 Had the FairTax been implemented with a six month payroll and capital gains  tax  holiday, the unemployment rate would have been significantly below 8% by now and the economy growing at a rate above 5%. 

 

The FairTax: It’s Time

The recommended economic policy of cutting both Federal taxes and Federal Government spending and regulation had been tried and proved successful in the past when the United States entered the roaring twenties:

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Keynesian Predictions vs. American History | Thomas E. Woods, Jr.

 

While the above economic policy recommendations would still work, it will never happen under the existing  ruling political class.

 Unfortunately, the political ruling class based in Washington, D.C., both Democrats and Republicans, vigorously opposed those proposing the FairTax.

 Comprehensive tax reform is opposed by the lobbyist and special interests on K Street in Washington D.C. who benefit from the  complicated Federal Income Tax.

Professional politicians of both political parties need the campaign contributions of these special interests and lobbyists to run for re-election.

The real problem is simply too much Federal Government spending.

The high levels of Federal Government spending is what is driving the need for new and higher  Federal taxation, every increasing borrowing to finance the deficits, and a reckless  expansionary credit and monetary policy.

The solution is to cut Federal government spending by eliminating entire Federal Departments, agencies and programs.

That is why I recommended that Federal Government spending be limited to 80% of FairTax collections with the  remaining 20% used to pay down the National Debt and fund entitlement (Social Security and Medicare) unfunded liabilities.

A Common Sense Political Agenda For A New Conservative and Libertarian Party: American Citizens Alliance Party (ACAP)–A CAP On Government Spending, Taxes, Debt and Regulations!

 

It’s Simple to Balance The Budget Without Higher Taxes

This solution is anathema to the progressive radical socialist of the Democratic Party led by President Obama.

Instead President Obama went with the failed economic policies of the Keynesian economists who always advocate more and more Federal Government spending, which is precisely what the progressive radical socialists want to impose on the American people.

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

  

As a direct  result of President Obama and the Democratic Party controlled Congress failure in cutting Federal Government spending, closing permanently many Federal Departments and agencies and ending hundreds of Federal Government programs, while  proposing even more and higher taxes,  more Americans are now  unemployed and seeking full-time employment than any time in the history of the United States.

 The number of unemployed are twice that of the Great Depression!

The U-3  official unemployment rate will remain above 8% and the U-6 total unemployment rate will remain above 15% for at least another 36 months.

By then the American people will vote President Obama out of office.

By then the American people will vote those Democratic and Republican Senators and Representatives who failed to institute deep and permanent cuts to the Federal budget, a balanced or surplus budget and the FairTax.

President Obama is a progressive radical socialist ideologue.

Obama wants to grow the size and scope of the Federal Government and use coercion and government intervention in the form of higher taxes and pervasive government regulation to redistribute wealth and limit consumer sovereignty and the liberties of the American people.

Paul Ryan on how to break the capital strike  

Krauthammer: “We Are Having A Capital Strike”

President Obama’s economic policies created massive economic uncertainty for consumers and businesses resulting in tens of millions of unemployed and underemployed Americans.

President Obama is a regime that must be changed if there is any hope for the tens of millions of unemployed Americans to find a full-time job.

On November 2, 2010 the American people will vote the Democrats out of office who were responsible for this economic disaster by massive government intervention into the economy and expansion of the size and scope of government.

Most Americans cannot wait to vote President Obama out of office in 2012.

Mr. President, you know  you are an economic illiterate.

Do the right thing Mr. President, resign for the good of the country and the American people.

Just think, Mr. President,  you will have more time to play golf, smoke and be with your family.

Everbody wins.

Good-Bye and Good Luck.

 

 

“Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individual’s life and the unrestricted supremacy of the government in its capacity as central board of production management.”

~Ludwig von Mises

Background Articles and Videos

 

Christina Romer explains a new report about job creation

The Job Impact of the American Recovery and Reinvestment Plan

By Christine Romer and Jared Bernstein

January 9, 2009

http://otrans.3cdn.net/45593e8ecbd339d074_l3m6bt1te.pdf

 

 Christie Romer: The Only Surefire Way for Policymakers to Substantially Increase Aggregate Demand in the Short Run Is for the Government to Spend More and Tax Less

“…In a report that Jared Bernstein and I issued during the transition, we estimated that by the end of 2010, a stimulus package like the Recovery Act would raise real GDP by about 3 1⁄2 percent and employment by about 31⁄2 million jobs, relative to what otherwise would have occurred. As the Council of Economic Advisers has documented in a series of reports to Congress, there is widespread agreement that the Act is broadly on track to meet these milestones…. What the Act hasn’t done is prevent unemployment from going above 8 percent, something else that Jared and I projected it would do. The reason that prediction was so far off is implicit in much of what I have been saying this afternoon. An estimate of what the economy will look like if a policy is adopted contains two components: a forecast of what would happen in the absence of the policy, and an estimate of the effect of the policy. As I’ve described, our estimates of the impact of the Recovery Act have proven quite accurate. But we, like virtually every other forecaster, failed to anticipate just how violent the recession would be in the absence of policy, and the degree to which the usual relationship between GDP and unemployment would break down.

By February 2009, before the Recovery Act was passed, unemployment was already over 8 percent; and by June, before the Recovery Act could have had much of an impact, it was 9 1⁄2 percent… our projection turned out to be wrong even before the Recovery Act had a chance to get off the ground, which is about as clear-cut evidence as one could imagine that the problem was in our assessment of the baseline, and not in the effects of the Act….

I certainly don’t regret having done the study. During the Transition, the little paper helped to build the case both internally and externally for a stimulus of unprecedented proportions. Only in retrospect does saying that our best guess was that unemployment would rise to 9 1⁄2 percent without aggressive action look rosy. At the time, it was scary as hell. It helped convince both our team and the Congress to go for as big a program as possible. And laying down a firm marker that the legislation had to save or create 3 1⁄2 million jobs helped prevent the package from shrinking greatly during Congressional negotiations….

The thing I do regret is that there is still so much unfinished business. I would give anything if unemployment really were down to 8 percent or lower…. That the economy remains as troubled as it is despite aggressive action reflects the fact that this has not been a normal recession. Just as the downturn was uncharted territory, so is its recovery. Because the recession began with interest rates at low levels, we can’t just have interest rates fall and housing, investment, and other interest-sensitive sectors come roaring back as they typically do in recoveries….”

http://delong.typepad.com/sdj/2010/09/christie-romer-the-only-surefire-way-for-policymakers-to-substantially-increase-aggregate-demand-in-the-short-run-is-for-the.html

Democratic Pollster: GOP Poised to Seize House and Senate

By: David A. Patten

“…Republicans are on the brink of pulling off a landslide “of potentially epic proportions” that would bring them control of both Houses of Congress and a majority of governorships, Democratic pollster and Fox News commentator Douglas Schoen says.

In an exclusive Newsmax interview, Schoen says he now sees several indications that matters are going from bad to worse for Democrats in this election cycle.

He points to a RealClearPolitics.com analysis that now shows Republicans picking up a net gain of nine seats in the Senate, which would deadlock the upper chamber 50 to 50. And polls show several other GOP candidates, including Carly Fiorina in California and Dino Rossi in Washington state, remain within striking distance, he says.

Schoen, a pollster for former President Bill Clinton, is co-author of the new book “Mad as Hell: How the Tea Party Movement is Fundamentally Remaking Our Two-Party System.”
…”

http://www.newsmax.com/Headline/gop-polls-lead-democrats/2010/10/08/id/373121?s=al&promo_code=AF37-1

 Monetization

“…Monetization is the process of converting or establishing something into legal tender. It usually refers to the printing of banknotes by central banks, but things such as gold, diamonds and emeralds, and art can also be monetized. Even intrinsically worthless items can be made into money, as long as they are difficult to make or acquire. Monetization may also refer to exchanging securities for currency, selling a possession, charging for something that used to be free or making money on goods or services that were previously unprofitable. …”

“…Monetizing debtIn many countries the government has assigned exclusive power to issue or print its national currency to independently operated central banks. For example, in the USA the independently owned and operated Federal Reserve banks do this.[1] Such governments thereby disavow the overly convenient ‘slippery slope’ option of paying their bills by printing new currency. They must instead pay with currency already in circulation, or else finance deficits by issuing new bonds, and selling them to the public or to their central bank so as to acquire the necessary money. For the bonds to end up in the central bank it must conduct an open market purchase. This action increases the monetary base through the money creation process. This process of financing government spending is called monetizing the debt.[2] Monetizing debt is thus a two step process where the government issues debt to finance its spending and the central bank purchases the debt from the public. The public is left with an increased supply of base money.

Effects on inflation

When government deficits are financed through this method of debt monetization the outcome is an increase in the monetary base, or the money supply. If a budget deficit persists for a substantial period of time then the monetary base will also increase, shifting the aggregate demand curve to the right leading to a rise in the price level.[3] When governments intentionally do this, they devalue existing stockpiles of wealth of anyone who is holding assets based in that currency. It is in essence a “tax” as the overall value of their assets decrease due to a loss in spending power. This is known as “inflation tax“.

To summarize: a deficit can be the source of sustained inflation only if it is persistent rather than temporary and if the government finances it by creating money (through monetizing the debt), rather than leaving bonds in the hands of the public.[4]

Examples

Monetizing the debt can be used as a component of quantitative easing strategies, which involve the creation of new currency by the central bank, which may be used to purchase government debt, or can be used in other ways.

However, there can be an insidious effect. As one observer noted:

When governments reach the point where they are borrowing to pay the interest on their borrowing they are coming dangerously close to running a sovereign Ponzi scheme. Ponzi schemes have a way of ending unhappily. To get out of the Ponzi trap, governments will have to increase tax revenues, or cut spending, or monetize the debt–or most likely do some combination of all three. [5] …”

http://en.wikipedia.org/wiki/Monetization

 Quantitative Easing

“…The term quantitative easing (QE) describes a monetary policy used by central banks to increase the supply of money by increasing the excess reserves of the banking system. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

A central bank implements QE by first crediting its own account with money it creates ex nihilo (“out of nothing”).[1] It then purchases financial assets, including government bonds, agency debt, mortgage-backed securities and corporate bonds, from banks and other financial institutions in a process referred to as open market operations. The purchases, by way of account deposits, give banks the excess reserves required for them to create new money, and thus hopefully induce a stimulation of the economy, by the process of deposit multiplication from increased lending in the fractional reserve banking system.

Risks include the policy being more effective than intended, spurring hyperinflation, or the risk of not being effective enough, if banks opt simply to sit on the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio.[1]

“Quantitative” refers to the fact that a specific quantity of money is being created; “easing” refers to reducing the pressure on banks.[2] However, another explanation is that the name comes from the Japanese-language expression for “stimulatory monetary policy”, which uses the term “easing”.[3] Quantitative easing is sometimes colloquially described as “printing money” although in reality the money is simply created by electronically adding a number to an account. Examples of economies where this policy has been used include Japan during the early 2000s, and the United States, the United Kingdom and the Eurozone during the global financial crisis of 2008–the present, since the programme is suitable for economies where the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero

http://en.wikipedia.org/wiki/Quantitative_easing

Consumer Sovereignty

“…Consumer sovereignty is a term which is used in economics to refer to the rule or sovereignty of consumers in markets as to production of goods. It is the power of consumers to decide what gets produced. People use this term to describe the consumer as the “king,” or ruler, of the market, the one who determines what products will be produced. [1] Also, this term denotes the way in which a consumer ideologically chooses to buy a good or service. Furthermore, the term can be used as either a norm (as to what consumers should be permitted) or a description (as to what consumers are permitted).

In unrestricted markets, those with income or wealth are able to use their purchasing power to motivate producers as what to produce (and how much). Customers do not necessarily have to buy and, if dissatisfied, can take their business elsewhere, while the profit-seeking sellers find that they can make the greatest profit by trying to provide the best possible products for the price (or the lowest possible price for a given product). In the language of cliché, “The one with the gold makes the rules.”

To most neoclassical economists, complete consumer sovereignty is an ideal rather than a reality because of the existence—or even the ubiquity—of market failure. Some economists of the Chicago school and the Austrian school see consumer sovereignty as a reality in a free market economy without interference from government or other non-market institutions, or anti-market institutions such as monopolies or cartels. That is, alleged market failures are seen as being a result of non-market forces.

The term “consumer sovereignty” was coined by William Hutt who firstly used it in his 1936 book “Economists and the Public”. …”

http://en.wikipedia.org/wiki/Consumer_sovereignty

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Stimulus II: A Sequel America Can’t Afford

 

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Obama aka Smokey The Bolshevik –“Only You Can Prevent Unemployment”–Blames Burning Bush For Unemployment Again!–Videos

Posted on September 20, 2010. Filed under: Blogroll, Books, Communications, Economics, Federal Government, Fiscal Policy, government, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Video, War, Wisdom | Tags: , , , , , |

Barack Obama smoking with Tony Hayward

“Blame Bush !” says Obama | 1rst Prez Press Conference | IT’S BAD !!!

Obama Continues to Blame Deficit on Bush

Republicans Drove the Car into the Ditch and Want the Keys Back

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Obama’s So-Called Stimulus: Good For Government, Bad For the Economy

Obama: GOP Drove The Country Into A Ditch.  ‘Now They Want The Keys Back’

Stop Spending Our Future – The Crisis

THE PLATTERS – ONLY YOU

Barack repeatedly blames the Republicans for running the economy or car into the ditch.

Not so fast.

Only the House of Representatives can initiate spending bills.

The Democrats won  a majority of the House of Representatives in the 2006 election.

The Democrats controlled both the House and Senate starting in 2007.

The economy did not go into a recession until December 2007 with the majority of the job losses starting in the final quarter of 2008.

The Democrats were definitely driving the car or economy starting in 2007 and drove the car into the ditch.

The car or economy remains in the ditch due to the huge stimulus package of 2009 and bailouts of businesses that should have gone into bankruptcy.

Obama drove the car into the ditch when he dropped his cigarette into his lap and got distracted.

Had President Obama done absolutely nothing, no stimulus bill and no bailouts, the economy would have already recovered from the recession with falling unemployment rates.

Instead the unemployment rate is headed to 10% with nearly 16 million American unemployed.

The total unemployment rate is actually over 17% with over 25 million Americans seeking full time employment.

Keep repeating the car in the ditch story Mr. President.

You are only confirming what the American people already know, you are clueless as to how and why jobs are created in the private sector.

Time to revoke the license of all progressive radical socialists of either party and throw them out of office.

Background Articles and Videos

1979 Smokey The Bear “Our Planet”

Early Animated Smokey Bear Commercial

Keynes and His Influence | Gary North

Hayek on Keynes

Peter Schiff – (Former Ron Paul Economic Advisor) Versus Art Laffer (Former Ronald McReagan Economic Advisor) – August 28, 2006 –

The Austrian School on Business Cycles: 100 Years of Being Right | Mark Thornton

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Read Full Post | Make a Comment ( 2 so far )

Gary North–Keynes and His Influence–Take The North Challenge–Videos

Posted on April 8, 2010. Filed under: Blogroll, Communications, Culture, Demographics, Economics, Education, Employment, Energy, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Immigration, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Science, Strategy, Taxes, Video, War, Wisdom | Tags: , , , , , , |

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”

~Vladimir Lenin

“The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”

“I work for a government I dispise for ends I think criminal.”

~ John Maynard Keynes

 

Keynes and His Influence

The above video should be viewed by all conservatives and libertarians.

Economists should take up Gary North’s challenge that should have been done decades ago.

Thank you Gary North.

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. “

~John Maynard Keynes, The General Theoryof Employment, Interest and Money, Chapter 24 “Concluding Notes”, page 383

Background Articles and Videos

Friedrich Hayek–Videos

John Maynard Keynes: Hero or Villain?

 

Murray N. Rothbard: Libertarianism

 

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Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

Posted on February 8, 2010. Filed under: Blogroll, Climate, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video, Wisdom | Tags: , , , , , , , , |

“The unprecedented success of Keynesianism is due to the fact that it provides an apparent justification for the “deficit spending” policies of contemporary governments. It is the pseudo-philosophy of those who can think of nothing else than to dissipate the capital accumulated by previous generations.

“Yet no effusions of authors however brilliant and sophisticated can alter the perennial economic laws. They are and work and take care of themselves. Notwithstanding all the passionate fulminations of the spokesmen of governments, the inevitable consequences of inflationism and expansionism as depicted by the “orthodox” economists are coming to pass. And then, very late indeed, even simple people will discover that Keynes did not teach us how to perform the “miracle … of turning a stone into bread,” but the not at all miraculous procedure of eating the seed corn.”

~Ludwig von Mises, Lord Keynes and Say’s Law, 1950

 

26A. ORIGINAL INTENT – Negative Influences

 

Keynesian Economics Is Wrong: Bigger Government Is Not Stimulus Stimulating The Economy 

 

Eight Reasons Why Big Government Hurts Economic Growth

The Empirical Evidence Against Big Government

Moving Beyond the Fake Stimulus: Reviewing Policies that Produce Real Growth

Don’t Turn America Into Another France

 

Best Books Criticizing Keynesian Economics

 

Most of President Obama’s economic advisors are Keynesians not to be confused with economists.

Unfortunately much of Keynes’ economic policies have been proven to not work.

Yet President Obama like President Obama is totally ignorant of economics and must rely upon Keynesians.

This is only natural since President Obama is a progressive radical socialist who believes the solution to every problem is  bigger government.

Instead President would be well advised to fire his Keynesian team of advisors and replace them with economists that believe that the government should not interfere with the free market economy.

Since this is highly unlikely the American people must resist President Obama intentional plans to take the US economy off the cliff by ever rising Federal Government spending, taxes, debt, and regulations.

These economic policies will only destroy more jobs, wreck the economy and kill the American Dream.

 Only a  grassroots movement of the American people can stop the political class from destroying free market capitalism.

The time is now.

Join the Second American Revolution.

The American People March on Washington D.C.–August 28, 2010–At The Lincoln Memorial! Mark Your Calendar–Be There–Three Million Minimum–Join The Second American Revolution

Tea Party time is now!

Inflation: Unemployment and Inflation

by Ludwig Von Mises

“…The most important thing to remember is that inflation is not an act of God; inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy–a deliberate policy of people who resort to inflation because they consider it to be a lesser evil than unemployment. But the fact is that, in the not very long run, inflation does not cure unemployment.

Inflation is a policy. And a policy can be changed. Therefore, there is no reason to give in to inflation. If one regards inflation as an evil, then one has to stop inflating. One has to balance the budget of the government. Of course, public opinion must support this; the intellectu­als must help the people to understand. Given the sup­port of public opinion, it is certainly possible for the people’s elected representatives to abandon the policy of inflation.

We must remember that, in the long run, we may all be dead and certainly will be dead. But we should arrange our earthly affairs, for the short run in which we have to live, in the best possible way. And one of the measures necessary for this purpose is to abandon inflationary policies.”

http://www.capmag.com/article.asp?ID=2765

Background Articles On Pronk Palisades 

Barack Obama’s Favorite Economist–John Maynard Keynes–A Great Guy?

Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

John Maynard Keynes: Hero or Villain?

 

Keynesian Predictions vs. American History

Is Ron Paul Trying To Take Over The Republican Party?

Henry Hazlitt and the Failure of Keynesian Economics

By Richard M. Ebeling

“…The central flaw in Keynes’s thinking, Hazlitt insisted, was his unwillingness to acknowledge that the high unemployment in Great Britain in the 1920s and the United States in the 1930s was caused by government intervention, including the empowering of labor unions, that made many prices and wages virtually “rigid.” Political and special-interest power prevented markets from competitively re-establishing a balance between supply and demand for various goods. Hence, the market was trapped in wage and price distortions that destroyed employment and production opportunities, resulting in the Great Depression. (Hazlitt did not deny that the contraction of the money supply in the early 1930s increased the degree to which prices and wages had to fall to re-establish full employment.)

Hazlitt considered Keynes’s inflationary “fix” crude and dangerous. First, Hazlitt pointed out that Keynes’s focus on macroeconomic “aggregates” concealed the microeconomic relationships among a multitude of individual prices and wages. The price level, wage level, total output, aggregate demand, and aggregate supply were all statistical fictions that had no reality in the actual market. Thus the wage level could not be too high relative to the general price level. But in the 1930s many wages for different types of labor were out of balance with the prices of individual goods sold on the market. What was needed to restore full employment was an adjustment of numerous individual wages and resource prices to the lower prices of many consumer goods. The extent to which any individual money wage or resource price might have to adjust downwards depended on the distinct supply and demand conditions in each of the individual markets. …”

“…If The General Theory had so many fundamental flaws, how did it become, in the words of one of his most enthusiastic followers, “the Keynesian bible”?19 Hazlitt offered some possible reasons in his introduction to his edited volume, The Critics of Keynesian Economics, which appeared a year after his own book. He suggested that Keynes’s theories rationalized the politics of special-interest groups that desired to reap the benefits of an inflation. Also, while much of The General Theory is written in difficult language, Keynes could dazzle the reader with literary imagery and wit that hid his central logical flaws. Keynes used the “technique of obscure arguments followed by clear and triumphant conclusions,” Hazlitt said. And finally, Hazlitt conjectured that the success of the book may have had a lot to do with its appearing to overthrow the existing orthodoxy in favor of radical and fashionable ideas about social engineering. “But whatever the full explanation of the Keynesian cult,” Hazlitt concluded, “its existence is one of the great intellectual scandals of our age.”20 …”

ttp://www.thefreemanonline.org/featured/henry-hazlitt-and-the-failure-of-keynesian-economics/

Hayek on Keynes

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President Obama Leads The Progressive Radical Socialists In Intentionally Destroying Jobs, Killing The American Dream, and Wrecking Market Capitalism–Stop All New Federal Spending and Taxes!

Posted on November 19, 2009. Filed under: Blogroll, Communications, Demographics, Economics, Employment, Energy, Fiscal Policy, government spending, Health Care, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Reviews, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”

~Thomas Jefferson

Glenn Beck 11 19 09 part 1

Glenn Beck 11 19 09 Part 2

Glenn Beck-11-19-09-A

Glenn Beck-11-19-09-B

Glenn Beck-11-19-09-C

Glenn Beck-11-19-09-D

Glenn Beck-11-19-09-E

Glenn Beck-11-19-09-F

Glenn Beck 20091118 Part 1/4

Glenn Beck 20091118 Part 2/4

Glenn Beck 20091118 Part 3/4

Glenn Beck 20091118 Part 4/4

“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”

~Thomas Jefferson

 

Background Articles and Videos

To Create Jobs, Voters Say Cut Taxes and Stop Spending

“…As the policy debate has unfolded in Washington this year, voters have consistently believed that tax cuts would do more than increased government spending to stimulate the economy and create jobs. Now that the nation’s unemployment rate has reached 10.2%, voters continue to hold that view.

The latest Rasmussen Reports national telephone survey shows that 62% believe tax cuts are a better way to create jobs and fight unemployment. Only 21% believe that additional stimulus spending is a more effective tool. Earlier this year, as the first stimulus package was being debated in Congress, 62% of voters wanted the plan to have more tax cuts and less spending.

Given a different choice today, 51% believe canceling the rest of the stimulus money would create more jobs while 32% say spending the money would be the better approach to job creation. These findings are consistent with earlier polling. Most Americans say that, generally speaking, increased government spending is bad for the economy.  Earlier this year, before the unemployment rate had reached its current highs, 45% wanted to cancel the rest of the stimulus spending while just 36% disagreed. …”

http://www.rasmussenreports.com/public_content/business/economic_stimulus_package/november_2009/to_create_jobs_voters_say_cut_taxes_and_stop_spending

EDITORIAL: National debt projections should be wake up call for our lawmakers

“…This week both the White House and nonpartisan Congressional Budget Office issued reports painting a bleak portrait of our economy, not just for ourselves, not just for our children but for our grandchildren. The stunningly grim $9 trillion, 10-year national debt forecast, as far as we’re concerned, would seem to preclude any further discussions about adding yet another trillion or so dollars for health care reform, especially if it includes a public option. A recent poll indicates more than half of our nation opposes such legislation, especially if it means more debt.

While much of the deficit spending the next few years is caught up in recent spending such as the American Recovery and Reinvestment Act approved under President Barack Obama and earlier Wall Street bailouts approved under President George W. Bush, consider this: Much of the debt piling up after 2013 involves the rising costs inherent in Social Security, Medicare and Medicaid as baby boomers retire to their expected rewards.

How on earth can this be the time to add another entitlement program? Does anyone really believe the government’s claim that health care reform will pay for itself, especially when Social Security, Medicare and Medicaid almost certainly will force an overhaul of those programs and/or significantly higher taxes for most Americans? …”

http://www.wacotrib.com/opin/content/news/opinion/stories/2009/08/27/08272009wactopeditorial.html

An $800 Billion Mistake

By Martin Feldstein

“…As a conservative economist, I might be expected to oppose a stimulus plan. In fact, on this page in October, I declared my support for a stimulus. But the fiscal package now before Congress needs to be thoroughly revised. In its current form, it does too little to raise national spending and employment. It would be better for the Senate to delay legislation for a month, or even two, if that’s what it takes to produce a much better bill. We cannot afford an $800 billion mistake. …”

“…The problem with the current stimulus plan is not that it is too big but that it delivers too little extra employment and income for such a large fiscal deficit. It is worth taking the time to get it right.”

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/28/AR2009012802938.html

Peter Schiff on Budget Deficit National Debt and Economic Crisis

United States of Amercia Government

http://www.usa.gov/Agencies/Federal/Executive.shtml

http://www.federalbudget.com/

 

 http://www.scribd.com/doc/3015540/US-Budget-Deficit-or-Surplus-1960present

http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/

Record-High Deficit May Dash Big Plans

$1.4 Trillion in Red Ink Means Less to Spend On Obama’s Ambitious Jobs, Stimulus Policies

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/16/AR2009101602388.html

http://www.brutallyhonest.org/brutally_honest/2009/11/obama-tripled-the-national-deficit-his-first-year-in-office.html

http://online.wsj.com/article/SB125119686015756517.html

Table S–3. BASELINE PROJECTION OF CURRENT POLICY BY CATEGORY 

1 (In billions of dollars) 

Totals 
2008  2009  2010  2011  2012  2013  2014  2015  2016  2017  2018  2019  2010- 2014  2010- 2019 
Outlays: 
Appropriated (“discretionary”) programs: 
Defense (050) including cost of overseas contingency operations  612  662  717  715  718  732  747  766  784  803  823  843  3,628  7,647 
Non-defense discretionary  508  584  681  639  607  595  597  608  622  637  652  667  3,118  6,304 
Subtotal, appropriated programs  1,120  1,246  1,397  1,353  1,325  1,326  1,344  1,374  1,407  1,440  1,474  1,509  6,746  13,950 
Mandatory programs: 
Social Security  612  677  702  729  755  792  837  886  939  997  1,060  1,128  3,814  8,825 
Medicare  386  425  452  497  507  565  631  650  720  751  780  871  2,652  6,425 
Medicaid  201  258  285  273  284  307  332  360  389  418  450  483  1,481  3,580 
Troubled Asset Relief Program (TARP) 

2

………  235  70  11  9  6  6  3  1  *  ………  ………  102  106 
Other mandatory programs  411  636  644  590  499  500  489  489  517  526  526  553  2,722  5,333 
Subtotal, mandatory programs  1,610  2,232  2,152  2,100  2,054  2,170  2,295  2,387  2,566  2,693  2,817  3,035  10,771  24,269 
Net interest  253  173  196  288  392  477  542  603  660  716  770  829  1,895  5,473 
Disaster costs 

3

………  2  8  15  18  20  22  24  26  27  29  30  83  220 
Total outlays  2,983  3,653  3,754  3,756  3,788  3,993  4,204  4,389  4,659  4,876  5,090  5,403  19,495  43,913 
Receipts: 
Individual income taxes  1,146  904  1,026  1,155  1,306  1,418  1,537  1,657  1,771  1,885  2,001  2,114  6,443  15,870 
Corporation income taxes  304  149  206  275  325  355  359  392  412  431  451  474  1,520  3,680 
Social insurance and retirement receipts: 
Social Security payroll taxes  658  653  661  699  734  775  823  866  919  958  1,003  1,045  3,691  8,482 
Medicare payroll taxes  194  190  189  202  214  227  241  254  270  282  294  307  1,074  2,481 
Unemployment insurance  40  40  50  62  72  76  78  79  77  76  72  73  339  715 
Other retirement  9  9  9  8  8  9  9  9  9  9  9  9  43  87 
Excise taxes  67  65  69  79  83  85  86  87  88  89  88  89  403  844 
Estate and gift taxes  29  26  19  23  24  26  27  29  31  33  36  38  119  286 
Customs duties  28  23  21  22  23  24  25  27  29  31  34  36  114  272 
Deposits of earnings, Federal Reserve System  34  27  39  41  43  43  46  48  49  51  53  55  211  468 
Other miscellaneous receipts  17  16  16  16  17  17  17  18  18  18  18  18  83  172 
Total receipts  2,524  2,102  2,305  2,583  2,850  3,055  3,249  3,464  3,671  3,863  4,059  4,258  14,041  33,357 
Deficit  459  1,552  1,449  1,173  939  938  955  925  988  1,013  1,031  1,145  5,454  10,555 
On-budget deficit  642  1,684  1,559  1,302  1,085  1,101  1,135  1,112  1,189  1,210  1,225  1,329  6,182  12,247 
Off-budget surplus (–)  –183  –133  –110  –128  –147  –163  –180  –188  –201  –197  –194  –184  –728  –1,692 

http://www.whitehouse.gov/omb/assets/fy2010_msr/10msr.pdf

http://blog.heritage.org/2009/07/29/which-chart-best-exposes-obamacares-true-impact-on-the-deficit/

http://keithhennessey.com/2009/06/22/orszags-health-spending-gap/

I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

http://www.youtube.com/watch?v=O_TjBNjc9Bo

Stop Spending Our Future – The Crisis

 

$78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming?

Obama; Spending us into Oblivion. Why? – How do we pay off this Debt? – Glenn Beck Explains

Has the White House Gone Nuts?

MarketTamer.com: Credit Market Debt

U.S. National Debt Clock Real Time

http://www.usdebtclock.org/

CURRENCY COLLAPSE: Why The Government Won’t Act

CURRENCY COLLAPSE: Why The Government Won’t Act Part 2

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President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Posted on February 9, 2009. Filed under: Blogroll, Books, Communications, Cult, Economics, Employment, Investments, People, Politics, Quotations, Rants, Raves, Regulations, Strategy, Taxes, Technology, Video | Tags: , , , , , , , , , , , , , , , , |

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

~John Maynard Keynes

President Obama’s ignorance of economics and business history is stunning and is only matched by his arrogance in recommending a stimulus package and bailouts that will not work and will within two years lead to inflation rates from 25%-50%. 

President Obama is destined to be a repeat of the Carter years, only much worse.

Any Democrat or Republican that votes for the stimulus package and future bailouts of banks, businesses, and states will rue the day that they failed to listen to those warning them that you do not know what you are doing–wrecking the US economy and destroying  jobs.

If that is the real agenda of the FDRs  they may succeed for a while.

The American people will remember in 2010 and 2012 and will vote out of office all those Democrats and Republicans that voted for this so-called stimulus package and future bailout bills.

The unemployment rate will hit 10% by July 2009.

Employment Situation Summary

“…Both the number of unemployed persons (11.6 million) and the unemployment rate (7.6 percent) rose in January.  Over the past 12 months, the number of un-employed persons has increased by 4.1 million and the unemployment rate has risen by 2.7 percentage points.  (See table A-1.) …”

http://www.bls.gov/news.release/empsit.nr0.htm

With over 14 million American unemployed in July, President Obama and the Congressional FDRs will then own the recession–Depression Obama Arrives–DOA!

The Affirmative Action Radical President (AARP) changes his tune from hope and change to doom and panic in three weeks.

Looks like the stress of the job is already getting to him.

What did you expect from one of the least experienced and qualified President elected in 100 years?

It is the typical policy of après nous le déluge. Lord Keynes, the champion of this policy, says: In the long run we are all dead. But unfortunately nearly all of us outlive the short run. We are destined to spend decades paying for the easy money orgy of a few years.

~Ludwig von Mises

Omnipotent Government, page 252

It was [Keynes’] revival of this underconsumptionist approach [long preached by cranks and radicals] which made his theories so attractive to the Left.

~Friederich A. Hayek

 Collected Works, Vol. 9. p. 249

 

Cargo Cult

 

Big Government Is Not Stimulus: Why Keynes Was Wrong (The Condensed Version)

 

Obama’s So-Called Stimulus: Good For Government, Bad For the Economy
 

 

The Battle Between Keynes and Monetarism in the UK part 1

 

The Battle Between Keynes and Monetarism in the UK part 2

 

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Ron Paul: U.S. spends $1 trillion to maintain empire 

 

GOP senators ‘caved in’ on stimulus, Dr. Paul says 2/7/2009

 

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Vintage pro-inflation propaganda

 

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Background Articles and Videos

 

Keynesian Economics

“In economics Keynesianism (pronounced /ˈkeɪnziən/, also Keynesian economics and Keynesian Theory), is based on the ideas of twentieth-century British economist John Maynard Keynes. According to Keynesian economics the state should stimulate economic growth and improve stability in the private sector — through, for example, adjusting interest rates and taxation and funding public projects.

The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in 1936.

In Keynes’s theory, some micro-level actions of individuals and firms can lead to aggregate macroeconomic outcomes in which the economy operates below its potential output and growth. Many classical economists had believed in Say’s Law, that supply creates its own demand, so that a “general glut” would therefore be impossible. Keynes contended that aggregate demand for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output. Keynes argued that government policies could be used to increase aggregate demand, thus increasing economic activity and reducing high unemployment and deflation.

Keynes argued that the solution to depression was to stimulate the economy (“inducement to invest”) through some combination of two approaches :

  • a reduction in interest rates.
  • Government investment in infrastructure – the injection of income results in more spending in the general economy, which in turn stimulates more production and investment involving still more income and spending and so forth. The initial stimulation starts a cascade of events, whose total increase in economic activity is a multiple of the original investment.[1]

A central conclusion of Keynesian economics is that in some situations, no strong automatic mechanism moves output and employment towards full employment levels. This conclusion conflicts with economic approaches that assume a general tendency towards an equilibrium. In the ‘neoclassical synthesis’, which combines Keynesian macro concepts with a micro foundation, the conditions of General equilibrium allow for price adjustment to achieve this goal.

The New classical macroeconomics movement, which began in the late 1960s and early 1970s, criticized Keynesian theories, while New Keynesian economics have sought to base Keynes’s idea on more rigorous theoretical foundations.

 

http://en.wikipedia.org/wiki/Keynesian_economics

 

Fascism

Fascism is an authoritarian nationalist ideology focused on solving economic, political, and social problems that its supporters see as causing national decline or decadence.[1][2][3][4] Fascists aim to create a single-party state in which the government is led by a dictator who seeks unity by requiring individuals to subordinate self-interest to the collective interest of the nation or a race.[5][6][7] Fascist governments permanently forbid and suppress all criticism and opposition to the government and the fascist movement.[8]

Fascist movements oppose any ideology or political system that gives direct political power to people as individuals rather than as a collective through the state (liberalism, democracy, individualism); that is deemed detrimental to national identity and unity (class conflict, communism, internationalism, laissez-faire capitalism); that protects and enhances the power of “weak” people rather than promoting “strong” people (egalitarianism); that may oppose major changes to institutions and cultural values that it proposes (conservatism) and that undermine the military strength and military ambitions of the nation (pacifism).[9][10][11] [12][13][14][15][16][17][18]

Fascist movements promote violent conflict between nations, political factions, races, and other groups of people as part of a social Darwinist and militarist view that conflict is a natural process and a part of evolution.[19][20]

Following the defeat of the Axis powers in World War II, the term fascist has been used as a pejorative word. [21]

http://en.wikipedia.org/wiki/Fascism

 

Burning the midnight oil: The Sellout Amendment is here

By Michelle Malkin

“…The full, cave-in “compromise” porkulus amendment of GOP Sens. Collins, Specter, and Snowe finally arrived in my inbox tonight at 11:14pm Eastern.

So, your representatives of the “most deliberative body in the world” have barely a day to digest and debate the 778-page legislative text before rushing to vote on cloture Monday evening.

Like Dave Ramsey says: “Desperate always reap stupid.”

I’m uploading the whole thing for you so you can see it, too.

Click here for PDF file.

Get out your hip-waders.

Highlights coming. …”

http://michellemalkin.com/2009/02/07/burning-the-midnight-oil-the-sellout-amendment-is-here/

 

Jim Rogers – Super-inflation to come worldwide


 

 

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Fred Thompson On Borrowing and Spending–Yes We Can!

Posted on January 3, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Links, Politics, Quotations, Raves, Regulations, Taxes, Video | Tags: , , , , , , , , , , , , , , , |

Trying to fix problems caused by excess consumption with more spending is like telling a fat guy that the way to lose weight is to eat more donuts.

~Fred Thompson

 

Fred Thompson on the Economy

 

Great video!

Ask not what your country can spend on you, ask what you can spend for your country. Is that what made American a great country?

~Fred Thompson

 

Background Articles and Videos

 

Postponing Reality

By Thomas Sowell

 

“…While Detroit’s Big Three are laying off thousands of workers, Toyota is hiring thousands of workers right here in America, where a substantial share of all our Toyotas are manufactured.

Will this save Detroit or Michigan? No.

Detroit and Michigan have followed classic liberal policies of treating businesses as prey, rather than as assets. They have helped kill the goose that lays the golden eggs. So have the unions. So have managements that have gone along to get along.

Toyota, Honda and other foreign automakers are not heading for Detroit, even though there are lots of experienced automobile workers there. They are avoiding the rust belts and the policies that have made those places rust belts.

A bailout of Detroit’s Big Three would be only the latest in the postponements of reality. As for automobile dealers, they can probably sell Toyotas just as easily as they sold Chevvies. And Toyotas will require just as many tires per car, as well as other parts from automobile parts suppliers.”

http://www.realclearpolitics.com/articles/2008/12/postponing_reality.html

 

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