Sunday, February 22, 2009

Obama Did Not Inherit the Bad economy

This is a post from Flopping Aces:

"'Now, my administration inherited a deficit of over $1 trillion, but because we also inherited the most profound economic emergency since the Great Depression, doing little or nothing at all will result in even greater deficits, even greater job loss, even greater loss of income, and even greater loss of confidence.'

"It might be technically true that his Presidential Administration inherited it, but he himself did not. No, he created it. Before being elected President Barack Obama was a Senator in a party that controlled both houses of Congress with a lame duck President. From 2006-present, the economy has faltered increasingly. However, the big crash happened while he was a senator at a time when Congress ruled the land (ie a lame duck Presidency). Yes, President Bush still had some power, but the majority of power was with the Democratic Party-controlled Congress; with Senator Obama’s Congress. Add to that the fact that President Bush was unusually catering to Pres-elect Obama after the November election, and not only did Bush consult with Obama, but at Obama’s urging he authorized the bailouts for insurance company AIG, for car corporations, and for the $700billion TARP fiasco. Obama himself URGED the first $700billion, the deficit “his administration” inherited was created by a budget that he and his party created in Congress just prior to his election as President.

"No, Obama did not inherit the bad economy. He created it, and shame on him for misrepresenting its origin by sly wording rather than honest and genuine admission of mistakes. Bush had enough mistakes to take responsibility for, and the time for scapegoating passed when millions of Democrats (filled with the spirit of hope, change, and bi-partisan unity) booed the figurehead of 46% of the nation as his helicopter left the Inauguration.

"Obama and the Democrats created the bad economy, it happened on their watch-because of their budgeting, their bailout demands, and their poor choices. Time to man up Mr President."

Much of the present bearishness of the markets is the result of businesses' uncertainty about just what in the Hell Obama is going to do and anxiety about Obama's fitness for the job. Obama's endless talk about the dire nature of the situation has not helped stock prices. His endless Cassandra-like talk and the near certainty that the federal government will impose expensive mandates on employers has pretty much killed the job market.
One has to wonder if Obama does not want to destroy the economy since he has yet to do anything that would help it and he has done plenty to cause harm.

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