NEWS ALERTfrom The Wall Street Journal March 6, 2009 U.S. nonfarm payrolls dropped 651,000 in February, almost right on expectations of a 652,000 loss. The unemployment rate rose to 8.1%, from 7.6% in January. The jobless rate is the highest since 1983. The economy has now shed 4.4 million jobs since the recession began in December 2007, with almost half of those losses occurring in the last three months alone. For more information, see:http://online.wsj.com/article/SB123634566437552601.html?mod=djemalertNEWS
Unemployment is now clearly on trajectory to achieve 10% or higher by year end, as I predicted.
This recession began in December 2007 and got worse in 2008. Obama was nominated in late 2008 and elected in November 2008 on a platform of change. The media thought that this would be change for the better.
Ask yourself: "Are you better off now than November 2008?"
Only the naieve could answer yes in the face of the facts of life:
1.Foreclosures and real estate collapse have accelerated DRAMATICALLY in the last quarter
2. Bankruptcies have accelerated dramatically in the last quarter
3. GDP has shrunk and continues to shrink
4 Congress has passed the largest boondoggle spending bill under the lie of "Stimulus". We dont have the money to pay for this. Nor do our children.
5 Obama promised to eliminate "earmarks". Watch his lips. He lied. He signed the above bill into law complete with 8000+ earmarks untouched.
6 Credit card defaults have accelerated and credit card interest charges have hit the roof...Citibank (you know the bankrupt bank we the taxpayer own) has raised everyones interest rate on credit cards to 29.99% cause they can as long as they tell you in advance that they will do this. They hid this notice in your monthly bill. A clear violation of fair dealing. Attorneys general countrywide are ignoring this.Why? Is it rational to expect strapped citizens to pay more interest! why are the politicians not doing something about this?
7. Congress is trying to run businesses!!! Which is why Citi is bankrupt, AIG is bankrupt and insolvent, GM and Chrysler too and of course add in Fredie Mac and Fannie Mae and it is obvious that the patient will soon bleed to death.
ARE YOU BETTER OFF?
Where is the hope for the future? No jobs, higher taxes, massive systemic unemployment, financial losses everywhere....and thats just at home.
In foreign policy, you know, where Government is supposed to keep us safe...Iran has won and will start up a nuclear power plant if it hasnt already done so and our Government dosent know or worse wont tell us.
We have destroyed our European allies confidence in our support by offering to trade off Baltic states security (giving up missile defences aimed at IRAN)and begging Russia to stop supporting IRAN. Of course Russia's Medvedev contemptiously rejected this. Obama failed that test. But then who cares about the Baltic states(where are they anyway).
Our government promises to close a prison housing the worst enemies of our state (where they are treated better than our own convicted murderers) without a plan to dispose of accused and confessed jihadists (no credible PROOF they were tortured) who have publically vowed to take up arms against us as soon as they can. It is proven... we let some go and they did just this!! You feel safer now?You didnt know? Ask your congressperson if they know.
We have told everyone that we will stop combat operations in Iraq in 19 months. Bravo. We won. No more need for combat. Iraq is a sucess at governing itself. You heard Al Qaeda say the same thing? Feel an impending sense of doom? Are your kids some of the 50,000 soldiers we will leave in Iraq to become targets without the ability to continue "combat operation"? Remember Vietnam? Same thing only no carpet bombing. Talk about again turning victory into defeat!!
And the doozy of them all: Gaza/Hamas/Israel. We are sending billions to a failed political administration that used the last billions we gave them to send rockets to kill anything that moves in Israel and vows to continue to do so. Nobody lifted a finger worldwide when Israel, a soverign democracy, exercised its right of self defense and retaliated. Now Hilary (presumably with O's approval) plans to give billions to rebuild the destroyed infrastructure and AGAIN make it possible for contemptuous terrorists to continue killing defenceless civilians with outlawed tactics of indiscrimainate bombing.
Remember Jimmy Carter shaking hands with a terrorist killer Arafat at Camp David, only to see an Intifada erupt in Israel before the echoes of "peace in our time" died out. And we financed that little genocide!!! Thanks Jimmy...Once again we repeat that mistake.
Feel safer yet? Think our allies feel better about us?
Think we the voters dont care or are unaware?
Really Chuck Schumer? Still think we the voters dont care about a "little porky spending"?
This unrelentless decline in our standard of living, our ability to plan for retirement (your annuities are not going to pay you out when Insurance companies are bankrupt) and the money you do get will be worth less and less...inflation IS coming,
is all happening because our political establishment is TOTALLY UNABLE top rovide solutions to our economic problems that do not involve more taxes (there is an incentive to work harder now!!) or less tax deductions, or senseless pork barrel spending or a credible solution to our housing cris.
This Government is destroying our future American Dream including breaking the explicit contract with its citizens over their right to a house to live in!! They are destroying the opportunities to build a home and a future for our families and providing NO CREDIBLE ALTERNATIVE...
This Government should:
1. Set up a mortgage buying program so that every homeowner living with their family in their home can sell their existing mortgage to the Government and replace it with a 30yr fixed rate mortgage at 4% rate with principal adjusted to reflect the family ability to pay no more than 31% of Gross income as reported onlatest Tax retun. No tax return no mortgage. Government gets to issue these mortgages and second mortgages interest free payable at sale of home in the future.
2. Revoke all earmarks. As promised by our president.
3 spend money on government projects that can be guranteed to break ground within 30 days. Officials proven to have misrepresented these projects should be forced to resign if convicted..without golden parachutes. All non-esstential spending in these projects (clearly not DIRECTLY contributing to the progress of these projects)to be refunded with interest to Treasury within 7 days. Resignation to follow and no further participation in any Government projects to be permanently forbidden.
4. Stop all foreign policy efforts that threaten the security of the nation At a minimum stop funding any and all efforts connected to terrorist organizations, terrorist states and any organization supporting these. Start with Hamas, Iran and go from there or prove clearly that sending mony from US taxpayers to terrorists will make us tangibly and immediately safer. Do not rely on treaties made with terrorists. Defeat terrorism dont bargain with it...every single time in the last 100 years we have appeased terrorists, Nazis, jihadists, drug dealers, despots and dictators this country has become worse off.
The first task of our Government now is to make this country prosperous again. The markets worldwide, stock and commodity and any other kind, is voting a huge NO to the weak flailing of our legislators. You wont be able to persuade a rational businessperson to invest for the future when all they face is undefined but definitely higher taxes and costs of doing business. There is no way to play the game when the referees are making up the rules as they go...especially when the referees cant show that they have run a business or balanced a budget or are able to act with impartiality for the good of the nation.
Well? How can you conclude that you are better off? There is no evidence we are not circling the toilet bowl. Hope and change dont keep the bill collectors from hounding us to death. We are tangibly less safe than just 6 months ago...drug lords run the biggest country on our border..Mexico.
This government is failing this nation!!
We dont feel better about the future..we feel worse. You cant spend Hope especially if it isnt there.
We are not better off. Beware the ballot box in a few years..oh yes I forgot, election campaigns are about to start again. God help us all!