Summer of Depression
The longer President Obama refuses to acknowledge the direction of our nation's economy the greater the coming depression will be. For someone who has had the advantages of an Ivy League education, he seems to be an excessively poor student of history.
– President Obama is ignoring the very real direction the nation is headed.
– He is purposefully ignoring the impact his looming historic tax increases will have.
He just does not want to see the relationship between his economic ideas and the current pessimism that pervades the business sector. Just what are they teaching in Economics classes in those Ivy League institutions?
So this week, Obama played the numbers game again. He said that August saw jobs growth of 67,000. But there are problems with that figure…
Even if this number was real (which it is not) it would be a miniscule number of the 14,885,000 unemployed (1 in 10 Americans) plus another 23,768,000 who are underemployed (working but not earning enough for basic needs – 1 in 5 families).
But that 67,000 number isn't even real! 114,000 people were added to the unemployment lines in August and the net jobs lost for the month sat at 54,000.
This "summer of recovery" is a farce and bold-faced LIE. 238,000 more jobs disappeared. What kind of "recovery" is that? More people out of work!
He keeps saying we are moving in the right direction. Job loss and economic grow in a downward trend is the "right direction"? Is he dumb or is he deliberately plotting the destruction of our economy? Neither option is good.
At the rate of this "recovery" another 317,333 workers will lose their jobs by the end of the year.
Adding to the problem, now Obama wants the largest increase in taxes. In less than 120 days President Obama's plan to add a collective 18.6% to the federal tax burden will continue the economic downward spiral into record breaking depression-era territory.
And remember he repeatedly said–on the campaign trail–that he should be elected expressly to prevent the nation's economy from complete deterioration.
He also lied about no tax increases ("one single dime") for those making less than $250,000.
As of Jan 01 2011, President Obama will raise all five income levels of tax categories between 3-5%.
That's a whole lot of dimes.
– Townhall
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Tags: Economy Taxes
