Category Archives: Obama

What Comes After Trillion?

In recent weeks and in an effort to curb growing outrage and voter disaffection, President Obama has shown up everywhere, save  the guest judge chair on ‘American Idol’. From town halls to prayer breakfasts, on prompter and off, the President has been seen pimping his budget and defending his prescription for the U.S. economy, which is predictably focused on government, not business, creating jobs.

He’s also appeared a bit touchy in recent days. In his State of the Union, he denied that his healthcare plan is a result of some ‘Bolshevik plot,’ and sought to blunt nasty ‘communist’ or ‘socialist’ aspersions cast by those evil tea-partiers.  It’s easy to see why he’d want to avoid such labels, however true they might be. Forget economic output comparisons between old Europe and the United States over the last thirty years and just examine last week’s market reaction to Spain and Portugal’s budgetary crises. Spending and raising debt ceilings hasn’t helped their respective economies. Add Greece to that mix as they are trying to get spending under control. 

Obama has repeatedly pledged to restore fiscal discipline to Washington, yet his budget would more than double the current debt, increasing it to $26 trillion over the next decade. Forty cents on every dollar spent in the budget is borrowed. And while it would be nice if maybe our loan shark was Canada or Britain, China continues to invest in our debt. With each security sold or Wall St investment made, Beijing wields more influence and hinders further criticism of their monetary, trade, or human-rights policies.

What can Americans expect from these borrowed Chinese dollars? How will the President use this debt to catapult the U.S. economy into prosperity? 

His budget spells it out.

Under the ‘Reviving job creation and laying a foundation for economic growth’ section Obama outlines his recipe to grow jobs. ‘Investments’, spending, are programmed for education, clean energy and infrastructure to lay a foundation for long term job growth. He provides high-speed rail with $5 billion over five years, $1 billion in this year’s budget. Just how will hi-speed rail create jobs and sharpen America’s competitive edge?  

Adopting this particular European idea is folly on so many levels. European cities are much closer together and their highways are radically inferior; there just isn’t enough room for road expansion. Another reason for a viable European railway—weather. Many businessmen from Milan take the train to Turin or Venice to avoid fog which, in the winter, can create hours of delays. In addition, gas is more expensive. Choosing between spending 80€ to fill up your tank or 20$ to take a train, is a no-brainer. And when Europeans visit America, they rent cars; they don’t purchase Amtrak tickets.

In addition to the ‘I wanna be like Europe’ nonsense, the President fails to understand that multi-nationals aren’t flocking to China and India for their infrastructure; it’s their cheap labor and lower taxes. Cutting-edge is not a herd of cows meandering about the roadway unimpeded, it’s I-95 from Miami to New York.  

Another bedrock of the new Obamaconomy is clean energy. Not only does the new budget allow for $54.5 billion in ‘green’ loans, it encourages “new nuclear facilities and a range of renewable energy projects that reduce greenhouse gases and pollutants, while simultaneously creating jobs and contributing to long-term economic growth.” Energy efficiency is a critical component, but perhaps it would be better to fund those programs when the economy is on solid footing.

Another baffling mention in a growing economy subsection is the $1 billion Michelle Obama childhood obesity project. It would be altogether different if this $1 billion were to feed starving American children, but as it stands, we are going to be borrowing from the Chinese to better nourish overweight children. 

The budget also lays out plans to bring grocery stores and other ‘healthy’ food retailers to ‘food desert’ communities.

Where to start…Shouldn’t Publix or Whole Foods decide where to put their stores? And what exactly is a ‘food desert’ community? Inner cities? Maybe if bag boys weren’t scared to push Grandma Edith’s cart to her car, Whole Foods might consider the idea. Government doesn’t need to help businesses decide how to expand profits. That job falls to management and their expertise.

 As Americans watch their friends and family lose jobs with no end in sight, they see a President more interested in remaking the nation than strengthening the economy. Since their own wealth hasn’t been enhanced through second mortgages and house flippers, they aren’t apt to believe that borrowing from China will result in an economic renaissance.

 If fiscal conservatives don’t win in November and get a handle on these trillion dollar deficits, Americans better familiarize themselves with a new term—quadrillion.

Stimulating the G20

 

BRITAIN G20 DINNERHe had them at bonjour. Anarchists and mainstream Europeans lauded the arrival of the ‘anti-Bush’ in London yesterday, as G20 leaders met to coordinate their cure for a crisis whose origins some would prefer to ignore. But not French President Sarkozy who noted Wednesday evening: “The crisis didn’t spontaneously erupt in Europe.”

 

Aside from the American President’s second questionable diplomatic gift, an iPod presented to the Queen, it’s the diverging opinion on how to solve the crisis making non-English headlines. The French and Germans are strongly opposed to Obama’s push for stimulus. Already overloaded with entitlement spending, they differ philosophically from a President whose budget wouldn’t qualify his country for EU membership.

 

The nonpartisan CBO contends that President Obama’s budget would incur a debt-to-GDP ration of 5.3 percent for the fiscal years 2010 to 2019. The President’s advisors have argued that his healthcare, education and energy initiatives would increase revenue, thus reducing the unsustainable deficits. But how will going green help spur corporate growth among factories and businesses whose taxes are bound to soar even higher than the tax rates which are some of the highest in the world?

 

Italian Prime Minister Berlusconi supports the French and German focus on tougher regulation, as opposed to unproven deficit-creating stimulus. In today’s column, La Repubblica’s Federico Rampini openly questions Obama’s leadership qualities by likening his ability to dictate the international agenda to former President Jimmy Carter. He called it a “historic low for America.”

 

France’s Sarkozy summed up the European opposition best—“We want a capitalism of entrepreneurs, not a capitalism of speculators.” The biggest crisis in a century wasn’t their fault, and although Obama is reticent to place blame, it’s clear and understandable why other leaders are eager to identify the cause. Because without acknowledging what went wrong, why and who is responsible, solving and preventing future disasters become impossible. Unregulated hedge funds and derivatives must be tackled.

 

According to France’s L’Express, the IMF was a big winner at the G20—its capacity went from $250 billion to $750 billion. In an attempt to demonstrate his concern for the third world, Obama additionally wants the IMF to sell off $20 billion of its gold reserves to help the poor in third world countries. Beyond making a compassionate impression, another motive might have been at play, as his budget calls for taking away charitable deductions from Americans making over $250k. Someone has to pick up the slack for Feed the Children. 

 

Bush bashers were eager to move beyond the cringe-inducing international summits of the past and into an era of change. While non-English speaking Europeans who aren’t keyed into U.S. political minutia continue to be wowed by his smile, presence and remarkable story, foreign leaders and dedicated observers are getting a clearer  picture.

Rough Week

obama_brown_460_803433c1With each day and each decision, the Obama Presidency grows more and more disturbing.

Just last week, before a joint press conference with Prime Minister Gordon Brown, we were told not to mind that pesky 50% decline in our retirement portfolios.

“The stock market is sort of like a tracking poll in politics. You know, it bobs up and down day to day. And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong,” he advised.

Tracking polls bob, but they bob between five and ten points max, and bobbing is rising and dipping, Mr. President. This market is dipping. It’s not bobbing up and down like a buoy in the water. Since your election, Wall St. is only bobbing down.

And speaking of poor Gordon Brown, he, along with the rest of the British public, left Washington disillusioned last week after learning just where Britain ranks on Obama’s hierarchy of countries. Middle of the pack. From the Telegraph:

… the mood music of the event was at times strained. Mr. Brown handed over carefully selected gifts, including a pen holder made from the wood of a warship that helped stamp out the slave trade – a sister ship of the vessel from which timbers were taken to build Mr. Obama’s Oval Office desk. Mr. Obama’s gift in return, a collection of Hollywood film DVDs that could have been bought from any high street store, looked like the kind of thing the White House might hand out to the visiting head of a minor African state.

Those critical of U.S diplomacy under Bush won’t be heartened by the new attitude at Foggy Bottom. Sunday, a State Department official responded to the criticism in the Telegraph:

“There’s nothing special about Britain. You’re just the same as the other 190 countries in the world. You shouldn’t expect special treatment.”

Stockholders, business owners, Europeans, and a more disheveled than usual Gordon Brown all had to feel a little less enamored with the American messiah. One group, however, had reason to sing and dance, if only singing and dancing weren’t forbidden to them.

On Sunday, in an interview with the New York Times, Obama expressed a willingness to reach out to moderates in the Taliban. I suppose by moderates, he means those Talibani who prefer hangings to beheadings or those ‘moderates’ who whip girls for educating themselves as opposed to burning schools along with their teachers.

‘Moderate’ wife beaters don’t exist, nor do ‘moderate’ al-Qaeda members. Using that term either underscores a cultural ignorance or a commitment to pacifism at all costs.

The most troublesome aspect of last week, however, wasn’t Obama’s minimizing of the ‘bobbing’ stock markets, his clumsy state visit with Brown or even his openness to ‘moderate’ Taliban fighters. It’s his approval rating hovering around 60%.

Obama is likeable, and in today’s American culture filled with ‘atta-boys’ and ‘good trys’, he might well have to cause WWIII to garner any scrutiny or negative judgments.

 

Aznar on Obama and more…

aznar1Former Prime Minister of Spain gave an interview to  France’s Le Figaro and had some interesting comments on the new President of the United States and the world-wide financial crisis. (translated from French)

LE FIGARO. – With Barack Obama, do you think U.S. policy will change?

Jose Maria Aznar. – I think there will be no radical change, even if the new president has raised many expectations. The threats to the world in general and the United States in particular are the same for Barack Obama as for George W. Bush. The priority for him is to save the U.S. from the economic crisis. There will be a new style but the answers will not be fundamentally different, because the room for maneuver is very limited. In Europe, many believe that Americans have elected an anti-American in the United States. It is a mistake. Barack Obama is an convinced American, committed to the values and history of the United States.

So, Europeans weren’t simply embracing Obama because he was the anti-Bush; they were also attracted to the notion that he might be an anti-patriot. I’m sure that flag lapel pin attached to President Obama’s jacket isn’t comforting to our internationalist friends in socialist circles abroad.

 

 Aznar also gave his opinion on the economic crisis:

We have an obligation to save the banks, because without a sound financial system, there is no economy. But one must make economic reforms. More flexibility and freedom in the economy, lower taxes, less spending, more stabile budget, less government intervention.

LE FIGARO: But Europeans are doing the opposite?
Exactly. And this is why I am convinced that the United States will emerge from the crisis before Europe.

And regarding Europeans pulling their weight in the Afghan conflict?

Europeans need to strengthen their presence in Afghanistan, as called for Barack Obama?

Yes, they should, because it can not be in an Alliance, claim the benefits of security and do not contribute. Yet I do not think the Europeans will respond positively to this request.

It’s AD Oprah!!!

barack-obama-and-oprah-winfreyPlease stop.

I never watch Oprah anymore, but paused a moment while flipping channels. In between drooling over Obama and belittling Palin, Stephanopoulos addressed the BB/AB question. Oprah asked whether politics in America will really be seen as before Barack and after Barack, hence the BB/AB. Stephanopoulos agreed: we’re no longer living in AD; we’re in AB, honey.

Please stop.

For all of us trying to give Obama a break, despite his signaling the return of the ‘Fairness Doctrine’, which would silence his critics in Rush, Hannity and Laura Ingraham, it’s becoming exceedingly difficult with the mindless cult-like behavior exhibited by his followers.

Please stop the insanity.

I’m living in AD, thank you very much.

President Sarkozy Fears Obama Victory

It’s a shame that the French President can see what fifty percent of Americans cannot: An Obama victory would radically undermine current efforts to prevent Iran from obtaining nuclear weapons.

 

From Israel’s Haaretz:

Sarkozy has made his criticisms only in closed forums in France. But according to a senior Israeli government source, the reports reaching Israel indicate that Sarkozy views the Democratic candidate’s stance on Iran as “utterly immature” and comprised of “formulations empty of all content.”

 

Until now, the five permanent members of the UN Security Council plus Germany have tried to maintain a united front on Iran. But according to the senior Israeli source, Sarkozy fears that Obama might “arrogantly” ignore the other members of this front and open a direct dialogue with Iran without preconditions.

Following their July meeting, Sarkozy repeatedly expressed disappointment with Obama’s positions on Iran, concluding that they were “not crystallized, and therefore many issues remain open,” the Israeli source said. Advisors to the French president who held separate meetings with Obama’s advisors came away with similar impressions and expressed similar disappointment.

I understand the fury and frustration directed toward President Bush; however, it would be irresponsible to elect a candidate as arrogant and naïve as Obama. He has used the power of persuasion and soaring rhetoric to woo a self-interested American public, but surely he won’t persuade the dwarf or the Mullahs in Iran.

 

For sure Obama can look forward to sharing something of significance in common with Ahmadinejad. They both believe that God has sent them to save the world.

Obama: a Plant?


A friend forwarded me an e-mail detailing the possibility that Obama could be a plant, by going back through his past and examining various inconsistencies and troubling questions which have gone unanswered. Perhaps many of you have received these viral e-mails, like the one claiming Obama is a Muslim.

Come on. Conservatives need to stop investigating Obama, start looking at the polls and wake up. However entertaining, none of these viral e-mails addresses the real problem: the poll respondents who have him in the lead. Therein lies the problem.

Americans don’t care that Obama is a socialist; why should they care who planted him? Just this weekend, while greeting voters, Obama was confronted by a plumber who said, ‘you’re going to raise my taxes, aren’t you,’ to which Obama replied, ‘I just want to spread it around.’ That’s codespeak for socialism, Marxism and all the other redistribution ideologies that have failed over the last century or so.

The bottom line is this: Americans are ignorant and ill-informed. They believe Obama will be powerless to harm the country or their bank accounts, even though he will have both houses of Congress in his pocket to enact any tax increase he wishes.

Voters will get exactly what they deserve when they elect an anti-American socialist on November 4. Despite the complete and utter failure of the Bush administration, the polls shouldn’t be close. Voters should look at the impressive characters supporting Obama (Chavez, Castro and Ahmadinejad), at his background and philosophies, his past as a street thug intimidating banks to make loans to people who couldn’t afford them and his involvement with Acorn, Ayers and Rezko. And most importantly, they should examine his ideology.

That this election is close is a testament one of two realities: the stupidity of Americans, or their sudden embrace of Marx and wealth redistribution. Neither of the two conclusions is comforting.

In response to the financial crisis of last week, Russia’s communist newspaper Pravda headlined with ‘The triumphant return to the teachings of Marx and Engels.’  Perhaps on November 5, we’ll be staring at a similar headline in The New York Times.