President Obama is proud of his bailout of General Motors. That’s good, because, if he wins a second term, he is probably going to have to bail GM out again. The company is once again losing market share, and it seems unable to develop products that are truly competitive in the U.S. market.
Right now, the federal government owns 500,000,000 shares of GM, or about 26% of the company. It would need to get about $53.00/share for these to break even on the bailout, but the stock closed at only $20.21/share on Tuesday. This left the government holding $10.1 billion worth of stock, and sitting on an unrealized loss of $16.4 billion. Continue reading
It wasn’t until Monday that the campaign was able to figure out how to answer the question, with Obama’s deputy campaign manager, Stephanie Cutter, saying, “Absolutely.” Continue reading
We are in the fourth year of Barrack Obama’s presidency and the final two months of the election. Finally, Obama is at least talking about the economy, jobs and energy. Sadly, he isn’t serious about any of them. He’s just running for re-election. He’s not announcing any real changes in policy or any new plans. He says this time, he will work and compromise with Congress. Continue reading
by George Landrith
President Barack Obama continues to argue against keeping taxes low to spur economic growth and job creation. At the same time, he argues against significantly cutting government spending to solve our huge deficits. Obama said “ [the philosophy of low taxes and cutting wasteful spending] fits well on a bumper sticker…. But it doesn’t work. It’s never worked.” Obama is wrong. It clearly has worked. And it is comical to listen to the guy who ran on the slogan of “hope” and “change” talk dismissively about bumper stickers.
During the past decade, if government had kept taxes low, kept government spending at historically reasonable levels, and not abused government power to push unwise and unsustainable mortgage and banking practices, we would not have the problems we have today. Continue reading
by George Landrith
Now that the 2012 election is less than a year away, President Barack Obama is finally at least talking about jobs on a regular basis. However, Obama’s new found interest in talking about jobs is driven by the election calendar. Where was his focus on jobs the past three years?
Obama won election more than three years ago, promising to fix America’s economic woes. For the first two years of his presidency, Obama had a willing and compliant Democrat-controlled Congress that unflinchingly did his bidding. Rather than focusing on jobs, he passed a $3.4 trillion federal budget, one-third of which was borrowed money. Continue reading
On Inauguration Day, 2009, President Obama seemed so politically blessed by the timing of developing economic trends. I expected that based on American economic history, recovery from the recession should have occurred some time during 2009. Even the longest previous recession since the Great Depression would have resulted in a recovery in summer 2009, as the recession began in December 2007.
Moreover, prior American history had shown that the deeper the recession the stronger the recovery. So I was expecting President Obama to pass his economic recovery plan, as foolhardy and ineffective as I believed it would be, and then to ride a wave of adulation as the economy roared back later in the year, which it should have done just on its own according to long established rhythms of the business cycle. Continue reading
President Obama used the word “invest” or “investment” at least thirteen times in the State of the Union address. But what he actually meant was “spend.” If he honestly believes the federal government needs to spend more money, why not just say so candidly and honestly? Why try to camouflage the truth? Doesn’t that mean even he understands that his goals and objectives are not honestly defensible? Continue reading
The Obama Administration has already gutted missile defense in Eastern Europe that would neutralize Iran’s growing missile threat. The Obama Administration has already slashed the Airborne Laser, which is a powerful defensive tool against potential hot spots like Iran and North Korea.
The Obama Administration’s has killed a “next generation” bomber, the Air Force’s F-22, is on the verge of ending the Marine Corps Expeditionary Fighting Vehicle, and appears ready to prematurely end production of the most advanced carrier-based fighter in the world, the Navy’s F-18. Continue reading