Heritage.org has their Morning Bell piece on the Mid Session Resview. Frankly if I were them and I wanted to really make a point I would have done a line by line breakdown on the thing. The heritage.org piece is worth a read as a summary, and they cut the administration some slack by using the “official” number for unemployment (8.7%) versus the adjusted number of 22%. My gut feeling from talking to friends is that it’s closer to 8.7% – it’s probably 10%. It’s worse than the government is saying but it’s not as bad as statisticians are saying. At some point you’re playing word definition games rather than looking for numbers.
My impressions are that I’m still surprised Obama is in Blame Bush mode. At this point he’s sounding desperate. From the very first paragraph alone:
In January of 2009, the economy was on the brink of a potentially severe depression, precipitated by an era of irresponsibility marked by excessive risk-taking in, lax oversight of, and an eventual meltdown in the country’s credit and capital markets. The result was a severe and rapid economic contraction, the collapse of the financial markets, and damaging and painful job losses. More than 750,000 jobs were lost just in the first month of 2009, 3.7 million were lost in the first half of that year, and 8.4 million were lost between the beginning of the recession, at the end of 2007, and the beginning of the recovery.
We’re still talking about The Last Guy is what I get out of that. That tone continues through the entire piece. At some point in his term Obama might actually choose to lead and take personal responsibility for what’s going on, but I suspect this year isn’t it. Maybe next year. Even people who generally do try to ascribe economic failure to The Last Guy tend to only count the first year of a Presidents term as The Last Guys economic policy, so the fact that we’re still talking about 2007 speaks volumes for Obama realizing he’s absolutely screwed. Not only does he realize he’s screwed but rather than try to take it on the chin and say “ok we’re just making a mess here, lets do something else” he’s still saying “but look what BUSH did!”
The other thing which really pisses me off is that the budget says “oh look we made PAYGO into law!” Which was good. For all I thought Clinton was a scumbag who should have been raped to death by dolphins (one of the few animals in the world with two penises), he could run a business. The problem is the Obama version can be superceded by “emergencies” which hes cheapened out to be “right now”. The law solely exists to make sure congress and senate has a tough time funding anything since the office of the President has spent every last dime (actually four and a half of them). Obama’s PAYGO isn’t about a balanced budget, it’s about making sure everyone in the other two arms of the government can’t possibly say no.
Another step towards disaster is the Dodd-Frank act. This act prevents taxpayers from having to bail out wall street companies. Like we just did. Several times over. But it’s an emergency you see.
OK trying to be at least a little bit positive – Patient Protection and Affordable Care act which has nothing to do with the balance sheet protects Americans from discrimination based on pre-existing conditions.
Anyway, the rest of it is standard issue hogwash. I think we’re going to return to 10%+ mortgage rates in a few years so BUY NOW.