Well, here is a term that I just heard. Maybe it’s been circulating around but I haven’t
heard it until now, Obamanomics. An editorial in investors.com really underscores the failure of Obama’s economic plan, if you can call it a plan. How is it that all the candidates, on both sides, are going to “revive” the economy by letting the private sector handle everything? Aren’t they the ones who got us into the financial crisis in the first place?
Having been put into power by Wall Street, Obama has done their bidding to the letter, and the facts pointed out by this article makes it hard to dispute his failure to do what he promised in his campaigning, to fix everything that Bush broke. The name, Obamanomics should stick and be associated with economic failure and betrayal to the American people.
I think that’s the not said but implied message, betrayal of the American people. In fact, one of the first things Obama did after getting into office was to bail out the Wall Street banks, just like Bush did. Only Obama went for 800 billion while Bush only did 700 billion. So, Obama out-Bushed Bush! The American people, and most of the states are still waiting for a bailout that will most likely never come, at least not from the Obama Administration.
The article cites the case of Darin Wedel, who, at the request of the President Obama, sent his resume to the White house but is still unemployed after two months. Darin Wedel is an electronics engineer but has been out of work for a while. He sent his resume in response to an internet forum where the President stated that we don’t have enough home-grown engineers to fill the positions. Wedel’s wife stated that the recruiters aren’t even calling him for any jobs anymore, meaning there aren’t any positions available in this country. It was an outright lie by the President.
It also states that over 100 million Americans over age 16 don’t have jobs, and since 2000 that’s up 34%. And the official government figure of 8.2% is way off because they are not counting the people who have simply given up looking for work out of discouragement or other factors. So, the number is really much higher.
The Gallop pole includes people who are working part time, that is, underemployed, but want to work full time and the figure is 18%. So, now we are getting close to the Great Depression figure of about 23% unemployment.
And, I’ll further point out the failure of Obama’s economic policy, or Obamanomics. His recent plan to balance the budget first, then he can start creating jobs is a lesson in failure for two major reasons: first, that says that Wall Street gets paid first at the expense of Main Street and second, the budget will never get balanced. You can’t cut that much out of the budget without totally collaping the economy. Everytime you cut the budget, you put more people out of work, they lose health care and basic services. The whole system will shut down and we will be like Greece with riots in the streets.
It all goes back to what I’ve said many times in this blog that we need to return to an American System policy, based on FDR, JFK and Lincoln, among others, to rebuild the industrial base of the economy. That means going against Wall Street politically. They are running the economic and financial show at this point. But they should be viewed as parasites on an economy, not as economic experts deciding the future of Main Street America.
Having Wall Steet run our economy is like the fox guarding the hen house.
What do you think of Obama’s broken promises?