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The news continues to get worse. On jobs, housing, debt and energy, the American people are suffering under the weight of the Obama economy. Yet, if you listen to the head of the DNC, Debbie Wasserman Schultz (D-FL), under Obama, Democrats “were able to turn this economy around.” So laughable is this assertion that even a card carrying member of the mainstream media couldn’t hold back. Stating the obvious, Meet the Press moderator David Gregory reminded Wasserman Schultz that “clearly the economy has not been turned around” and “Americans don’t believe that’s the case.” Indeed, they don’t.
According to a recent Washington Post/Abc News poll, nearly 60% of Americans disapprove of the president’s handling of the economy. Among young people (18-29), another survey found that only 31 percent approve—the very same voting bloc that Obama carried by 34 points in ’08. But this should come as little surprise given his dismal economic record.
Nearly 14 million Americans are out of work today. Long term unemployment is now worse than during the Great Depression. 2.1 million have given up looking for work. Inflation is running at an annualized rate of 6.6%. Our economy is wind-bound with an anemic growth rate of 1.8%.
When Obama took office, unemployment stood at 7.3%. It is now 9.1%, a 25% increase. Factor in the underemployed—that is, those who seek full time work but find only part-time employment—and the figure more than doubles, approaching 20% of the American workforce.
The national average for a gallon of gas was $1.83 on inauguration day. Currently the average pump price is $3.76, a whopping 104% increase. The president remains unwilling to expand drilling for new and existing energy resources here at home. Instead, his policies weigh companies down with undo bureaucracy, moratoriums, permitoriums and regulation. This is economically derelict. To reduce cyclical consumer pain at the pump, expanding access to our known resources makes sense, and it would create jobs.
Our debt was 10.6 trillion in January 2009. It is now 14.3 trillion, up 35% and ever rising. So unsustainable is our mounting debt, so catastrophic the consequences, our very nation is at risk. Remember that Standard and Poor’s (S&P) reduced its long term outlook on U.S. debt to negative—a shot across the bow against the profligate spenders in Washington.
Americans have too long experienced the impact of reckless spending and borrowing. Debt is a drag on job creation.
Yet, it is precisely more debt that the public will bear if Democrats have their way. According to The Hill, Senator Tom Harkin (D-IA) is preparing another spending package proposal because, in his words, “We really do need some economic pump-priming by the federal government.”
Never mind that such a call betrays confusion and dissention among Democrats. Wasserman Schultz would have us believe that the economy has turned around. Senator Harkin, on the other hand, claims our struggling economy needs more government spending.
Well, Harkin is half right. The economic outlook is grim—albeit thanks to the ruinous policies of the administration. But Americans have already witnessed a failed 830 billion dollar stimulus that grew government but not the economy; the very same package that did not keep unemployment below 8%, as Obama claimed it would.
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