The Failure of Obamanomics

The Failure of Obamanomics

Monty
Pelerin

 

The monthly jobs numbers are both tragic and telling.
Each report brings forth spin from the White House asserting how the economy has
turned the corner and the recovery is occurring. Nothing could be further from
the truth! Jobs are not being created, certainly not at the rate which would be
consistent with a recovering economy.

Nor are jobs being created at a
rate sufficient enough to deal with growth in the labor force. As a result,
despite all the political puffery, the unemployment problem is not going away
any time soon. From the Wall Street Journal, with emboldening added, comes a blunt
assessment of job creation:

The latest employment reports have not been encouraging. At the rate
of 36,000 new jobs a month-the number gained in January-we will never
get back to full employment
. Even if we keep adding jobs at the
December rate of 121,000 new jobs, we wouldn’t achieve full employment
in this millennium.

The White House keeps hoping for monthly job
gains of 250,000. But even gains of that magnitude-more than double the average
gain last year- would not get America back to full employment until
2018
.

This assessment of the lack of job creation
is indicative of the failure of the Administration’s economic policy. The policy
has been tragic, producing the following outcomes:

  • A poorer America as a result of a seriously under-performing economy for now
    and apparently well into the future
  • Economic suffering and hardship for those unable to find work
  • Bankruptcies and foreclosures as a result of loss of income
  • Trillions of dollars wasted on useless “stimulus”
  • Trillions of dollars of debt imposed on future generations

One
might hope, probably in vain, that two positive lessons might be gleaned from
this terribly tragic and expensive experience:

  1. Keynesian economics (again!!!!!) does not work!
  2. Never elect an inexperienced unknown to the highest office in the
    land


Monty Pelerin at www.economicnoise.com

Mo’ money, mo’ money, mo’ money down the federal fiscal sinkhole

Mo’ money, mo’ money, mo’ money down the federal fiscal sinkhole

By Michelle Malkin  •  February 10, 2011 09:50 AM

As a companion to my column yesterday on the Democrats’ $53 billion high-speed rail boondoggle and the systemic sabotage of financial oversight in the Obama administration, I offer you two more depressing items:

First, via GOP Sen. Tom Coburn: $800 million missing at HHS and nearly $2 billion in limbo:

# The nonpartisan analysis of an audit conducted by Ernst & Young on the balance sheets of the U.S. Department of Health and Human Services (HHS) for FY2010, was included in HHS’s FY 2010 Agency Financial Report, dated November 15, 2010. The audit revealed concerning conclusions, among the many findings were the following:

* HHS Is Not In Compliance With Federal Financial Management Law. According to the HHS Inspector General’s review of Ernst & Young’s financial audit of HHS, “HHS’s financial management systems are not compliant with the Federal Financial Management Improvement Act of 1996.”
* Nearly $2 Billion Taxpayer Dollars Are Stuck in Limbo. “As of September 30, 2010, the audit identified approximately 102,500 transactions totaling an approximate $1.8 billion that were more than 2 year s old without activity.”
* Nearly $800 Million Dollars “Could Not Be Explained” Differing Between HHS’ Records and Treasury Department Records. “Based on our review and discussions with management, we noted differences of $794 million that could not be explained.”

Second: Who the hell is overseeing $7 billion in broadband stimulus funds? Via Multichannel News:

The Government Accountability Office has ongoing concerns about oversight of the government’s oversight of its Broadband Technology Opportunities Program stimulus grant/loan program, a concern long shared by some legislators and lots of cable operators. The Commerce Department, which is overseeing much of that program, also shares that concern, but says it has a plan if Congress will fund it.

That is according to the prepared testimony of Mark Goldstein, director of physical infrastructure issues for GAO, for a House Communications & Internet Subcommittee hearing Thursday, and a top Commerce Department official. Goldstein is a familiar face at communications-related hearings.

Commerce’s National Telecommunications & Information Administration and the Ag Department’s Rural Utilities Service have awarded over $7 billion in grants and loans for broadband deployment and adoption as part of the American Recovery and , and must now try to make sure the money goes where it should and to whom it should.
Goldstein says risks to the program’s success remain, including monitoring 553 projects that are “diverse in scale, scope, and technology” and funding that oversight since the recovery act funds ran out Sept. 30.

But even with NTIA and RUS’ contingency plans, which Goldstein said have been developed by both on the advice of GAO, his office “remains concerned about the oversight of the broadband programs. In particular, GAO believes the agencies, and especially NTIA, need to do more to ensure their oversight plans reflect current fiscal realities.”

For his part, NTIA witness Todd Zinser, Inspector General of the Commerce Department, called the broadband stimulus program “the largest and most complex” grant program NTIA has ever overseen, and agreed there were concerns at Commerce about the ability to oversee the program.

While the grants have been awarded, most of the money has yet to be handed out. According to his prepared testimony, he will tell the legislators that the potential for waste, fraud and abuse will increase over the next few years as grant recipients spend the money, and tie his concerns to the issue of funding. “The uncertainty regarding NTIA oversight funding for FY2011 and beyond raises significant concerns for the Department about the adequacy of future BTOP oversight,” he says.

The Muslim Brotherhood – in their own words

The Muslim Brotherhood – in their own words

Rick
Moran

 

They’re just puppy dogs, don’t you know? They’ve
renounced violence and have NO INTENTION of setting up a religious-dominated
government in Egypt.

Uh-huh – sure:

PMW [Palestinian Media Watch] has selected the following quotes from
Jihad is the way to illustrate central ideas of Muslim Brotherhood ideology.
PMW’s translation of the book follows below.

National goal: Islamic world domination
– “…the Islamic Ummah [nation]… can regain its power and be liberated and
assume its rightful position which was intended by Allah, as the most exalted
nation among men , as the leaders of humanity…”
– “…know your status, and
believe firmly that you are the masters of the world, even if your enemies
desire your degradation…”
– “It should be known that Jihad and preparation
towards Jihad are not only for the purpose of fending-off assaults and attacks
of Allah’s enemies from Muslims, but are also for the purpose of realizing the
great task of establishing an Islamic state and strengthening the religion and
spreading it around the world…”
– “…Jihad for Allah is not limited to the
specific region of the Islamic countries, since the Muslim homeland is one and
is not divided, and the banner of Jihad has already been raised in some of its
parts, and it shall continue to be raised, with the help of Allah, until every
inch of the land of Islam will be liberated, the State of Islam will be
established,…”

Means: Jihad – a mandatory religious duty
-“Then
comes the power of arms and weapons,… and this is the role of Jihad.”

“Jihad is a religious public duty… incumbent upon the Islamic nation, and is a
personal duty to fend off the infidels’ attack on the nation…”
– “And the
youth should know that the problems of the Islamic world, such as Palestine,
Afghanistan, Syria, Eritrea, or the Philippines, are not issues of territories
and nations, but of faith and religion. They are problems of Islam and all
Muslims, and their resolution cannot be negotiated and bargained by recognizing
the enemy’s right to the Islamic land he stole, therefore, there is no other
option but Jihad for Allah, and this is why Jihad is the way.”
– “The symbol
of the [Muslim] Brotherhood is the book of Allah [the Quran] between two swords.
The swords symbolize Jihad and the force that protects the truth represented in
Allah’s book.”
– “…that is, go out to battle, oh believers, young and old,
by foot or with animal, under all circumstances and
conditions…”

More at the link from PMW.

Saudi King lays down the law to Obama on Egypt

Saudi King lays down the law to Obama on Egypt

Thomas Lifson

 

The Times of London has an exclusive report (subscription required)
that Saudi Arabia’s King Abdullah warned  President Obama not to “humiliate”
Egypt’s President Mubarak, Fox
News
(a sister company of the Times) provides some details:

Saudi
Arabia
has threatened to prop up embattled Egyptian
President Hosni Mubarak
if the Obama administration tries to force a swift
change of regime in Egypt, The
Times of London reported Thursday.
In a testy personal telephone call on Jan. 29, Saudi Arabia’s King
Abdullah
reportedly told President
Obama
not to humiliate Mubarak and warned that he would step in to bankroll
Egypt if the U.S. withdrew its aid program, worth $1.5 billion
annually.
This is of course the very same King Abdullah before whom President Obama
abased himself (and our nation) in April 2009.

The Obama Administration is still trying to
coordinate
its response to the crisis in Egypt, which has featured
contradictory statements from the Secretary of State, the Special Envoy, Robert
Gibbs, and the President himself.

At a time when America needs a strong and wise leader handling extremely
dangerous events int he Middle East, we have a president who has squandered our
standing and is seen as weak and amateurish.

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from:
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at February 10, 2011 – 10:01:48 AM CST

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