From Reuters, President Obama discusses the sagging economy, and what can be done about it. And, you know, he knew all along there were going to be problems this summer.
(Reuters) - President Barack Obama said on Sunday the U.S. economy was expanding, but not quickly enough, and there was no "magic bullet" that will fix its problems.
Obama said in an NBC interview that the batch of grim economic data over the past few weeks was something his administration had anticipated.
The growth rate revision late last week was for the second quarter. But near the end of that second quarter both Mr. Obama and VP Joe Biden assured us that this was "recovery surrmer." And now they tell us that they anticipated this "grim economic data. What was that about "blasts lies, disinformation."
Obama gave little indication in the interview of any new proposals that might be unveiled in the near future. He noted that that the "short-term politics" of the election season might make it hard to get such measures passed.
"We're in the silly season -- political season, which means that for the next two months there's gonna be constantly a contest in the minds of members of Congress," he said
No, Mr. Obama, "silly season" was your first 15 months, when you frittered away the chance to have a return to economic normalcy by allowing congressional Democrats to write a blank check on their spending projects with the non-stimulating "stimulus," by focusing on ramming a lousy and costly health care package through against better judgement of the majority of the American people, and by waffling on the pending January 2011 tax increase. (And no, I'm not going to go Big Media and call it "allowing the Bush tax cuts to expire." An expiring tax cut is a tax increase.) Economic certainty creates economic optimism. And economic optimism, along with availability of capital in the private economy, creates jobs and growth. The economy will not grow until strong pro-growth policies create economic certainty. And that won't happen until the current tax rates are extended, until health care reform is repealed and replaced, until ridiculous government spending is curbed, until government salaries and pensions are reined in. And that won't occur until there's a Republican Congress.
8/30/10 0810: Or, put another way, those missteps may have midwifed the conservative rebirth.
We certainly have seen that latter impulse from the progressive commentariat in the wake of the failure of the Democratic agenda, and the resistance to its more radical elements from the American people. How many times since town-hall meetings became forums of voter anger last year have we heard from mainstream opinion journalists that the US has become “ungovernable”? Voters made clear that Obama, Nancy Pelosi, and Harry Reid were not qualified to make their personal choices for them on health care in particular, and their failed Obamanomics showed that they’re incompetent at running a top-down command economy.




