Posts Tagged ‘President Obama’

You’re Breaking the Law

Monday, January 16th, 2017

How many laws have you broken today?

It’s impossible to know for sure, given that regulations now affect just about every facet of our lives. That’s doubly true for businesses, which were not exactly coddled by the Obama Administration (although exceptions were made for generous Democratic donors, such as Goldman Sachs and Tom Steyer).Productivity

The federal tax code alone is now 74,608 pages long, or 187 times longer than it was a century ago. Depending on what you include and how you count the pages, the Affordable Care Act (ACA) has produced anywhere from 10,000 to 20,000 pages of new regulations, while the Dodd-Frank Wall Street Reform and Consumer Protection Act, developed to increase oversight of the financial industry and reduce risk, has produced more than 22,000 pages of regulations.

The regulatory state was taken to a new level by President Obama, who didn’t even bother getting support from Congress during his second term. He and the bureaucratic brethren (and sistren) he appointed to regulate worked overtime and broke all records for creating new laws to restrict our freedom, stifle economic growth, concentrate power in Washington and prevent the new Republican administration from doing its job.

That making America great again isn’t the goal of the Obama Administration is made clear by the volume of new regulations being approved. In August, we reported that he set a record by becoming the first president to approve 600 major rules (e.g., rules that each impose a cost of more $100 million). While George W. Bush was no slouch, having approved 496 major rules during his two terms as president, Obama blew past him and just kept going. (more…)

New Year’s Resolutions for Others to Break

Monday, January 9th, 2017

We all make New Year’s resolutions and typically break them by the time the ball drops on Times Square.

With the same good intentions and low expectations of success, this year we’ve decided to suggest New Year’s resolutions we want others to follow. Some of our suggestions below may be carried out by the stated parties, but others have no chance of even being considered. They should be though, and that’s why we’ve included them. 2017

President Obama: Resolve to golf daily. It seemed as though President Obama was always golfing when there was work to be done. Now, when he should be out golfing, he’s busy working on his legacy.

And what a legacy it will be! The economy failed to achieve 3% growth during any year in which he was president, which is a first. The federal debt doubled, Russia and China have filled the void left by leading from behind, and Iran and North Korea have moved closer to becoming nuclear powers.

He’s ignored Congress, using executive orders to break all records for new regulations. But he hasn’t ignored the world’s dictators, having lifted sanctions on Cuba and Iran, two of the world’s most repressive regimes.

And now, post-election, he’s shown his disdain for Israel by abstaining from a United Nations vote and “allowing a nasty and harmful anti-Israel resolution to pass the United Nations Security Council,” The Weekly Standard reported. The resolution says Israeli settlements in occupied territory have no legal validity and are a violation of international law. (more…)

Obama Sets Economic Record–For Failure

Tuesday, January 3rd, 2017

So did President Obama save us from the financial crisis and rebuild America’s economic strength?

Most media would have us believe that’s the case. As we previously noted, CNBC’s John W. Schoen reported that, “Obama’s biggest parting gift to Trump may be the economy,” since the unemployment rate has dropped to a nine-year low of 4.6%. AP’s Josh Boak repeated the statistic in an article, “Obama leaving behind much stronger economy.” And there are many, many other examples.gdp

Washington Post columnist Catherine Rampell wrote recently that the president-elect will be taking office with “among the most favorable economic conditions … imaginable.” She clearly does not have a very vivid imagination.

Yet other statistics bear out that Obamanomics has been an economic bust, not a boom. Consider the lack of economic growth. In the 85 years for which the U.S. Bureau of Economic Analysis has calculated the annual change in real gross domestic product (GDP), the period from 2006 through 2015 is the only 10-year period during which annual growth never reached 3%. Before now, the longest period during which the economy failed to grow by at least 3% was the four-year period from 1930 to 1933. That is, during the Great Depression. (more…)

Obama’s Legacy: Adults Living with Their Parents

Monday, October 10th, 2016

There’s a bright side to the upcoming presidential election, even if you dislike both candidates—it will bring an end to the Obama administration.

That may seem like a harsh assessment, but the past eight years have not been good to the U.S. economy, which has been weaker than instant coffee.  As POTUS, President Obama bears much of the responsibility.oecd-2_0

How bad has economic performance been? Today, about 66.6% of American youth aged 15 to 29 are living with their parents. That’s up from 62.8% before the Great Recession. Fifteen-year-olds should, of course, be living at home. But 29 year olds? Adults don’t typically live with mom and dad if they can afford to live away from home.

Talk all you want about the Great Recession, but that was eight years ago. And if you think tax cuts and insufficient spending by the Bush administration resulted in the economic malaise of the past eight years, you may want to consider reading economists other than Paul Krugman.

President Obama’s Forecasts vs. Reality

The Wall Street Journal may not be a fan of the president, but the recent review it published of the Obama economy by Lawrence Lindsey, a former Federal Reserve governor and assistant to President George W. Bush for economic policy, couldn’t have been fairer. It compares what President Obama said would happen with what actually happened. (more…)

Take This Quiz before You Vote

Monday, September 19th, 2016

Citizens of many countries would envy us for having the right to vote, the right to express our opinions, the right to practice whatever religion suits us, and the right to say, do and think pretty much whatever we want.

Yet many of us take these freedoms for granted.  Many people neglect to vote.  Others vote, but shouldn’t because they don’t know what they’re voting for.  While “get out the vote” efforts have become popular, it’s unlikely that anyone who won’t make the effort to cast a ballot is going to make an effort to know what the issues are and where the candidates stand on those issues.  Voting when you don’t know the issues dilutes the democratic process.screen-shot-2016-09-15-at-1-20-35-pm

So take this simple quiz.  Maybe it will help to inform you.  Maybe you’ll decide after taking it that you shouldn’t vote.  And maybe it will just reinforce what you already believe.

True or false.  The Affordable Care Act (aka Obamacare) is making healthcare more affordable.

False. Health insurance is becoming increasingly unaffordable and, shortly after the November election, the new open enrollment period will bring double-digit rate increases for many.  Healthcare costs jumped 1% just in the month of August, which was the largest increase in 32½ years. (more…)

Do You Like Being Told What to Do?

Monday, August 15th, 2016

Listen, this whole system of yours could be on fire and I couldn’t even turn on the kitchen tap without filling out a twenty-seven B stroke six … bloody paperwork.                                                                                                                                                            Harry Tuttle in “Brazil” 

Americans didn’t used to like being told what to do.  We fought the Revolutionary War so that we wouldn’t have to take orders from England.  We fought the Civil War to end slavery and make every American free.  We fought two world wars to hold on to that freedom.

And then along came big government.  Medicare to help the old.  Medicaid to help the poor.  Food stamps and medical leave, help for the disabled and guaranteed wages, regulations to reduce pollution and prevent financial wrongdoing.  And much, much more.88468_Words-and-Actions-by-Eric-Allie-Caglecartoons-515x356

Some of it was good.  Some of it was needed.  But much of it wasn’t.  Do we really need more than 80 federal welfare programs to provide money, food, housing, medical care and social services to low-income Americans?  Wouldn’t maybe three or four be more efficient?

It’s difficult to pinpoint exactly when regulations got the better of us.  You could argue that it goes back to 1930, when the protectionist Smoot-Hawley Tariff Act helped cause the Great Depression and the New Deal made the impact worst.  You could argue that it was during the ’60s, when the Great Society programs and the War on Poverty took place.  As we (and many others) pointed out last year, during the 50th anniversary of the War on Poverty, after spending $20.7 trillion (based on 2011 dollars), the poverty level today is essentially unchanged at about 15% of the American population. (more…)

What’s Your Platform?

Monday, August 8th, 2016

“My reading of history convinces me that most bad government results from too much government.”                                                                   John Sharp Williams

We’ve made our disapproval of both presidential candidates clear, but suggested that, given this year’s poor choices, voters consider the platforms of both parties before deciding how to vote.

Last week, we dissected the Democratic platform, and concluded that the party’s problems extend beyond having an untrustworthy candidate.  While both Hillary Clinton and Donald Trump deserve their high unfavorable ratings, the party platforms showcase the differences between the two parties.Trump

If a Congressional majority is from the same party as the president, the party platform provides a guide for what to expect.  Neither candidate, if elected, is likely to veto major legislation that’s overwhelmingly approved by his or her own party and both have signed off on their party’s platform.

Based solely on the party platform, if you want slow growth, higher taxes, more government and an activist Supreme Court with little regard for the U.S. Constitution, vote for Hillary.  It’s all outlined in the platform, which makes 10 references to the right to unionize, but not a single word about the need for tort reform.

While there’s no guarantee that if Donald Trump is elected president the economy will grow again, the Republican platform at least doesn’t abandon the free-market capitalism and Constitutional rights that have made this country the freest and most prosperous country in history. (more…)

Fed, Not Capitalism, Responsible for Income Inequality

Monday, May 30th, 2016

“Income inequality in the United States has been growing for decades, but the trend appears to have accelerated during the Obama administration.”                                                                                                 The New York Times

Today, America has the widest gap in income equality in history.

If capitalism is to blame, as French economist Thomas Piketty claimed in his bestseller, Capital in the Twenty First Century, how can that be?

During the past eight years, the federal government has virtually taken control of healthcare, the Internet (regs to come) and, to a great degree, the financial sector. The minimum wage has doubled in many markets and spending on entitlement programs such as the supplemental nutritional assistance program (SNAP) has skyrocketed.Gini Coefficient

In other words, America has moved much closer to socialism, with greater government control over our lives. Capitalism has ebbed, as fewer businesses are being formed and fewer still are going public.

President Obama made income inequality the main theme of his 2015 Economic Report of the President and his last two State of the Union speeches.  As Occupy Wall Street, MoveOn.org and other left-wing and left-leaning organizations have made income equality their rallying cry, the gap between rich and poor has widened.

How come? (more…)

President Underwood Goes Keynesian

Monday, March 9th, 2015

In the latest season of “House of Cards,” President Frank Underwood stakes his political future on a $500 billion program called America Works, which will allegedly create 10 million jobs and bring the U.S. to full employment.Underwood for President

Well, “House of Cards” is fiction.  Ten million jobs creating full employment?  It would help, but it would still be 82,898,000 short, since there are a record 92,898,000 Americans not participating in the workforce. 

Speaking of fiction, the U.S. Bureau of Labor Statistics reported that the unemployment rate has fallen from 5.7% to 5.5%.  That’s because, according to Zerohedge, “while the number of unemployed Americans dropped by 274K (and) those employed rose by 96K, the underlying math is that the civilian labor force dropped (by) 157,180 to 157,002 (following the major revisions posted last month), while the people not in the labor force rose by 354,000 in February.”Obama

So once again, a worsening economy brings us closer to full employment in the mythical land of Keynesian America.

How Not to Create Jobs

The bigger fiction, though, is that government spending can fix unemployment.  When it comes to spending, President Underwood is an amateur compared with President Obama, whose first-term stimulus legislation was 66% larger than President Underwood’s.  And it didn’t produce anywhere near 10 million jobs – although President Obama claimed in 2008 that it would put 7 million people to work, including 5 million in “green jobs.”

Know anyone working in a green job created by the stimulus bill?  Tom Steyer doesn’t count. (more…)

The Year of “May”

Monday, January 12th, 2015

We’re well into January, but 2014 demanded a bit of reflection before commenting.  Was it a good year or a bad year?

We still don’t know.  We’re calling it the Year of “May,” although that title could have gone to 2013, 2012, 2011 or even 2010.

Using “may” in a sentence illustrates why 2014 was the Year of “May.”  The economy may be improving, but it may not be improving by much.  Interest rates may go up, but they may stay put for a while.  The Federal Reserve Board may be done with quantitative easing, but it may be using other easy money measures to keep the stock market lovefest going.  Europe may also begin quantitative easing.2014

In 2015, we may find out what Fed Chair Janet Yellen means by “macroprudential supervision.”  During 2014, we may have joined the rest of the world in moving toward deflation, or, if the economy really is improving, we may soon be meeting – or even exceeding – the Fed’s inflation expectations.

See how useful that word “may” is?  It sums up a year in three letters.  It’s so noncommittal, so indefinite, so milquetoast … so 2014.  We may be at war with the Islamic State, Russia may be taking over eastern Europe and the Middle East may be in worse shape than it was before the Arab Spring.  Then, again, it may not be. (more…)