Back in early August, a story from Reuters titled Obama, Bernanke Out Of Ammo to Boost Jobs, Growth hit the twenty four hour news cycle. The article detailed the sorry state of affairs concerning the US economy.
Writers Alister Bull and Jonathan Spicer dutifully reported on the various efforts tried and the end results facing the President and Federal Reserve Chairman Ben Bernanke.
Their story gave a nod to Stimulus One & Two and QE One & Two all of which have amounted to nothing. It mentioned the President’s promise of new ideas to boost hiring. Three weeks have passed and the country is still waiting. Now America is waiting till September while Obama vacations in Martha’s Vineyard.
The article mentioned the President’s diminishing leverage in dealing with Republicans and Democrats. I almost felt sorry for Obama. The bottom line is that all of his attempts to create jobs and grow the economy have failed. After almost three years of blame games and empty promises, Barack Obama, who owns this economy, has been a complete disaster.
While long on some detail, the Reuters story ended up being short on other important points. Bull and Spicer gave the impression that everything possible that could have been tried was tried. If you thought no further, you would believe there is nothing left to do but sit and watch as America staggers and stumbles to a creaking halt. Obama and Bernanke did their best.
As Paul Harvey used to say, “And now the rest of the story.”
What was left out of the Reuters piece was a simple but important point the mainstream media in general refuses to discuss. The President, Democrats and Ben Bernanke have not tried everything possible to get the economy growing again. They have only tried liberal policies and none of them ever work because they exist on the premise that government creates when, in fact, government destroys.
At some point people have to learn that no politician can create a private sector job. Governments have no business capabilities and no success record in trying to do what private investment does best. Even those who work in government will not get paid if that same government does not first take from Peter to pay Paul.
Government manufactures nothing. It sells nothing. It has no money of its own. Anyone who believes that Barack Obama can create a job in the private sector is ripe for the picking. He can’t do it. Neither can any Senator, Congressman or Governor. When they tell you they can, they’re lying.
Now this is what writers Bull and Spicer missed. If the President was serious about creating jobs he would pull out all the stops to build investment confidence. He would deliver a business friendly budget to encourage private entrepreneurs to take the risk. He would eliminate capital gains taxes. He would lower, not raise taxes on the wealthy. They are the ones who take the biggest gamble. Why punish someone who can save you from drowning?
If Barack Obama was serious about the economy he would admit the country has rejected Obamacare. He would recognize it is a huge roadblock to business start up and expansion. He would repeal it himself, not drag it through the courts wasting more time and inflicting further damage on a dying economy and a struggling America.
If the President and his ideological minions wanted to end the pain of economic uncertainty and restore America, they would literally get out of the way and let those who possess the ability get on with it.
Obama’s September announcement for a new plan to reverse the destruction of America is a sham folks. He has no plan because he has no faith in America. The “plan” should be to let Americans ride to their own rescue led by risk takers who know how to get the job done. But that will not happen because liberal ideologues refuse to see the forest for the trees.
As mentioned in the Reuters article, Obama and Bernanke really are out of ammo. But they are not out of options.