Whining and Passing the Buck Can't Hide Failure of Obamanomics

White House bluster hides truth - Chicago Sun-Times: "The point is that any president has to deal with “head winds” to the economy from unexpected and uncontrollable events domestic and foreign. What’s remarkable about this presidency is the never-ending whining about them.

This finger-pointing is just passing the buck to avoid responsibility for policies that have failed to revive the economy and, worse, served to prolong the economic suffering.

There’s the nearly trillion-dollar stimulus that failed its goal of keeping unemployment from breaching 8 percent. ObamaCare and the new financial regulatory law have bureaucrats working overtime writing new regulations. That’s frozen investment by businesses large and small worried about the yet-to-be-determined costs of the new rules.

Obama and his advisers never flinch from anti-business rhetoric, further undermining investment. They rail about millionaires and billionaires but their tax proposals would hit small businesses earning far less than a million dollars."

ExxonMobil Sues Obama Administration for Canceling Deepwater Well Worth ‘Billions of Barrels of Oil’

ExxonMobil Sues Obama Administration for Canceling Deepwater Well Worth ‘Billions of Barrels of Oil’ | CNSnews.com: "ExxonMobil, the world’s largest energy company, filed a lawsuit against the federal government for canceling an oil-drilling lease in the Gulf of Mexico that held “billions of barrels of oil,” according to the company.

In the suit, filed Aug. 12 in federal court in Louisiana against Interior Department Secretary Ken Salazar and related parties, Exxon alleges that the Interior Department made an “arbitrary, capricious” decision in canceling the deepwater leases, arguing that the government’s action “deprives ExxonMobil of property without due process of law.”"

Goverment Self-Interest

Clear eyes on government - Pittsburgh Tribune-Review: "Economists have long assumed that private-sector consumers and producers act chiefly to promote their own self-interests. This assumption is both realistic and the foundation of much of the knowledge that economists since Adam Smith have contributed to public understanding.

But when analyzing the public sector, economists naively assumed voters and government officials are motivated by concern for the general public and not by their own self-interests. That is, the same person who was assumed to act to increase his own well-being as much as possible and to have only limited knowledge about the way the world works when serving as president of, say, General Motors, was assumed to cast aside concern for his own well-being and to become blessed with encyclopedic knowledge and wisdom the moment he takes the oath of office to serve as, say, president of the United States.

One unfortunate consequence of this schizophrenia in economists' analysis was excessive trust in government."

Rick Perry Leads Bachmann, Romney by 21 Points Among Tea Party Supporters in New Gallup Poll

Gallup: Perry Now Leads Bachmann, Romney by 21 Points Among Tea Party Supporters | CNSnews.com: "Self-identified Tea Party supporters are more likely to support Texas Gov. Rick Perry for the Republican presidential nomination than they are to support former Massachusetts Gov. Mitt Romney or Rep. Michele Bachmann, according to a Gallup poll released today."

Steve Jobs And The Entrepreneurial Spirit

Editorial: Steve Jobs And The Entrepreneurial Spirit - Investors.com: "Most of the reactions to the resignation of Steve Jobs as CEO of Apple have been predictably mournful, even elegiac. We choose to celebrate his great career — and what it says about America.

When the history of the digital age is written, Jobs will hold a special place as perhaps its greatest creator and entrepreneur.

Apple's departing genius has created one iconic product after another — Apple I, Apple II, Macintosh, iMac, iPod, iPhone, iPad — the list goes on and is still growing. Many have become life-changing accessories for average Americans or productivity aids for businesses.

Often prickly, sometimes arrogant, but never dull, Jobs himself has always been consumed with creating things of both great utility and great beauty."

Mortimer Zuckerman: Obama and the 'Competency Crisis

Mortimer Zuckerman: Obama and the 'Competency Crisis' - WSJ.com: "Like many Americans who supported him, I long for a triple-A president to run a triple-A country."

CBO: Federal deficit will hit $1.3 trillion

CBO: Federal deficit will hit $1.3 trillion - Washington Times: "The government will run another $1.3 trillion deficit in fiscal year 2011, Congress‘ chief scorekeeper said Wednesday — easily eclipsing the $917 billion in savings over the next decade lawmakers scratched out earlier this month in their debt deal, and underscoring the deep challenge they face going forward."

Obama set to beat Bush's Debt Accumulation Record...in Half the Time!

Obama set to beat Bush debt-aggregation record … « Hot Air: "In 31 months of Barack Obama’s presidency, according to the Treasury and CBS News, the US has added $4 trillion to its national debt. That approaches the presidential record set by George W. Bush of $4.9 trillion, but there’s a catch to that. Bush set that record in two terms — in 96 months"

The Broken Window Fallacy

Frederic Bastiat exposed the idiotic thinking that destruction creates wealth, which is still a prevailing thought among certain elite, Ivy League educated economists, like Paul Krugman and Robert Reich.

Maxine Waters: 'The Tea Party Can Go Straight to Hell'

Maxine Waters | Tea party | The Daily Caller: So much for dialing back the rhetoric, right?

On Saturday in Inglewood, Calif., Democratic Rep. Maxine Waters had some harsh words for the tea party.

“I’m not afraid of anybody,” the California congresswoman told constituents in footage that appeared on ABC affiliate KABC in Los Angeles, not backing down from comments made about President Obama earlier in the week. “This is a tough game. You can’t be intimidated. You can’t be frightened. And as far as I’m concerned — the tea party can go straight to hell.”

Steve Forbes: America Will Turn Around

Steve Forbes: America Will Turn Around

Millionaires Go Missing

Millionaires Go Missing - WSJ.com: "In 2007, 390,000 tax filers reported adjusted gross income of $1 million or more and paid $309 billion in taxes. In 2009, there were only 237,000 such filers, a decline of 39%. Almost four of 10 millionaires vanished in two years, and the total taxes they paid in 2009 declined to $178 billion, a drop of 42%.

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Those with $10 million or more in reported income fell to 8,274 from 18,394 in 2007, a 55% drop. As a result, their tax payments tanked by 51%. These disappearing millionaires go a long way toward explaining why federal tax revenues have sunk to 15% of GDP in recent years. The loss of millionaires accounts for at least $130 billion of the higher federal budget deficit in 2009. If Warren Buffett wants to reduce the deficit, he should encourage policies to create more millionaires, not campaign to tax them more.

The millionaires who are left still pay a mountain of tax. Those who make $1 million accounted for about 0.2% of all tax returns but paid 20.4% of income taxes in 2009. Those with adjusted gross income above $200,000 a year were just under 3% of tax filers but paid 50.1% of the $866 billion in total personal income taxes. This means the top 3% paid more than the bottom 97%. Yet the 3% are the people that President Obama claims don't pay their fair share. Before the recession, the $200,000 income group paid 54.5% of the income tax."

OBAMA VS. THE CONSTITUTION

The U.S. Constitution, the "law of the land", the unique document that protects us from a tyrannical government, has been violated for decades, by both parties starting with the Wilson administration.  However, never before has there been such a massive onslaught against the Constitution, in such a short period of time, like the one we're seeing from the Obama administration.  This Hillsdale College video documents some of these violations.

Did Bo (Obama's Dog) Eat The Recovery?

Editorial: Did Bo (Obama's Dog) Eat The Recovery? - Investors.com: Blame Game: In his inaugural address 2 1/2 years ago, President Obama called for a "new era of responsibility." Yet lately, his main goal in life seems to be escaping any responsibility for the lousy economy.

It's getting so you have to keep a list of everyone and everything Obama wants to blame for the anemic economic recovery.

Judicial Watch Goes After NLRB Over Boeing Lawsuit

Judicial Watch | NLRB Lawsuit | Boeing Documents | The Daily Caller: "Government watchdog group Judicial Watch announced Tuesday it has filed a Freedom of Information Act (FOIA) against the National Labor Relations Board (NLRB) to obtain records dealing with the board’s lawsuit against Boeing for opening a non-union plant in South Carolina.

Judicial Watch filed its initial FOIA request for internal communications between officials, officers, employees of the NLRB as well as communications between the NLRB and the White House, the Internal Association of Machinists and Aerospace Workers, the AFL-CIO, and the Service Employees International Union (SEIU) related to Boeing on July 14, 2010.

While the NLRB acknowledged receipt of the Judicial Watch request, the NLRB failed to comply within the statutory allotted twenty business days and has yet to indicate when it will release the documents."

Why ObamaCare is Bad for America

Reason's Nick Gillespie interviews Grace-Marie Turner of the Galen Institute about her new book "Why ObamaCare is Wrong for America: How the New Health Care Law Drives Up Costs, Puts Government in Charge of Your Decisions, and Threatens Your Constitutional Rights."

President Nixon's Golden Error, Forty Years Ago, Today

RealClearMarkets - August 15, 1971: President Nixon's Golden Error: "Nowhere have the economic consequences of the undefined dollar created more turbulence and confusion than in the market for oil. Absent our departure from currency stability in the 1970s, it's not unrealistic to suggest that OPEC would have remained the sleepy non-entity that it was in the 1960s. If we'd maintained the dollar's fix at $35 a gold ounce, oil would still be nominally cheap at roughly $2.30/bbl.

That's not to mention the economically crippling notion of 'energy independence' that captivates the minds of so many voters, commentators and politicians. With so many fooled by the money illusion that is nominally expensive oil, the economy suffers growing government subsidization of alternative energies. Comparative advantage is the origin of economic progress for individuals doing what they're comparatively best at, but energy independence calls for Americans to commit limited financial, human and mechanical capital to the extraction of a commodity that is plentiful around the globe at a market price that in gold terms has remained quite stable since 1971."

Tax the Rich While We Still Can

Tax the rich while we still can | The Detroit News: "Democrats better hurry and soak the rich while there are still enough of them left to make it worth the effort.

At the rate President Barack Obama's policies are destroying wealth, the pool of millionaire taxpayers may be too shallow to provide the windfall the redistributors hope for."

New regs are flying off Washington's printing presses like money

New regs are flying off Washington's printing presses like money | The Examiner | Op Eds | Washington Examiner

Rick Perry Announces Candidacy for President

Rick Perry: Why I'm Running

Presidential Candidate, Rick Perry

What I learned in my 20’s traveling the globe as an Air Force pilot, our current president has yet to acknowledge in his 50’s – that we are the most exceptional nation on the face of the earth.

As Americans, we believe freedom is a gift from God, and government’s prime function is to defend it.  We don’t see the role of government as a nanny state, and we recognize there is no government money that wasn’t once earned through the sweat and toil of private citizens.

That’s why we object to an Administration that sees its role as spending our children’s inheritance on failed economic theories that have given us record debt and left far too many unemployed, threatening not only our economy, but our security. Our reliance on foreign creditors and sources of energy  not only compromises our national sovereignty, but jeopardizes our national future.

America’s place in the world is in peril, not only because of disastrous economic policies, but from the incoherent muddle known as our foreign policy.  Our president has thumbed his nose at traditional allies such as Israel and Great Britain.

We will not sit back and accept our current misery…because a great country requires a better direction…because a renewed nation requires a new president.  That’s why, with faith in God, the support of my family, and an unwavering belief in the goodness of America, I am a candidate for President of the United States.

And I will work every day to make Washington, D.C. as inconsequential in your lives as I can.

As governor of Texas I have led based on a few guiding principles. One, don’t spend all the money. Two, keep taxes low and under control. Three, keep regulations fair and predictable. And four, reform the legal system so frivolous lawsuits don’t paralyze employers that are trying to create jobs.

Over ten years, we have followed this recipe of fiscal restraint to produce the strongest economy in the nation. While millions of jobs have been lost over the last decade nationwide, hundreds of thousands of jobs have been added in Texas. Texas is home to one in 12 Americans, and yet since June of 2009, we have created more than four in ten American jobs.

The change we seek will never emanate out of Washington…it must come from the windswept prairies of Middle America…the farms and factories across this great land…the hearts and minds of God-fearing Americans who will not accept a future that is less than our past…who will not be consigned a fate of less freedom in exchange for more government.

It is up to us…to this present generation of Americans…to take a stand for freedom…to send a signal to Washington that we are taking the country back from the grips of central planners who would control our healthcare, spend our treasure and micro-manage our businesses.

My mission as your president will be to get America working again!

With God’s help, and your courage, we will take our country back.  I hope you will take a moment to join the team and consider a donation to the campaign.  

Thank you, and God bless America.

Rick Perry

What If Obama Actually Liked Businesspeople?

What If Obama Actually Liked Businesspeople? - Investors.com: "Neither the example of the socialist European Union nor that of big-spending blue-state America suggests that massive government spending and entitlements lead to collective prosperity.

In response to this depressing news, President Obama still offers the same predictably stale sermons: George W. Bush did it. The Tea Party fiscal reformers are to blame. Government will fund 'millions of green jobs.' His political opponents want to destroy Social Security and Medicare.

But imagine if Obama simply stopped diverting blame and tried something different.

Vast new finds of natural gas, oil and tar sands have been discovered offshore, in the American West, the Dakotas, Pennsylvania, New York and Alaska. This natural wealth represents hundreds of billions of dollars of savings in imported-energy costs and millions of new American jobs.

Instead of lecturing about tire pressure, car tune-ups or trading in clunkers, the president could rally the country to go all-out right now to develop its burgeoning fossil-fuel resources as a way to transition to green energy."