Federal Pump

Debt is now around 11 trillion! that is almost double what it was when Bush left office and the jobs were not made. Unemployment is at 10%. Our Stimulus was less then a Trillian. around seven tenths of a Trillian. That leaves five Trillion spent by Obama in a year when Bush and Clinton only spent three Trillian in eight years.

Federal Pump
Originally uploaded by simonstudionyc

“from Jan. 20, 2001, to Jan. 20, 2009, the debt held by the public grew $3 trillion under Mr. Bush—to $6.3 trillion from $3.3 trillion at a time when the national economy grew as well.” “Mr. Axelrod claims the pork-laden stimulus package has been a success. But Mr. Obama told Americans that if it were passed, unemployment wouldn’t rise above 8%. It is now 10%. The president also said it would create 3.7 million jobs, 90% of which would be in the private sector. By Mr. Obama’s standards, the stimulus failed miserably.”

By comparison, from the day Mr. Obama took office last year to the end of the current fiscal year, according to the Office of Management and Budget, the debt held by the public will grow by $3.3 trillion. In 20 months, Mr. Obama will add as much debt as Mr. Bush ran up in eight years.

Mr. Obama’s spending plan approved by Congress last February calls for doubling the national debt in five years and nearly tripling it in 10.

Mr. Bush’s deficits ran an average of 3.2% of GDP, slightly above the post World War II average of 2.7%. Mr. Obama’s plan calls for deficits that will average 4.2% over the next decade.

Team Obama has been on history’s biggest spending spree, which has included a $787 billion stimulus, a $30 billion expansion of a child health-care program, and a $410 billion federal spending bill that increased nondefense discretionary spending 10% for the last half of fiscal year 2009. Mr. Obama also hiked nondefense discretionary spending another 12% for fiscal year 2010.
About Karl Rove

via intermexfreemarket.blogspot.com

burden on small and medium sized business = NO JOBS

Section 404(b) of the Sarbanes-Oxley Act is a burden on small and medium-sized businesses that could grow and create jobs.

In lamenting the lack of economic growth in the decade that just passed, New York Times columnist Paul Krugman had pointed the finger at a typical culprit: the supposed deregulation that occurred in the Bush administration. “As for the Republicans, now that their policies of tax cuts and deregulation have led us into an economic quagmire, their prescription for recovery is – tax cuts and deregulation.” Krugman called the 2000s “the decade in which we achieved nothing and learned nothing.”

the very same Paul Krugman who sees “humanity” in climategate… not liars.

Yet a glance at what really happened in the first decade of the new millennium shows that Krugman and others of his ilk are the ones who have really learned nothing. They continue to insist that the financial crisis was caused by deregulation even though so much government intervention in housing — from the subsidies to Fannie Mae and Freddie Mac to the reckless lending encouraged by Community Reinvestment Act – contributed to the mortgage meltdown.

And, as Rep. Ron Paul recently pointed out, “As for a lack of regulation, the last decade saw the enactment of the Sarbanes-Oxley Act, the largest piece of financial regulatory legislation” in decades.

Rushed through Congress and signed by President Bush in the wake of the Enron and WorldCom scandals in 2002, the law has quadrupled the costs of the audit process for public companies and achieved little tangible results in preventing fraud. Because of all the high-paying work it creates for auditors in helping firms comply with the law, Sarbox has been called “a boon for bean counters” (in Business Week) and the “Accountants Full Employment Act.”

Sarbox is a significant cost factor holding back job growth and a stronger recovery. If it is repealed or scaled back, the second decade of the new millennium could see real prosperity as American entrepreneurial energies are once again unleashed through the next Microsoft and Googles going public.

On top of this, Sarbanes-Oxley has achieved very little in preventing fraud. In 2007 Countrywide Financial Corp. was praised for its Sarbanes-Oxley controls by the Institute of Internal Auditors. Two years and many scandals later, its former executives have been charged with securities fraud. And certainly, overall transparency doesn’t increase when companies go private or delay going public, as many have chosen to do because of the law’s costs.

via hudsonny.org

So how do you keep companies like Enron from abuse? My opinion… more competition. If there is a near monopoly in energy for example then the government should break up the private company or make it easier for other “Enrons” to get out there. One private energy company going against the government is a system that is ripe for abuse. The same could be said about the healthcare industry that we are presently creating. A government industry with only one private alternative will always have people cheating and even cronyism between the government and it’s private competitor.

A Setback for Jobs Recovery in December – NYTimes.com

The American economy lost another 85,000 jobs in December and the unemployment rate remained at 10 percent, setting back hopes for a swift recovery from the worst downturn since the Great Depression.

so where did the stimulus money go? it isn’t working Obama. you don’t borrow that much and not have results. My guess is he is waiting to spend the job money right before the election. We have been had. the system was stacked for power. Obama took power by destroying the market through his Saudi friends with oil prices to end the war in Iraq. Obama blamed the Neo-Cons and let MSNBC lead the charge, but the reality is the strings of the puppet show are showing now.

The report intensified pressures on the Obama administration to show progress for the $787 million spending bill it championed last year to stimulate the economy. In recent months, the administration has emphasized initiatives aimed at encouraging jobs, while cognizant that concerns about the federal deficit limit its ability to pursue further spending.

We want ze money, Lebowski!

“It certainly isn’t the best report, because we continue to lose jobs,” the Labor Secretary Hilda L. Solis said. “But last year at this time we were losing over 700,000 jobs a month. The recovery act continues to help.”

Some economists fixed on a potentially positive trend tucked within the data: For a fifth consecutive month, temporary help services expanded, adding 47,000 positions in December. The increase burnished the notion that companies are recognizing fresh opportunities and are inclined to add labor, even as they hold off on hiring full-time workers.

so temp services expanded… this is good? don’t try to spin it NYTimes. your horse Obama is a loser. The NYTimes should be replaced by Temp workers

“We’re going in the right direction,” said Michael T. Darda, chief economist at MKM Partners, a research and trading firm in Greenwich, Conn. “If we just have a little bit of patience, we’ll start see monthly increases of 200,000 to 300,000 jobs within six months.”

right around the time that Obama cares about an election…. hmmm?

But in millions of households still grappling with the bite of a wrenching downturn, patience has long been exhausted — along with savings, credit and cash to pay the bills.

via nytimes.com