While the president was opening presents from his elite admirers, America was opening our "gift" from him. The stock market plunged more than 500 points as fear spread that the U.S. economy might be slipping back into a recession. Many Americans feel we never really got out of the last one!
Traders held their breath this morning waiting for the 8:30 AM jobs report, worried it could be another "unexpectedly" weak figure. You could almost hear the sigh of relief when the jobs figure came in slightly above the consensus and the official unemployment rate dropped one tenth of a percent to 9.1%. Whoopee!!!
Feel better? Of course you don't. The dirty little secret is the number fell a pitiful 1/10th of a percent because tens of thousands of Americans got so discouraged by the state of Obama's economy that they quit looking for work and dropped out of the jobs market entirely. Since they are no longer looking for work, they no longer count. Day by day, millions of other fed up Americans believe they don't count either.
Obama now says he will focus on jobs, but he has no ideas that he hasn't already tried. His mantra remains the same -- more regulations on business, higher taxes on entrepreneurs and small business owners whom he derisively refers to as "millionaires and billionaires" or "fat cats."
He continues to send hundreds of thousands of bureaucrats and regulators to attack and undermine our most successful industries -- energy, healthcare, finance, insurance and others. While we wait for his socialist ideas to work, he continues to wage class warfare and promises the American people not real jobs, but more food stamps, welfare and income redistribution.
Republicans, to their credit, have blocked efforts by Obama, Reid and Pelosi to raise taxes in the middle of an economic decline. But that isn't enough. What we need are TAX CUTS now! Lower tax rates on businesses, entrepreneurs and everyone else. Letting people keep more of their hard-earned money is the only stimulus that works.
We should be the party of lower taxes, smaller government and less bureaucracy. Let Obama run on being the president of more welfare, more food stamps and more government.
Tags: Gary Bauer, Campaign for Working Families, loss of jobs, unemployment, the economy To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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