Thursday, October 13, 2011

Friday: Obama's number one problem, OWS dissected and Progressives and Democracy

What’s new today

Our first article today is about the Obama problem.  Number 2 then  looks at what kind of grades Obama has compiled in his first three years in office.  Article 3 compares Obama and Reagan’s recession and recovery.  Ann Coulter is at her sarcastic best looking at the Occupy Wall Street protesters.  Number 5 gives you a statistical look at the OWS crowd.  Number 6 talks about Progressives and Democracy and the inherent problems the left has with Democracy.  In article number 7 we learn that Google is shifting profits overseas to avoid paying taxes and so in number 8 I go to see who Google supports politically. 

1.   The Obama Problem

…Opinions regarding the factors responsible for Mr. Obama's political demise abound. A full menu is available -- the economy, broken promises, cronyism, socialism, bailouts, corruption, disillusionment, inexperience, incompetence, Chicago-style politics, etc. Pundits have a target-rich environment from which to approach the failure of the Obama presidency.

The factors above are relevant but one level removed from the root cause. THE REAL PROBLEM IS THAT THERE NEVER WAS ANY SUBSTANCE TO OBAMA. He was the political equivalent of a Potemkin village. THERE WAS NOTHING BEHIND THE FAÇADE. THERE WAS NO "THERE" THERE. All of the problems arise from this obvious flaw….

As democrats realize that Obama is becoming more and more of a drag on their election prospects, some introspection is called for.  Obama was probably the least prepared Presidential candidate in history but to the left in 2008 he was nearly godlike in their expectations.  In reality like most godlike figures, he was a false god. 

2.   Obama’s Report Card after 1000 days


“If I don't have this done in three years, then there's gonna be a one-term proposition." [source: Obama: More Govt Action Needed As Additional Banks Fail // 2 February 2009 // Dow Jones News Service]


DEBT: Total Public Debt Outstanding has increased by $4.2 trillion [source: Treasury Dept]

MORE DEBT: America accumulated as much debt over the past 1,000 days as it had in the country’s first 79,135 days (July 4, 1776 through March 3, 1993) [source: Treasury Dept]

DEBT PER DAY: America’s debt has increased by about an average of $4.2 billion per day [source: Treasury Dept]

INTEREST ON U.S. DEBT: $1.2 trillion has been spent servicing U.S. debt—that by itself would be the world’s 15th largest economy
[source: Treasury Dept]

JOBS: 2.22 million jobs lost [source: BLS]

POVERTY: Nearly 3 million more Americans in poverty—poverty rate has gone from 13.2% to 15.1% [source: Census]

FOOD STAMPS: 12 million more Americans living off of food stamps [source: Dept of Agriculture // Supplemental Nutrition Assistance Program]

GOVERNMENT SPENDING: Spent more than $9.6 trillion – 60% more than the federal government has taken in [source: OMB and CBO]…

Obama’s dismal record is laid out here.  Just more proof that his presidency will end on January 20, 2013. 

3.   What Recovery?

….We have now completed 27 months of the Obama recovery, which the NBER says started in July 2009. The economy appeared to weaken during the summer, but ASSUMING THAT 3Q2011 COMES IN THE SAME AS 2Q2011, THEN OVER THE NINE CALENDAR QUARTERS OF RECOVERY, REAL GDP (RGDP) WILL HAVE GROWN BY A TOTAL OF 5.34%, EQUIVALENT TO AN ANNUALIZED GROWTH RATE OF 2.34%. In contrast, during the first nine calendar quarters of the Reagan recovery, RGDP grew at an annualized rate of 6.33%, for a total gain of 14.81%. This advance brought RGDP up to a level that was 13.13% higher than it was at the start of the 1981 – 1982 recession. However, after nine quarters of the Obama recovery, RGDP HAS YET TO REGAIN ITS PRE-RECESSION LEVEL (IT’S STILL DOWN BY 0.08%).

DURING THE FIRST 27 MONTHS OF THE REAGAN RECOVERY, TOTAL EMPLOYMENT INCREASED BY 7.51%, OR 7.4 MILLION JOBS. In contrast, total employment in SEPTEMBER 2011 WAS STILL 13,000 LOWER THAN JUNE 2009. The Obama recovery has been the ultimate “jobless recovery”.

OK, but why are things so different this time? Let’s look at the past three years, from October 2008 through September 2011.

The past three years have been a very strange period in American economic history. Over this period, RGDP has grown at an average annualized rate of only 0.12%. The last time that this happened was 1980 – 1982. To find another period of such slow real growth, one has to go back to 1946 – 1948, when the U.S. was demobilizing after WWII.

However, even stranger than the performance of RGDP has been the path of nominal GDP (NGDP). OVER THE PAST 12 QUARTERS, NGDP HAS GROWN AT AN ANNUALIZED RATE OF ONLY 2.38%. THE LAST TIME IT GREW THIS SLOWLY WAS 1932 – 1934. The shortfall in NGDP suggests that a major source of our economic woes is the Federal Reserve, just as was the case during the Great Depression…

People on the left like to disparage Reagan and his recovery.  However, when you lay the two out, side-by-side, Obama could only wish for Reagan’s results.  Instead he’s looking more and more like Hoover. 

4.  Ann Coulter on the Occupy Wall Street Protesters

Curiously, the only point universally agreed upon by the protesters and their admirers in the Democratic Party and the mainstream media is that "OCCUPY WALL STREET" SHOULD BE COMPARED TO THE TEA PARTY. Yes, that would be the same tea party that has been denounced and slandered by the Democratic Party and the mainstream media for the last three years.

As a refresher: THE DEMOCRATIC NATIONAL COMMITTEE CALLED THE TEA PARTIERS "ANGRY MOBS" AND "RABID RIGHT-WING EXTREMISTS." ABC said they were a "mob." CNN accused them of "rabble rousing." HARRY REID CALLED THEM "EVIL MONGERS." NANCY PELOSI SAID THEY WERE "UN-AMERICAN." CNN's Anderson Cooper and every single host on MSNBC called the tea partiers a name that referred to an obscure gay sex act.

But apparently liberals couldn't even convince themselves that tea partiers were an extremist group unworthy of emulation.


Coulter unleashes her rapier wit to vilify the OWS movement.  I like her statement that this is the flea party not the TEA Party.

5.   Who are the OWS Protesters?

In case you missed it, here are some of the results from a New York magazine survey of the protesters (the interviewed 100 of them)


Isn’t fundamentally evil; it just needs to be regulated: 46
Can’t be saved; it’s inherently immoral: 37
Didn’t answer: 17…

It’s worth your time to look at this.  Nothing that insightful, but mildly interesting.

6.   Liberal Anti-Democrats

IT IS ALWAYS AMUSING TO WATCH THE CONTORTIONS LIBERALS PUT THEMSELVES THROUGH WHEN THINGS AREN’T GOING WELL FOR THEM. At the end of the dismal Carter years, liberal intellectuals blamed their failures on the defects of the presidency itself, claiming the office wasn’t powerful enough for modern times. This argument was necessary because Democrats enjoyed large majorities in Congress and couldn’t blame their failures on obstructionist Republicans, unlike today. So our Constitution itself had to be blamed for the “gridlock” that prevents “progress.”

LIBERALISM HAS BEEN SCHIZOPHRENIC ABOUT DEMOCRACY FOR ABOUT A CENTURY, alternating between deploring anti-majoritarian features of our system such as the electoral college and the filibuster, or maligning populist democratic majoritarianism when it delivers uncongenial results, such as California’s Proposition 13 or last fall’s midterm election beat-down of the Democratic Party—an election that increasingly looks to be a harbinger of more wipeouts ahead at the hands of ingrate voters. SO RIGHT NOW LIBERALS ARE IN ONE OF THEIR PERIODIC ANTI-DEMOCRATIC MOODS, most remarkably expressed by North Carolina Governor Beverly Perdue’s thought experiment last week about suspending congressional elections for two years so that Congress can “help this country recover….

Progressivism is the father of fascism despite what the left wants to claim.  It’s not the jackboots and death camps kind of fascism, but it is the totalitarian big brother kind of fascism the one that does things you may not like, but for your own good.  Democracy is in vogue when the populace votes for them and out of vogue when the voters get tired of the solutions the left offers that seem to make things worse rather than better. 

7.  Google Shifts Profits Offshore to Avoid Taxes

The U.S. IRS is auditing how Google Inc. avoided federal income taxes by shifting profit into offshore subsidiaries, according to a person with knowledge of the matter.

The agency is bringing more than typical scrutiny to how the company valued software rights and other intellectual property it licensed abroad, said the person, who requested anonymity

because the audit isn’t public. The IRS has requested information from Google about its offshore deals after three acquisitions, including its $1.65 billion purchase of YouTube, the person said. The transfer overseas of these kinds of rights has enabled Google to attribute earnings to foreign units that pay lower taxes, Bloomberg News reported a year ago.

It’s this kind of behavior the left is so angry about.  Fatcats shifting jobs, legal rights, etc. overseas to avoid paying their fair share.  Google must be in the Republicans back pocket.

8.  Open Secrets:   Who does Google Give it Political Money to?

….IN 2008, GOOGLE’S PAC, ITS EMPLOYEES, AND THEIR EMPLOYEES’ IMMEDIATE FAMILIES GAVE $803,436 TO BARACK OBAMA’S ELECTION CAMPAIGN, MAKING GOOGLE THE FIFTH-LARGEST SOURCE OF FUNDS TO THE CAMPAIGN — behind the University of California ($1,591,395), Goldman Sachs ($994,795), Harvard University ($854,747), and Microsoft ($833,617), according to OpenSecrets….

What’s really disheartening if you are a liberal is to see who the bigger donors were.  Goldman Sachs???!!!!

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