Profits for Government Motors, the crown jewel of White House efforts to portray their venture capital investment efforts in a successful light, dropped 41 percent in the second quarter. Using GM as a staple of his never ending re-election campaign efforts, the current Oval Office occupant has consistently crowed from the stump about how the GM bailout was part of his master plan to save or create jobs.
Never mind that the government-managed bankruptcy violated hundreds of years of precedent by stealing equity from secured investors and redistributing it to the United Auto Workers, staunch “progressive” Democratic supporters. Forget that a majority of the auto dealerships that were closed as a result of “progressive” business mismanagement were owned by Conservative Republican small business owners.
Speaking of business, jobless claims rose again. For the week ended July 28th, initial jobless claims increased by 8,000 to a seasonally adjusted 365,000. In a now familiar pattern that has persisted since the current administration assumed stewardship over the economy, July 21 week ended claims were revised upwards from the initially reported 353,000 to 357,000.
According to the White House and their “progressive” co-operatives, underperforming jobless numbers would vastly improve if only those selfish small business owners would “pay their fair share”. Never mind that small businesses are under assault from government mandated regulatory obligations imposed by unaccountable bureaucracies. Big government “progressive” control freaks will never comprehend how small businesses are far less likely to hire new workers when a disproportionate amount of their limited funds are tied up in accounting and legal fees forced upon them by regulatory dictates.
Not surprisingly, poor economic reports caused stocks on Wall Street to drop, with the Dow and S&P averages showing the biggest single-day drops since late June. Reports showed both the Dow and S&P down by nearly one percent.
But not to worry, a growing “progressive” big government has determined that for America the best way to solve all of these economic problems is to have said “progressive” big government take over one sixth of the economy by seizing control of the national healthcare system. A tax that “progressives” refuse to call a tax imposed on “free” individual American citizens for refusing to comply with a “progressive” big government mandate to buy a commodity will be enforced by an IRS that has paid out billions of dollars in fraudulent refunds. In a report issued on Thursday, the IRS inspector general said that identity thieves are filing bogus returns and could collect $21 billion over the next five years.
Having the government in control of their healthcare system should be of minor concern to American voters. With trillions of dollars being tossed around more freely than Frisbees on a French Riviera beach, knowledge that 7,000 healthcare providers already paid over $6 billion by Medicaid not paying federal taxes to the tune of nearly $800 million should be considered nothing more than a small accounting error. What’s a mere $800 million among friends?
It isn’t like partisan politics could interfere with making sound judgments.
That is unless “progressives” are making those decisions.
Early in his presidential campaign back in July 2007, then candidate Barrack Hussein Obama said: “The least employers can do when they’re anticipating layoffs is to let workers know they’re going to be out of a job and a paycheck with enough time to plan for their future.” Of course, now that having certain key employers do exactly that would threaten his re-election aspirations, he is against it.
Since passage of the Worker Adjustment and Retraining Notification Act, employers with one hunderd or more workers are required to give employees a sixty day notice of pending mass layoffs or plant closings. With the jobs of up to one million U.S. defense contractor workers threatened by looming budget cuts at the Defense Department, those contractors should be sending layoff notices to their workers just a few days before the upcoming Nov. 6 election. The administration said that those federal contractors do not need to warn their employees about pending mass layoffs or plant closings because the budget cuts slated to begin Jan. 2 are “still speculative.”
Can you say John Kerry? He was for it before he was against it too, right?
But Americans really should not sweat the small stuff. Should it matter that thanks to business hostile policies of “progressive” politicians, those self-imagined self-appointed members of the intellectual elite, the American economy is crumbling before their eyes? After all, Iranian President Mahmoud Ahmadinejad continues to make statements like: “Anyone who loves freedom and justice must strive for the annihilation of the Zionist regime in order to pave the way for world justice and freedom”?
Think about it. What difference will the state of the economy make if a nuclear armed Iran starts a nuclear world war that annihilates the entire planet?
Is there any truth to the rumor that George Soros is speculating untold billions of his ill-gotten gains on cockroach futures?
Is this the way Americans wants their country governed?