The U.S. Economy Hits Another Massive Decline Under Obama's Watch

June 8. 2011

Barack Obama

Financial data released this week reveals, the U.S. economy has hit another wall, plunging deeper into difficulty. Unemployment has sharply risen again, the dollar has fallen in the world against other currencies it once dominated, the national deficit continues to climb to alarming levels, foreclosures are up and home values are so far down, they have become worse than Great Depression levels. That is not a good financial profile.

In response to the bad financial news this week, President Obama stated the nation had hit a bump in the road to recovery. No, that wasn't a bump. That was a sinkhole. It happened due to your administration's financial policies that are not working. 

The national numbers painfully and irrefutably indicate, President Obama has failed to fix or stem, the significant problems plaguing the U.S. economy. America cannot take 5 and ½ more years of this current path - via a reelection - or the economy will hit the point of no return. 

In fact, mainstream newspapers are openly stating the continued poor state of the economy will destroy Obama's reelection bid. He is refusing to change course, while people are suffering due to the economy, with things getting worse, not better. 

Regrettably, President Obama has ignored sound advice and serious warnings on the economy, opting to spend and borrow massive sums of money the nation cannot afford. He has also pledged billions America cannot afford, for foreign regimes, some of which have dangerous ties. 

Rather than taking the principled and proven financial path the Judiciary Report recommended, consisting of sensible budget cuts, increasing exports and a small 5% tax increase on the nation's rich, Obama has borrowed and spent enormous, head spinning sums of money, more than any other president in U.S. history. Why did he do this. 

President Obama has refused to listen to logic or follow the principles of sound economics. Once again, you cannot spend your way out of debt. You have to be diligent, disciplined, work within what you have and make sacrifices.

I know of what I speak in the matters of finance. I was the first one to predict the current financial crisis in 2006 on the Sound Off Column and in the article Judiciary Report article How George Bush Destroyed The U.S. Economy. I retained my view, never wavering, even in the face of former President Bush, publicly insisting the economy is strong and nothing is wrong, then scampering out of office under a cloud of shame and failure. 

In 2008, the world saw that Bush had been lying about the economy and I was proven correct in my claims. Yes, I have websites read by many, but I am an everyday person that has been out there with the public, hearing people's concerns and writing about my own experiences. I am not an out of touch bureaucrat living the champagne lifestyle, as quite a few in Washington due, unaware of what is truly happening in the world among the poor and middle class.

Where Bush made this mess, Obama is spreading it with unprecedented spending that is of a fruitless nature. His job creation plan failed miserably, as I warned in advance it would (Obama Calls For Job Summit). Just as I had predicted, stimulus money was later indiscriminately doled out to companies and organizations, with no proper oversight to make sure the money was spent wisely, to create the maximum number of jobs. 

There are many instances of gross waste and largesse, regarding stimulus funds. For example, in one case, a stimulus recipient, received $750,000 in taxpayer money to employ people and only created TWO JOBS with said funds. If someone gave me $750,000 I could create 40-60 jobs of varying incomes. How said company only managed to create TWO JOBS is beyond me. This pattern repeated itself, because of poor government oversight.

One also cannot expect to have a thriving economy, when you look the other way to criminals in the marketplace, because they are your campaign donors and Obama has done just that. Said criminals are doing damage to the U.S. economy every day. America’s poor and middle class are being defrauded, robbed and gouged by people in the corporate sector who have no business being there. Obama, like Bush, refuses to lock them up and to the public's detriment.

While there are successful companies in corporate America, working hard and genuinely contributing to the economy. There are also ponzi schemers, fraudsters, thieves and fakes, who do not belong in the corporate structure, as their main course of business is robbing people and engaging in scams.

It is not right that the poor and middle class be robbed and gouged to underwrite the lavish lifestyles of corporate criminals, who are a disgrace to the business sector. As long as said criminals remain in the corporate sector, the U.S. economy will not recover. The government needs to separate the wheat from the chaff or the entire financial crop will continue to be destroyed.

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