Bob Turner via email
Steve Wynn: Obama Is Killing the Economy
President Barack Obama is strangling the business climate in the United States with his constant stream of regulations, says hospitality and casino giant Steve Wynn.
“I’m saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime,” Wynn said in an investor conference call published by Business Insider.
“I could spend the next three hours giving you examples of all of us in this marketplace that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right.”
Don’t think Wynn is acting as some sort of voice box for the Republican party, either. He’s not.
Any business owner should fear Obama, he says.
Meanwhile, life is good in Communist China, where the business environment isn’t so Communist.
Today: Presidents and the U.S. economy.
Cal: 9.1% unemployment. Ouch. Talk about change you can’t believe in.
Bob: Thank your dear friend, George W. Bush. During his time in office, he treated the U.S. economy how a baby treats a diaper.
Cal: Ahh, the Blame Bush bumper sticker. Well, now that we’re into Year Three of the Obama Debacle, I think it’s fair to say we’re living through — or perhaps living is the wrong word — the Obama Economy.
Bob: And Bush would have done better?
Cal: He couldn’t do much worse. Look Bob, no president since Franklin Roosevelt has won re-election with so many people out of work. And Roosevelt won in large part because Democrats managed to blame Republicans for the Depression. And then there was World War II. The country has traditionally rallied around an incumbent president of either party in wartime.
Bob: The Democrats blamed the Republicans for good reason. Remember Herbert Hoover and Smoot-Hawley protectionist Republican trade legislation? Also, Roosevelt was re-elected with 16.6% unemployment in 1936 and 14.6% in 1940. We were not at war then.Barack Obama is juggling three wars now, so by your logic he should be re-elected.
Cal: So high unemployment is good politics? You sound positively Orwellian! Even during the “Great Society” spending years of Lyndon Johnson, unemployment averaged just 3.7%. Richard Nixon‘s jobless rate averaged 6.3% but was trending downward when he resigned. President Obama‘s unemployment numbers are trending upward.
Bob: Two months is hardly an enduring trend. The numbers climbed in May in the aftermath of the Japan earthquake and a resulting interruption in trade with the U.S. Also, oil prices have soared in the wake of the NATO war in Libya, which is slowing economic growth. I note with regret the perverse glee that Republicans displayed when unemployment ticked up.
Cal: What a short memory you have. Democrats hammered President Bush heading into the 2004 election for his “jobless recovery.” Oh, to have that type of recovery today! “It’s the economy, stupid,” cried James Carville leading up to the 1992 election. That line got Clinton elected, even though the recession had ended months earlier.
Bob: Recessions aren’t over until the voters feel the economic growth. In 1992, voters felt the pain well into Clinton’s first term.
Cal: Perceptions and facts are often two different things. Do you know that George H.W. Bush had an average unemployment rate of 6.7%, and it was trending downward when he left office? He lost, even though unemployment then was considerably lower than it is today.
Bob: It’s apples and oranges, Cal. Hadn’t H.W. Bush inherited the whiz-bang economics of Ronald Reagan, the engine of growth that Republicans still rev up with glee? Obama inherited a historic calamity. And you want to compare the two? Unemployment under 10% will not doom President Obama as long as voters think the number is moving in the right direction.
Cal: That’s a big if, at this rate. You are a pro at this and know that Obama’s re-election is highly unlikely if unemployment doesn’t start to decline — and soon.
Bob: Yes, as I said, the “right direction” is down.
Cal: But with so much uncertainty, including the impact on businesses from the national health insurance mandate, banks that won’t lend money, new regulations and the threat of higher taxes, businesses simply aren’t hiring at the rate needed for a full recovery.
Bob: The insurance mandate is not in effect yet, banks are beginning to lend money, and corporations are more profitable than ever. As for taxes, you perpetuate the Republican myth about high taxes. Individuals now pay the lowest percentage of their income in taxes to the federal government since a federal tax was instituted.
Cal: Then explain to me why people aren’t hiring. Morgan Stanley reports that about half of last month’s job growth came from a major hiring push by McDonald’s. I guess that would be jobs you Democrats once denigrated as “hamburger flippers.” But a job beats unemployment.
Bob: What you don’t mention is that federal, state and local governments laid off 50,000 workers because they bought into Republican tripe that deficits are dangerous, which they are not.
Cal: So how come Democrats make a big deal about deficits only when a Republican is in the White House? Burden on our grandchildren and all that. You really believe deficits aren’t dangerous?
Bob: I certainly do. With our economy well below full capacity, we can have substantial debt with little chance of inflation. Now is exactly the wrong time to be cutting government payrolls.
Cal: If only Democrats ever believed there was a right time to cut those payrolls. I don’t hear anyone complaining about loss of services from those state and local government layoffs, except perhaps the unions who will be deprived of some of their dues money that mostly goes to Democrats. When the president travels to Michigan and Ohio, as he did recently, and tries to convince people we are experiencing just a rough patch or a speed bump, it’s falling on deaf ears. Two-and-a-half years is not a rough patch. His whole presidency has been a rough patch.
Bob: Obama has done about everything a president can do to create jobs. On the one hand, you conservatives say that the free market and not government should be in the business of creating jobs. At the same time, though, you blame Obama for not creating enough jobs. You can’t have it both ways.
Cal: Government never creates jobs. Unemployment is just part of the bleak economic picture. Home prices continue to sink, consumer confidence is dragging, oil prices and food prices are soaring, and people have little confidence in the economic leadership of Barack Obama. Oh, and then there’s the whole unsustainable national debt issue. That little thing. This is not a record for re-election. It’s a record and a compelling reason to change leaders.
Bob: Numbers and statistics don’t win elections for president; candidates do. The Republican presidential field looks like a bunch of little actors trying out for the role of Munchkins in a remake of TheWizard of Oz. You can’t beat someone with no one.
Cal: Agreed, but the latest Washington Post/ABC News poll shows the public believes by an astounding 2-to-1 that we are “seriously on the wrong track.” The poll says Mitt Romney is in a statistical dead heat with the president.
Bob: The real question here is how much a president really can do about putting people to work.
Cal: Not much, actually.
Bob: And that’s my point. Candidates all talk about it; Obama in 2008, now Romney. The truth is market forces and wars are what really generate jobs or destroy them. Unless you want the government to put people into jobs like FDR did in the 1930s — I do; your side doesn’t — candidates for president set dangerous expectations when they promote their ability to create jobs. Obama overpromised in 2008. And Romney and even Tim Pawlenty are doing it now.
Cal: I completely agree. Uncertainty is what keeps people from investing capital and expanding their businesses. Government clearly can play a role in hampering or helping economic growth, but when macro and indeed global forces are in play, a U.S. president can only do so much. I will say that I hope things improve for the sake of the jobless — no matter who gets credit.
Bob: Now there’s a thought. Let’s pull for the country, and the well-being of our citizens, no matter who gets credit. Which politician among the 2012 field — and I’ll include the president — would be willing to embrace that? Talk about a winning message for the next election.
Obama’s Killing the Economy One Day at a Time
The Democrats, led by Obama, Senate Majority Harry Reid, and former House Speaker, Nancy Pelosi, have supported the destruction of Medicare with Obamacare which is now wending its way through the courts with 26 States joined in opposing it. In this and so many other ways this trio, supported by party line votes has created an environment of fear and uncertainty that is playing havoc with the economy.
Millions of Americans are waking up to the fact that the Federal Reserve, despite being authorized in 1913, is a central bank with its own agenda and not even subject to a congressional audit. As was the case leading up to the Great Depression of the 1930s, its policies are contributing to the current financial crisis. This week Wall Street listened to Fed Chairman Ben Bernanke’s outlook on economic growth and stock prices took a dive.
All of the Obama administration’s economic policies have proven to be models of stupidity
All of the Obama administration’s economic policies have proven to be models of stupidity and three years on from Obama’s 2009 inauguration, every single element of the economy is in the toilet.
Obama’s Radicalism Is Killing the Dow
A financial crisis is the worst time to change the foundations of American capitalism
It’s hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president’s policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.
The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents — John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance — President Obama is returning to Jimmy Carter’s higher taxes and Mr. Clinton’s draconian defense drawdown.
Mr. Obama’s $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents — from George Washington to George W. Bush — combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.
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