Finally! Something Obama Is Successful At!

That would be killing jobs:

It’s time to call Obama what he is: The Great Jobs Killer. With his massive spending and tax hikes — rewarding big government and big unions, while punishing taxpayers and business owners — Obama has killed jobs, he has killed motivation to create new jobs, he has killed the motivation to invest in new businesses, or expand old ones. With all this killing, Obama should be given the top spot on the FBI’s Most Wanted List.

Meanwhile, he has kept the union workers of GM and Chrysler employed (with taxpayer money). He has made sure that most government employee union members got their annual raises for sleeping on the job (with taxpayer money). He made sure that his voters got handouts mislabeled as “tax cuts” even though they never paid taxes (with taxpayer money). And he made sure that major campaign contributors collected billions off government stimulus (with taxpayer money).

As far as the taxpayers — the people who actually take risks with our own money to create small businesses and jobs and pay most of the taxes — we require protection under the Endangered Species Act.

You won’t find proof of the damage Obama is doing on Wall Street, but rather on Main Street. My friends are all part of the economic engine of America: Small business. Small business creates 75 percent of new jobs (and a majority of all jobs). I called one friend who was a wealthy restaurant owner. He says business is off by 60 percent. He’s drowning in debt. He won’t last much longer. His wealth is gone.

I know a guy who is a very good Realtor. (He helped us get the house we currently live in.) He’s been in the business for many years. He has a son who opened a bar/restaurant in a nearby city. The place got great reviews and was doing pretty well until the economy really tanked.

Now the father is having to float loans to the kid to keep the doors open. And he is sweating it.

There are signs that things are about to get worse:

Let us be honest. The US is still trapped in depression a full 18 months into zero interest rates, quantitative easing (QE), and fiscal stimulus that has pushed the budget deficit above 10pc of GDP.

The share of the US working-age population with jobs in June actually fell from 58.7pc to 58.5pc. This is the real stress indicator. The ratio was 63pc three years ago. Eight million jobs have been lost.

The average time needed to find a job has risen to a record 35.2 weeks. Nothing like this has been seen before in the post-war era. Jeff Weninger, of Harris Private Bank, said this compares with a peak of 21.2 weeks in the Volcker recession of the early 1980s.

“Legions of individuals have been left with stale skills, and little prospect of finding meaningful work, and benefits that are being exhausted. By our math the crop of people who are unemployed but not receiving a check amounts to 9.2m.”

A LOT worse:

The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday.

“Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.

At some point one has to begin to wonder if this is sheer incompetence or outright malevolence. There is something dreadfully wrong with our economy and the White House and the Democrats in Congress are continuing to try to spend their way out of it.

With money we do not have.

When a household loses income, they either economize and cut spending or they fail. The government must do the same thing when revenue falls, not spend more.

One sincerely hopes that the Republicans can build a platform and a message pledging responsible spending, lower taxes on small business, policies that promote real economic growth and cutting the Federal bureaucracy.

Time to kick the spend and tax crowd to the curb, folks. Get involved, get educated and get registered to vote. We have to. Or we’ll all need new hobo suits.

Links via Memeorandum and Real Clear Politics.