July 26, 2009

Go Back to Sleep, Larry
Obama's pick for his top economic advisor, Larry Summers, has declared that the country's economic free-fall has ended. How did Summers determine this? Did he use statistics on the consumer confidence index, stock market analysis, retail sales and wholesale prices? No, Summers used Google. That's right, Obama's choice for an economic guru said that the number of people searching Google for the term "economic depression" has returned to "normal" levels.

Firstly, no one knows what "normal" levels are for that term. Simply because there are fewer searches for the term now than previously doesn't mean anything. Hey, Larry, wake up! Larry, did you ever think that maybe it was because Obama kept using the mantra of this being the worst economy since the Great Depression that people were trying to see what he meant? Did you think Larry that after a person looks up the term once, that they will continue to do so?

Then Summers had this to say, "We pledged at the time the Recovery Act (Porkulus spending bill) became law that some of the spending and tax effects would begin almost immediately. We also noted that the impact of the Recovery Act would build up over time, peaking during 2010 with about 70 percent of the total stimulus provided in the first 18 months. Now, five months after the passage, we are on track to meet that timeline."

Sorry, Larry, don't you recall the rush to pass Porkulus? No one was allowed time to read it. Obama said that it must be passed immediately and that the effects would be felt immediately. Of course, Obama waited about four days to sign it because he was on a Valentine's Day date at taxpayer expense. Obama said that if it wasn't passed immediately that unemployment would reach 8 percent. Well, it passed immediately. The effects were felt immediately. The economy has worsened and unemployment is just under ten percent. That doesn't include another eight percent that have just given up "hope" of ever finding a job. So, in reality the unemployment rate is closer to twenty percent. No, of course you don't recall; you were sleeping.

Obama and his economic advisors don't have a clue. Neither has had a real job; no executive experience; no practical experience at all. Is it any surprise that their academic theories about economics have proven to be a failure? The fact is, the economy would have already turned around, if Obama hadn't bailed-out the auto industry, bailed-out the financial institutions and hadn't passed the largest tax-and-spend bill in history. The economy was not the worst since the Great Depression, it was the worst since Jimmy Carter. However, Obama is seeing to it that it will be the worst economy ever. He just hopes that it will turn around before he's up for reelection. It doesn't look good, does it Larry? Larry...Larry? Oh, Larry went back to sleep.

TLG

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