When Obama took office- people were calling for fire trucks to put out an economic fire in America. However what did Obama do? He sent the wrong trucks and then delayed even the wrong trucks from arriving! An economic stimulus bill of more than 1,000 pages was written and passed by Democrats and then signed into law by Obama. The bill had very little tax cuts and as of this writing - not even sure if any have gone into effect. Sorry - that is the wrong the vehicle. Tax cuts put money in people's hands that can be spent in the economy immediately. However- the stimulus bill was filled with shovel ready construction projects and earmarks for projects yet to be built. Please note - while the economy is still burning down now these projects are still sitting in the fire station. Six months after the bill was enacted only 10% of the stimulus money for the these projects has been spent in the economy. It takes time for construction projects to get off the ground! As a result - right now in July 2009- the economic house of America is nearly burned to the ground.
The fact is that 2 million more people have been let go from there jobs since Obama took office and there is no end in sight. People are also losing their unemployment benefits- because they have run out. Both of these facts equals less people spending money in the marketplace. Please note it's people spending money that drives the economy.
At this very moment- you could send all the
fire trucks (tax cuts) you want with all the water hoses to put out the
economic fire in America - but it is too late the damage is done. The
economy is to the point of destruction. With so many people whose benefits
have run out and so many more people that have lost jobs- tax cuts at
this point will not help... The financial house of America has been burned
about 80% to the ground and it is going to take a long time to be rebuild.
The reason is simple - Obama sent the wrong vehicle to put out the economic
fire and most of those wrong vehicles he ordered are still sitting at
the fire station.
by Thomas George
© July 1, 2009 http://www.the-manumitter.com/