wack wack wrote:
Meade wrote:Keep protesting, guys.
We'll let you know when it doth get to be too much.
Got nothin', huh?
Well the answers to your question are very simple and they have been backed up to a great extent despite your claims. However, since you lack an understanding of economics, I am not surprised that you have failed to grasp the obvious.
Failed policy #1 was the initial stimulus of aprox 750 billion.
Failed policy #2 was Obamacare
Failed policy #3 was Dodd Frank Financial reform.
Failed policy #4 failure to pass permenant tax rates for companies and individuals.
All of these (except #4) were passed into law and fly in the face of Fisticuffs claims that his policies were thwarted by a Republican filibuster.
Now the explanations of HOW and WHY these policies were failures;
The stimulus did now meet up to the stated objectives of the administration. Joe Biden claimed it would lower unemployment to below 8%. This did not happen. During a fund raiser in Florida in 2010, Obama claimed that "shovel ready did not turn out to be as ready as we thought" This is an admission of a failure to meet objectives.
Obamacare is a huge failure even though it is yet to be fully implemented. Because of this, no company can figure out what their cost of labor is really going to be. That is a huge unknown to them now, but more on this later.
Dodd Frank is a failure. Congress largely abdicated their responsiblility to debate and pass laws on their merits here. There are some 275 major policy regulations regarding banks and financial institutions that are to be designated by an official who is yet to be named. A result of this is that banks are hoarding money as they do not know what their capitalization requirements are going to be--more on this later too.
Now to summarize, Companies do not know what their cost of labor is going to be because of Obamacare. They do not know what their cost of capital is going to be because of Dodd-Frank, and finally they don't know what their taxes are going to be. With those many unknowns, nobody can do a cost benefit analysis to determine whether or not it pays to engage in any type of expansion or growth. Therefore, everyone is sitting on their hands and doing nothing. They are NOT hiring or making any comittments.
ALL of this has kept the economy from recovering. A direct result of that is huge deficit spending on welfare and unemployment as people REALLY need support. The huge deficits create a real need for tax increases. However, tax increases are the exact wrong thing to do to a weak economy. We are in a bad position now that is getting worse. Essentially, these policies have put us on the path to emulate what has happened in Greece!
One could go even further if one wanted to talk about things that were not done, but should have been. If Obama had provided leadership to the Senate, they might have actually passed a budget. That could have helped if done properly as it would have given some certainty to where taxes might have to go. He could have kept oil prices from going as high as they did earlier this year by simply allowing the keystone pipeline and the utilization of natural gas that we already have. We have a large enought supply to power our diesel trucks and that alone would get us off of imported oil. Supply of oil would therefore have been up and gas prices would have fallen. That could have avoided a big hit the economy took in the first quarter.
There is yet another catastrophe in the making right now that he is failing to act on to minimize the damage to the economy. Corn prices are going through the roof due to this drought. We need corn to make ethanol which is mandated. He should be taking steps to allow for substituions right now, but it is not happening.
We could also talk about how increasing the money supply like we have will be inflationary down the road and the damage it will do, but I don't expect that to be understood here.
This is NOT a partisan rant. Steve Wynn is a Democrat who supported Obama in 2008 and he as made the exact same claims. In fact, I am largely paraphrasing him with this post.
There!! We do not have nothing and did provide you with specific concete examples of a nonpartisan nature to answer your quesion and refute the nonsense of the blind partisans.