I was watching a news program last evening in which the economist made a rather bold pronouncement: President Obama has lost touch with reality when it comes to economics, he said. The president has no understanding at all of how the economy works. I’ve believed that all along, but it was rather refreshing to hear someone say it out loud to a few million viewers.
What sparked that comment was the recently ended G8/G20 Summit of industrialized nations. As all the leaders gathered, the consensus was that they needed to stop the spending sprees because they were all going under financially. It was time to face reality and cut back on the burgeoning welfare states they were creating or they would all end up like Greece.
I say it was the consensus—with one slight disagreement. President Obama was the only one urging them all to create a worldwide “stimulus” to create prosperity. His plea for continued suicide spending was ignored. He was the Lone Ranger on this one.
What’s particularly galling is that this lowers the prestige of the United States more than ever. This was the president who said he was going to “rescue” our image in the world after President Bush supposedly destroyed it. The rest of the world is now looking at our “leader” and coming to the conclusion that he might be on a planet of his own, a place where massive spending makes us wealthy.
How different from the days when President Reagan explained to the European leaders just how America had pulled out of its doldrums of the 1970s by reducing government interference in the economy and allowing individuals to keep more of their own earnings. Those were the days when the world looked to the U.S. for leadership.
Those days are now gone.
Meanwhile, back at the oil spill, the president still refuses to use all the skimmers to clean things up and the oil spreads along even more of the Gulf Coast. He didn’t cause the spill, but he is certainly guilty of sloppy handling of the cleanup. He has been effective, though, at stopping one type of flow.
While he’s been out of the country, his allies in Congress cobbled together a so-called financial reform package. All you have to know about this piece of legislation is that the prime architects for it are Chris Dodd and Barney Frank, the gentlemen who gave us the Fannie and Freddie fiasco.
What will this legislation do if it passes the Congress? Sen. Dodd has already told us.
That’s exactly what he said. Now, where have we heard that before? Oh, yes, the healthcare bill. And guess what? This bill is just as long and just as unread as the former one. But by now we’ve learned that Democrats don’t need to read bills—they vote for them anyway because their leadership says to do so. A couple things we do know about it are that it creates another government bureaucracy and it exempts Fannie and Freddie from any oversight. Wonderful.
A president and a Congress both out of touch with reality. This is no way to run a country.