Financial Expert Peter Schiff Explains Team Obama’s Illusion of Economic Recovery (video)
Posted By Vicki McClure Davidson on September 5, 2010
Last week, as markets and millions of Americans awaited the release the following day of the new jobless report for August, financial whiz and market expert Peter Schiff said in the FOX interview video below that Obama’s stimulus package has not strengthened, but severely weakened, the economy.
Schiff explains the illusion of economic recovery created by Team Obama.
Seeing the dismal job report the following day, with its 7.5-million jobs deficit, and the damage that Team Obama has done to the economy with the stimulus/porkulus package, Schiff was dead-on correct in his appraisal — it’s all an illusion.
FOX News: Peter Schiff: Illusion of Economic Recovery | September 2010
From The Foundry, The Audacity of Failure:
By every objective measure, President Barack Obama’s economic stimulus package has been a complete failure. When President Obama was selling his stimulus plan to the American people, he promised it would save or create 3.5 million jobs by the end of 2010. At the time, employment stood at about 134.3 million, according to the Labor Department’s most commonly used measure. That established an Obama jobs target for December 2010 at 137.8 million. According to the latest jobs report, total U.S. employment stood at 130.3 million in August, which means the cumulative Obama jobs deficit stands at 7.5 million.
From The Washington Post, Obama Expands Stimulus Goals – As Economic Outlook Grows More Dire, Early Target for Job Growth Is Bolstered:
President-elect Barack Obama has expanded his goals for a massive federal stimulus package to keep pace with the increasingly grim economic outlook, aiming to create or preserve at least 3 million jobs over the next two years.
The more aggressive target, up from 2.5 million jobs set a month ago, comes after a four-hour meeting last week in which Obama’s top economic advisers told him the economy is now expected to lose as many as 3.5 million jobs over the next year. Obama was told that could drive unemployment, currently at 6.7 percent, above 9 percent, a figure not seen since the recession of the early 1980s.
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As the recession has deepened, Obama’s proposal for economic stimulus has soared from $175 billion during the campaign to nearly $800 billion today, a sum that some say would fund the most expensive measure ever approved by Congress.
The rapid expansion of the package has generated fears that it could easily evolve into a grab bag of provisions that appeal to traditional Democratic constituencies such as unions, environmental activists and local officials but fail to deliver the necessary medicine for the economy.
Because they are intended to pump cash quickly into the economy, stimulus measures are released from the usual budgetary constraints that require the cost of new programs to be covered by cutting spending elsewhere or by raising taxes — a one-time pass that could invite lawmakers to load the bill up with favored items.
Revised 2nd quarter GDP, 2010 - Commerce Department
George Neumayr at The American Spectator wrote this blistering critique of Obama’s “Operation Iraqi Freedom” speech:
Not that anyone should expect logical consistency from [Pres. Obama] at this point, but one line in the speech invites an obvious question: If, according to him, war should not be paid for on a credit card — “We spent a trillion dollars at war, often financed by borrowing from overseas,” he said — why is he launching a phony new debt-financed war on unemployment? Why is a trillion dollars that we don’t have foolish to borrow for war but smart to borrow for “stimulus”?
Anytime a politician talks, as Obama did in this speech, about giving Americans “the education they deserve” and the “skills they need to compete in a global economy,” he is talking about deficit spending. And who exactly would be giving these beleaguered Americans the education they deserve and struggling entrepreneurs the skills to flourish in global free markets? Obama’s Department of Education officials who trotted off to the Al Sharpton rally last weekend? The socialists sprinkled throughout his administration and agencies who have never held a private-sector job in their lives let alone created one? Department of Energy officials who consider the very creation of wealth and expansion of economies to be bad for the environment?
Obama’s speech on Tuesday was reminiscent of the one he gave to dozing cadets at West Point last year. In that address, he complained about the distracting burdens of the presidency and drew a strained connection between “national security and our economy,” by which he meant a ballooning federal government.
The core responsibilities of the presidency, from protecting America’s borders to defeating her enemies, leave him cold while the bogus and reckless ones he invents for it occupy his attention. He says that he abhors nation-building. But that’s not true. There is one nation he wishes very much to change at its foundation — his own.
Related reading:
American Thinker: Summer of No Recovery
Another Black Conservative: Copycats: Liberals to hold their own Beck-like rally on Oct 2
VotingFemale: Economic genius Obama slaps America in its Hopey-Changey face; Unemployment climbs to 9.6%
Frugal Café Blog Zone: ON FIRE… Mark Levin: We Must Take Back Our Country, Stay Engaged & Fight for Liberty (video) and Obamanomics Continue to Fail: Consumer Spending, Construction Spending Drop in August, Democrats’ Promised “Recovery Summer” Never Happened and Biden Declares America Is “Moving in Right Direction” As Home Sales Hit “Unexpected” Low & Stock Market Drops (video) and Ten-Day POTUS Vacation: The Obamas Have Arrived on Poshy Martha’s Vineyard for Another Family Vacation and Unemployment Bad, More Jobs Shed… More Backlash on Michelle Obama’s Lavish Vacation — Public Beach Closed for Her by Police, Ingraham’s Parody of FLOTUS Vacation Diary and Yes, She’s Our “Uptown Girl”… Michelle Obama’s Ridiculously Lavish Vacation in Spain (video) and “Fire Pelosi” Campaign & Signs Scaring Democrats… Their Propaganda Email This Week Tries to Paint Nancy As America’s Sweetheart or Something and CA Budget Woes: Arnold “The Governator” Schwarzenegger Wants to Issue IOUs Again for California’s Bills and Federal Deficit Grows Like a Pot-bellied Pig, Government Spending in July Hit $160.04 Billion and More Bleak “Hopenchange”… Record-Breaking: More Than 780,000 Families in Illinois Receiving Food Stamps and Obama & Reid, Two of a Kind: Responsible for Nevada’s Broken, Decimated Economy, Highest Rate of Home Foreclosures in Nation, Angle Slams Reid (video) and Bad News: Police Layoffs of Up to 30 Percent for East St. Louis… Blame It on Obama’s Terrible Economy and More Bad News for Dems: 75% of Americans Say Free Market Principles Better Than Government Manipulation & Interference… Obama’s Approval Index Drops to -19 and Rasmussen’s Prez Approval Index for Obama… Déjà Vu at Dismal Minus 17, Unemployment Improves Only Because Americans Have Lost Hope, Stopped Looking for Work
Michelle Malkin: Obama jobs death toll: private sector jobs, growth forecasts down
Sister Toldjah: Bad news day for Democrats
Blue Crab Boulevard: “Recovery Summer” Churns On
GayPatriot: What did Obama do to forestall economic crisis? and Young Voters Abandoning Democrats?
Nice Deb: David Limbaugh Calls Obama, “The Most Destructive President In American History”, In Bestseller, “Crimes Against Liberty”
Gateway Pundit: News Flash… Obama Says Economic Progress Is Painfully Slow and A Trillion Dollars & 19 Months Later… Obama Proposes Tax Cuts for Business and Obama Panders to Union Thugs on Labor Day And Whines A Bit, Too and It’s Alive!… Obama Wants Another $50 Billion Road Stimulus to Save Ailing Economy and Thanks Barack… US Growth Rate Likely to Fall Below 1% in 2nd Half of 2010 and Obama-Pelosi Economic Plan Resulted in Record 7.5 Million Jobs Deficit and Obama’s Disastrous Jobs Record Makes George W. Bush Look Godlike and GOP Candidate Joe Miller on Obama: “He’s One of the Major Forces Moving This Country Towards Socialism” and Russ Feingold (D-WI) Claims There Was “Systematic Effort to Destroy Obama” and This War Is Lost… 8 Years of Iraq War Cost Less Than Obama-Pelosi Failed Stimulus and Jobless Claims Rise “Unexpectedly” to Highest Level in 9 Months and Thanks Barack… Record 1 of 6 Americans Receive Government Aid and Bombshell… Colorada Dem Michael Bennet Admits: “We Have a $13 Trillion Debt & Nothing to Show For It” and GOP Leader Boehner Calls For Obama’s Economic Team to Resign and Joe Biden Admits: “Voter’s Anger & Frustration Understandable Given High Unemployment & Sluggish Economy” and Beautiful!… Dem’s First Ad Asks Voters to Choose Between Bush’s Pro-Business Policies or Current Ruin and It’s Time to Admit It: Obamanomics Are a Complete Disaster and US TAXPAYERS ARE FUNDING MOSQUE CONSTRUCTION and Democrats: Say, Let’s Exempt Rich People in Blue States From Tax Hike! and Recovery Slumber: Consumers Stop Consuming and Obama July Deficit of $167 Billion Tops Bush Deficit For Entire Year of 2007: and As Michelle Returns From Spanish Extravaganza Obama Cuts Food Stamps to Nation’s Poor
Diary of a Mad Conservative: Why Glenn Beck is right and Newsweek and Bill Maher: America the Ignorant and Stupid
Big Government: Government Created 10x More Jobs than Private Sector in May
Missouri Political News Service: WSJ Notes Another Stimulus Promise Broken; ABC: ‘Summer Of Recovery’ Simply ‘Hasn’t Materialized”
About the author
Barry is preaching to the ignorant.
His credibility is waning exponentially, and yet he continues to insist that his economic policies are working.
Gear up Vicki, crank the CCR, ZZ-TOP, and as far as Sarah is concerned, The Holly’s ‘Long Cool Woman in a Black Dress’.!
I am optimistic about the upcoming election.
Popcorn, icy cold beverages, and lots of rock and roll to celebrate the victory of the Giant finally awakening to what is happening to our country.
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