Monday on a Tuesday

WSJ on the Obama economy:

[T]he real roots of Mr. Obama’s economic problems are intellectual and political. The Administration rejected marginal-rate tax cuts that worked in the 1960s and 1980s because they would have helped the rich, in favor of a Keynesian spending binge that has stimulated little except government. More broadly, Democrats purposely used the recession as a political opening to redistribute income, reverse the free-market reforms of the Reagan era, and put government at the commanding heights of economic decision-making.

And, that’s working out SO WELL for us.

Thomas Sowell gives a little lesson on the way government works, for all those folks out there (including Obama) who appear a tad confused:

No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.

Democrats controlled both houses of Congress before Barack Obama became president. The deficit he inherited was created by the congressional Democrats, including Sen. Barack Obama, who did absolutely nothing to oppose the runaway spending. He was one of the biggest of the big spenders.

Oh, but there is more:

When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters, and Charles Rangel.

If we are going to talk about “the policies that created this mess in the first place,” let’s at least get the facts straight and the names right.

The current policies of the Obama administration are a continuation of the same reckless policies that brought on the current economic problems — all in the name of “change.” Fannie Mae and Freddie Mac are still sacred cows in Washington, even though they have already required the biggest bailouts of all.

Why? Because they allow politicians to direct vast sums of money where it will do politicians the most good, either personally or in terms of buying votes in the next election.

Yet, Obama continues to blame blame blame everyone else. Good thing he’s concentrating on the jobs, right? Well, he’s concentrating on some people’s jobs.

President Barack Obama is adding more fundraisers to his schedule, traveling to Florida and Minnesota over the next six weeks to try to build on the House Democrats’ shrinking financial advantage over Republicans. Obama intends to increase his efforts to draw a contrast with Republicans as he does more campaigning in the coming weeks and tries to energize the party’s core voters.

Between fundraising, campaigning, vacationing, and golf games …

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6 Comments on “Monday on a Tuesday”

  1. agiledog Says:

    This can’t be said enough (I have to remind myself sometimes):

    No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.

    As much as I like to blame Obama for everything, it is Congress that is at the root of the financial mess. We can still blame Obama for his apology tour and stuff.

    And people need to understand that goverment can’t (and shouldn’t) create private sector jobs. Goverment needs to get out of the way and let businesses do business.

  2. wiserbud Says:

    All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.”

    Not this year. This year, the budget was simply deemed to have been passed, no discussion whatsoever.


  3. Car in Says:

    Ha haa haaa … right you are wiser. I wonder why no one is talking about that?


  4. Cranky Says:

    Folks seem to forget…if they ever knew…that the whole mortgage crisis what started this all was put into motion by the Hon. Mr. Bill Clinton.

    Now you got Obama wanting to throw in yet another stimulus, because you know, the first couple did so much for us.

    I guess when you’ve given up actually having to pay for anything, well then you’re all about buying the next round.

    Obama’s motto: I didn’t cost me a thing; I just put it on my credit card!

  5. MJ Says:

    What really scares me is that Barney Frank has come out and said Fanny and Freddie should be eliminated. It sounds good, but no one knows what the proposed “whole new system of housing finance” will look like. My guess is that I’ll probably still be paying someone else’s mortgage on top of my two.

  6. geoff Says:

    That was creepy seeing Cranky’s moniker used by someone else.

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