After nearly 11 months, with unemployment at 10 percent, President Obama waited until recently to convene a “jobs summit.” Uncertainty is by far the greatest deterrence to economic expansion and job growth. With the Bush tax cuts to expire, a health care bill pending with increased regulations and taxes, reinstatement of the inheritance tax, and “cap and trade” legislation, which will increase both energy costs and taxes, is it any wonder businesses are reluctant to hire?
It has been reported that only 8 percent of Obama’s close advisers have business experience. Most are academics, ex-politcians, union execs and social activists. Last February he insisted that a $787 billion “stimulus bill” be passed or we “faced catastrophe.” This prior to his going on vacation. He didn’t sign the bill, which Congress hadn’t even read, until returning four days later. He promised if passed, unemployment would not go above 8 percent.
By many accounts the “stimulus bill” hasn’t worked as advertised but has become a “slush fund’ for the Democrats, used to push their agenda and buy votes. Witness the $300 million set aside for Sen. Mary Landrieu’s state of Louisiana for her vote on health care. This week the House passed legislation to use TARP money paid back by banks to fund a third “stimulus” instead of returning to the Treasury to reduce the exploding deficit.
Many warned against electing a person with such little experience to the presidency. As the president’s former pastor said, “The chickens are coming home to roost.”
Robert Johnston
Camano Island
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