”I’ll gladly pay you Tuesday for a hamburger today.” – Wimpy from the Popeye comic
Wimpy was a glutton, and would consume burgers at a ferocious rate but could rarely pay for his habit. The phrase implies the underlying feeling that the person will unlikely actually pay for the hamburger (or whatever) on Tuesday (or ever, for that matter). Does that describe the United States of America in general and specifically our Keynesian President Barack Obama?
Obama’s speech tomorrow night is no longer a secret. For whatever reason, the White House purposely leaks the major themes of the speech. Based on the Bloomberg article below I’d say my article from two weeks ago anticipating Obama’s plan is about 99% on the mark (http://www.theburningplatform.com/?p=20378).
How stupid and gullible can the American people be? One month ago Obama signed a supposed $2.1 Trillion deficit cutting bill over ten years with 60% of the identified cuts between 2018 and 2021 (TUESDAY). A full 1% of the total cuts ($21 billion) were slated for 2012. The left wing libtards screamed like a stuck pig about these horrific cuts that would destroy the American economy and starve orphans and old people. Paul Krugman’s head started to spin and green vomit was projected all over the NYT press office.
Well our cost cutting, spending focused, deficit hawk president (WIMPY) held the line on spending for exactly 30 days. He is asking for $300 billion of burgers for 2012 and he promises to pay for them at some time in the future (after his hoped for 2nd term is up in 2016). The balls on this guy are immense. Not only that, but its the same bullshit he’s been peddling for two and a half years.
- Extend the payroll tax cut
- Extend unemployment benefits
- Send billions to the states so they don’t have to get their budgets to balance
- Pour billions into “shovel ready” infrastructure projects that don’t exist
The Democrats tell us that Social Security is a secure program that is fully funded even though the Trustees report on the fund shows a $17.5 trillion unfunded liability. Obama cut the Social Security tax from 6.2% to 4.2% at the beginning of this year. This was supposed to give a huge boost to the economy. How’d the work out? But I thought the 6.2% we paid was supposed to fund our retirements. In reality, Obama’s plan is like having you reduce your 401k contribution from 6.2% to 4.2% and telling you your income just increased. Obamanistas and Keynesians are only worried about today. Screw the future. Obama will be out of office, writing memoirs, and doing the talking circuit, earning millions, when the implications of his brilliant plans destroy the country.
How many times can they extend unemployment benefits? The extension of unemployment benefits keeps the unemployment rate from falling. That is a fact. The Federal Reserve did a study and concluded that extending unemployment compensation added 1% to the unemployment rate.
A Chicago Federal Reserve study suggests that the extension of unemployment insurance benefits during the recent economic downturn can account for somewhere in the neighborhood of 1 percentage point of the increase in the unemployment rate, with a preferred estimate of 0.8 percentage points.
So, in a Keynesian mind, extending unemployment benefits somehow creates jobs even though scientific data proves that people don’t look for work until their benefits are about to run out. Do we live in bizarro world?
The infrastructure bullshit is all about getting union votes in the next election. You can bet that any money distributed by the Obamanistas for infrastructure will go to the districts that will be most important to his re-election in 2012. This will be nothing but pork. Black topping roads and building parks and fixing schools that should have been fixed ten years ago is not infrastructure. The sewer pipes and water pipes beneath our cities are crumbling, but repairing and replacing pipes isn’t sexy enough for Obama and his Keynesians. They will continue to burst while the money is spent on green energy bullshit projects. The electrical grid will be ignored because no one votes for you because you make a good long-term investment. A tot lot or train museum named after your Congressman is what you’ll get.
But don’t you worry. Obama will pay you next Tuesday for the $300 billion of spending he’ll do today.