
 |
|
Nov. 23, 2009
JWisdom.com: Actually, it really is all about you with Rabbi Lawrence Hajioff
Nov. 20, 2009
Nov. 19, 2009
Jonathan Tobin: ADL Crosses the Line with Report Bashing Obama Critics
Nov. 18, 2009
JWisdom.com: The (Jewish) Dating Game
with Rabbi Lawrence Hajioff (8 minutes)
Nov. 17, 2009
Steven Emerson: How Does the 4th Amendment Impact Terror Finance Investigations?
JWisdom.com: If Frank Sinatra married Edith Piaf
with Rabbi Y.Y. Rubinstein (2 minutes) Life lessons from what would be regarded as the most inappropriate lyrics ever sung
Nov. 16, 2009
JWisdom.com: Deconstructing faith
with Rabbi Warren Goldstein (9 minutes)
Nov. 13, 2009
JWisdom.com Sarah's subjective reality
with Rabbi Sroy Levitansky ( 6 minutes)
Nov. 12, 2009
JWisdom.com Does God get tired?
with Rabbi Harvey Belovski ( 5 minutes)
Nov. 11, 2009
JWisdom.com Marriages are not made in Heaven
with Rabbi Lawrence Hajioff (VERY fast 15 minutes)
Nov. 10, 2009
Michael Doyle: Author of book exposing CAIR ordered to remove supporting documents from Web
JWisdom.com If the creation so loudly shouts the existence of the Creator, why aren't more people believers? with Rabbi Naftali Brawer (9 minutes)
Nov. 9, 2009
Mark Steyn: Shooter exposes hole
in U.S. terror strategy
JWisdom.com It's never too late to
have a happy childhood with Sarah Chana Radcliffe (5 minutes)
Nov. 6, 2009
JWisdom.com Zero to 1/60th: How
to Empower An Hour with Gavriel Aryeh Sande (7 minutes)
Nov. 5, 2009
JWisdom.com Hidden Hints: Unlocking
Faith & Prayer with Rabbi Jay Yaacov Schwartz (10 minutes)
Nov. 4, 2009
JWisdom.com When God played peacemaker
With Rabbi Sroy Levitansky (5 minutes)
Nov. 3, 2009
JWisdom.com Are you are closet idolater?
With Sara Yoheved Rigler (10 minutes)
Nov. 2, 2009
JWisdom.com Abraham's Strange Change
With Rabbi Yitzchok Fingerer (5 minutes)
|
| |
Jewish World Review
July 16, 2009
/ 24 Tamuz 5769
Obama's shifty economics
By
Dick Morris & Eileen Mc Gann
| 
|
|
|
| |
|
http://www.JewishWorldReview.com |
Now President Obama says in The Washington Post that he never envisioned that his stimulus package would afford quick relief to the American economy, but would do so only after it had run its two-year course. But when it was passed, Obama sang a different tune, urgently demanding its enactment to speed relief to a sagging economy. He claimed it would "create or save" 600,000 jobs. Now, even as the economy loses 450,000 jobs each month, he pretends that it is a matter of time until the stimulus kicks in.
He now justifies the stimulus package by saying it was adopted to prevent the "collapse" of the economy and the banking systems. But it was really the Troubled Asset Relief Program (TARP), first passed under President Bush, that stopped the banks from going under. At the time of the enactment of the stimulus package, Obama never mentioned that he was counting on it to save the banks.
All these shifting justifications are designed to explain why the stimulus package has totally failed to accomplish anything. Not only has it done no good. It has done significant harm by ballooning the deficit, driving up interest rates, creating doubts about the U.S. currency and fanning inflationary fears.
But Obama has paid and will continue to pay dearly for betting on his stimulus package. Because of it, the Bush recession is becoming the Obama recession much faster than it would have had he adopted a more gradual approach to solving economic problems. By jumping in immediately, as he did, in order to increase government spending and pass eight years of Democratic dreams in one day, he made the public expect a solution.
At first, a sick patient looks forward to seeing the doctor. But when the medicine his physician gives him fails to make him better, he is likely to turn on his doctor. And then, gradually, when it dawns on him that the cure is making the disease last longer and get worse, he will really get mad at the physician. This is Obama's fate.
The stimulus package used up all the wiggle room he had to increase the budget deficit. He probably could have passed the healthcare program without a tax increase had he not already sent the deficit soaring with his massive spending. (Hillary and Bill pretended that there was no need to raise taxes to pay for their 1993 reform package and few questioned their presumption.) But now that the deficit has soared to 12 percent of the gross domestic product, everyone realizes that taxes must go up to pass healthcare "reform," making its adoption even less likely. House Ways and Means Committee Chairman Charlie Rangel (D-N.Y.) has passed $550 billion of tax increases, but everyone knows that at least $1 trillion is required. And, in the current environment, Congress will not vote to add the balance to the deficit, even if Charlie wants to "charge it."
Finally, Obama has laid a trap for himself. Just as the economy is coming out of its recession in 2010 and 2011 and he begins to run for reelection, he is going to face massive inflation. The money supply has more than tripled since October of 2008 and is going up each week as the Fed buys Treasury bills and other securities to "monetize the debt" (i.e., give other people money so they can lend it back to the government and charge it interest for doing so). With each new infusion of cash, the problem of avoiding inflation becomes particularly severe. Obama could well lose the elections of 2012 because of the inflation his deficit has created.
Of course, we all know that the only way to put the inflation virus back in the test tube is to trigger a new recession, this time caused by massive increases in interest rates, as Fed Chairman Paul Volcker did in 1979. If the recession doesn't doom Obama to a single term, the inflation will. And if the inflation doesn't get him, the subsequent recession will.
The deeper he gets into his term, the more it is apparent that he threw it all away when he first took office and demanded over $1 trillion in stimulus and supplemental appropriation spending. He was doomed to lose the game right after he received the first kickoff.
=<<
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
JWR contributor Dick Morris is author, most recently, of "Catastrophet". (Click Catastrophe HERE to purchase. Sales help fund JWR.) Comment by clicking here.
Dick Morris Archives
include "/usr/web/jewishworldreview.com/t-ssi/jwr_squaread_300x250.php"; ?>
© 2009, Dick Morris
|

Arnold Ahlert
Mitch Albom
Michael Barone
Dave Barry
Tony Blankley
Andy Borowitz
David Broder
Stratfor Briefing
Mona Charen
Linda Chavez
Ann Coulter
Greg Crosby
Larry Elder
Suzanne Fields
John Fund
Frank J. Gaffney
Lloyd Garver
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Lewis Grossberger
Victor Davis Hanson
Betsy Hart
Nat Hentoff
David Horowitz
Laura Ingraham
Cheri Jacobus Jeff Jacoby
Paul Johnson
Jack Kelly
Ed Koch
Ch. Krauthammer
Michael Ledeen
John Leo
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Dick Morris
Bill O'Reilly
Jim Mullen
Clarence Page
Kathleen Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Jonathan Rauch
Celia Rivenbark
Robert Robb
Cokie & Steve Roberts
Pat Sajak
Debra J. Saunders
Culture Shlock
Roger Simon
Michael Smerconish
Thomas Sowell
Mark Steyn
John Stossel
Cal Thomas
Bob Tyrrell
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
Mort Zuckerman

Robert Arial
Chuck Asay
Baloo
Chip Bok
Dry Bones
Lisa Benson
John Branch
Gary Brookins
John Cole
J. D. Crowe
John Deering
Brian Duffy
Everything's Relative
Mallard Fillmore
Jake Fuller
Bob Gorrel
Joe Heller
David Hitch
Jerry Holber
Steve Kelley
Jeff Koterba
Dick Locher
Chan Lowe
Ranan R. Lurie
Jimmy Margulies
Rick McKee
Michael Ramirez
Kevin Siers
Jeff Stahler
Ed Stein
Danna Summers
John Trever
Gary Varvel
Kirk Walters

How 2
Lori Borgman
The Savvy Consumer
Elder matters
Fixit
Dr. Peter Gott
GET A JOB! by Marty Nemko
Richard Lederer
Tech Maven
Every Monday Matters
Nutrition Myths
Bookmark These
Bruce Williams
How Stuff Works
| |