Want to know what else seems to be disappearing, thankfully? The term “inherited”…
Americans have clearly grown tired of the excuse. And after all, Barry… it is really hard to complain about an “inheritance” that you campaigned for with vigor and passion. I mean, your whole “schtick” was “Hope”, “Yes we can!”, and “Change you can believe in!” To follow that with complaints that you inherited something is just flat out pathetic.
So here we are in the “Recovery Summer” watching nearly 10% unemployment, and a GDP that was just adjusted downward by 50% from about 3.2% to a paltry 1.6% for Q2, and what we are seeing is “inherit” fall off the map as an excuse. Nice. It is about time. But what I cannot understand is how anybody- especially Biden or Barry- can run around making claims that we are “turning a corner”, “righting a ship”, blah, blah blahhhh, blah blah…
I am not sure most Americans understand how unemployment numbers are generated. It has to do with how categories are counted, part time workers and full time workers being “seen” or “adjusted” certain ways by the Feds- in a nutshell it is a quagmire of manipulated red tape that is a lot like any statistic. Which means you can probably tweak it any way you wish to make the point you want to make. (IF you want to know more about it, go here and click on the “more info” link. It may amaze you.)
However, one thing is always a constant when it comes to unemployment numbers: it NEVER accurately counts the total actual unemplyment rate, because, it cannot count those who would prefer and want to work, but who have given up.
Another way of putting it would be, tracking food stamp users, when a large percentage of them just decided to stop eating. In other words, the unemployment rate is always lower than the actual percentage of unemployed people who would prefer to work.
So, our current unemployment rate in THIS country is around 9.6%, not seasonally adjusted. (Again, if you want to know what that means, see this link…)
IF we were to take into account those that are no longer seeking employment, but would like to work, we would be between 15-20% in this country. Why is this, when we were promised by Biden and Barry and friends that, IF we passed the stimulus, we would prevent unemployment from going above 8%? Why indeed…
Their excuse? “It was worse than we thought…”
Well, I could buy that, and maybe would, were there not more requests for “stimulus”. But if you are now telling us “it was worse than we thought”, then why the hell should be believe you know how bad it is now? Or that your plans will even work? “It was worse than we thought” is an admission that you were not right the first time! OR, an admission that your plan is not working as you had hoped. It is ONE or the OTHER. Period. Neither makes me feel gooooooood!
So – let’s take a look at the current political climate, and let me make a prediction. A bold one.
Barry, Biden, and friends are so over their heads right now, both in the polls, and with one more bad bit of news coming after another about Afghanistan, the economy, the border, and the coming elections, that they are going to be forced to do something that will make the earth crack open…
…they are going to extend the Bush tax cuts.
One thing is certain. Small business powers this country’s tax revenue base. Period. It employs more people (who become buyers with money); it creates sales taxes; it creates income taxes; and it creates products and services which spiral into almost a ponzi-like scheme frenzy of cash flow (ergo, federal tax dollar cash cow). But small business is holding so tight on cash and investment right now that you would have to pry it from their dead hands in order to get them to jump into the speculative world of “growth” inspired capitalistic ‘hope’. Why?
Uncertainty, of course. Many sources for that uncertainty, but, the biggest is— cash flow. And the biggest threat to that right now is the impending lapse of the Bush tax cuts at the end of this year.
Barry and friends have no more tools left. Another ‘stimulus’ package is not going to make it happen, and quite honestly, they don’t have the time, OR the votes, due to the coming election, to make it happen. Far too many blue dog Dem’s verrrrry worried about sticking their necks out any farther.
The real beauty of all is this:
What will bring this recession burdened economy out of the hole will be something the Dem’s abhor, and that is an actual tax cut, or rather- an extension of one… In other words, it will be proof, and a bitter pill for them to swallow, that lower taxes means more prosperity for this nation.
And if they refuse to swallow that bitter pill out of spite, or fear that it will prove that conservative economic principles actually drive higher revenues and make a nation more prosperous, then God help us…
Again, the irony is, as I see it… they have no choice…
At least not a sane one.