bad news is that the nation's unemployment situation will persist until well past 2012. The good news is that the nation's unemployment will persist until well past 2012. With any luck, this progressive president's hamstringing our economic engine will make him, like Jimmy Carter, a one-term president. The nation has a model of how to create jobs; it is Texas, and O-buma refuses to use it.
The Wall Street Journal reports that according to the Federal Reserve Bank of Dallas, 37% of all net new American jobs since the recovery began were created in Texas. So how does Texas do what no other state can accomplish? Texas is doing so well relative to other states precisely because it has rejected the economic model that now prevails in Washington. Here are some of the benefits of doing business in Texas.
• No state income tax
• Regulatory footprint is small
• Right to work state
• Houston, San Antonio, El Paso are hubs of international commerce
• Tort reform limits litigation
Additionally, since 1998, Texas banking regulations limit mortgage borrowing to 80% of the appraised value of a home. Like a minimum down payment, this reduces overleveraging and means Texas wasn't hurt as badly by the housing crash as other states.
The Texas success story reveals that Obamanomics is a failed experiment. Still, he and his lackeys want to make America less like Texas and more like California, with more government, more unions, more central planning, higher taxes. Their goal is to create in America a European style slave state.
In concert with their jobs-destroying agenda, they are decimating the buying power of the dollar through the Federal Reserve’s Quantitative Easing, or policy of printing massive quantities of worthless dollars. Alan Caruba asks in his article “Destroying the Dollar,” what happens when Americans wake up to learn that even a dollar can no longer buy anything?
O-buma seized what for him was an excellent opportunity; with the nation in desperate financial straits, he and his goons nationalized the health care industry and the financial sector. More government control of the economy is the last thing this nation needs, but Corruptocrats plan to end America’s success.
Their weakening of the dollar results in higher prices everywhere. This Reuters article reveals that import prices rose for an eighth straight month in May despite a drop in fuel costs, with the year-on-year increase reaching its highest level in nearly three years, according to data on Friday. Higher prices not only affect individuals; businesses are prevented from expanding and hiring new workers. This is a vital element if the US economy is to recover.
Paul Bedard reveals in US News that new EPA pollution regulations will slam the coal industry so hard that hundreds of thousands of jobs will be lost, and electric rates will skyrocket 11 percent to over 23 percent. All this will greatly please the Green Messiah and his campaign contributors at GE; unfortunately, the costs and potential to lose four jobs for every new clean energy job created isn’t worth the rules, especially in a job-starved economy.
reveals that O-buma plans to dust off and reuse a job training program created by Franklin Delano Roosevelt, the father of American socialism.
A General Accounting Office report found that the responsible agencies do not know what taxpayers are getting in return for the $18 billion a year spent on 47 separate job-training programs run by nine different agencies. One thing we do know is that we are getting is the green weenie. From Iowa to Ohio and West Virginia to Florida, these programs’ administrators and participants have been robbing us.
Government job-training programs don’t create jobs. They create bigger government payrolls, redistribute unemployment and perpetuate the illusion of economic recovery and prosperity. It’s a juggernaut too big to fail and too entrenched to kill. One of history’s most pernicious lies is the claim that “I am from the government, and I’m here to help.”
May your gods be with you.