stimulus

GA-12: Americans for Tax Reform targets Rep. John Barrow

John Barrow

Last month, a pro-Democrat “super PAC” targeted State Rep. Lee Anderson, who is challenging U.S. Rep. John Barrow in Georgia 12th Congressional District, in an ad for signing the Taxpayer Protection Pledge from Americans for Tax Reform.

The ad, produced by Center Forward, claimed Anderson, a Republican, “signed a special interest pledge that keeps tax breaks for companies that ship out American jobs.” That, of course, is misleading, if not outright false. The pledge simply states that the candidate will “oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses” and “oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.”

Americans for Tax Reform (ATR) has decided not to sit on the sidelines in this race any longer. In a new ad slated to run in Southeast Georgia in a $496,000 buy, ATR is coming right after U.S. Rep. Barrow, hitting him on supporting President Barack Obama’s runaway spending spree, including his support of the 2009 stimulus bill.

Here’s the ad:

American Crossroads ads slams Obama on growing debt

If you listen to President Barack Obama, he’d have you believe that he has been fiscally reponsible and that his stimulus plan got the economy moving again. However, those of us looking at the river of red ink flowing from Washington and stagnant employment numbers seen an entirely different picture.

Indeed, the facts show that Obama has been fiscally profligate by dramatically increasing spending and passing a wasteful stimulus bill, which hasn’t really helped the economy more than three years after becoming law. In fact, the Congressional Budget Office recently noted that the stimulus bill could have a net-negative impact on the economy.

But in a new ad buy, American Crossroads explains that Obama’s spending binge has been problematic for the economy, noting that by the time the 30-second ad ends, the national debt will have grown $1.4 million:

May Jobs Report Shows Path to Obama’s Defeat

AKA “The Only Scandal Conservatives Need”

Executive Summary:

  • 69,000 jobs added (That’s far too weak for even a piddling recovery)
  • +.1% unemployment, up to 8.2%
  • 12.7 million Americans unemployed
  • +.2% to civilian labor force participation, up to 63.8
  • 8.1 million Americans employed just part-time for economic reasons
  • 2.4 million Americans marginally attached to the labor force
  • 830,000 discouraged workers
  • March and April job increases revised downwards
  • Sure path to Obama’s defeat in November

The May jobs report has just been released by the Bureau of Labor Statistics…and it’s awful. It’s one of the weakest reports all year, and has shown quite clearly that the “Hope N’ Change” policies of President Obama are not working. According to the BLS press release:

Nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was essentially unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major industries.

Household Survey Data

Both the number of unemployed persons (12.7 million) and the unemployment rate (8.2 percent) changed little in May. (See table A-1.)

Dear Wonks: We ARE In A Recession

Or, Why Your Worries About Double-Dipping or A “Second” Recession Are Utterly Preposterous And Make You Seem Completely Out Of Touch With Reality

While doing some reading over the weekend, I came across this blog entry by Brad Plumer over at the Washington Post’s Wonkblog (the one headed by Ezra Klein) about the Bush tax cuts expiring and how that will affect the economy:

To put this in perspective, the Federal Reserve expects the economy to grow at a roughly 2.9 percent pace in 2013. If Congress does nothing at the end of this year, much of that growth could be wiped out, and there’s a strong possibility that the United States could lurch back into recession. (Granted, a lot could depend on how the Fed reacts in this situation.)

That bolding is my own emphasis. And it really irritates me.

I know that the National Bureau of Economic Research, the official decider of recessions and other economic forecasts, declared the Great Recession to be officially over in 2009. I know there is an official, academic definition of recession: two consecutive quarters of negative GDP growth (otherwise known, in normal person English, as “GDP shrinking.”) I know this is what Brad is talking about when he says “lurch back into recession.”

Mort Zuckerman Misses the Big Picture

Mort Zuckerman one of the top 200 richest men in the world and current editor of U.S. News and World Report has been painted by some conservatives as a liberal that has seen the light”. But has he?

Mort Zuckerman’s latest attack on the president’s policies occurred in an editorial in the U.S. News and World Report, which was subsequently linked to on the Drudge Report last Friday.

In it he lambasted our current president’s economic policies and labels them a “failure.” I agree with Mort on this point. Mort, like a lot of conservatives and every liberal, does not get to the heart of what has been going wrong in the halls of Congress, in the Oval Office or the chambers of the Supreme Court for the last 100 years. What Mort fails to realize is that the collectivist central planning of our economy and governing of Individual behavior by all the previous administrations, along with the monopoly of the money supply and the setting of interest rates by the Federal Reserve and the endless wars overseas  has led us to the where we are today.

Mort’s failure to see that the collectivist ideology that underpins the entire U.S. government budget is the ONLY REASON for the “Great Recession” that most of us are endruing today. (Around Washington D.C. there is no recession.)  Instead of advocating for less central planning and control by politicians and bureaucrats over the lives and wallets of individuals he advocates for more. Instead of advocating for more individual liberty, he advocates for more government intervention.

Chart of the Day: Obama jobs gap

On Friday, the latest jobs numbers were rolled out from the Bureau of Labor Statistics. As you might have read, the economy created 120,000 jobs in March, well below consensus estimates; though the unemployment rate did fall to 8.2%.

But with the election on the way, we can expect a renewed debate on stimulus spending. And as James Pethokoukis notes, the unemployment rate is far above that the Obama Administration claimed it would be at this point with the 2009 stimulus bill:

Pethokoukis notes:

Swing and a miss. A big miss. A really big miss. U.S. employers added just 120,000 jobs last month, the Labor Department said on Friday. That’s the smallest increase since October. Economists polled by Reuters had expected nonfarm employment to increase by 203,000. And as economist Robert Brusca points out, “The strong amazing run in household jobs came to a crashing halt as employment in that survey fell by 31,000 after rising by 42,000 last month and 847,000 the month before that.”

Government spending doesn’t grow the economy

We’ve been constantly told by Barack Obama and his apologists in Congress that government spending is good to get the economy growing again. It’s not. In fact, as Ramesh Ponnuru notes, that the 2009 stimulus bill really only grew the national debt, not the economy.

But in a new video from Economic Freedom, Professor Antony Davies of Duquesne University explains the reason why so-called “stimulus” spending only contracts the economy by taking dollars away, either by borrowing or taxing, from the private sector and individuals:

White House predicits $1.33 trillion budget deficit

Nearly two weeks ago, the Congressional Budget Office (CBO) issued a report on the budget outlook for this year, noting that taxpayers can expect yet another trillion dollar deficit — $1.08 trillion, to be exact, under President Barack Obama. But a new estimate from the White House from the yet to be released budget proposal shows a slightly higher deficit — $1.33 trillion — than the CBO, showing that the Obama Administration has no intention of reducing the red ink flowing out of Washington:

President Obama’s Monday budget request to Congress will forecast a fiscal year 2012 deficit of $1.33 trillion and will include hundreds of billions of dollars in proposed infrastructure spending, The Wall Street Journal reported on Friday.

The projected deficit is higher than 2011’s $1.296 trillion deficit and slightly higher than the Congressional Budget Office’s roughly $1.15 trillion projection released last week. The budget, according to draft documents viewed by Dow Jones Newswires and The Journal, will forecast a $901 billion deficit for fiscal 2013, which would be equivalent to 5.5 percent of gross domestic product. That is up from the White House’s September forecast of a deficit of $833 billion, or 5.1 percent of GDP, the newspaper said.

According to The Journal, the White House’s projected 2012 deficit would be about 8.5 percent of GDP.

Tom McClintock questions CBO director on results of Obama’s economic policies

Few members of the House have been more consistant in trying to keep the Obama Administration accountable for its economic policies than Rep. Tom McClintock (R-CA). Recently, Rep. McClintock had the opportunity to question Doug Elmendorf, director of the Congressional Budget Office (CBO), about how President Obama’s economic policies are hurting the nation during a House Budget Committee hearing on the recent economic report released by his agency.

The economy remains Obama’s biggest obstacle

Many observers feel that Barack Obama has a very good shot at re-election this fall as Mitt Romney — who often performs the best out of the GOP field in head-to-head matchups against the president — has given Democrats plent of firepower in recent days. But even with today’s good jobs report, the economy should be a concern for Obama’s campaign, reports Ian Swanson at The Hill:

Recent economic reports could have the Obama White House worried.

All of the reports suggest the pace of economic growth is still slow, and that unemployment could rise, and not fall, by the end of the year.
[…]
2012 has been a good year for markets so far, despite unease over Europe. Every major index reported strong gains in January, and the rally on Wednesday continued a good year. Improving 401(k) plans might put voters in more of a mood to give Obama four more years in November.

Still, there are plenty of reasons to think the markets and jobless rate will go in a different direction later this year.

Here’s why the White House should be nervous:

• The Federal Reserve has announced it will keep interest rates low through 2014, a sign of its pessimism about the pace of the economic recovery.

• The Commerce Department found the nation’s economy grew at a 2.8 percent rate in the fourth quarter of 2011, a faster pace than the rest of the year but worse than expected. If the economic growth slows in the next quarter, it will be tough to keep unemployment down.

 


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