Barack Obama – The Empty Suit!

by Richard H. Frank

At approximately 9:00 a.m. this morning news broadcasts were interrupted to announce that the President would be holding a news conference with a statement on the economy.  The announcement indicated Obama would address his actions to stimulate the economy at 10:15 a.m.  True to form, the President kept the White House Press Corps waiting for over 25 minutes which has been his trademark of disrespect an arrogance towards the media.

His statement lasted approximately 15 minutes with about 10 minutes directed towards the economic crisis in  Europe and only about three minutes talking about the situation in America.  His focus on remarks about the U.S. economy was centered around a new stimulus bill he sent to Congress in September 2011 which Congress has failed to act upon.

Obama contends that his legislation contained bi-partisan and broad support from the American people.  Such statements make me wonder what he is smoking if not cigarettes.  The only broad support from the American people is to stop spending and waste we saw with the $787 billion stimulus, and now Senator Tom Colburn’s disclosure that $70 billion of taxpayer money is sitting idle and not spent on the projects it was appropriated for.  Perhaps the Administration should recover these unspent funds and use them to reduce our deficit.

So now Obama blames Congress for not spending  more money to hire government sector teachers, and more local law enforcement and  union construction labor to sustain his imagined recovery.

The truth is, we are in Obama’s “third summer of no recovery” even though Obama takes credit for having created 4.5 million jobs over the past 27 months.  His real record is one of a net loss of jobs since taking office. He contends that his legislation will create thousands of new jobs, if only Congress would act.  He fails to recognize that his action in stopping the Keystone Pipeline, funded by the private sector and not taxpayer money, would have immediately created 20,000 construction jobs and up to 500,000 associated new jobs related to achieving energy independence for America.

He contended that the private sector is doing just fine but that Government and construction hiring remain in serious jeopardy.  In the next breath he admonished Europe for spending more money than they bring in.  Apparently, no one has told him under his policies we are spending $1.40 for every $1.00 in Government revenues received.  This is another example of our “empty suit” lecturing Europe and saying “Do as I say, not as I do!”.

Obama then opened the press conference up to address hand-picked questions and proceeded to take just 3 that were obviously planted to avoid his answering numerous questions related to security leaks in the White House, Fast and Furious, Eric Holder’s stonewalling Congress, and the devastating loss to Democrats in the Wisconsin Recall Election.

The Conference dragged on an on with Obama relating his accomplishments in 2009 and 2010 to save our economic future and the banking system.  Even my three dogs were put to sleep by his uninspiring delivery and answers to softball questions from selected media sources.

There was a time when Presidential news conference meant something.  Leaders like John F. Kennedy and Ronald Reagan were men of substance and principle.  Barak Obama is a man evolving from a “liberal progressive” promising hope and change into a “Socialist/Marxist” sworn to fundamentally change America as we know it.

Barack Obama, a man not qualified to be President , has through his own actions, proven that he is indeed an “empty suit.”

Obama’s Campaign Strategy – The Blame game!

By: Richard H. Frank

The Obama Administration’s policies having proven to be classic failures, the President must switch to the old stand-by tactic of blaming everyone else, including his own party for failing to support his agenda. His position will not focus on how the Democratic-controlled Congress is responsible for creating a $5.2 trillion deficit between 2007 and 2010 and that his stimulus program to spend $787 billion followed by another proposed $447 billion has nothing to do with the increased deficit. His continued lies to the American public that his latest proposals are fully paid for are wearing thin with the very people who elected him to office. He continues to demagogue the Republican- controlled House of Representatives as caring only for the rich that do not pay their fair share of taxes and how he will not place the burden of the economic dilemma on the backs of the middle class and senior citizens.

His contention that he will veto any legislation that does not include new revenues from the richest Americans in the form of higher taxes is in direct opposition to his pledge not to raise taxes on the middle class in America. Likewise his “Grand Bargain” which he personally blames Speaker Boehner for rejecting lacks any detail as to how he will cut spending by $2 for every $1 of new revenue generated through closing tax loop holes and tax increases on the rich.

What is even more astonishing is that he expects the public to sign on to the class warfare he creates by stating that Warren Buffet pays a lower tax rate than does his secretary. He fails to acknowledge the fact that Buffet’s tax rate is from capital gains that are taxed at 15% while his secretary who allegedly earns $50,000 per year is taxed on income at the rate of approximately 25%. “Just math” he says as he stands and proclaims supposed facts before the American public. Notwithstanding the fact that Mr Buffet has already paid income tax on the money he invested when he first earned it, lets examine the math. If Mr. Buffet’s secretary paid 25% on her $50,000 salary she would pay the government approximately $12,000. If Mr. Buffet on the other hand achieved $50 million as the President contends, he would have paid $7, 500,000 in taxes not to mention the hundreds, or possibly thousands, of jobs his investment has created and sustained. This is the math Mr. President. I wish you could prove the same for the $787 billion in wasted stimulus dollars you spent.

As the campaign takes shape we hear the old refrain of blaming Bush for the economic woes of the country. Two wars unpaid for, a prescription drug program unpaid for and tax cuts for the rich that crippled the flow of revenue to the Federal Government.  Now his claim is that stimulus was not enough and we need to spend more money that we do not have to fix the economy coupled with taxing those greedy rich people and companies that do not pay their fair share. He knows full well that Congress will not pass his latest attempt at redistribution of wealth in the form of “The Americans Jobs Act” which he insists must be passed immediately. Even the Senate leader Harry Reid will not bring the bill to the floor until some time in October if even then. This is all in the plan for placing the President above the fray and blaming Congress for his failures as he deflects any responsibility from himself to others for failures of his policies and ideological agenda.

He insists that Washington must live within its means and in order to do so must reform the tax code, Medicare and Medicaid; this from a party that has failed to pass a budget for the last two years.   He continues to scare senior citizens with cuts to their benefits many of which are hidden in his signature legislation aptly dubbed “Obamacare.” Just wait until the increases in premiums kicks in for seniors that subscribe to their part “B” benefits. These increases will be more than offset by cost of living increases forecast in the near future. Lastly, he stated that the government should ask all companies that received bailout money from the government to repay their debt. I thought this was explicit in the original bailout agreements. Just how much is still owed by these large companies to the American taxpayers?

But then again I guess the American taxpayers should just bend over and grab our ankles and kiss the money we “invested” in the New General Motors, Chrysler and solar companies like Solyndra good-bye.

To quote Barack Obama, his speeches have all become “words just words” and can fall into the category of more campaign rhetoric called the “Blame Game”.

Barack Obama’s Vanishing Economic Recovery!

By: Richard H. Frank

This morning, June 9, 2011 marked the 9th consecutive week where new first time claims for unemployment exceeded 400,000. This fact is in spite of the President claiming that the economy is in recovery and his policies are responsible for the creation of between 2.5 and 3.0 million new jobs. I may not have a Harvard education but am better than the average bear when it comes to arithmetic. If we have had 400,000 new claims per week for the last nine consecutive weeks that equates to 3.6 million Americans that have lost their jobs. The last time I looked 3.6 is larger than 2.5 and 3.0 which means we have gone backwards in job creation under the policies of Obamanomics.

According to the President we should not be concerned as this is just a “blip” that is probably due to seasonal adjustments that will disappear over the coming weeks. He is certain we are not entering a double dip recession and that this small anomaly is only temporary in nature. Temporary for Obama means three or four years based on his prediction that unemployment would not exceed 8% if we adopted his irresponsible stimulus spending program with shovel ready projects geared to produce 500,000 new jobs per month according to Joe Biden.

Just how long will it be before the mainstream media begins to report the truth about the failed policies of this Administration? Energy costs continue to skyrocket, home real estate values deteriorate with each passing month and the misery index resulting from creeping inflation are devastating for senior citizens and low-income families.

In the meantime Congress sits on its hands and refuses to do the bidding of the electorate. I am not sure this nation can recover from the damage done by the Obama Administration during four years pursuing  his socialist agenda. Earlier this week the President said he wakes each morning and his first thoughts are how to create jobs and spur economic growth for America. Apparently those thoughts are fleeting as he then decides where he will travel  for the 2012 election and when his next tee time is scheduled to take place.

The Obama summer of recovery of 2010 vanished before it began and all signs for 2011 point to further deterioration. Now is the time for change we can truly believe in and not the change Barack Obama has imposed upon this once proud nation.  I anticipate summer will be spent by many people in this country growing their own fruit and vegetables and not putting those expensive beef steaks and hamburgers on the grill!

$816 Billion of Misguided Stimulus Spending

By: Richard H. Frank 

America has finally been awakened and told the truth by Barack Obama regarding “Shovel Ready Projects” as having been nonexistent. Nonetheless the Administration continues to claim up to 3 million jobs saved or created due to their spending initiatives to date of approximately $400 billion. In essence the American taxpayer has subsidized each alleged job created or saved by $133,000 dollars. The truth is that since 2009 unemployment has increased 2.8 million in spite of his misdirected stimulus spending spree. Those supporters of the progressive liberal agenda to spend our way to prosperity will contend that hindsight is 20/20 and had it not been for the stimulus the condition would have been much worse.

The facts are that the Obama administration and the 111th Congress ignored the proven initiatives of the past that have truly stimulated our economy and created jobs in America. The evidence is overwhelming with regard to the initiatives that are necessary to assure survival of our Republic. Achieving energy independence, lowering the corporate tax rate and removing restrictive regulations for economic growth are the initiatives that will quickly accelerate growth of our economy, and the return to prosperity for millions of Americans. 

The Obama administration has embarked upon a quest for clean energy and stands in opposition to any and all expansion of fossil fuel being used to bring independence from foreign sources for energy. The shameful truth is that government has stood in the way of our move toward energy independence for over 40 years. It has been over 35 years since the last refinery was built in the United States. Additionally, billions of dollars have been mandated on the oil industry to upgrade old refineries in order to meet new regulations for sulfur content in gasoline and diesel fuels. The last nuclear reactor licensed in the U.S. was in 1973 and did not come on line until 1996. Fifteen years have passed without investing in one of the most efficient and clean energy producing systems. The war against fossil fuels is further evidenced by the government moratorium against offshore drilling in the Golf of Mexico.

A study published in 2009 examined the repatriation of the nuclear manufacturing industry in the United States. The study examined deployment of up to 41 new Generation III units ranging in capacity from 1200 to 1500 megawatts (MWe) capable of meeting an estimated demand of 50,000 MW of new generating capacity by 2020 assuming initiating construction in 2009. The estimated costs to construct these 41 facilities would be $205 billion which is less than half of the stimulus dollars already spent.

Additionally, it is estimated that in addition to producing the lowest cost per kWh to consumers, up to 610,000 new jobs would be added to the U.S. economy. The repatriation program would add up to 38,000 nuclear manufacturing jobs, 79,000 plant construction jobs and another 250,000 jobs in the non-nuclear industries throughout America.

Instead of pursuing this proven technology as was done in European countries, such as Obama’s model France, our President is content to push wind and solar technology at a cost of 3 to 4 times that of nuclear plant production. Each Nuclear plant is estimated to produce $430 million in sales (value) and contribute to local and federal tax revenues.

Perhaps the administration should review the history of electrical production in the United States and make decisions based of experience and opposed to the special interest propaganda of the day. An example of this data is contained in the following chart:

Power Producing Sources Arranged by Efficiency/Unit in Operation 2006

Power                          Operating        Billion kWh/                % of Annual     Ratio to one

Source                         Units                Unit in operation         Production       Nuclear Plant

Nuclear Power             104                  7.57                             19.4                 1 to 1

Petroleum Coke           31                   1.48                               1.1                 5 to 1

Boiler

Coal Fired                    1460                1.366                           49.1                 5.5 to  1

Boilers

Hydroelectric               4138                0.681                           7                     11.1 to 1

Fuel Oil                           13                 0.654                           0.2                   11.5 to 1

Combined                    1686                0.299                           12.4                 25.3 to 1

Cycle Natural Gas

Natural Gas                   766                0.2                               3.9                   37.8 to 1

Fuel Boiler

Biomass                        270                270                              1.3                   38.3 to 1

Incinerators                    96                 0.128                           0.3                   59.1 to 1

Wind Power                 341                 0.088                           0.7                   86.1 to 1

Solar Energy                  31                  0.067                           0.1                   112.9 to 1

Geothermal                 215                 0.063                           0.3                   120 to 1

Combustion                 2882                0.051                           3.6                   148.4 to 1

Turbine

Generators

Oil Fired Boilers          327                 0.02                             7.8                   378.5 to 1

Diesel Generators       4514                0.003                           0.3                   2523 to 1        

Two years have been lost in our effort to achieve energy independence along with over $200 billion spent on saving or creating jobs that cannot be confirmed. There remains approximately $200 billion in stimulus funding yet to be assigned for designated usage. These funds should either be returned to the treasury in order to offset a portion of the deficit or designated to projects such as achieving energy independence (e.g., nuclear restoration programs.) 

Instead the Obama 2012 budget of $3.7 trillion contains over $1.6 trillion in deficit spending for such costly, inefficient and unproven technologies as solar and wind energy production. The 112th Congress needs to stand strong against this budget and focus on spending that will increase economic activity while positioning the United States toward achieving energy independence. 

Contact your congressional representatives and demand a return to fiscally responsible spending and forcing legislation that encourages economic growth and allows the free market to create jobs.