President Barack Obama is the wrong leader for our bad economic time. In fixing the difficult economic problems, he has made a big mess of them, either intentionally or he didn’t know what he was doing.
He came into office with an idea that he could spend out the recession. Japan had tried that in the 1990s and failed miserably. It had prolonged her recession and ended up with a huge national debt.
Obama’s almost $1 trillion stimulus spending, $1 trillion bailout and the estimated $1 trillion “Obamacare” haven’t made a dent in the recession and unemployment situation. But the reckless spending by Obama and the Democratic Congress has pushed up national debt to $14.4 trillion. We are facing a danger of economic collapse if the congressional Democrats and Republicans fail to reach agreement on the debt ceiling by Aug. 2.
Furthermore, he came to office with a hidden agenda to promote alternative energy at any cost and to do away with oil and coal. Like it or not, oil is largely responsible for industry and our standard of living. In fact, we depend so much on oil for modern transportation that without it our airplanes can’t fly, our vehicles can’t run and ships can’t move in the sea. No doubt, the price of oil affects our lives and our economy. When the oil price goes up, the price of everything in the market must follow. Before we know it the rise of unemployment becomes a real issue and American people will quickly lose confidence in our economy.
Just look at the economic success of the two recent administrations when we know oil played an important role. When Ronald Reagan came to office, the first thing he did was to lift the oil price control. He knew the force of competition in the market would bring down the high oil price. Then people could have more money to spend on other things after filling up the gas tank of their car.
During the Clinton years, Japan, South Korea and Thailand went into recession and their demand for oil dropped sharply. So much oil in the world had no place to go but was dumped in the U.S. market to make oil price less than a dollar a gallon. That helped the U.S. economy beyond measure.
Obama’s problem is that from the beginning of his administration he has regarded the economic crisis as an opportunity to advance his progressive agenda, which is to socialize American medicine and to put alternative energy in place. In fact, he didn’t take the recession and unemployment situation seriously until after the loss of the House of Representatives in the 2010 election. That was too late.
retired state employee