Fresh from his triumphs in Italy where he and 7 other national leaders laid out their demands to G-d insisting that they would not accept a global temperature rise above 2° (C or F? - not sure) he has gone on to visit his native continent with a stop in Ghana. Ghana is a democracy on the shores of the Atlantic with a history of being a gathering point for slaves going to the new world and is the Africans' Auschwitz, so to speak. They talk about them being chained, naked, in dungeons beneath the forts guarding the coastline. This is billed as being the white man's persecution of the black man but they don't mention that the slaves were taken captives and forced into slavery by African slave traders who offered them for sale. Sort of like the drug trade. The producing countries blame the consuming countries for creating the demand.
Obama is immensely popular in Africa (local boy makes good) but I heard a pro African analyst questioning the honesty of Obama's campaign promises in that his first priority as President of the United States of America should have been the succor of Africa, and it wasn't. But lest you think he is blaming the continent's golden boy, think again. This analyst had the effrontery to suggest that it wasn't Obama's fault since he is getting bad advice from his advisers. We all know who his closest advisers are, according to Jeremiah Wright, Obama's former mentor, it is "them jews."
This does not bode well for Jewish - Black relations, which have never been easy. To some extent the jews will be the scapegoats for Obama's inability to deliver on some of his more radical promises. In the end, Obama himself is going to be torn between loyalty to this country and loyalty to his masters in Africa and the muslim world. It should be interesting to see how this plays out.
Now that the stimulus money is beginning to come into the economy the sheer stupidity of the Democratic congress in drafting the original bill is coming to the fore. Although billions are being released, it has become abundantly clear that much of it is going to social services where there is no multiplier effect and although the money is being introduced into the economy it is like giving food to someone with dysentery; it doesn't do any good. Social services, health research and the like, although very commendable and legitimately in need of funding, cannot grow the economy and any extra funding for this purpose has no business in the stimulus package. Funding for these things don't affect the economy in any meaningful way. and if they were to be cut or kept at current levels nothing would change in the economy. The only effect the stimulus money will have in this sector is to fatten those feeding at the public trough.
What the economy desperately needs is a boost to the manufacturing economy which is about to get another whammy from the proposed control of carbon emissions, a bill for which has already been passed by the House. I think the stimulus is conceptually the right way to go in a near depression but it must target the right things. Infrastructure constrution and all capital projects, in addition to increasing employment also increases manufacturing and commodity purchases which further increases employment and brings some confidence to the entire nation.
Not that this concerns Obama much. He's too busy making friends among his father's countrymen.
1 comment:
I agree with your assessment of the "stimulus package," which is really just a giant misnomer. While it is probably a good idea to extend unemployment benefits at a time when the average duration of unemployment - not just the rate - is increasing, that doesn't do anything to actually create jobs, which is what it will take to get the economy back on a growth track.
When the "stimulus plan" was originally passed, it became obvious that the Democrats' timing was off. On the one hand, they spoke of the need to "do something immediately." On the other hand, the real stimulus portion of the plan, involving massive infrastructure investments, won't really kick in until 2011 and beyond. By that time, it's quite possible that the recession will have ended on its own, in which case the infrastructure spending will only serve as an inflationary factor...along with the government's need to "print money" to begin covering the enormous deficit.
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