Notice how the Obama Administration and the Democratic leadership never gives you the credit for the real improvements in the economy.  Notice how Obama has made hundreds of negative references to “the rich”, but has almost never thanked America’s business leaders for how they have helped the nation. 

Notice how Obama says that it was he who saved the nation from “a Second Great Depression”.   Notice how after all this massive spending and regulation, that unemployment is still at 10%.  And notice how Team Obama takes credit for saving the financial industry, even though most of the TARP money for the actual rescue was provided  under the Bush Administration.  Blame Bush if it’s bad. Credit him if it’s “good”.

And now we have confirmation from it’s administrators that TARP did not work.  So what is he taking credit for?

The Greyfalcon says that the economy is surviving IN SPITE OFF Obama’s agenda, not because of it.

After patting themselves on the back for the 5.7% GDP fourth quarter growth figure, Team Obama can’t figure out why no one is hiring. Chris Wallace said “the administration’s advisor’s are scratching their head about why it is not creating more jobs”.  Beside that this number is still only a projection, subject to be revised down on February 26, it is not a reflection of the Recovery Act’s impact.  The highest rate of new employment was in the public sector, and the government can just print up or borrow as much money as it wants to pay for those.

But these jobs  never  create the wealth to match their costs, so the spending ends up reducing the value everyone else’s currency.  And the borrowing that the government does for this crowds out private investment, as lending institutions only have so much money to lend.  And the new capital requirements are forcing banks to hold on to their cash, making it unavailable for small businesses.

The Heritage Foundation provides an example of how the Obama agenda is contributing to unemployment.  Hancock Lumber is a 180 year old company that’s existence is now being threatened by the death tax.  Kevin Hancock is a sixth generation business owner that will face a 55% tax on his company in 2011.   The Foundry reports:

“The death tax makes it difficult for Hancock Lumber to grow and create new jobs. Since death tax obligations increase with the whims of Congress, there is a great degree of unpredictability for a company when it looks to plan ahead. In Hancock Lumber’s case, any business decisions must take into consideration the unknown tax obligations it will face down the road.”

Because of the Obama’s and the Democratic Congress desire to tax success, Hancock is unable to hire as he normally would.  The Foundry adds,  “The death tax’s uncertainty discourages family owned businesses from growing and adding new jobs, especially when the nature of the business requires such long-term investment.”

Did the Stimulus Package help Kevin Hancock?  Is TARP providing him with any benefits?


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