Friday, January 29, 2010

Obama State of the Union Address (Part 2)

The way I am progressing on this, I might just have it finished by the time President Obama gives the next State of the Union Address. As you can tell, I have not begun any discussions on the "policy." I may do that. Then again, I may not. That is left to the talking heads and experts. Like I said yesterday, these are my notes on the address and on the State of the Union from my down on the bottom end of the economic food chain.

Obama: One in 10 Americans still cannot find work. Many businesses have shuttered. Home values have declined. Small towns and rural communities have been hit especially hard. And for those who'd already known poverty, life has become that much harder.

In a related story, released today by AP:

The economy grew for a second straight quarter from October through December, posting a better-than-expected 5.7 percent annual rate, the fastest quarterly pace since 2003.
This makes absolute sense. We hit bottom in 2008. Any growth from that point is going to be a positive. If a vehicle is stalled on the side of the road with a blown rod and it is driving at 10 miles an hour, it has an increase in movement forward. That would be a positive movement. Our fictitious vehicle has increased speed by 10%. Same too with the economy ... except it wasn't exactly dead on the side of the road. Bush did leave us with a little something to work with.

The real indicator of economic growth is the U6 table from the Bureau of Labor Statistics. The U3 table is the official unemployement rate. It is sitting at 10.0% as of December 2009. The U6 table, the measurement of "Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers" (the real unemployment figure) is sitting at 17.3% as of December 2009. So while the economy was growing, according to the AP report, we are still not generating jobs ... as a matter of fact we are still dumping people on the street.

There is a report from AP this morning which states:

The nonpartisan Congressional Budget Office recently analyzed several proposals to create jobs and improve the economy and concluded that a payroll tax credit for companies that increase payroll would be among the most effective.
It is odd that our Corporate Citizens have to be bribed to do what is best for them and the nation. Still, they look to China as the next consumer market and can't seem to wrap their head around the idea that the foundation of the United States needs to be firm before they go diddling in the colonial economy of a second world nation. Discussion with Google should confirm that one.

Obama: Despite our hardships, our union is strong. We do not give up. We do not quit. We do not allow fear or division to break our spirit. In this new decade, it's time the American people get a government that matches their decency; that embodies their strength.
The union is strong. It is strong because of our hardships. It is strong because we are, Republican and Democrat, Libertarian and Socialist, all facing the same decline strength and national prowess. It is a funny thing when one thinks about it: the Rabid Right Attack Dogs that are so annoying are essentially some of the strongest supporters of the Obama cause (I can hear them barking now over that one). They are the ones who demand "decency" -- it would be nice if they would define it within the parameters of authenticated historic context rather than propagandist colloquialism, but it is still a cry for decency.

Obama: To recover the rest [of the TARP funds], I've proposed a fee on the biggest banks. Now, I know Wall Street isn't keen on this idea. But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.

This idea may get lost soon. From where I sit, right now, at this moment, this administration is still bowing to the needs of the few at the expense of the many. What I find so interesting is that people who are bright and intelligent still seem to think that catering to the whim of Wall Street is best of the whole nation. It is difficult, at best, to understand this. They have nothing to gain. They slave to the beat of the master's lash. Yet they bow and grovel to them ... my guess is they represent a fifth column. They believe in the Wall Street class because they are somehow tied to the Wall Street class. Yet, many of these same people lost so much during the last decade. It is strangeness to be pondered.

Obama: And we haven't raised income taxes by a single dime on a single person. Not a single dime.
As it was in the Bush years, it is now; you can't tax incomes that are declining. As incomes go down, so do taxes. That is a no-brainer.

Obama: But I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response. That is why jobs must be our number-one focus in 2010, and that's why I'm calling for a new jobs bill tonight.
Refer back to the AP story from this morning that is what he is working on. CHARLES BABINGTON and STEPHEN OHLEMACHER, Associated Press Writers seem to indicate that Obama will have a rough go of it. According to the story Representative Mike Pence is trying to play hard-ball with President Obama as the President meets with house Republicans today. We will see what comes of it.

A little note here from a Facebook friend:

You should really cut him some slack. The Constitution, free enterprise and personal liberties have been around for over 200 years. You can't destroy those overnight or even in just one year. Give him some time...he's trying and, even more importantly, he *says* he's really get something done.
No, you cannot destroy the economy of the Unites States in one year. It took Bush eight years to screw it up.

More to Come

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