Tuesday, November 24, 2009

3rd Qtr GDP is Anemic

Today's revisions to the GDP estimate for third quarter 2009 are stark testimony to the failure of the Obama economic agenda. There is no real recovery in this data. The new reality is Obama stagnation, soon to be made significantly worse if the health care legislation floating through Congress becomes law.

This Administration is beginning to make Jimmy Carter look good. Obama seems to think that the way to resuscitate a beaten fighter is to hit him with a two by four. Every part of the Obama agenda will cost jobs and run the national debt to a level unheard of in American history. All of this probably sounded good in the coffee houses of Harvard, but it is slowly destroying the great American economic engine. What used to the be the envy of the world is becoming the sick patient whose life support is being removed piece by piece.

Fortunately, Americans live in a democracy and when an Adminstration takes a sledge hammer to crush their hopes and dreams, the public has its own chance to talk back -- in the voting booth in 2010 and 2012. There is no popular support for any part of the Obama agenda and a declining minority support for the President himself. This self destructive Administration and its fawning Congress has now received another terrible report card.