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www.goodeatsfanpage.com • View topic - Obama: Circling back to the iceberg

Obama: Circling back to the iceberg

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Obama: Circling back to the iceberg

Postby kookinforreal » Wed Sep 07, 2011 8:09 am

Only 26 percent of the public approve of President Barack Obama's handling of the economy in the latest Gallup poll, conducted Aug. 11-14, while a whopping 71 percent disapprove.

That's down from Obama's previous low point of 35 percent approval on this top issue.

The public's growing dissatisfaction shouldn't be surprising. Going back to 1890, reports the National Bureau of Economic Research, the only U.S. president with a worse record than Obama in job creation in his first two-and-a-half years in office, measured in terms of percentage change, was Herbert Hoover, presiding over the emergence of the Great Depression.

"Official unemployment is 9.1 percent," stated a New York Times editorial on Aug. 15, decrying the nation's jobs picture, "but it would be 16.1 percent, or 25.1 million people, if it included those who can only find part-time jobs and those who have given up looking for work."

"Keeping the economy going and making sure jobs are available is the first thing I think about when I wake up in the morning," Obama said back in March. "It's the last thing I think about when I go to bed each night."

Now, nearly six months later, the White House reports that Obama is working on a new strategy for job creation that will be unveiled after he returns from vacation.

The task of coming up with a jobs plan that works shouldn't be all that terribly difficult. All Mr. Obama has to do is reverse what he's done and change what he thinks.

First, by the government's own numbers, small businesses have created 64 percent of the net new jobs in the U.S. economy over the past 15 years.

In fact, that understates the role of small business, since the vast majority of America's medium-sized and large businesses began as small businesses. The Heinz corporation began when 16-year-old Henry Heinz grated piles of horseradish at home, using his mother's recipe, and sold the bottled product door-to-door in Sharpsburg out of a wheelbarrow.

Yet since Obama took office, employment at federal regulatory agencies has jumped 13 percent while private-sector jobs shrank by 5.6 percent.

Second, 39 percent of small-business owners said in a Chamber of Commerce survey in July that ObamaCare was either their greatest or second-greatest obstacle to new hiring.

The president of the Federal Reserve Bank of Atlanta, Dennis Lockhart, concurs, stating that "prominent" among the obstacles to hiring is the "lack of clarity about the cost implications" of ObamaCare.

"We've frequently heard strong comments," reported Lockhart, "to the effect of, 'My company won't hire a single additional worker until we know what health insurance costs are going to be.'"

Additionally, 84 percent of small business owners in the survey said the economy is on the wrong track, 79 percent view the current regulatory environment as unreasonable, and 79 percent believe Washington should get out of the way of small business, rather than offering a helping hand (14 percent).

In its first 26 months, reports The Heritage Foundation, the Obama administration imposed new regulatory rules that will cost the private sector $40 billion. In July alone, reports Sen. John Barrasso, R-Wyo., federal regulators imposed a total of 379 new rules that will add some $9.5 billion in new costs.

Bottom line: What's required from Obama is a complete about-face, the shelving of his flawed economic philosophy and a reversal of his counterproductive policy prescriptions.


Ralph R. Reiland is an associate professor of economics at Robert Morris University and a local restaurateur
http://www.pittsburghlive.com/x/pittsbu ... z1XGe06LUf
kookinforreal
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