Friday, September 9, 2011
MY EDITORIAL ON THE OBAMA AMERICAN JOBS ACT OF 2011
I missed President Obama's economic message to Congress yesterday. I went golfing instead. I could have watched the entire replay on CNN, but the opening of the NFL season, Oklahoma State - Arizona football game and Hawaii versus Rice volleyball match took up all the TV time. It's a matter of priorities.
What it comes down to is that it does not really matter. We all know the reality:
1. The Republican Party is trying to get their candidate into the White House next year. The Hawaii Democrats cleverly made Republican Governor Linda Lingle look so useless, although she shot herself a couple times in the feet herself, that she became a political pariah, and her Lieutenant Governor subsequently got slaughtered by a noisy 70 year old Congressman, that this strategy certainly works.
2. But Congresspeople are media conscious, and the latest AP poll showed a 12% favorability rating, the lowest ever in the history of this survey. 65% indicated that their representative should be tossed out in 2012. What stronger message can there be? Thus, the words of pacification from Speaker Boehner and noisy (yes, repeated) Cantor.
3. The $487 billion stimulus package to be proposed next week as the American Jobs Act of 2011 by President Obama will still be whittled down to, say $300 billion, but that is what he originally wanted anyway. And this will be made law before the end of the year, for sure. If, by some incredibly stupid circumstance the Republicans somehow kill it--for conservative and Tea Party pundits are crucifying the plan, and that prominent presidential candidate Michele Bachmann was reported by Fox News (some combination, I must say) to deprecate the speech, closely followed by Governor Perry and former Governor Romney with less strident, but similarly negative, comments--Obama will be given another gift from the Republican Party.
4. I've said this before (just look to your right under CALCULATE THE CURRENT VALUE OF MONEY), and appreciate that President Ronald Reagan (he is on a 44 cent stamp) got (in 2011 dollars) $1.8 trillion for his recovery package on assuming office in 1983, when there was a recession, but nothing like what awaited Obama on inauguration when the global economy was staring at the coming of the second great depression, and only received $750 billion. It was not enough then, and $300 million this next time will not be enough again. This probably will get him re-elected, but unemployment will not drop much in a year, and the European monetary crisis could well sink the world economy anyway.
So give the guy a break! Yes he did! This Son of Hawaii (I printed his birth certificate in this blog site earlier this year) came into office, prevented a depression with a relative pittance, ended the Iraq War, pledged to get out of Afghanistan, assassinated Osama bin Laden and snuck in a universal medical program. Now there are no countries with none, for South Africa, that so-called other industrialized country, apparently does have a semblance of one, too.
Oh, oh...the Dow Jones Industrials sunk 304 (-2.7%) to 10,992, and so did the rest of the world, Germany down by 4%, and mostly because of further fears about a Greek default next week. The latest information is that these rumors are not valid, so, maybe recovery next week. Gold fell a buck to $1859/toz and oil fell a couple of bucks, the WTI at $87/barrel and Brent at $112/barrel.
Interestingly enough, Hurricane Katia, still at 85 mile/hour, in a weakened condition, will make landfall over the Scotland this coming Monday:
More of a concern, Tropical Storm Maria, now at 45 MPH, will, indeed reach hurricane strength, and certainly looks to getting close to the USA:
The current computer models, however, see Maria falling just between Irene and Katia, so there should be no real problem. Tropical Storm Nate, 50 MPH, will become a hurricane, but is moving west and will strike Mexico just north of Veracruz late this weekend.