The Twilight Zone World of Joe Biden

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The Twilight Zone World of Joe Biden Powered By Docstoc
					The Vice President has always been good for a quote, or in many cases, a
misquote, when it comes to explaining the reality of our world. However,
many times you wonder if he and the rest of us are living in the same
world and reality or we are stuck in some sort of twilight zone world
where reality takes on a distorted sense of truth. This twilight zone
image came to mind earlier this week when the Vice president acknowledged
that while the recovery from the recession was proceeding slower than
expected, there is "no doubt we are moving in the right direction."If he
thinks we are moving in the right economic direction, than he and I are
stuck in some sort of distorted reality, given what is happening in my
economic world:- The Commerce Department reduced its estimate of the
nation's second quarter GDP growth from 2.4% to 1.6%, a 33% decrease.-
Unemployment continues to linger between 9.5% and 10.0% even though Joe's
administration predicted that unemployment would go to 8% unless the
President's economic stimulus package was passed. It was passed and we
did not go to 8% unemployment, we went 15-20% higher.- The stock market
is down about 10% from its recent 2010 peak in April and does not appear
to be ready to rise any time soon.- This week we heard that the sale of
existing houses dropped 27% in July vs. June, the biggest monthly drop in
the four decades that the statistic had been kept. Guess the
administration's housing incentive program for first time buyers did not
have much staying power.- Also this week in the housing market, we found
out that the sale of new homes was down over 12% in July vs. June and was
down over 32% vs. the same time period in 2009. The annual sales rate of
276,000 new housing units is one of the lowest levels ever measured.-
This week we also found out that almost half of the people enrolled in
the administration's mortgage recovery program had dropped out of the
program for various reasons, not the least of which was inefficient and
and ineffective paperwork processing procedures. The number of home
foreclosures in 2010 could be as high as one million with several
credible sources estimating that the foreclosure number could increase
50% in 2011.- On Thursday we heard that new weekly unemployment claims
continue to linger between the 450,000 to 500,000, i.e. about half a
million people a week are now filing for unemployment benefits for the
first time. Hardly sounds like the economic turnaround we are told is
coming even though the Vice President told the Washington Post on April
23, 2010, over four months ago, that the economy would soon be creating
500,000 jobs a month. Not quite there yet.- The Vice President did not
mention that the Federal government has incurred unbelievably high,
record setting government spending deficits over the almost four years
that the Democrats have had control of both houses of Congress and the
almost two years they also controlled the White House.So, in Joe's world
or twilight zone, shrinking economic growth rates, housing industry woes
not seen in a long time, high unemployment, feeble private sector job
creation, sky high national debt and mortgage foreclosures, and a falling
stock market leave "no doubt we are moving in the right
direction."Seriously, this administration has no clue on how to turn
around the economy, resulting in one of the longest and weakest
recoveries of all time. Their reaction? Spend more money on dismal,
failed incentive programs (Cash For Clunkers, first time home buyer
incentive, Cash For Caulkers, Cash For New Energy Efficient Appliances,
mortgage rescue, etc.), spend hundreds of billions of dollars on bailouts
of financial institutions that either did not need to be bailed out
(since most have already returned their TARP payments) or who deserved to
fail due to their bad management (Citigroup, Bank Of America), spend
hundreds of billions of dollars via an economic stimulus program which
stimulated nothing (it has gotten so bad with this program that the
administration has evolved from estimating how many jobs the stimulus
created to how many jobs the stimulus created AND saved to how jobs
created, jobs saved AND lives touched by the stimulus program), and the
old favorite, blame Bush.Bush has been gone for almost two years, the
Republicans have been in the minority for almost four years in Congress
and during part of that time, the Democrats had a filibuster proof
majority in the Senate while also controlling the House Of
Representatives. The result of this recent history? We are stuck in an
economic ditch and to those of us in the real world, we have no doubt we
are NOT moving in the right direction.What is the root cause of our
economic distress? Could it be that consumers and business are uncertain
of the future and as a result, have hunkered down in the face of that
uncertainty? What are we are uncertain about:- Could it be we are
uncertain how much more in health care taxes and health care costs we are
actually going to have to spend on employees and ourselves since the
majority of America feels that the recently passed health care reform
legislation will not solve our health care cost problem but will
certainly increase what we pay for our health care?- Could it be we are
uncertain what this administration will do tax wise, with the expiration
of the so-called Bush tax cuts being just one area where the tax bite on
American businesses and consumers could rise significantly?- Could it be
we are uncertain how much more we will have to pay in energy costs with
the proposed onerous and ineffective cap and trade carbon program that
could be passed?- Could it be that we are uncertain if Social Security
and Medicare will be saved from insolvency and how much that might cost?-
Could it be that we are uncertain when Washington politicians will
actually get down to tackling the major issues of the country as opposed
to just calling each other names and worrying only about their own re-
election?- Could it be we are uncertain that Washington politicians are
actually able to solve a real problem (especially since they have never
really solved a major problem) when one of the leading members of the
Federal political class thinks everything is fine and moving in the right
direction despite every indication it is not?This administration has
introduced so much uncertainly into the market and economy that people
and businesses have decided to hunker down and protect their assets
rather than go out and invest or spend their assets. And given this mind
set, interest rates cannot go low enough stupid sales incentive programs
cannot be rolled out to failure fast enough, and no amount of stimulus
spending, especially the ridiculous programs from the first stimulus
program, will solve the lack of credibility, lack of faith, and
uncertainty problems we all currently have with Washington. That is why
these incumbents need to be sent home in November and hopefully we can
replace them with people that have the skills to remove the uncertainty
in the country today.Until November, consider the words of Rod Sterling,
the creator of the TV show, "The Twilight Zone" in light of Joe Biden's
view of his world:You are about to enter another dimension.
A dimension not only of sight and sound but of mind.
A journey into a wondrous land of imagination, next stop, the twilight
zone.Joe, indeed, must live in a wondrous land of imagination in another
dimension where good is bad, dark is light, and we are all moving in the
right direction despite all economic indicators.

				
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