The Twilight Zone World Of Joe Biden 1 2 3

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The Twilight Zone World Of Joe Biden 1 2 3 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.

Related Articles -
obama, joe biden, cash for clunkers, economy, econmic policy, economic

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