Newt Gingrich Says “Obama Picking Fight on Economy Recipe for Disaster”

Mitt Romney new best friend, former adversary Newt Gingrich is on “Meet the Press” trashing Obama, saying the president “picking a fight on the economy” is a recipe for disaster. He also added that he is the worst president on job creation since the Great Depression. President Obama is a hypocrite, in my view, for being in bed with the same private equity groups he has been assailing. Gingrich says Obama can’t fight over debt because he has created more debt and can’t fight over jobs because he hasn’t created any. Damn, that’s a slap but it rings hollow coming from someone who attacked Mitt Romney mercilessly on the campaign trail.

Gov. Romney drove up the largest per capita debt of any state in the U.S. His record isn’t a record of increasing private job creation, but the opposite, that’s according to the Democratic surrogate, Gov. Martin O’Malley. David Gregory reminded Newt Gingrich of his statement that his tenure at Bain Capital was a character issue. Um, Gingrich is dancing around that. He’s a less credible surrogate for Mitt Romney as Ron Paul would ever be.

Newt Gingrich claims Mitt Romney will get 40% of the Hispanic vote, as George W. Bush did, because Hispanics are more concerned about jobs, housing and education, not immigration. That’s a very bold prediction that won’t come to fruition, unless Obama absolutely bombs over the next few months. He also said Mitt Romney has a bold plan for educating poor blacks, Latinos and whites.

Gov. Martin O’Malley said Obama has created more jobs in less than four years than George W. Bush did in eight years.

Rep. Jim Jordan Compares Beating President Obama in General Election to Ending Slavery, Battling the Nazis

Rep. Jim Jordan Compares Beating President Obama in General Election to Ending Slavery, Battling the Nazis

There are some morons masquerading are true representatives of their constituents in Washington D.C. According to Right Wing Watch, Rep. Jim Jordan (R-OH) recently talked to Family Research Council president Tony Perkins at a recent FRC summit where Perkins asked the congressman how he viewed the increase in turnout of evangelical voters in the Republican presidential primaries. Jordan said that the energy among conservative Republican voters this election year is akin to Esther delivering the Jews of Persia from genocide in the Old Testament, the Founders defeating King George III, the Union Army in the Civil War ending slavery, overcoming the Great Depression and battling the Nazis. What? SMH

Jordan: There is an anxiousness that American feel about their country, they think there is just something not right and they feel this anxiousness, they know there are real concerns, a real change in direction, a real change from what we view and value of what America has always been so you are seeing people of faith step forward and participate in a big way, which is exactly what we want to see happen. I love the example of the teenage girl, and everyone in this audience knows this story but it’s so important to think about this, the teenage girl who saved her people and the best line in that narrative is when her relative said to her ‘Esther, maybe the only reason you’re at where you’re at is for such a time as this,’ and I think Americans get that, I think Christians get that, they understand, this is a critical time.

John Fund, I heard him give a speech and it’s interesting, and it kind of parallels what Senator Blunt said, he said it’s every third generation that has to do something big in this country. He started with the Founders who put it on the line, lost their lives and many of them lost their business, we remember Franklin, Jefferson and Adams but most of them lost everything, and then it was three generations later when we had this evil of slavery that Americans said ‘we will get rid of this and we will keep the union together,’ three generations later those people in America at that time said we can deal with the Great Depression and we can deal with the evils of Nazism in the Second [World] War and we can with that. And they did it. Now here we are three generations later and it is our turn. It is our turn to do what Esther did way back when, it is our turn to do what they did at the founding, and at the Civil War and at the Second War, it is our turn.  Source

Census Bureau New Poverty Measure Data Uncovers 100 Million “Near Poor” Americans

Census Bureau startled by findings new poverty measure data uncovered showing 100 million “near poor” Americans, just scraping to get by.

The U.S. Census Bureau is startled by the findings of a new poverty measure, that discovered one in three Americans — that’s about 100 million people — are in poverty of just above it, according to the New York Times. They are called the “near poor” and are far more numerous than previously thought.

” They drive cars, but seldom new ones. They earn paychecks, but not big ones. Many own homes. Most pay taxes. Half are married, and nearly half live in the suburbs. None are poor, but many describe themselves as barely scraping by.”

“After a lost decade of flat wages and the worst downturn since the Great Depression, the findings can be thought of as putting numbers to the bleak national mood — quantifying the expressions of unease erupting in protests and political swings. They convey levels of economic stress sharply felt but until now hard to measure.” Source: NY Times

This is what our so-called civil rights and community leaders need to focus on, how to get the poor and near poor out of this funk. It is quite obvious that the majority of the near poor are blacks and Hispanics. The question should be how can we fix this problem, not how can the government be of service to fix this problem.

President Obama Accused, in Study Endorsed by Economist James Buchanan, of Making ‘Great Depression’ Errors, Says US Faces ‘Argentina-Style’ Fall

Is history repeating itself this quickly in President Barack Obama’s first in the White House? He has been accused by some economists of making the same mistakes policymakers in the US made in the Great Depression, which followed the stock market crash of 1929. Sadly, many of these economists have said that his policies even have the potential to consign the United States to a similar fate as Argentina, which suffered a shocking slide from first to Third World status last century. I won’t dance around the issues confronting this country today, though I voted for Barack Obama in the presidential election, I must agree that there are some troubling similarities between POTUS and those in the 1930s that sent the US and the world into a downward spiral into the worst economic collapse in history. But it isn’t all his fault. He hasn’t been in office long enough, but what he does now will have a lasting effect for generations to come. His predecessor George W. Bush set the wheels in motion that have come off the bus on Obama’s watch.

A new pamphlet published by the Institute of Economic Affairs are very critical of President Obama and his plans for the economy.

In particular, the authors, economists Charles Rowley of George Mason University and Nathanael Smith of the Locke Institute, claim that the White House’s plans to pour hundreds of billions of dollars of cash into the economy will undermine it in the long run. They say that by employing deficit spending and increased state intervention President Obama will ultimately hamper the long-term growth potential of the US economy and may risk delaying full economic recovery by several years.

The study represents a challenge to the widely held view that Keynesian fiscal policies helped the US recover from the Depression which started in the early 1930s. The authors say: “[Franklin D Roosevelt’s] interventionist policies and draconian tax increases delayed full economic recovery by several years by exacerbating a climate of pessimistic expectations that drove down private capital formation and household consumption to unprecedented lows.”

Although the authors support the Federal Reserve’s moves to slash interest rates to just above zero and embark on quantitative easing, pumping cash directly into the system, they warn that greater intervention could set the US back further. Rowley says: “It is also not impossible that the US will experience the kind of economic collapse from first to Third World status experienced by Argentina under the national-socialist governance of Juan Peron.”

The paper, which recommends that the US return to a more laissez-faire economic system rather than intervening further in activity, has been endorsed by Nobel laureate James Buchanan, who said: “We have learned some things from comparable experiences of the 1930s’ Great Depression, perhaps enough to reduce the severity of the current contraction. But we have made no progress toward putting limits on political leaders, who act out their natural proclivities without any basic understanding of what makes capitalism work.” Source: UK Telegraph

It will be rather interesting to see how this will play out. As far as the right wing is concerned, no matter what the president does will be good enough for them, though they did nothing when President George W. Bush started the process of sending this country on a downward spiral with an unpopular and unprovoked Iraqi war. They gave him two terms to send this country on a dangerous course. What is troubling with the new president is that he is continuing some of the very same policies of his predecessor and he is being pigeon-holed for no other reason than the color of his skin. I am not into making predictions, but if the Democrats in Congress don’t get their act together and the president continues to be spineless, then this historic presidency will be a one term phenomenon. An experiment of sorts, if you will.

Photo credit: Wall Street collapse in 1929, BBC

The Great U-Turn: Global Migration Flows Reverse for the First Time Since the Great Depression

I guess Lou Dobbs will be foaming at the mouth over these latest developments on immigration during his Monday evening telecast. According to the Wall Street Journal, immigration is on the wane as work dries up in the “rich” countries. With unemployment rising and backlashes against foreign workers mounting, among other things, we have what is potentially the biggest reverse in immigration since the Great Depression. The United States, Dubai and other rich countries are losing their allure of the promise of a better life for immigrants. Reports and data from government ministries and outside organizations suggest that the flow of immigrants from poor to wealthier countries is slowing significantly, with more people returning home.

According to the WSJ, among the returnees: road builders from Bangladesh, domestic servants from the Philippines, factory workers from Indonesia and Vietnam, construction workers from Mexico, as well as bankers, lawyers and real-estate professionals from around the world who were working in Singapore and Dubai. I have seen reports in my own homeland of Jamaica, where some people who have lost their jobs and homes are returning home. I guess it is better to head back to the familiarity of home than stay in a country that doesn’t have very much to offer someone down on their luck or those who feel that they will find better opportunities in their own countries.

Emigration from Mexico to the U.S. dropped 13% in the first quarter of this year compared to the same period last year, with more Mexicans leaving the U.S. than coming in. Indonesian authorities expect 60,000 or more citizens to be sent home from Malaysia, South Korea and other wealthy neighbors this year, as immigrant workers lose their jobs. Tens of thousands of Indians are washing their hands of Dubai as jobs there dry up and work permits expire. And in the U.K., the number of registered workers coming from new European Union member nations like Poland and the Czech Republic dropped 55% in the first quarter of 2009 compared to the same quarter a year earlier.

A growing number of migrants are returning home to places as diverse as Nepal and Tajikistan, while many are deciding not to emigrate to begin with, says Dilip Ratha, an economist and migration expert at the World Bank in Washington, D.C., citing reports from ministries and embassies. Mr. Ratha calls this reverse migration “very new” and “unprecedented.”

Such migratory shifts could have profound consequences for developed nations, especially in places where domestic populations aren’t growing fast enough to fill jobs or pay for social needs. High-skill immigrants are an important source of tax revenue in some cities, and their kids fill the classrooms of universities and private schools. In the developing world, remittances sent home by migrant workers are also slowing, meaning less income — and potentially, less growth. Source: Wall Street Journal

That information is pretty staggering and sobering at the same time. Some attention should be paid to the fact that there are some countries who are offering incentives for immigrants to return to their own countries and many of these countries are making it harder for immigrants to stay due to increases in visa restrictions. For example, Spain and Japan have offered cash incentives for immigrants to go home. Australia recently disclosed that it plans to cut its intake of skilled migrants this year by 14%. Malaysia has frozen work permits for foreign workers in some sectors of the economy and is asking employers to lay off foreigners before they lay off native-born residents.

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