Are Economists Racists or Idiots?
Scott Grannis is a well known economist and blogger at www.scottgrannis.blogspot.com.
On his blog this morning he posts the following:
The accelerating decline in Obama's approval rating, as calculated by polling done by Rasmussen and summarized in my chart here, is big news. The recent decline was likely driven by negative reaction to his prime-time news conference on ObamaCare. Negative feelings towards Obama are rising rapidly: the number who strongly disapprove of his performance has risen from 15% to now 40% in just six months.
This is big news for markets, since it means that passing his legislative agenda will be increasingly difficult. As a supply-sider and libertarian, I think big government, higher taxes, and rising regulatory burdens are bad for the economy and the market. And with Obama's true agenda now completely out of the closet (he's the biggest of the big spenders and tax hikers this country has seen since FDR), bad news for his agenda is very welcome news for the market.
You hear this type of BS from many economists....not just Scott.
As many of you know, Alstry is no fan of BIG government. Actually Alstry can't stand big government. Nothing equals the innovation and enterprising nature of the private American citizen when given the opportunity.
But to say Obama is "the biggest of the big spenders" is a flat out lie or a blatent representation of one's ignorance. Under President Bush, government DOUBLED in size at a time when trillions of extra tax dollars were flowing in from the credit bubble. Instead of balancing the budget AND REDUCING THE DEFICIT when it would have been easy, government put the pedal to the metal...spending exploded under Bush and so did our debt(the growth in the accumulated deficit under Bush equaled the entire deficit of the past few hundred years).
Obama inherited the largest deficit in human history. It was there the day he walked into office. In fairness, a deficit which he rode along with as Senator. A deficit so massive we are all burdened with based on the excesses of the past 10 years.
Too bad we didn't pay off our debt when we could under Bush...now we can't, the money has run out, it is time to restructure...and if Obama does not address this issue, the consequences will be severe.
Anything else is simply extend and pretend. It is time to put it to an end before the masses can no longer bend.