The Low, Low, Low Down of Obama's Job Speech Tonight
We've got a big job's speech tonight from President Obama, and what can we honestly expect from it? Here's the breakdown.
-We've gone from $300bn stimulus proposal yesterday, to $400bn today. At this rate we might be at $600bn once the speech is given.
-Any proposal or idea that has the words or phrases "Stimulus", "Shovel Ready", "Tax Increase", "Program" is a guaranteed "dead-on-arrival" in both chambers of Congress. In fact, I am willing to bet my life on it, that any proposal he makes tonight that increases spending in any way, is DOA. It won't pass! Natta....zilch!
-This isn't a jobs speech by any stretch of the imagination. His approval ratings are at all time lows and he is trying to salvage a Presidency that is more relevant when he is playing 18 holes of golf than when sitting in the Oval Office.
-Either he is completely disconnected from reality or this speech tonight is about creating fodder for his campaign for reelection next year (currently in year three of the re-election campaign), that when it doesn't pass, he can blame the Congress, Tea-Party, Republicans and of course, what would any blame game be, if we didn't include his predecessor, Bush too.
-He will use tonights speech to push an extention of the Bush Tax Cuts as bait for the Republicans in order that they will agree to pass the bill. Won't work, because at the end of the year, he will be forced to extend those tax cuts whether he wants to or not, if he doesn't want to add more overhead pressure to the market and see an additional reason to sell this market.
-His only job creation measures rumored in tonight's speech is geared towards road construction, hiring new teachers, repairing federal and state buildings, and hiring more first responders. What does all this have in common? It pacifies the labor union constituency as he heads into the next election and solidifies his base behind him.
So hopefully you see now, that unless the guy surprisingly announces his resignation from the Presidency in the first 5 minutes of the speech, there is a little that can be contributed to economic or jobs growth (such a surprise would rally the down 1,000 points instantly, I kid-you-not!). Instead, just view this as a paid for campaign speech by YOU, the taxpayer.
Now on to more important matters, like.....
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