Remember that South Florida woman who had her fifteen minutes of fame claiming Obama would pay for her mortgage and gas?
Before the 2008 election, she was filmed saying “I won’t have to worry about putting gas in my car, I won’t have to worry about paying my mortgage. If I help him, he’s going to help me!”
Well, documentary filmmaker Joel Gilbert tracked down Peggy Joseph to see how all that hope and change is working out for her and six years later, she’s had a complete change of heart. After living through Obama’s failed economic policies, she now says “he lied about everything.”
Yes ma’am. He certainly did.
The weekly jobs report numbers released last week included 302,000 new jobless claims. That number is lower than the expected, but even new Federal Reserve Chairman, Janet Yellin, has expressed concerns about the lagging workforce participation rate, which is close to 35-year low. In other words, more Americans have just fallen out of the workforce and raised the white flag of “I quit – for good.” As well, we more Americans are working two to three part-time jobs to make ends meet, instead of having a quality full time equivalent job.
And last week, we learned 18,000 employees at Microsoft will be getting their pink slips. They join our brave men and women in the U.S. Armed Forces, namely the U.S. Army who are getting the same.
On the subject of the economy, remember the consumer price index doesn’t include two critical components: food and energy prices. We’re all feeling the squeeze at the gas pump (as we discussed here) and at the grocery store, for that matter. And the Obama’s “War on Coal” families will be feeling the pinch in their home energy bills this winter.
The Fed continues its “quantitative easing” program of damaging low interest rates — but even worse, incessant printing of money to the tune of nearly $80 billoion per month — which effectively devalues our dollar and causes inflationary reactions in the marketplace. In other words, because of our failing economic policies, we have even worse monetary policies to try and abate the ensuing problem. And this week the non-partisan Congressional Budget Office (CBO) reported that in 25 years, our debt will surpass our GDP. Currently our debt to GDP ratio is at 76 percent, a very dangerous place.
However, far more troubling is if all the unfunded liabilities are included, our $17.5 trillion debt explodes to nearly $100 trillion, and that dwarfs our gross domestic product — the entire economic production of this nation.
Is this “sexy stuff” to discuss? Probably not to most. It’s nearly impossible to wrap your head around a trillion, let alone 17 or a hundred. Anyway, all Democrats seem to want to discuss is contraception, abortion and “marriage equality.”
And all of this is happening as America is flooded with illegal immigrants from Central America. The absorption cost is unknown. It may start with a $3.7 billion price tag but factor in education, healthcare and welfare benefits and this fiscal crisis for America is exacerbated.
So, the weekly jobs claims numbers may on the surface look good, but the truth lies beneath the surface. It’s just a matter of the American electorate waking up to recognize their plight and not be manipulated by the snake oil charmers of Washington D.C.