So far, Obama’s job approval rating still is high, at 67 percent, and he is scoring strong marks for his handling of the economy. (from Obama throws $75 billion lifeline to homeowners)
Okay, I get that the President’s approval ratings are high. The mainstream media has not allowed the public an opportunity to look past the veneer that is Obama’s Hope-and-Change image to see the real politics-as-usual core that lies behind. What I don’t get is the strong marks for his handling of the economy.
He’s been in office barely a month and he’s upped the ante of taxpayer liability by increasing government spending to almost $790 BILLION! In one month he has added $790 billion to the outflow portion of the nation’s balance sheet. That means that he’s already spent $26 billion a day since being in office (and that figure is probably in his favor considering yesterday’s pledge of $75 billion to “troubled” home owners)! Isn’t that figure larger than the “Bush is spending $x billion a day with his follies in Iraq!” (I thought that figure was around 1 or 2 billion, but I can’t keep track of numbers that are that small)?
So, when we cut taxes that applies to everyone then that is a bad thing (Bush tax cuts on capital gains). But when we hand out money to 9 million Americans while the other 300+ million have to sit by and watch, then that is a good thing (Obama promise to 9-10 million American home owners). Huh?
When will the man behind the curtain be revealed to the poppy-headed masses?
For anyone who is interested in understanding economics (and why these bailouts are bad), then I would highly recommend Thomas Sowell’s: Basic Economics: A Citizen’s Guide to the Economy. The topic may not be scintillating, but it is well written and exceptionally informative about matters relating to economics. I would try and convince you that it is not political, but chances are if you are a liberal, then you don’t believe in the virtue of a free-market approach to managing the economy and you will therefore think that this book is politically charged. If you are a liberal, then you believe that the government can and should do more to control the economy. Of course, Sowell points out very clearly that every time a government has done that, the outcomes have been far from what was intended. I hope to do a more thorough layperson’s review of Sowell’s book on my blog.