You’re Right. All the News is Bad.

Alan Caruba by Alan Caruba on June 17th, 2012

This is article 279 of 389 in the topic economy

It is axiomatic that the news we read and hear is mostly bad. Locally it is about murders and fires and other horrid things happening to other people. There but for the grace of God goes someone else.

As we spread our horizon to the state, it usually involves various levels of debt the governor and legislature are trying to either increase or decrease. These days, governors who decrease the debt are in vogue. Those states with lots of debt and lots of taxes are watching their citizens flee to states that do not pursue stupid public policies. It’s called voting with your feet.

At the federal level, the news is mostly about what Congress—specifically the Democrat controlled Senate—is not doing to reduce the debt. By contrast, the Republican House has sent one bill after another to the Senate to solve the problem. Not an easy task when the U.S. national debt rises by more than $2 million every single minute. Since the day Obama took office, it has risen by more than $5 trillion. He has added more to the debt than the first 41 presidents combined.

In the first twelve days of June, according to a report by ABC News, Obama had attended 21 fundraising events. By June 12th he had attended 163 re-election fundraisers for his campaign and the Democratic Party. This is almost double the number George W. Bush attended in his entire first term (86) and more than any other president in the history of the United States.

A lot of these events involve the millionaires and billionaires that Obama wants to tax. They often pay more than $40,000 for the opportunity to have their photo taken with the worst President in the history of the nation and to perhaps whisper the list of favors they want. Why any one of them actually believe anything he tells them defies explanation.

It is true, however, that the wealthiest one percent of all Americans have a greater net worth than the bottom ninety percent (90%) combined. According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

The rest of us common folk are more focused on the monthly rent or mortgage payment. Remember, though, “the private sector is doing just fine” according to the President whose Air Force One costs $180,000 an hour to take him from fundraiser to fundraiser.

Here on the ground, according to a post on the blog, Economic Collapse, the news continues to be grim.

June college and university graduates cannot find work and fully fifty-three percent (53%) under the age of 25 are either unemployed or deemed underemployed in terms of what their diplomas qualify them to do.

Very nearly half (48%) of all Americans are either considered to be “low income” or are living in poverty.

The Washington Post reported that a recent report by the Federal Reserve noted that “The Great Recession wiped out nearly two decades of Americans’ wealth…with middle class families bearing the brunt.” Well, duh! “The Federal Reserve said the median net worth of families plunged 39 percent (39%) in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.”

Now, three and a half years later after he was anointed—oops, inaugurated, according to Obama the economy still is George W. Bush’s fault. The public is not fooled. This is all Obama’s fault now.

Had he done what Ronald Reagan did when he took office in the midst of a recession in 1980, we would already be well out of the present one, but Reagan was a conservative and Obama is a communist. There’s a difference.

Somewhere in Plains, Georgia former President Jimmy Carter is smiling from ear to ear. Obama has managed to make his failed presidency look not-so-bad in comparison. Somewhere in Kennebunkport, Maine, Bush41 is piloting his speedboat at high speed, wondering how Obama can tell so many lies and still have anyone believe him, and somewhere in Houston, the ever-gracious Bush43 is enjoying a private chuckle over Obama’s declining poll numbers.

The news is going to remain bad until November 6, 2012 when the networks reluctantly report that Barack Hussein Obama has been defeated in a landslide to rival all previous elections.

© Alan Caruba, 2012

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