On Feb. 2, 2009, President Barack Obama explained his chance to fix the economy to host Matt Lauer on NBC's "Today": "I will be held accountable. I've got four years. ... If I don't have this done in three years, then there's going to be a one-term proposition."
Here are the top 10 reasons I believe President Obama shouldn't sit a single day beyond his one term in the Oval Office:
10) Obama's economic actions have failed to lower the unemployment rate in the U.S. to less than 8 percent for the past 42 months, which is a record.
Nearly four years into his presidency, Obama's economic progress was reported on Aug. 3 by Reuters: "Details of the household survey, from which the unemployment rate is drawn, gave a downbeat assessment of the labor market, with the share of the population that has a job falling to near cycle lows. In addition, the labor force participation rate, or the percentage of Americans who either have a job or are looking for one, fell to 63.7 percent last month from 63.8 percent. That is a sign of low confidence in the labor market. Data last week showed the economy grew at an annual pace of 1.5 percent in the second quarter, also far short of the 2.5 percent rate needed to keep the unemployment rate stable."
9) The Obama administration's out-of-control spending has led America to the economic brink and destroyed our country's credit rating.
In 2009, Obama spoke out of one side of his mouth when giving financial advice to the people in New Hampshire: "When times are tough, you tighten your belts. You don't go buying a boat when you can barely pay your mortgage. You don't blow a bunch of cash (in) Vegas when you're trying to save for college."
But he then spoke out of the other side of his mouth when he informed the American public that he was proposing a record-breaking $3.8 trillion budget for 2011, which equates to spending $7.3 million a minute. (The federal budget was only $1.9 trillion in 2001.)
Tragically, the president expects Americans to live one way financially (fiscally prudently) and the federal government to live another (extravagantly wildly). Not so surprisingly, the day after the president proposed his 2011 budget, Moody's Investors Service announced that his fiscal policies "test the AAA boundaries" and pushed the U.S. government's credit rating below those of Canada, Germany and even France.