The longer President Obama refuses to acknowledge the direction of our nation's economy the greater the impact will be when the looming depression that awaits is named in his honor. For a leader who has had the advantages of an Ivy League education, he seems to be an excessively poor student of history. But in 120 days no one will be able to dispute that the economic mess the United States finds herself in belongs to anyone except President Barack Hussein Obama.
The basis of this reality is rooted in two truths that became quite pronounced this week. The first is that President Obama is ignoring the very real direction the nation is headed. The second is that he is purposefully ignoring the impact his looming historic tax increases will have. Both are contributing to the pessimism that overarches the morale and tone of the entrepreneurial framework of the future.
This week President Obama took to the White House press corps and by extension to the nation to claim that the nation saw job growth of 67,000 jobs in August. Even if this number was real it would be a pitifully tiny percent of the 14,885,000 who are both on unemployment (1 in 10 Americans) as well as those 23,768,000 who are underemployed (working but not earning enough for basic needs - 1 in 5 families).
The bigger problem for the president however is that the number isn't real. The fact is the nation saw 114,000 people added to the unemployment lines in August and the net jobs lost for the month sat at 54,000. In all the "summer of recovery"--as both President Obama and Vice President Biden pronounced it--saw 238,000 more jobs disappear. Telling the nation that his plans have taken the economy in the right direction, and implying that the nation is seeing a recovery in the area of employment is either willfully dishonest, or painfully, even treacherously naive. At the rate of this "recovery" another 317,333 workers could be sitting on the sidelines before the end of the year.
Additionally we are now on track to see the single largest collection of tax increases ever proposed take the Obama economy even further into the tank. In less than 120 days President Obama's plan to add a collective 18.6% to the federal tax burden will continue the economic downward spiral into record breaking depression-era territory. And remember he repeatedly said--on the campaign trail--that he should be elected expressly to prevent the nation's economy from complete deterioration.
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