| The Vice President has always been good for a | | | | who deserved to fail due to their bad |
| quote, or in many cases, a misquote, when it | | | | management (Citigroup, Bank Of America), spend |
| comes to explaining the reality of our world. | | | | hundreds of billions of dollars via an economic |
| However, many times you wonder if he and the | | | | stimulus program which stimulated nothing (it has |
| rest of us are living in the same world and reality | | | | gotten so bad with this program that the |
| or we are stuck in some sort of twilight zone | | | | administration has evolved from estimating how |
| world where reality takes on a distorted sense of | | | | many jobs the stimulus created to how many |
| truth. This twilight zone image came to mind | | | | jobs the stimulus created AND saved to how |
| earlier this week when the Vice president | | | | jobs created, jobs saved AND lives touched by |
| acknowledged that while the recovery from the | | | | the stimulus program), and the old favorite, blame |
| recession was proceeding slower than expected, | | | | Bush. |
| there is "no doubt we are moving in the right | | | | Bush has been gone for almost two years, the |
| direction." | | | | Republicans have been in the minority for almost |
| If he thinks we are moving in the right economic | | | | four years in Congress and during part of that |
| direction, than he and I are stuck in some sort of | | | | time, the Democrats had a filibuster proof |
| distorted reality, given what is happening in my | | | | majority in the Senate while also controlling the |
| economic world: | | | | House Of Representatives. The result of this |
| - The Commerce Department reduced its | | | | recent history? We are stuck in an economic ditch |
| estimate of the nation's second quarter GDP | | | | and to those of us in the real world, we have no |
| growth from 2.4% to 1.6%, a 33% decrease. | | | | doubt we are NOT moving in the right direction. |
| - Unemployment continues to linger between | | | | What is the root cause of our economic distress? |
| 9.5% and 10.0% even though Joe's administration | | | | Could it be that consumers and business are |
| predicted that unemployment would go to 8% | | | | uncertain of the future and as a result, have |
| unless the President's economic stimulus package | | | | hunkered down in the face of that uncertainty? |
| was passed. It was passed and we did not go to | | | | What are we are uncertain about: |
| 8% unemployment, we went 15-20% higher. | | | | - Could it be we are uncertain how much more in |
| - The stock market is down about 10% from its | | | | health care taxes and health care costs we are |
| recent 2010 peak in April and does not appear to | | | | actually going to have to spend on employees and |
| be ready to rise any time soon. | | | | ourselves since the majority of America feels |
| - This week we heard that the sale of existing | | | | that the recently passed health care reform |
| houses dropped 27% in July vs. June, the biggest | | | | legislation will not solve our health care cost |
| monthly drop in the four decades that the | | | | problem but will certainly increase what we pay |
| statistic had been kept. Guess the administration's | | | | for our health care? |
| housing incentive program for first time buyers | | | | - Could it be we are uncertain what this |
| did not have much staying power. | | | | administration will do tax wise, with the expiration |
| - Also this week in the housing market, we found | | | | of the so-called Bush tax cuts being just one area |
| out that the sale of new homes was down over | | | | where the tax bite on American businesses and |
| 12% in July vs. June and was down over 32% vs. | | | | consumers could rise significantly? |
| the same time period in 2009. The annual sales | | | | - Could it be we are uncertain how much more |
| rate of 276,000 new housing units is one of the | | | | we will have to pay in energy costs with the |
| lowest levels ever measured. | | | | proposed onerous and ineffective cap and trade |
| - This week we also found out that almost half of | | | | carbon program that could be passed? |
| the people enrolled in the administration's | | | | - Could it be that we are uncertain if Social |
| mortgage recovery program had dropped out of | | | | Security and Medicare will be saved from |
| the program for various reasons, not the least of | | | | insolvency and how much that might cost? |
| which was inefficient and and ineffective | | | | - Could it be that we are uncertain when |
| paperwork processing procedures. The number of | | | | Washington politicians will actually get down to |
| home foreclosures in 2010 could be as high as one | | | | tackling the major issues of the country as |
| million with several credible sources estimating that | | | | opposed to just calling each other names and |
| the foreclosure number could increase 50% in | | | | worrying only about their own re-election? |
| 2011. | | | | - Could it be we are uncertain that Washington |
| - On Thursday we heard that new weekly | | | | politicians are actually able to solve a real problem |
| unemployment claims continue to linger between | | | | (especially since they have never really solved a |
| the 450,000 to 500,000, i.e. about half a million | | | | major problem) when one of the leading |
| people a week are now filing for unemployment | | | | members of the Federal political class thinks |
| benefits for the first time. Hardly sounds like the | | | | everything is fine and moving in the right direction |
| economic turnaround we are told is coming even | | | | despite every indication it is not? |
| though the Vice President told the Washington | | | | This administration has introduced so much |
| Post on April 23, 2010, over four months ago, | | | | uncertainly into the market and economy that |
| that the economy would soon be creating | | | | people and businesses have decided to hunker |
| 500,000 jobs a month. Not quite there yet. | | | | down and protect their assets rather than go out |
| - The Vice President did not mention that the | | | | and invest or spend their assets. And given this |
| Federal government has incurred unbelievably high, | | | | mind set, interest rates cannot go low enough |
| record setting government spending deficits over | | | | stupid sales incentive programs cannot be rolled |
| the almost four years that the Democrats have | | | | out to failure fast enough, and no amount of |
| had control of both houses of Congress and the | | | | stimulus spending, especially the ridiculous |
| almost two years they also controlled the White | | | | programs from the first stimulus program, will |
| House. | | | | solve the lack of credibility, lack of faith, and |
| So, in Joe's world or twilight zone, shrinking | | | | uncertainty problems we all currently have with |
| economic growth rates, housing industry woes | | | | Washington. That is why these incumbents need |
| not seen in a long time, high unemployment, | | | | to be sent home in November and hopefully we |
| feeble private sector job creation, sky high | | | | can replace them with people that have the skills |
| national debt and mortgage foreclosures, and a | | | | to remove the uncertainty in the country today. |
| falling stock market leave "no doubt we are | | | | Until November, consider the words of Rod |
| moving in the right direction." | | | | Sterling, the creator of the TV show, "The |
| Seriously, this administration has no clue on how | | | | Twilight Zone" in light of Joe Biden's view of his |
| to turn around the economy, resulting in one of | | | | world: |
| the longest and weakest recoveries of all time. | | | | You are about to enter another dimension. |
| Their reaction? Spend more money on dismal, | | | | A dimension not only of sight and sound but of |
| failed incentive programs (Cash For Clunkers, first | | | | mind. |
| time home buyer incentive, Cash For Caulkers, | | | | A journey into a wondrous land of imagination, |
| Cash For New Energy Efficient Appliances, | | | | next stop, the twilight zone. |
| mortgage rescue, etc.), spend hundreds of billions | | | | Joe, indeed, must live in a wondrous land of |
| of dollars on bailouts of financial institutions that | | | | imagination in another dimension where good is |
| either did not need to be bailed out (since most | | | | bad, dark is light, and we are all moving in the |
| have already returned their TARP payments) or | | | | right direction despite all economic indicators. |