The ghosts of Bush’s TARP President Obama isn’t to blame for falling incomes, but he soon will be

American’s real personal income fell 3.2 percent over the last year. While many conservatives will be pointing their finger at the 44^th President, they should first wag it at the 43^rd. President Bush began the latest experiment with Keynesian economics—a theory that purports mass government spending will lead to reciprocal private sector spending and boost the economy.

While it is true Mr. Obama signed the stimulus package, the damage was coming long before he put ink to paper.

The lesson of other countries doesn’t seem to daunt modern day politicians. Republicans—traditionally spending hawks—has crossed over into the FDR way of thinking. It was a republican president that signed the Toxic Asset Relief Program and practically every GOP seat-holder supported it. What followed were massive bailouts of corporations that were failing not because of actual market forces, but market forces created by bad paper that was pushed by a congress eager to make homeownership access more accessible to borrowers that would not otherwise qualify.

Just around the corner is more fallout and Mr. Obama will certainly own it. The economy is not improving enough to move out of recession and with the administration’s current spending, taxes will continue to rise and inflation will inevitably set-in; that means less real personal income.

So, the federal government will be taxing its citizens more on less income.

-- Killswitch Politick

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Uncovering Recovery.gov

The Obama administration has been talking recovery in the private sector, pointing to signs of anecdotal economic upturns, but last week, ABC News uncovered a shocking slight-of-numbers on the government’s own website, Recovery.gov, finding stimulus success statistics to being completely false. Some of the examples were: the 15th congressional district in Arizona claimed 30 jobs have been saved or created with $761,420 and $19 million in Oklahoma to create 15 jobs, and 39 jobs created in Iowa with $10.6 million tax-payer dollars. There’s just one problem with these facts – none of these congressional districts actually exist.

Now, aside from the indisputable fact that these are egregious errors, if the figures were accurate, the price-tag for each job created or saved would have cost the American people $361,445.47 per job. And in Arkansas, Recovery.gov lists 50 jobs were created through the purchase of a single $1,000 lawnmower.

And the list goes on…

Connecticut's non-existent 42nd district claims 25 jobs created with $0 stimulus dollars

$34 million spent for the Navajo Housing Authority in Arizona’s 86th district, which is actually located in Arizona’s 1st congressional district

$148.9 million spent on 40.3 jobs in the US Virgin Island’s 1st and 99th congressional districts – neither of which exists

In the Northern Mariana Islands, $1.5 million created 3 jobs in the nonexistent 69th district

142 jobs produced from $35 million in the phantom 99th district of the Northern Mariana Islands

In Puerto Rico’s 99th fictional congressional district, $47.7 million was spent to produce 291 jobs


Recover Board Communications Director Ed Pound said, "We report what the recipients submit to us." He went on to explain that the board receives declarations from the recipients, be they state governments, other federal agencies, or universities, "Some recipients clearly don't know what congressional district they live in, so they appear to be just throwing in any number. We expected all along that recipients would make mistakes on their congressional districts, on jobs numbers, on award amounts, and so on. Human beings make mistakes."

But we-thought-so excuses aren’t being had by Congress, Chairman of the House Appropriations Committee, David Obey (D-WI) fumed, "The inaccuracies on recovery.gov that have come to light are outrageous and the Administration owes itself, the Congress, and every American a commitment to work night and day to correct the ludicrous mistakes."



-- Killswitch Politick

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