Archive for July 8th, 2009

By L.E. Ikenga

During the election, despite having been portrayed as America’s first post-racial candidate, Barack Obama actually represented the complete opposite. With astonishing cunning and guile, a type that his opponents could have never imagined possible, Obama and his campaign unabashedly and tenaciously used race to goad Americans into believing that voting for him would right the wrongs of America’s racial history.

Obama audaciously rode on the coattails of black America’s historical circumstances in order to win the presidency. He deceived the nation into believing that he too was a “typical black person” and that a vote for him would offer a (painless) way for paying back all that whites had done to blacks and their ancestors. However, as one writer put it, “[Obama] steps into the benefits of black progress (like Harvard Law School) without having borne any of the burdens”. By polluting the election with the foul stench of payback politics, and by dumbing-down the “black experience” for the historically ignorant and apathetic, Barack Obama was able to win what I call the Reparations vote. Read the rest of this entry »

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Without action by policymakers, an increasing imbalance between federal spending and revenues will produce a dangerous deficit.

By Alan J. Auerbach and William G. Gale

The U.S. confronts not one but two economic challenges: Its worst recession since the Depression and a growing imbalance between federal spending and revenues that makes its underlying fiscal policy unsustainable.

To get the economy going, the Obama administration and Congress have committed trillions of dollars to bailouts of the financial and automobile industries and to a stimulus package of tax cuts and government spending. These measures, on top of our current economic weakness and the imbalance between spending and revenues, have left us with a projected federal budget deficit of $1.7 trillion in 2009, or 12% of U.S. gross domestic product, a deficit share we have not even approached since World War II. Read the rest of this entry »

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NEW YORK, July 7 (Reuters) – U.S. stocks fell to their lowest level in 10 weeks on Tuesday as talk of a second government stimulus plan heightened fears that the economy is not yet on the path to recovery and that the corporate earnings season starting this week will be weak.
A member of the Obama administration’s economic advisory panel said the United States should plan to possibly provide a second round of stimulus funds to prop up the economy. The comments come as investors question earlier optimism for a quick recovery, which had driven stocks as much as 40 percent higher since early March. For details, see [ID:nSP379268] Read the rest of this entry »

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By Dan Balz
Nothing may be more important to public assessments of President Obama’s leadership than the state of the economy and at this point there are political warning lights flashing.

In light of the latest unemployment figures, there are more persistent questions coming at the administration. Did Obama and his team get it right last winter when they put together their $787 billion stimulus package or did they undershoot? If they did make a mistake, what should they do now? Read the rest of this entry »

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The Rasmussen Reports daily Presidential Tracking Poll for Tuesday shows that 33% of the nation’s voters now Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-six percent (36%) Strongly Disapprove giving Obama a Presidential Approval Index rating of –3. Those figures reflect the highest level of strong disapproval measured to date and the lowest level recorded for the overall Approval Index (see trends).

It remains to be seen whether this decline in the President’s numbers is a temporary aberration, statistical noise, or something more significant. Tomorrow (Wednesday) will be the first update based entirely upon interviews conducted since last week’s report showing higher than expected job losses in June. Read the rest of this entry »

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Congress returns from the July Fourth holiday this week, but the fireworks on Capitol Hill are just getting started, with debates heating up over President Obama’s health care plan and his pick for the Supreme Court.

Democratic leaders have five weeks to advance the president’s health care agenda, which is proving divisive among Democrats and encountering stiff resistance from Republicans, as well as pass annual appropriations bills before the August recess.

In both chambers, top Democrats called on Republicans to help pass the ambitious agenda. Read the rest of this entry »

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