Discussing the economy, the President said the private sector is \u201cstill nervous about whether they want to go ahead and take the risks that are inherent in a free market system.\u201d\u00a0 But, the private sector is not afraid of free markets, it is afraid of continued government interference and fears how much more it will interfere.\u00a0 The government\u2019s job is to regulate the \u201cplaying field\u201d of the markets, not to control and manipulate them.<\/p>\n
The government loans money to some banks, allowing others to fail.\u00a0 It bails out some sectors of the economy and not others.\u00a0 It pays people to buy new cars and new homes.\u00a0 It bails out people who cannot pay their mortgages.\u00a0 It even has a czar dictating executive compensation who has not been approved by Congress and who answers only to the President.\u00a0 Free market economy or socialist economy?\u00a0 If the President wants the free market to work, all he has to do is stop interfering.<\/p>\n
Before taking office, the President told us he would spend nearly a trillion dollars to prevent 3 to 4 million job losses and prevent the jobless rate from exceeding 8%.\u00a0 He spent $787 billion, we have lost over 4 million jobs so far in 2009 and the unemployment rate is over 10%.<\/p>\n
That might be understandable, even explainable, if not for the administration\u2019s logic.\u00a0 If the economy improves, the stimulus obviously worked; and if the economy worsens, the stimulus obviously prevented it from worsening even more.<\/p>\n
This is called elephant logic, learned from a man who was wandering around New York City with a loaded double-barreled shotgun.\u00a0 The police were called and asked him what he was doing.\u00a0 He said, \u201cThis keeps the wild elephants away.\u201d\u00a0 When they informed him there were no wild elephants for thousands of miles he responded, \u201cSee, it works.\u201d\u00a0 Elephant logic.<\/p>\n
The President offered more economic insight saying, \u201cI am convinced that the banks can be doing more than they\u2019re doing.\u00a0 We\u2019re going to be pushing them pretty hard in the months to come.\u201d\u00a0 Further, he chastised the banks that refused government money or paid it back quickly saying, \u201cThat gives us less leverage over these banks than we might otherwise like.\u201d\u00a0 What aspect of the free market system proposes the government pressuring and leveraging the banks?<\/p>\n
The President is equally displeased that employers have adapted to smaller workforces.\u00a0 Why wouldn\u2019t they?\u00a0 They have no idea what the government will do next to \u201cfix\u201d the free market, nor do they know when it will ever stop spending money.\u00a0 The President is the reason they are tightening their belts and holding back.\u00a0 If he wants them to expand, just give them back their free market and stop spending.<\/p>\n
The President also believes the $3 billion he spent on Cash for Clunkers was so successful, he now wants to pay people to weatherize their homes.\u00a0 But, the new cars purchased with the Cash for Clunkers, although leading to more fuel efficient vehicles, resulted in a savings of only $375 million.\u00a0 This is how to spend money in a recession?<\/p>\n
A final insult.\u00a0 Excess monies from the $700 billion Troubled Asset Relief Program (TARP) are, by law, to be used to pay down the deficit.\u00a0 Section 106, Part D states that excesses and monies paid back must be \u201cpaid into the general fund of the Treasury for reduction of the public debt.\u201d<\/p>\n
But the President and Congress have other plans for the excess and returned monies.\u00a0 According to the House Minority Leader, they see this money as a \u201cslush fund,\u201d and they will get around the law, making it \u201ctechnically\u201d legal to use the money as they choose.\u00a0 Did they ever plan on any of this money being used to pay down the debt or did they always plan on using it for other pet projects?<\/p>\n
Mr. President, could the problem be that you have never built or run a business, never developed a budget of any significance and never had to meet a payroll or make a business profitable?\u00a0 Mr. President, the key word in free market is \u201cfree.\u201d<\/p>\n
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