Obama faces worst-case 2012 scenario

August 19, 2011

On Wednesday, Economic Forecaster-in-Chief Barack Obama said, “I don’t think we’re in danger of another recession.” Shades of John McCain’s “The fundamentals of our economy are strong.”

On Thursday, the stock market – freaked out by Europe’s spiraling debt crisis and a shockingly weak Philadelphia Fed manufacturing report – plunged 4.5 percent. In an unintentional rejoinder to Obama, investment bank Morgan Stanley opined that the United States was “dangerously close” to falling back into recession.

When American presidents win reelection, they usually win by a heftier margin than the first time around. Narrower victories are rare, just three or four depending if you’re looking at the electoral or popular vote. When voters break against an incumbent, it’s usually fatal for the guy in the Oval Office. And right now, things are breaking bad for Obama. Really bad. Gallup has been pegging his approval rating right around 40 percent, even sometimes dipping to 39 percent. Regarding the economy in particular, Obama registers just 26 percent approval, his lowest rating ever and way down from a high of 59 percent in February 2009.

And it may be about to get a whole lot worse for the Obama 2012 campaign. The White House’s worst-case scenario for the economy on Election Day next year has become Wall Street’s baseline scenario. After looking at a string of weak economic reports and Europe’s growing fear of debt meltdown and contagion, JPMorgan – led by Obama pal Jamie Dimon – has just come out with a politically poisonous forecast.

The megabank now thinks the economy won’t grow much faster over the next 12 months than it did during the first half of this year — and that’s assuming Europe doesn’t go all pear shaped. It sees GDP growth at just 1.5 percent this year, 1.3 percent next year with unemployment at … 9.5 percent heading into the final days of the election season. “The risks of recession are clearly elevated,” the bank said. Here’s its reasoning:

Consumer sentiment has tumbled and household wealth has deteriorated. Survey measures of capital spending intentions have moved lower and the housing market shows little sign of lifting. Small businesses, retailers, builders and manufacturers all report a weaker business environment. Global growth has disappointed and foreign growth forecasts have been taken lower. In response we are lowering our projection for growth, particularly in the quarters around the turn of the year.

Team Obama had better permanently shelve any plans of running a “Morning in America” campaign. In fact, if a) the economic forecasts of Morgan Stanley, JPMorgan and Goldman Sachs are accurate, and b) voters behave as they usually do during bad economic times, then c) Barack Obama will be a one-term president. No president in the modern era has been reelected with the unemployment rate higher than 7.4 percent, much less two percentage points higher.

But Obama’s political folks are clever, far more than the guys who ran Jimmy Carter’s horrific 1980 campaign. And maybe the Republicans will nominate a candidate that scares Midwest suburbanites silly. Or perhaps Obama’s plan for “winning the future” will imbue the gloomy American public with a a bit more hope that whatever Republicans offer. Perhaps. But if Obama wins four more years with this economy, it will be almost as historic as his win in 2008.

38 comments

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When unions say “jump”, Obama says “how high?”…

Posted by Hawkeye2012 | Report as abusive

In a time of great uncertainty we can still be sure of a few things. Since our current national debt of $14.6 trillion is 146 times $100 billion, we will take 146 years to pay it off at the rate of $100 billion per year, interest not included. The interest is $250 billion per year. Once we add that in, our new total pay off amount is $29 trillion, but could go much higher. However, we plan to borrow much more: $7 trillion more in just the next 10 years. That will mean an additional 70 annual payments of $100 billion each, interest not included. So, our payoff time will increase from 146 years to 216 years. This is called generational theft.

What have we done to our children, their children, their children, and counting? Talk about living as parasites…on our own offspring. History will indeed report that our leaders soaked in thoughtless, apathetic, selfish wickedness…just like thieves. They tell us all the borrowing was necessary to fund bailouts, stimulate the economy, and pay entitlements…as if our children will never need face the same challenges in the next 146-215 years and will not need to use some good AAA credit. Oh no. We are so very special. We had to borrow it all now and expense it to them: a $14.6 trillion debt and counting, interest not included. This is taxation without representation for sure. Future Americans must not be paying their fair share though their income is zero dollars. We should shoulder our own misery, but we persist in making those future Americans who are completely innocent and least able to defend themselves against us pay it.

Can you imagine? Debtor says, “I want another loan.” Creditor responds, “How much do you owe?” Debtor says, “So much I need at least 146 years to pay it back.” Creditor says, “Tell me your plan.” Debtor says, “I have no plan to pay it back. I will only pay the interest.” Creditor says, “You want your kids, grand kids, and great grand kids to pay it back?” Debtor says, “It will be very painful for me if I do not get the loan for my needs. I will print some money, too.” Creditor says, “But you have no plan?” Debtor says, “I plan to borrow 6.5% more year over year instead of 8% more year over year.” Creditor says, “You owe so much it will take 146 years and counting to pay it back, you have no plan to balance your budget, you print money, you plan to borrow 6.5% more each year than you did the year before…forever, you dump all your debt on 3 future generations and counting, and you want us to believe that you have integrity, and are worthy of full faith and credit?” Debtor says, “I want what I want when I want it, and I want it right now for my needs. Give me the loan.”

We should have been downgraded when our debt exceeded $4 trillion, not $14.6 trillion. We have essentially taxed 100 million Americans who won’t be conceived for the next 50-100 years at least $14.6 trillion. We even use some of that money to fund some of the abortions of those presently conceived. Wicked. We assault some of those in the womb and also all of those who have. not. even. made it. there. yet.

Posted by mourn | Report as abusive

If Obama is reelected in 2012 it will be lights out for the US economy and our way of life. Doesn’t matter if we elect a GOP Senate and House, Obama will achieve his promise of fundamentally changing America into a a European style socialistic state. Even if the GOP should have a veto proof majority in the Senate Obama will circumvent through Executive Orders and Agency Dictats. In doing so he very well may push the country to a constitutional crisis and an impeachment trial. Beyond the dithering, loopy smille and Alred E. Newman jug ears Obama is a hard edged leftist ideologue.

Posted by jkk1943 | Report as abusive

“The problem with socialism is that eventually you run out of other people’s money.”

We have run out of other people’s money and yet, we are still foisted with ObamaCare, potentially more stimulus, and threats of economic growth killing uncertainty about taxes.

Posted by Machtyn | Report as abusive

If “uncertainty” is the reason that small business formation and “borrowing and investment” is subpar, then all we need is “I have a bold plan, but I’m not willing to tell you about it for another month” is the last thing we need. This dolt (Obama) doesn’t get that everytime is “plays games,” he hurts his position.

Posted by owen1 | Report as abusive

There’s a lot of hand wringing and finger pointing at Obama. But since we haven’t really run out of money, we just have a recalcitrant Congress unwilling to raise revenues and authorize spending (two things absolutely necessary for the future).

Cons love to blame Obama for what they got us into in the first place. Time to pull your heads out of the sand, look around and see that A-It’s bad but B-It’s not remotely unsolvable. Sensible conservatives know this, but the current lot of crybabies won’t listen to anyone telling them the truth. It’s too easy to blame.

Obama still has a shot at winning. While his approval ratings are low, when you match him up in polls, he wins (aside from a couple of exceptions where he loses, but by a tiny margin).

That’s because Republicans (Conservatives) have no alternative and continue to spout fantastical tales of buses and paranoia.

Look at the big picture, James. There’s more here than meets the eye if you look closer.

Posted by OpinionatedGift | Report as abusive

MY FINANCIAL PLAN FOR RETIREMENT

1. Vote for Obama
2. Short the market.

I expect to be a multi-millionaire real soon.

Posted by eleno | Report as abusive

The republican plan is even worse. Drop all forms of regulation and HOPE that the free market grows a moral soul. This situation has very little to do with Obama or Bush for that matter. It has to do with us and wallstreet, James P. The global free markets are leading to a massive de-industrialization of America. Companies brag openly that their first and foremost commitment is to shareholders, employees and this country are a far distant second. The top paying jobs in America are now in Finance. James P your industry is what is wrong with America. No one wants to work for their money they would rather play a market. We are a gambling based economy. BofA is going to cut 5k jobs while just a few years ago we bailed them out. The free market has failed … greed as a virtue has come full circle and bit us … this is for all of you who wave an American flag in one hand and crap on American unions. The wealth of the few must decrease so that the wealth of the many may increase. This is not done through ‘redistribution’. This is done through regulation. There is a price to pay on exporting American jobs, the price is not selling to Americans. The price is heavy import duties. It will hurt but we either double down in solidarity with our fellow Americans or the few power brokers will dismantle and sell this country and our children’s birthright for a quick buck (

Posted by JulsMan | Report as abusive

Obama unfortunately will be re-elected because the country club Republicans will nominate another unelectable candidate.
The unemployment rate cannot be improved by no party at this time because of our major structural problems. Our capital formation center, Wall Street has been taken over by a bunch of self serving hedge funds and micro-second computer traders. The SEC is utterly ineffective in controlling what is happening. I am not sure if this is planned or SEC is incompetent.
We have a free trade policy which allows unimpeded imports of goods and export of all kinds of jobs to lower wage countries in the four corners of the globe.
Most of the world protects their workers and their economy by requiring local labor content from their importers, we have nothing to protect our economy. We are standing there with no tools to protect our jobs and in turn our economy.
There is no incentive to manufacture much of anything in this country. Causes are multiple: high wages, excessive litigation, uncooperative unions, restrictive local and federal laws and regulations,high taxes etc.Having a choice to cut costs and reduce grief manufacturers move their facilities overseas.
The most innovative company in the US and the world, Apple, has 50 thousand employees in the US and employees 1 million workers overseas building their products. Go figure out what is going on here and you will figure out the root cause of our unemployment.

Posted by Cheetahe | Report as abusive

Mourn: Your comments are some of the most fantastic I’ve ever read about our hideous fiscal situation. I would only add a corollary that if you subtract out the $1T in FICA taxes each year, you get the clarity that our federal govt is over-spending $1.5T/year in money we don’t have and that is 1 1/2 years of income taxes. We already are 14 years of income taxes in debt. Soon we’ll be $20T in debt and the interest on that will be nearly what an entire year of income taxes are. We’ll officially be screwed. And our kids can’t even vote to over-turn the current liberals’ recklessness now. It will be too late in a few short years.

Posted by sbourg | Report as abusive

As always, Mr. P, a totally enjoyable blog. I chuckled at your tone this time.

Well, I heard that the poll of African-Americans was 88% in favor of Obama, although several notables in that population segment are calling for some attention
because they’re over 16% unemployment and rising.

Then there is Obama’s edict outside the realm of Congressional law that pretty much said illegal aliens
would be screened if they were hardened criminals or not. And if not, they wouldn’t be bothered anymore with their deportation pendings. Some are calling this
a quasi-amnesty. Some are calling it cost management. Whatever it is, it was not passed by Congress according to the constitution and….it is a vote getter from the huge Hispanic minority.

Then, the CEO’s are planning a campaign contribution boycott for 2012 because of being targeted for unfair taxation.

There are more minorities than CEO’s.

Posted by limapie | Report as abusive

When Liberals use the phrase “Creating jobs”, it just doesn’t make sense.

Using the analogy of grocery shopping, I will illustrate.
Pick one that best applies.

1. We must create jobs.
A. We must go shopping.

2. What kind of jobs should we create?
B. What are we shopping for?

3. The workers don’t have the skills that are required.
C. The store does not have what I am looking for.

4. Only a fraction of the jobs required to reduce unemployment are created every month.
D. I have a small grocery bag, it will take many trips to get everything I need.

5. If there is no demand for workers, jobs will not be “created”.
E. If the store doesn’t have what you want, why bother making a shopping list?

Demand leads to job growth and items carried in the store.

Posted by TheTexan | Report as abusive

Time to throw the messiah off the bus.

Posted by Mistermcfrugal | Report as abusive

The plunge in the American stock market has less to do with the European currency-debt problem than that the American economy has been in a recession since the first of the year. GDP growth was revised down to about +1/2% first quarter and about +1 1/2% the second quarter. But the adjustment for inflation used core inflation which is about 2% less than real inflation that includes food and energy. That extra 2% makes GDP growth -1 1/2% first quarter and -1/2% the second quarter. In other words the economy has been contracting, not growing, since the first of the year. A contracting economy causes valuations for future stock values to decline. Thus the surprising, to some, sell off.

Posted by howardlohmuller | Report as abusive

The Buzzword “Uncertainty” is 60% the unknown added cost of hiring that Obamacare represents and 40% the unknown added cost imposed by Obama’s “Empowered” EPA and similar regulatort government agencies. “Uncertainty” keeps businesses from sharing their increasing earnings with the American Economy, through hiring and investment. Obama’s inspiring oratory has more than worn thin, representing The 2 David’s self preserving political spin. As long as no one who knows a family suffering from the actions of the all academic/no business White House votes for the brilliant orator who can’t find his way out of a paper bag, the “Uncertainty” will be over and businesses will get back to hiring.THEN it will be “Morning in America” again!

Posted by thecannula | Report as abusive

If Obama wins a second term, it will historical for more reasons than his overcoming his dismal record. It will be historic as the point at which the United States dissolves as a union. Our country will not survive another four years of this rabidly anti-American, marxist jackass.

Posted by StephenThomas | Report as abusive

OpinionatedGift, your dreaming if you think BO has a chance in this election. What is going to do wow us with his oratory gifts? I got some bad news for you sunshine, the bloom is off that Rose as evidenced by BOs continuing falling approval numbers. We are witnessing a modern Shakespearean tragedy right before our eyes. BO knows the right thing to do to provide economic growth, as evidenced by his economic team deserting him and advice he received from good old Bubba Bill himself.

BOs character flaw is despite knowing the right thing to do, he simply cannot do it because it would go against the very fiber of his being. He has been taught from his father, to his academic career, to his mentors, to the people he has surrounded himself in his inner circle, that the ProgLib way of income redistribution, social justice, economic equality, and central planning are the only true ways to achieve cosmic justice throughout the world. BO believes these concepts with all his heart and is faithful to its principles with an almost reverent religious zeal. Like all ProgLibs he can never accept that the theories themselves are inherently flawed, but that the problem is that the proper people were never put in power to effectively make the theory work.

Which means for BO to seriously have a chance at reelection, he has to turn the economy around – which means that he would seriously have to abandon his liberal progressive ideologies – which means that he would have to admit one of two things. Either the philosophy itself was flawed or he was never up to the task in the first place.
His zealotry toward the ProgLib agenda will not permit him to do the former, and his ego will not let him do the later. Like captain Ahab, he would rather be dragged down to the bottom of the ocean attached to Moby Dick then admit his mistakes. Unlike Melville’s novel however, the rest of the crew, the US citizens, will not be following with him.

Posted by einwolfsrudel | Report as abusive

Awesome comments so far.

Clearly we WILL DEFAULT. The only question is how. The talking heads like the idea of inflation. I lived through Jimmy Carter 1 and it sucked. Really sucked. I would much rather the kleptocratic morons we have in DC realize fleas drown with their dog, and cut spending.

I do like Ron Paul’s idea of Nationalizing the Fed. They printed so much money during the last two years they are awash in assets. Won’t help long term with our current government, but I still think it is a great idea.

Posted by James7 | Report as abusive

It will be scorched earth. Already the Obama 2008 campaign ran the most negative campaign in history: Attacking McCain’s disability with his hands, Sarah Palin’s children and Americans of Faith.

Remember folks, when the Democrats took over Congress in Jan 2007 the Unemployment Rate was 4.6%.

Posted by alohasteve | Report as abusive

President Obama has no one to blame but himself for the situation he is in. Instead of attacking the deficit he poured gas on the fire with the stimulus and health care. Health care should have never happened with a strong 63% of the American public completely against it. Large entitlements have always been passed with bipartisan support and to attempt this with so much public outrage and huge deficits was a disaster for him. Once he forced health care through I think any chance he had for reelection ended right at that moment. Image what might have happened instead of a wasteful stimulus he had tossed out the Bush tax cuts and pushed measures to limit the budget along with protection for the poor and jobless. He would be viewed entirely different than he is now. In addition, instead of getting us out of Iraq he has taken on two new wars with Afghanistan and Libya. The American people want the wars to be over. They are wise enough the country is not going to pull out of this funk as long as these wars drag on. We need a change in leadership simply because this man’s gut is always wrong. He thinks he has the answers but it always ends in disaster. He should have looked carefully at the Clinton Presidency; no wars, balanced budget, programs American people are eager for!

Posted by Boxer444 | Report as abusive

Nearly 3 years of Obama and UNEMPLOYMENT is massive and getting worse, the economy is headed back into recession, the nation has lost its AAA credit rating for the first time in all of history, and Obmama has spent us into oblivion giving us nation destroying levels of debt. Yet where is Obama? Vacationing with his rich, arrogant, elite, left wing friends in Martha’s Vinyard. Obama has such total contempt for average working Americans. If Obama were to win reelection 4 more years of him and our nation will never recover! 3rd world here we come!

Posted by valwayne | Report as abusive

2008 : Hope and Change
2011 and beyond : Hope your children and their children and their children etc have some change in their pockets to pay for this Marxist President.

Posted by givememoregold | Report as abusive

The unhindered free market has never worked and cannot work ironically for the very same reason the Marxist system cannot work. It has a fundamentally flawed reliance on the noble intentions of its leaders. A significant regulatory structure will always be necessary in our country. The fight is not with the bureaucracy, bloated it may be, but with the money that influences it. Remove the money, kill the corruption. Publicly financed elections are the only way to do that as far as I know.

Posted by digthis | Report as abusive

The American people didn’t want two unpaid for wars,prescription coverage unpaid for an tax cuts for the wealth (all under Bush’s regime). Get real people! Obama will be elected because people realize he has been impeded at every turn. Obama is not “liberal”, just look at how he has not done what the Democrats want done. The Tea Party is ruining this country.

Posted by shall1935 | Report as abusive

It’s high time we start calling Washington’s debt for what it really is. When we steal the economic futures from our children, grandchildren and great grandchildren it’s worse than generational theft. It’s “Financial Pedophilia”!

Posted by jsmythey | Report as abusive

MOURN.

Wow, what an eye opener. You should write coumns for an international news service. You have really put the national debt into figures that we can understand.

I am beginning my switch from being a liberal to an independent. I feel selfish leaving that much debt to my kids.

Posted by HeyYouMon | Report as abusive

Gravely brilliant, mourn. My sentiments exactly.

Posted by brianinslc | Report as abusive

@Mourn, I hate to say it, but Ross Perot made exactly the same point, $4 trillion and 3 years ago: “Not since the great depression have we seen an economic crisis of the magnitude that we are facing today. Our enormous national debt almost $9.4 trillion on April 30th of this year [2008], and it is increasing by over $1 billion every day. We are leaving our children and grandchildren with a burden that they cannot possibly manage.” http://www.youtube.com/watch?v=UfTDlxM2L KU

And it’s just getting worse at an accelerating rate. There is no question that we are ultimately going to inflate our way out of it.

Posted by JimB82 | Report as abusive

(I’ll probably get blown out of the water for saying this, but….)

You know, stepping back from the “knot” isn’t such a bad idea right now. Look away from the “jell-o” and THEN maybe THEN the whole picture can be looked at with new eyes.

It isn’t right to be on “vacation” and slinging mud the whole time. Rest up….ALL you electeds

and when you all come back in Washington, DC again
you’ll have the strength to move this country forward.

We are oppressed by debt. We need to un-oppress ourselves. We don’t need a jobs bill. We don’t need a spending bill. We don’t need anything but a
vision to get ourselves out of debt and this needs to be locked into place for a good long while.

When there is stability in following a plan, the other will follow.

The hardest thing, though, is what has been keeping us from locking in stability……the political suicide needed to accomplish this. People are not going to be happy. Elder folk, college kids, vets, insurance, business….EVERYONE is going to lose and EVERyONE is going to be unhappy about it. They will vote
the “bums” out of office who did this to them.

In Wisconsin, we had a mini-war. The courageous electeds knew what they had to do to restore balance, healthy democracy, and fiscal soundness….and the electeds moved decisively…..but they sacrificed their political lives for the good of every state resident.

The good guys will lose in 2012, but the big picture has been restored.

We need this on the national level. We need the courageous. We need electeds who are willing to put something other than themselves first.

Unselfishness is what will save us. We, as voters,
need to mandate this of our electeds, especially of our president, as hard as it is going to be upon even our very, own selves.

Because if we don’t…..we’re done peeps. The hole will
be dug too deep.

Posted by limapie | Report as abusive

He has lied so much, I can only wonder if he believes SOME of his own lies! My son has been out of work for two years and he is brilliant, same with my one grandson. People are losing their homes, declaring bankruptcy, going on food stamps in unprecedented numbers and he has the nerve to spout such lies? I’ve seen presidents come and go but this one is a president I would like to see go as soon as possible. Satan is a liar and the father of lies…what does that say for Obama?

Posted by sophiewonderful | Report as abusive

One of the first debates of the Obama era began immediately after the president’s inauguration, when many prominent Republicans agreed that they “hope Obama fails.” The main difference between then and now is that these same Republicans are now in a position to ensure the president fails by blocking measures that would benefit the country. In many cases, measures Republicans themselves supported until Obama said he supported them too.

Republicans said a payroll tax cut would help create jobs, and now they’re opposed to their own idea. Republicans said the Economic Development Administration is great for the economy, and now they’re opposed to that, too. Republicans have traditionally supported infrastructure investment, but the “infrastructure bank” idea appears likely to be killed by the GOP. Many Republicans endorsed the TANF Emergency Fund last year as an incredibly effective method of lowering unemployment, and the congressional GOP killed that, too.

Republicans are blocking qualified Treasury Department nominees who could also be working on economic policy. Republicans are blocking qualified Federal Reserve nominees who could also help improve the economy, while demanding that the Fed do nothing to promote economic activity. The GOP is demanding that Congress and the White House agree to immediately take money out of the economy and eliminate public-sector jobs, even when CONSERVATIVE economists say that’s crazy. What’s more, these same Republican officials have made it abundantly clear that failure to give them those cuts would force them to crash the economy on purpose.

It’s against this backdrop that Senate Minority Leader Mitch McConnell has stated, more than once, that his “top priority” isn’t job creation, but rather, “denying President Obama a second term in office.” It’s obvious Republicans are sabotaging the economy and using their media to assign the blame on Obama. This is their only path to power since the public overwhelmingly opposes their policies. A party that is willing to wreck the country for political power is the worst-case 2012 scenario that James should really be writing about. Except I think he’s a member of that party.

Posted by GetpIaning | Report as abusive

Just don’t vote any more Republicans into office. Remember, Clinton left Bush and the Republicans a huge record surplus, 23 million new jobs created, $1.30 gal gas, very solvent social security trust fund, etc. etc. Bush and the Republicans squandered all this on their tax breaks and other breaks for the wealthy, an illegal war in Iraq, all costing us trillions and trillions of dollars, got rid of the “uptick rule” allowing their wealthy wall street cronies to more easily sell the stock mkt short and the mkt dropped to 6,700 leaving everyone else holding the bag, housing prices sharply lost value, foreclosures running rampant, and we were bleeding 750,000 jobs per month when Obama took office. I hope that the American people don’t forget that it was the Republicans that destroyed our economy; it took FDR years to clean up the Republican mess and it will take Obama years to clean up the mess.

Posted by Syofie | Report as abusive

Mr. President and Congressional Leaders and Members,
While you fiddle away on your escape from your responsibility to America, people are in trouble and our future is endangered. Mr. President, call Congress into emergency session now. Congress return to Washington now. Fix the American economy, protect our most vulnerable and build a thriving American future.
Gary Christopherson, http://www.ThrivingFuture.org

Posted by GChris2000 | Report as abusive

Syofie, you’re hilarious. You seem to have forgotten who controlled congress from 1994-2000 and balanced the budget! The current market was created by Barney Frank running Fannie and Freddie into the ground. Bush failed to stand up to the Dems on the housing crisis and put through medicare part B at the same time as his tax cuts. He was FAR from a conservative. Obama makes Bush look like a genius. Stop the spending. Cut all taxes and take the money AWAY from washington. The Democrats CAUSED the housing Crisis. Read the NYT’s from 1999. http://www.nytimes.com/1999/09/30/busine ss/fannie-mae-eases-credit-to-aid-mortga ge-lending.html

Posted by Smileynh | Report as abusive

It’s too bad that a president’s agenda is all about playing politics and running a re-election campaign from the first day in office. He has no plan, no budget and no experience and it shows. He’s a complete disaster and the whole world knows it and they are holding their breath for our voting results next election. Let’s hope we can contain the damage until then.

Posted by EagleDriver | Report as abusive

Can you think of one thing Obama has done that’s been good for the economy ? His only idea is to take more from the productive to give to the unproductive. Don’t like when we call him a socialist ? Fine. Whaterever word you want to use, he said he wants to “fundamentally transform” the United States. If he gets his way we’re finished. The United States is the richest country in the world because of our Constitutional “fire walls” that control excesses of power – that this demagogue has breached more than anyone.

Posted by EricManchester | Report as abusive

If you want to know whose agenda is all about playing politics, who made this statement to The Atlantic Monthly in December of 2010?

“We thought — correctly, I think — that the only way the American people would know that a great debate was going on was if the measures were not bipartisan. When you hang the ‘bipartisan’ tag on something, the perception is that differences have been worked out, and there’s a broad agreement that that’s the way forward.”

A. President Barack Obama
B. Republican Senate Minority Leader Mitch McConnell

Posted by GetpIaning | Report as abusive

Any dolt knows that the economy is not the stock market. i quit reading after that. Blaming Obama just means you are too chickenshit to acknowledge the truth: we done fucked this one up uncle dad!

Posted by ohboy | Report as abusive