Obama: I give myself an “incomplete” on the economy
Obama Isn’t Working
President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.
As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.
The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney. [RELATED: Learn about the 186 class action plaintiffs]
Food-stamp use reached a record 46.7 million people in June, the government said, as Democrats prepare to nominate President Barack Obama for a second term with the economy as a chief issue in the campaign
$5.4 trillion added under Obama…
“This is a grim landmark for the United States. The gross debt of our federal government will, for the first time, surpass $16 trillion. That’s more government debt per person than Portugal, Italy, Spain, or Greece. Yet the President seems strangely unconcerned. His budget, which received zero votes in the House or Senate, would add another $66,000 in debt for every American household. And the President’s majority in the Senate, which is required by law to produce a budget plan every single year, has refused to do so for more than 1,200 days.
“We are on a dramatically unsustainable path. Forty cents of every dollar we spend is borrowed. Systemic factors, such as our aging population, make this the most serious financial challenge our nation has ever faced. This year will mark the fourth straight deficit in excess of a trillion dollars. In the last 3 months, more people have been permanently been added to the disability rolls than have found jobs. The IRS is mailing billions of dollars in tax credits to illegal aliens, and the USDA is partnering with Mexico to boost enrollment in food stamps. Washington is disconnected from reality.
Our present debt debacle frequents comparison to World War II. We borrowed then to save Western Civilization. That war would end in triumph. Today, we spend subsidizing civilization’s demise with no victory evident and no end apparent. These debts and the moral morass they sponsor will worsen. Acceleration is baked in as baby boomers only begin to retire and taxpayer supported illegitimacy spawns multi-generational dependency.
Washington’s principal endeavor is rewarding recipients to shun work. Entitlements and relief exceed seventy percent of expenditures; social services then cushion the fallout. Increasingly generous handouts and steeply progressive taxes make entitlement reform treacherous. Politicians spout lip service to frugality, but are so beholden to continuing this largesse the Senate cannot even pass a budget.
The world’s largest economy, which was placed 5th last year, fell two positions to the 7th spot – marking its fourth year of decline.
A lack of macroeconomic stability, the business community’s continued mistrust of the government and concerns over its fiscal health were some of the reasons for the downgrade, according to the annual survey.
The 2010-2011 GCI report warns that our lack of macroeconomic stability will “likely weigh heavily on the country’s future growth.” The U.S.’s government-deficit ranking (139) is matched by Greece, Botswana and Swaziland. (No surprise that the Europeans did not want to be lectured by Timothy Geithner).
A Raleigh-based group devoted to reducing the potential for voter fraud presented the N.C. Board of Elections on Friday with a list of nearly 30,000 names of dead people statewide who are still registered to vote.
The Voter Integrity Project compiled the list after obtaining death records from the state Department of Public Health from 2002 to March 31 and comparing them to the voter rolls.