Where do I start?
Let’s start with today’s May jobs report. Wow. Obama promised me Hope and Change. He promised you Hope and Change. He promised all of us Hope and Change.
If any of you hold any paper in the stock market, you sure did get some change. Probably about a 3-5 percent drop of your equity. I predict this is the beginning of a broader market slide. I’m bearish for the foreseeable future and won’t be at all surprised to see the dow bottom out at the 9200 level by November.
The media reported the job addition in the US jumped 431,000. A twofold improvement from March. At first glance, we should be jumping for joy and the stock market should certainly have reflected this vast improvement in non farm payroll.
But what really happened? It’s debatable and depending on which report you read, we lost as many as 226,000 jobs or possibly gained as many as 41,000 jobs. Regardless, it wasn’t anything to write home about. Remember all of that talk a while ago about the census? Well, 411,000 of those reported jobs were counted but were only taxpayer funded temporary census workers. Yeah, they be no longer working now.
So in a nutshell, we’re moving backwards. I was seriously upset when congress voted in the stimulus bill thinking it was going to cure us. Bush subscribed, Obama subscribed and took it ten steps farther. Me, I still don’t subscribe. It doesn’t take a historian to know you can’t make a nation wealthy by printing more money. The end result will always be inflation and debt. In our case, we will get inflation and debt and a broken promise of Hope and Change.
Does that stop our local, state, and federal leaders from continuing to push the stimulus? Heck no! The whole stimulus bill is nothing more than making it palatable to give our government more money to spend on crap we don’t need.
What is this crap? In my neck of the woods it’s new bridges, solar panels on our freeways, and I’m sure it provides for the ginormous tax credits for putting a wind turbine in your back yard. You can’t drive down a freeway and not notice the “left lane closed” sign, yada. Only to see a new bridge being built – often in locations that there is NO FREAKING REASON for a new bridge.
I have a right to complain. I’m in the construction industry and see this mindless government spending on a daily basis. I bid on many of these projects. Heck, I’ve done a few of these projects. I shouldn’t be complaining as it’s putting food on my table and that of the company I work for. But I can’t help it. The projects and the money toward many of these projects is insane. I would say 80% of these projects add little value to the overall picture. Short term? Yeah, for the minority in the private sector and notably in the government. Sustainable – No way. This is nothing more than a bandaid for government to sustain or add.
This is precisely what I saw coming. A stimulus that provides no real long term benefit to where it is needed – YOUR BACK POCKET. It is a stimulus to keep government at it’s current level and to grow.
Why is this bad? I don’t know about you but my taxes keep going up. My incentive, my bonus, my paycheck is dependent on me getting jobs. The construction industry isn’t exactly booming so I probably won’t be seeing a raise or a bonus this year. The way things are going, next year may deliver more of the same. Yet my taxes keep going up to sustain the unsustainable stimulus. So I guess the short of it is, my job really isn’t sustainable right now because of the stimulus which I am continually promised will give me Hope and Change.
You can probably tell by the sentiment of my article that my Hope is waning and my dollars are turning into Change.
Obamanomics ain’t workin’ folks. There is no catalyst to provide growth. Taxes are going up, real tax cuts are not even being discussed by the people you have elected. Why? because they believe in Hope and Change. What in the hell is wrong with us that we keep electing these people who are unable to grasp simple economics? It’s simple. Quit spending, raising taxes, and enact real tax cuts. Give our employers some real money to grow their companies. This is what I Hope the Change will be.
Brothers and sisters, if today’s May job report doesn’t tell you that our state and national liberal fiscal policies are not working, then I am convinced the idiots truly outnumber the intelligent.
And for the record, idiotic fiscal policies are unsustainable.