Blogs For Victory

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With Obama’s support pretty much left to the Democratic base, how much longer will they be able to ignore how his policies are making things worse before he loses them too? And things look worse than we thought.

June’s trade deficit swelled 18.8% to $49.9 billion, the highest since October 2008. That was much worse than Wall Street predicted — or what the Commerce Department estimated in the recent Q2 GDP report. The new report, along with recent inventory data, suggest Commerce will revise down Q2 economic growth from the already-sluggish 2.4% annual rate to about 1%, according to Action Economics. Action Economics is looking for stronger retail inventory figures later this week that would imply a 1.4% GDP pace.

More Americans are already blaming Obama for the economy, so things really don’t look good for Obama this November, or for 2012.

UPDATE, by Mark Noonan: And growth forecasts have been cut as economists finally start admitting reality.

President Bush has been busy lately. He just got back from a visit to Haiti… you should check out his Facebook page for details on that trip. But what he did yesterday morning is what I really want to talk about.  Yesterday, Bush was at at DFW Airport to surprise 145 troops who just returned from Iraq and Afghanistan.

As 145 soldiers returning from Iraq and Afghanistan walked through the double doors in Terminal D at DFW Airport on Wednesday for two weeks of R&R, they were greeted not only by their families, but by some special guests.

Former President George W. Bush and Laura Bush joined 33 kids participating in the North Texas Super Bowl Host Committee’s SLANT 45 project to give service members perhaps the most memorable moment since the Welcome Home Heroes initiative started in November 2004.

“Today was one of the best, if not the best day we ever had,” said Lt. Col. Patrick McAfee, who has overseen the program for the last three years. “It was phenomenal and the bottom line is that these service members had the shock of their lives. Kids being there gives special meaning to us soldiers, and the president and first lady were there just like regular people.”

I miss ya, Dubya!

Rep. Paul Ryan, on the scene of the melt down, reports:

Rep. Paul Ryan (R., Wis.), the ranking member of the House Budget Committee, tells National Review Online that Democrats are entering a “panic mode” as November approaches. “They are beginning to get a little unhinged,” Ryan says.

“The Left sees their agenda being rebuked by the voters this fall,” Ryan tells us. As their electoral worries mount, he says, Democrats are scurrying to “nullify any notion that there is an alternative path for America. They want to delegitimize an alternative plan and win the argument by default, making the case that there is no other path for America than what progressives have mapped out for the country, and that any other talk, of any other idea, is just fanciful.”

“That’s what’s troubling,” Ryan says. “They are trying to deny the debate that must happen if we are going to get out of the mess that we’re in.”…

The dream of decades is dying – they thought that McGovern would do it; but he lost. They thought that Carter might pull it off; but he was defeated for re-election. They thought that Clinton would ram it on through; but he betrayed them and tacked to the center to ensure his own political survival. Now comes Obama – and the left was sure they had it in the bag.

And to a certain extent, they did – a hard left ideologue was elected along with a Congress led by the furthest left part of the Democrat party. And President and Congress did start to work – but then something happened the left never expected: the people immediately reacted against it. And then it just got worse and worse – the people started to spontaneously organize and began to exert populist pressure on the GOP to shift towards the people. Capping it all off, the liberal prescription for the economy – which all liberals were convinced would work – crashed and burned.

Now they are facing a complete rejection – not just the normal mid-term losses, but the risk of the sort of losses you spend 20 years recovering from. 20 years in which, of course, the other side can repeal and replace everything you’ve done. Faced with this stark fact, they are getting in a panic – not knowing what to do, they are running around trying one expedient after another to survive.

It won’t work – its too late in the game…

Matching his worst poll result to date:

The Rasmussen Reports daily Presidential Tracking Poll for Wednesday shows that 24% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as president. Forty-six percent (46%) Strongly Disapprove, giving Obama a Presidential Approval Index rating of -22…

And an overall total of 56% disapprove of the President’s job performance – small wonder Obama is going to be scarce on the campaign trail this fall.

Not what anyone wants to hear, but it is the case:

Pimco, the world’s biggest bond fund manager, has warned the US faces a prolonged period of stagnant growth and a real risk of outright deflation, similar to what Japan experienced in 1990s.

head-in-hands

Echoing a warning by M&G’s bond team on Monday, Pimco portfolio manager Scott Mather says if a Japan-like deflationary scenario becomes the baseline for the US, it would have “profound implications for asset prices”…

Yeah, no kidding. Others – such as Mish – have been warning about this for some time. I believe we are in a deflationary spiral – and debt is the ultimate culprit as it prevents us from building wealth.

All the government spending done over the past two years – here and around the world – was intended to spark inflation (which, by the way, is the financial system and government picking your pocket, but that’s an issue for another day) and thus get the easy money, get-richer-quick (for some) economy rolling again. It didn’t work – and as noted in the article, Japan has already tried this for 20 years and it never worked – in fact, the effort exacerbates the problem because when government “stimulates”, it builds more debt.

To get out of this there are a whole list of things which must be done – but first and foremost is balancing the budget. Until government stops spending more than it takes in, there sinews of economic growth simply won’t exist in sufficient force. We also need a host of regulatory and tax changes – but even cutting taxes won’t be sufficient if government spending is not balanced.

The debt is the problem, my friends – until we fix that, we fix nothing.

Check out this headline:

Only Government Bloodsuckers Made More Money Last Year

This, specifically, is in response to the news that while the rest of us are losing our jobs, suffering pay cuts or are just fearful of future job losses, government employment has shot up by about 250,000 since Obama took office and, of course, that government pay is increasingly lavish (heard on Rush today that the union bosses claims this is because of the high level of skill and education needed to run government…riiiiight…).

It will be hard for the historian 50 years from now to determine which particular government straw broke the back – and the patience – of the American people. But, no doubt about it, people are mad as heck and aren’t going to take it any more. I started writing up what I saw as a Second American Revolution about 16 months ago – when the evidence for it was still thin. By this point you’ve got to be willfully blind to not see the political tsunami brewing.

Turns out that “willfully blind” is an apt description of 90% of the elected Democrat party, and probably a good 40% of the elected GOP. The Ruling Class seems oblivious to the change in public attitude – the Democrats seem to think that if they can just smear the GOP a bit and remind everyone how much they disliked President Bush in 2008, all will be well. A stupid illusion – but I hope it holds until November 2nd; or, at least, until early October when it will really be far too late to change things.

Genuinely clueless idiots:

Federal Reserve officials decided to reinvest principal payments on mortgage holdings into long-term Treasury securities, making their first attempt to bolster growth since March 2009 to keep the slowing U.S. economy from relapsing into recession…

Because the first effort worked so well, right?

This is, of course, entirely expected – and one really can’t get too angry with Bernanke. He’s a product and defender of the system – it has brought him and his friends and family wealth and power, and he’s not about to chuck it all and build a new system where hard work, savings and careful investment would lead to the largest rewards – such a system would exclude him and the rest of the Ruling Class. Anger directed at the likes of Bernanke really isn’t going to get anywhere – and as long as he’s sitting on his pile of wealth, he simply won’t care what we say.

But this is, ultimately, a disastrous move. At best it will just delay the inevitable crash. We’re just moving part of th disaster from one set of books to another – though do keep in mind that he’s moving the disaster to the taxpayer’s books. The Fed might be considered some sort of independent agency of the United States government, but the fact remains that its full faith and credit is actually backed by the American people. Look in the mirror and you’ll see where Bernanke is getting the money to buy the bad debts.

A stupid, worthless economic model is dying and it is going to take down a corrupt ruling class with it. It will be painful to go through, but the good news is that we’ll be done with the Bernankes of the world once we’re finished.

How do you think the story would have been covered in the MSM? Now, what happened when a black man killed 8 white Americans?

…The New York Times’s August 3 headline read: “Troubles Preceded Connecticut Workplace Killing,” and in the second paragraph, the Times reported: “He might also have had cause to be angry: he had complained to his girlfriend of being racially harassed at work, the woman’s mother said, and lamented that his grievances had gone unaddressed.”

On August 7, the Washington Post’s headline read, “Beer warehouse shooter long complained of racism.”…

And on it went – I read all that sort of thing, too. For some reason, the 8 victims – their stories – were lost as the MSM endlessly repeated the absurd and irrelevant claim of racism on the part of murderer! Once again – it was bad America which caused this to happen. For Pete’s sake, they have him on video stealing the beer he was being fired for – that he wanted to call and say racism made him mad is just the act of a lunatic.

But lunacy and the left – especially in the MSM – go well together, and they won’t drop this meme of racist AmeriKKKa until they are all forced out of business.