President Barack Obama spoke to the nation last week and he showed little but contempt for the views of the American people. These are the same American people, remember, who sent him to the White House with 365 electoral votes.
The President won Virginia (53%) and New Jersey (57%) in 2008 when he had loads of good will, yet last November he campaigned for two Democratic gubernatorial candidates in those states, and both candidates lost. Obama won liberal Massachusetts (62%) on his way to the White House, yet little-known State Senator Scott Brown beat the state Attorney General Martha Coakley by 5 points in a special Senate election. Brown ran on a platform of filibustering ObamaCare and fighting the Global War on Terror with more vigor than the administration.
The President has turned out to be the Liberal Grim Reaper for candidates and causes, because he has developed a tin ear for voters and his former supporters.
Geithner Under Fire
Treasury Secretary Tim Geithner answered harsh questions from members of the House Oversight and Government Reform Committee. Lawmakers in both parties want to know why the New York Federal Reserve authorized a massive bailout of American International Group (AIG) and then covered up the details of the payments to AIG???s counterparties.
Geithner explained that during $183.5 billion bailout, the companies and firms owed money by AIG were paid 100% of the amounts owed, using taxpayer dollars. He claimed he wasn???t part of any cover-up of the details of the bailouts, because he was being considered for the Secretary of the Treasury position and had removed himself from his official duties as Chairman of the New York Fed.
Committee members didn???t buy Geithner???s story. Rep. Darrell Issa (R-CA) said that he had ???lost confidence??? in Geithner and Rep. Steve Lynch (D-MA) accused Geither of not weighing ???in on behalf of the American people.??? Anger over the AIG bailout was evident during this hearing and the American people deserve all the information surrounding this controversial bailout, which may have been subject to a cover-up by bureaucrats at the Federal Reserve.
The economy is a concern for Americans, and the President is promising a ???jobs??? bill. His approach mixes tax credits and spending. A draft floating around Capitol Hill outlines an $82.5 billion plan including tax credits for companies that hire, more federal money for infrastructure, funding for alternative energy sources and a bailout for some fiscally irresponsible states.
Curtis Dubay, Senior Tax Policy Analyst for The Heritage Foundation, argues that ???a hiring tax credit will do nothing to provide the sustainable jobs the economy needs. A better idea would be cutting marginal tax rates.??? The Obama administration should include some conservative ideas in their plans to spur economic growth, or else we may have a plan that resembles the President???s ???stimulus??? plan from last year — it stimulated unemployment and created a sense of economic doom throughout America.
Last week, the President announced a spending freeze for a limited number of government programs. Meanwhile, Sen. Tom Coburn (R-OK) lost a vote aiming to cut $120 billion from the federal budget. Our nation is currently carrying $12.3 trillion in debt, yet the Senate voted against Coburn???s amendment to the Debt Limit Increase. He wanted to consolidate 640 duplicative programs and stop planned programs that have been authorized for some two years, but never started. Our president needs to do more than have a feel-good spending freeze — he needs to radically cut the size and scope of the federal government, stop the bailouts and seriously study entitlement reform ideas.
President Obama had a rough first few weeks of 2010. Conclusive evidence of his streak of bad luck came last week during a call to the previously undefeated Kentucky Wildcats. Before their basketball game against South Carolina the President phoned to wish them luck. Guess what? Kentucky lost the game and its perfect season. Attention Peyton Manning and Drew Brees: if the President calls you to wish you luck in the Super Bowl, don???t answer your phone.