The "focus on the economy choo choo train" stopped in Chattanooga this week. As always, the speech had a little bit of everything except something new or a specific economic reform. (Question: How much are they paying those people who sit behind President Obama and show all of those happy faces?)
The speech came on the day that AP reported that the US GDP is not growing:
"A key government report and a statement from the Federal Reserve made clear Wednesday that the U.S. economy still needs help.
The economy grew at a lackluster 1.7 percent annual rate in the April-June quarter, the Commerce Department said. That was better than a revised 1.1 percent rate for the first quarter but still far too sluggish to quickly reduce unemployment."
That's pathetic.
Wonder what a Senator Obama would be saying about a US economy with a GDP growth of 1.7%? Don't you think he'd be calling for some presidential leadership?
We have two suggestions for President Obama:
1) Get a different speech. We need a speech that calls for growth because there is not enough growing.
For example, you call for finishing the Keystone Pipeline or putting ObamaCare on the disabled list until we have a better sense of how it will be implemented.
2) Get over high taxes on the rich. They don't work. Call the president of France!
The WSJ nailed it:
"The problem, as ever, is that Mr. Obama simply can't get over his ideological fixation to keep tax rates as high as possible. We say "ideological" because his own advisers concede that a 35% rate hurts U.S. business competitiveness. Even Japan, the last high-rate holdout among rich countries, is cutting its corporate rate. But recall the famous moment in the 2008 campaign when then Senator Obama was asked by ABC's Charlie Gibson if he would support higher capital gains tax rates even if they raised less revenue than lower rates. Mr. Obama said yes. "
It's sad but we have an American president who does not understand how a capitalist economy works.
And Valerie Jarrett won't put anyone on his agenda who can tell him how a capitalist economy works. She is only letting people in who tell the president how great he is!
Our lackluster economy will continue because President Obama does not get it. He does not understand who creates jobs or how employers are motivated to create more of them.
He does not get any of this and that's why the speeches are "tanking"!
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