As it turns out, job growth was virtually stagnant in the month of August. As a result the Dow Jones Industrial Average plunged to 220 points, or 2% within the first 30 minutes of trading due to heightened fears that the economy may be headed back into a "recession". Personally, I'm not sure we've ever climbed out of the first recession. I'm not surprised that job growth was stagnant in the month of August given the debt ceiling scam that took place in Washington. Neither political party is serious about reining in federal spending. Also Standard & Poors downgraded the U.S.'s credit rating for the first time ever. Also, there was legislation that was passed during the first two years of the Obama administration that doesn't bode well for the national economy such as the Affordable Health Care Act or Obamacare that was passed in March 2010. Congress also passed financial regulatory reform which I'm certain will hamstring small and medium-sized businesses. The Obama administration has also hindered efforts for new offshore drilling to take place as well. The government has done nothing but create a very diffficult atmosphere in which business can operate. The only businesses Congress will protect are those multinational corporations such as General Electric, in which Jeffrey Immelt has influence in the Obama administration. Those multinational corporations have outsourced numerous American jobs overseas. That's what GE has done.
What you're seeing taking place in our economy isn't necessarily a result of President Obama's economic policies. There has been efforts to destroy American capitalism for some time. Consequently, the president is doing so at an unprecedented pace. This is the transformation of America that Obama is talking about. Consequently, the Republicans in the House are worthless. They're doing nothing to put a halt to the race to socialism in our country. They're co-conspirators with the Democrats. Ever since George H.W. Bush became president in 1989, our politicians have been working hand-in-hand with the globalist forces to destroy capitalism. In 1994 NAFTA, which is the North American Free Trade Agreement was enacted. It was enacted during the Bill Clinton administration. This so-called free trade agreement has resulted in numerous jobs going across the border to Mexico and there has been other trade deals in which we've outsourced numerous manufacturing jobs to China and India. Without a manufacturing base, the American economy can't recover. The federal government has created a harsh climate in which the private sector can flourish. Onerous regulations that have been passed over the years (including the passage of Sarbanes-Oxley in 2002) have put a strait jacket on businesses. The only growth in "jobs" we see taking place is in public sector jobs. The economy doesn't grow through adding more jobs to the government payroll. The government doesn't create wealth. Only the private sector does that.
Next week President Obama is supposed to give a jobs speech. He can take that jobs speech and throw it in the garbage can. We don't need to hear the elected elite give a jobs speech. If they were serious about the economy recovering, they would remove the vast majority of onerous regulations that hamstring small businesses today. Click on the above link from Fox Business Network to read the full story.
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