Bill O’Reilly has decided it more important to speak truth to power in his powerful position as the “most trusted” news source, than to get Barack Obama back for another interview. Good for him, and I thank him for it. “The madness must stop,” knock off the nanny state lunacy.” See the video below.
The United States remains the most powerful nation in the world, but we are losing steam. Our power is not based on the military, which is the best in the world. Our economic prosperity makes us strong, but here we are in decline.
The debt deal this week accomplished one big thing. It kept U.S. bonds from being downgraded, and that’s huge. As we predicted, Moody’s and other agencies now say they will keep America’s AAA rating intact, at least for the moment.
But there is little else good about the debt deal, and the stock market knows it. It has lost almost 700 points in nine days. That’s because Wall Street has little confidence that the Obama administration and Congress will do what is necessary to improve the economy.
Let me restate that: There is no confidence in American leadership on the economy. Here are some of the reasons:
Last December, the National Commission on Fiscal Responsibility and Reform issued its report calling for deep spending cuts and entitlement reform. President Obama thanked the commission, headed by Alan Simpson and Erskine Bowles, and then ignored most of their recommendations. A few months later, Mr. Obama proposed his budget for 2012. It was defeated in the Senate 97 to nothing.
So let’s review. The president sets up a financial commission and then ignores it. The president puts forth his budget and no one, not even members of his own party, votes for it. Would you have confidence in a guy like that?
And then there’s Congress. Extremists on both sides, the left and the right are scaring investors. The far-left loons want even more government spending. A $14.5 trillion debt is not enough for them. Let’s borrow more money and spread it around. Sure, that’s the ticket to prosperity. I truly mean this: That view is self-destructive and insane.
On the far right, there are people who say let’s blow up the entire economic system and start all over again. Extreme points of view are heard loudly on cable and talk radio, and they are spooking the investment community.
Now back to President Obama. His economic vision is driven by the liberal tenet of social justice. That’s where the government takes taxpayer revenue and money the capitalist system generates and gives it to people who don’t have very much.
Liberal pundits are wailing that the Tea Party is damaging America’s compassion. Well let me ask you a question: What’s compassionate about destroying the entire economy? Because that’s where we’re heading. All of us will be affected if the wild spending doesn’t stop, but many liberals refuse to acknowledge that.
Here’s a more micro example. President Obama’s health care vision now includes free health care for women. Beginning on January 1, 2013, private health insurance companies will be forced to pay for female birth control, breastfeeding support, wellness doctor visits for women and a variety of counseling. That will cost the health insurance companies billions of dollars every year, so they’ll raise premiums. Individual Americans will pay more, and companies will pay more. That in turn will mean companies will hire fewer employees because the health insurance costs are so expensive, and the employees who are hired will make less money because Obamacare will cut into corporate profits.
Do we all see what’s going on here? The president is hurting the private sector because he wants to provide medical services for free. On the women’s health front, there is no co-pay and no deductibles. The insurance companies pay it all.
Now, “Talking Points” is not a big fan of the insurance industry, but I am a big fan of employment. How on earth does President Obama think that jobs are going to be created in America if he continues to take profits away from the private sector?
And then there are the federal regulations on business. Here’s Mr. Obama last February:
(BEGIN VIDEO CLIP)
PRESIDENT OBAMA: America’s businesses have a responsibility as well to recognize that there are some basic safeguards, some basic standards that are necessary to protect the American people from harm or exploitation. Not every regulation is bad. Not every regulation is burdensome on business. A lot of the regulations that are out there are things that all of us welcome in our lives.
(END VIDEO CLIP)
OK, there has to be some federal oversight on polluters and corporate gangsters. Sane people know that. But under Mr. Obama, the annual cost of regulating the private sector has risen to almost $2 trillion a year. That’s twice as much as the government collects in income taxes. Twice as much.
The world’s financial community does not want the United States to become Sweden. They don’t want the most powerful economic engine on earth to become a nanny state or be held hostage to snail darters. Financial people understand you cannot grow an economy by strangling it with high government-mandated expenses and regulations that choke off expansion.
I mean, come on. We are either going to be a capitalist nation or we’re not. And it seems the Democratic party is voting “not.”
The USA simply cannot sustain much more of the economic chaos that has unfolded over the past two-and-a-half years. And I’m not giving the Bush administration a pass here because they contributed to the chaos big-time. But you can’t blame our current problems on a former president. Mr. Obama has had plenty of time to move the economy forward. It has not happened.
The motto of this program is, “The spin stops here.” The motto of the Obama administration should be, “The madness stops now.” Get back to helping business expand, Mr. President. Knock off the nanny state lunacy because grave damage is being done, and the worldwide marketplace knows it.
And that’s “The Memo.”
At 12 noon CDT Stuart Varney is on Fox News saying that some analysts are revising their predictions of 1%-2% growth, down to zero growth.
Bill O’Reilly on Obama’s Economy – The Madness Must Stop (video)