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Cantor, Obama, and Economic Stimulus Problems June 9, 2009

Posted by Daniel Downs in Bailout, Barak Obama, Constitution, debt, deficit spending, economic stimulus, economy, federal government, politics, taxes.
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In a recent press release, House Republican Whip Eric Cantor (R-VA) issued the following statement after President Obama and Vice President Biden announced a ramp up in ‘stimulus’ spending:

“One hundred and eleven days later, over 2 million jobs lost, and an unprecedented debt in our wake, it seems late for the Administration to announce a targeted ramp up in ‘stimulus’ spending. This winter, the President made the case that immediate stimulus funds were needed to produce jobs and turn the economy, yet as workers continue to lose their jobs, Americans are beginning to wonder what it is that we paid for.

The polls support this declining confidence in Obama’s seemingly failed stimulus plans. Last week, Ramussen reported that a majority of Americans fear that the federal government stimulus plan will do more damage than good. One way they see harm being done is the feds bailout of automakers. Leter, Gallup reported that 55 percent of Americans polled disapproved of the way Obama was handling both the federal spending and the budget deficit. I interpret this to mean most Americans do not like Obama’s bailout of Wall Street, banks, automakers, states, foreign governments, and the concomitant ballooning of the federal debt.

Remember, our current economic recession began with the bursting of several ballooning financial markets.

In his press release, Cantor went on to say:

“This is President Obama’s economy, and his Administration must provide results and specifics, rather than vague descriptions of success that seem to change by the week. The Administration looks dramatically out of touch as they highlight the creation of temporary summer employment in the face of job losses unseen in decades, record unemployment, and massive deficits.

As Democrats criticized GW Bush’s increases in spending, it is only fair that Republicans criticize Obama for the same. Nevertheless, I disagree with Cantor that the problem is Obama’s. Actually, the problem is, at least in part, the creation of Congressional Democrats, their Committees on Financial Services lead by the new media gay star Representative Barney Frank and Senator Christopher Dodd. They refused to deal with problems that Bush and his economist repeatedly addressed as well as some critical European bankers.

Yet, Cantor seems to blame blamed party leaders Pelosi and Reid for the deepening of the recession. For Cantor concluded his press release by saying,

“House Republicans have laid out a serious and substantive plan to create twice as many jobs, but instead America got a partisan spending bill that Speaker Pelosi and Senator Reid rammed through Congress and the President signed into law. The American people know what success is, what is real job creation and what is DC spin.”

Here, Cantor missed the opportunity to indicate the real problem that must be fixed to stop our nation’s spiral into economic oblivion. It is not fixing the immediate problem of continuing loss of jobs. It is not just deficit spending or balancing the budget. The underlying problem is a system and those who preside over it no longer abide by the rule of law. The economic system as it is structured today is itself a breach of the Constitution. Because it is, the problems addressed during the Constitutional Conventions continue to plague us.

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