The stock market continues to tank as President Obama signs his massive generational theft act. Today it is almost 300 points down since the market opened. Keynesian economics has never worked, and it won't work this time. On November the 4th, the day a gullible public elected a radical leftist to the White House, the Dow Jones stood at 9654. Today the Dow sits at 7,552, a drop of 2,102 points, a 21% decline. This is reflective of the confidence the markets have in an Obama presidency.
In my entry The Theft of America by Barack Obama, I stated the following:
Buy American – Whether the Buy Provision stays in the bill is yet to be determined. The Buy Provision is similar to the Smoot-Hawley act in that it requires iron, steel and manufactured goods to be purchased in the U.S. The European Union has already promised retaliatory action if the provision stays in. Where have we seen that before?
The reason I had said that it had yet to be determined was because Barack Obama had stated the provision would be removed. He told Fox News the following:
But, Barack Obama duplicitous as always has fooled the public once again. Sunday on 60 minutes, Lesley Stahl reported on the "buy provision" which was not removed from the stimulus package. The European Union had already threatened retaliation for the clause.
Watch CBS Videos OnlineThe economic stimulus package includes a "Buy American" clause many U.S. industries lobbied for. Lesley Stahl reports that businesses that export overseas fear foreign governments will retaliate and keep U.S. products out of their market. They will initiate their own "Buy provision clauses" in their own stimulus packages.
The steel industry lobbied hard for this clause. Why doesn't the administration get it? As 60 minutes stated, the CEO of Caterpillar, Jim Owens said that 75% of products are sold overseas, and retaliation from other countries would hurt workers more than it helps. In 1934, Franklin Delano Roosevelt tried the same thing with the Smoot-Hawley Act, and the world did indeed retaliate causing a 66% decline in world trade at a time when we needed our global partners. We are about to repeat the same mistake. Will there be a trade war? This is just one other lie of the litany of lies of Barack Obama.
Now, remember how 95% of people are going to get a tax cut. How does that work again? Barack Obama's website states the following:
Obama and Biden will restore fairness to the tax code and provide 95 percent of working Americans the tax relief they need. They will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family.
This was one of the centerpieces of Obama's campaign, but oops another falsehood. Those rebate checks he originally promised have been reduced to 800 dollars per couple and 400 dollars per individual, oh but wait – they are not rebate checks, It is to be doled out in your paychecks beginning in June. You will see an additional thirteen dollars a pay check to be reduced to eight dollars a week in January. How is that for stimulating the economy? Maybe you will be able to buy a couple of extra lattés from Starbucks. But don't get too excited about it if you live in California. If the terminator has his way in raising the gas tax, the sales tax and the registration fees on automobiles, you will have a net loss.
This is the change you can believe in. I think it is time for revolution.