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Obama and Democrats have credibility, confidence gap on jobs and economy

Gov. Mitt Romney establishes a tone of confidence in his new video The Promise of America. (Snip from Romney campaign) President Barack Obama and former Massachusetts governor Mitt Romney, are engaged in a political duel over jobs and the economy.

A few distractions have been thrown in by some media eager to advocate—one example is media running interference over Obama’s confusion about his birthplace.

Obama created that confusion by agreeing to publication of a bio by his literary representatives who claimed he was born in Kenya.

Obama’s self-inflicted Kenyan dilemma aside, the president has also been making some suspect claims about his spending habits and the effect of his policy on the economy.

Obama has a huge confidence gap because he campaigned in 2008 on his ability to fix the economy. That was his mantra, but he could not deliver what he promised.

Economists can debate theories about the recession ‘til the cows come home. Fact is, Americans know we are paying more for everything under this president, in part due to his energy policy and in part due to his party’s lust for regulations. Democrats obstruct the private sector—the party relies on big government as the solution to every challenge our country faces.

There’s a standard talking line that’s become familiar to anyone who turns a TV on—“the worst economy since the Great Depression.” Or a variation. There was a meltdown of sorts in the final moments of President George W. Bush’s second term, but that wasn’t the first meltdown.

Media rarely talk about the meltdown that preceded Bush—the Bill Clinton bailout of Long Term Capital Management. The US Report noted:

“After the Clinton bailout in 1998, Time magazine published an article, ‘The Committee to save the world: The inside story of how the three marketers have prevented a global economic meltdown—So far.’

On the cover there was also a photo of three players—Alan Greenspan (served as chair of the Federal Reserve from 1987-2006), Robert Rubin and Larry Summers.”

Even Annenberg’s Fact Check confirmed the recession Bush inherited, along with a $5.7 trillion dollar debt. There’s a difference, by the way, in predicted budget surpluses and actual debt.

What was different about Bush and Obama?

Bush didn’t hit the podium on a daily basis to predict gloom and doom or to bash Clinton. Bush didn’t engage in extended hand-wringing about what he inherited, including a completely botched foreign policy scenario that culminated in the attacks on 9/11. It took six months or longer for Bush to get his administration in place because the Clinton team obstructed the transition and because of the delay after the 2000 election.

Furthermore, no one has ever addressed the issue of why the 2008 meltdown occurred at a precise moment benefiting Democrats ahead of a presidential election.

Dems knew the housing market was a mess—after all, they had orchestrated that market and even enabled it. Sen. Chris Dodd (D-Conn.) had managed to slip an amendment into a bill that directly contributed to taxpayer bailouts.

In the book Reckless Endangerment, Gretchen Morgenson noted that Dodd’s amendment “dramatically expanded the federal safety net, increasing the likelihood of taxpayer bailouts in the future.” (pg. 40)

The law was the 1991 Federal Deposit Insurance Corporation Improvement Act, “designed to limit the taxpayer’s exposure to failing financial institutions.” Dodd, noted Morgenson, had constituents that included “most of the nation’s large insurance companies.”

No one ever questioned the Democrat senator about his amendment. Clinton didn’t question it when Dodd got it through.

Enter Romney in 2012. Romney is rightfully—and confidently—focusing  on jobs creation and on creating a climate in this country that will encourage companies to locate here.

Aside from obvious benefits to Main Street, Romney must know that jobs growth is critical because, after all, those payroll tax cuts Obama has promoted will create even more contraction in Social Security and Medicare funds.

Romney brings an understanding of financial markets and private equity to the table, something Obama has no experience in. Obviously, on the job training for a president with no private sector experience has not worked well for Americans.

Obama doesn’t just have a credibility gap when he makes claims about what he’s spent. Obama has a confidence gap.

Simply put, Obama and the Democrats have not delivered what they promised in 2008, not by a long shot.

No amount of rhetoric or skewed numbers will change Americans’ declining home equity, skyrocketing utility bills and health insurance premiums that will almost certainly rise once the entire ObamaCare package kicks in.

Credibility and confidence. Democrats lack both as they head towards November, and that is one reason traditional media focus on tabloid politics rather than issues that matter.


Reid wrong on Bush’s economic record (Annenberg Fact Check)

Only 16 states increased jobs under Obama (American Thinker)

Democrats blame Bush, ignore their own missteps… (The US Report)

Infographic on Obama spending (Political Math Blog)

GOP must fix Fannie, Freddie ignored by Dems (The US Report)

(Commentary by Kay B. Day/May 31, 2012)

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