The Absurd Report

Last week Obama held a job summit conference at the White House that turned into nothing more than a photo-op for the President. The room was stacked with Obama business supporters who where all looking for a government handout. Beyond that very little was offered, if any, ideas for job creation.

This should surprise no one because the White House economic team is comprised of people from academia who never spent a day in the business world. All that was offered for solution was tried failed economic policies of the left in the past that have never worked before, whereby the government spends money it doesn�t have to create economic stimulus in hopes that some fairy godmother will bail them out.

Albert Einstein once said a definition of insanity is �. . . doing the same thing over and over again and expecting different results.�

Obama said, “While I believe that government has a critical role in creating the conditions for economic growth, ultimately true economic recovery is only going to come from the private sector.” Such an admission from this White House economic team will be considered heresy on the left but in the tried and true tradition of double talking Obama followed that up with� �It’s not the government’s fault� and then he proceeded to blame the high unemployment on businesses for not hiring.

In Obama�s world of socialism he believes that businesses only exist to employ the working class as a service to the imperial government. Profits are function of a Free Market economy and they are inconsequential to a Socialist government.

This White House has a Socialist economic philosophy and refuses to recognize what has worked in the past. This type of ideology will only needlessly extend the recession. But the real question is �Does the White House really want to end the recession or is this a ploy to destroy the Free Market economy?

Ronald Reagan inherited a deep recession from the Carter administration. Reagan cut taxes, and the resulting 25-year economic growth cycle produced 35 million new jobs and increased government revenues by almost 30 percent — the largest peacetime economic expansion in history.

Government policies of tax and spend do not create jobs because for every dollar Congress spends it is taken out of the economy through taxation or borrowing, either way the less money businesses and investors have, the less job creation there will be.

Now if I was invited to the Job Summit confab (fat chance) here is what I would have told them. Take all of these tax-and-spend proposals off the table, Healthcare, Cap and Trade, cut taxes and put as moratorium on payroll taxes to increase consumer spending.

Reagan once said, �Government is not the solution, government is the problem.�

Now you know why I wasn�t invited!

Related

This is from Bloomberg .com

Currently, the banks are sitting on $1 trillion of excess reserves, the amount of cash over and above what they are required to hold against their demand deposits�There is no sign of excess credit creation on U.S. bank balance sheets. From October 2008 through October 2009, bank credit fell 5.3 percent. That reflects an 8 percent decline in loans.

Translation: No credit for businesses, no expansion, no new jobs.

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