CHICAGO, September 9, 2011—The president gave a little speech about nothing. It was more of the same, as everyone knew it would be.
President Obama still thinks spending money, almost a half-trillion dollars we don’t have, is the way to go. He transformed from the imperious monarch of this summer’s debt-ceiling fiasco to a benevolent coach, with his constant refrain of “pass, pass, pass this bill.” But he had nothing to show the Congress or the American people. There is no bill. He showed up empty handed, just as he did during the debt and deficit negotiations. He came to Capitol Hill with nothing but rhetoric and a lot of hot air.
The president took no responsibility for his inaction on the economic and jobs fronts. He said nothing that would indicate he is changing his course. He refused to put the country before politics. He proved he is dangerously clueless.
This speech was an exercise in Einstein’s theory of insanity: Keep doing the same thing over and over again, expecting a different result. If the first and second stimulus did not work, then try a third or fourth.
There was a critical element missing from Obama’s speech. Certainty. The private sector, micro businesses to global conglomerates, the financial, investment, and banking sectors are all looking for certainty. They did not get that. There was nothing for business, industry, and the entities that finance them.
The president still does not get it. Government does not create economic growth. It does not create profits. It does not create value. It does not create jobs. Only the private sector and the free market do those things. Government does not even create goods and services. Under this president all government has created is misery, fear, and loathing.
Innovation and the continuous production and distribution of goods and services in the private sector create economic growth. Businesses operating efficiently and earning profits create value and growth and foster more business creation. This is the only way to create jobs. The business of America is business, not government. President Obama refuses to acknowledge that.
Business is about innovation and profit, and that means it’s about risk: taking risks, mitigating risk, and capitalizing on risk. Without fiscal and regulatory stability, government raises the risk bar even higher. The private sector knows there will be no rewards for any risk taken.
The president threw the private sector a bone with his employer tax cut, the most expensive part of his plan, but his “shared sacrifice” rhetoric says that he still wants to punish entrepreneurs, businesses and the wealthy, the people who create the economy. This is not about fiscal math. It is class warfare. His shared sacrifice is shared misery, and we’re tired of it. So is the private sector.
This president promoted an infrastructure plan and an infrastructure bank, what ever that is. People in the know had to be laughing with tears in their eyes. It is Autumn. At the very earliest, no money will be available until November, just when the construction industry in most of the country goes into hibernation for the winter.
This speech was pure politics. The only job it was intended to save is the president’s. There was no substance. The plan will be paid for with spending cuts, and the president doesn’t know where they’ll come from: There is no plan. There is no act.
All Obama has is hope. He hopes things will get better before they get worse.
There is a good reason why the GOP did not plan a response to this speech. Why respond to nothing? They know this initiative will do nothing and may even make things worse. Why pour gasoline on the fire?
NOTE: Once again, the president spoke and bad things happened. “At 10:45 a.m. Eastern time, the Dow Jones industrial average fell 152 points, or 1.3 percent, to 11,144. The S&P 500 index dropped 13, or 1.1 percent, to 1,173. The Nasdaq composite index slid 17, or 0.7 percent, to 2,512.” (AP)
That is uncertainty you can believe in.
Peter Bella is a retired Chicago Police Officer, freelance writer, freelance photographer, and consultant. He is a passionate cook and eater. He likes to be the sharp stick that pokes, annoys, and provokes. His opinions are his and his alone.
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