USA Today, September 22, 2012, ran an article announcing that poverty is increasing. Duh!
According to government census data, the cause of this tragedy is the anemic job growth and the lackluster economic recovery. Millions of the laid off have exhausted their unemployment benefits and there is no job relief in sight. It is so bad that the Obama administration has actually set a new and unfortunate record for increasing the poverty rate.
Obama’s stimulus was suppose to turn the economy around after the recession. Despite what he says, the recession he inherited was not the worst in our history. What was bad was that his stimulus was not the answer because extremely few jobs were created by it.
This recovery is the longest in our history. His solution of increasing the taxes on the rich is a non-solution. The Congressional Budget Office has already reported that a higher tax on the rich would be a drop in the bucket and would not significantly alter the debt or deficit of the nation. The mantra of spending more and taxing more was what Franklin Roosevelt advocated during the 1930’s. It didn’t work then, so why would it work now?
Obama has repeatedly touted putting money into infrastructure projects as a job stimulus but most of the unemployed never worked on infrastructure projects. For example, what about all of the men and women who worked in positions in the service industries as accountants, customer relations, administrative assistants, bank tellers, etc.? They have no skills related to building bridges and roads. Besides, ABC News has already reported that Chinese firms are getting a lot of the road and bridge projects. (See – Obama Screws American Workers on this blog)
Obama’s “redistribution of wealth” has actually created a shrinking middle class because it is the members of the middle class who have primarily lost their jobs. The more people are forced to rely upon government assistance, the more they are caught in a cycle of poverty. Rather than help the middle class, Obama’s policies are shrinking it by driving more and more people into poverty because his administration has wasted trillions.
Obama has no plans for job growth. He has not announced anything specific to create jobs other than spend billions more on the same projects that failed to produce jobs with the first stimulus. If it didn’t work the first time, why would it work a second time?