Obama’s Ideology Continues to Fail Us

The Labor Department released another dismal jobs report Friday Morning.  In September:

• The unemployment rate was 9.6%.
• Private sector employment grew by an anemic 64,000 jobs
• Federal, State and Local governments shed 149,000 jobs.
• If the 2010 rate of private sector job growth continues, it will take 90 more months, or until March, 2018, to replace the remaining 8.5 million private sector jobs lost in 2008 & 2009
  

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President Obama appeared before the TV cameras at a brick business in Maryland.  He said, in part:

Putting the American people back to work, expanding opportunity, rebuilding the economic security of the middle class is the moral and national challenge of our time.  It is too important to fall prey to pure partisanship or blind ideology.

We agree.  Obama should abandon his partisanship and blind adherence to Keynesian ideology and pivot to the economic policies that ended recessions and grew employment in the past:

• Less government interference,
• lower taxes, and,
• no government guarantees that insolvent businesses will be revived at taxpayer expense because they are deemed “too big to fail.”

In other words The President should pivot from ObamaNomics to Reaganomics.

Obama went on to repeat once again his position on the Bush tax cuts that will expire at the end of the year if Congress does not act to extend them:

I believe that instead of borrowing another $700 billion we don’t have to give tax cuts to the wealthiest 2 percent of Americans who don’t need them, we should permanently extend the tax cuts for middle-class families.

Of course “the wealthiest” don’t “need” lower tax rates to meet personal/family expenses.  But half the so-called “wealthiest” – those who earn over $200,000 and are targeted for a tax increase – are the most successful small business owners.  These men and women have built businesses from the ground up by reinvesting after tax profits.  They are now in the best position to expand and create jobs by continuing to reinvest after-tax profits in their businesses.

Yet based on his own ideology that holds business people in contempt and assumes politicians know best Obama is determined to ignore history and transfer these small business  resources to government.

Obama claims keeping the Bush tax rates in place for the “wealthiest” will reduce tax revenue by $700 Billion over ten years, or $70 Billion per year.  If he were sincerely concerned about $70 Billion he could save it in 2011 by reducing his budget a mere 2%.  But due to his own blind ideology he gives no consideration to spending cuts.

It now appears that with the support of tea party activists the Republicans will win control of the House of Representatives in November.  Their highest priority must be to wrench this administration away from blind pursuit of failed leftist theories and instead begin to shrink government and restore liberty.  Any Republicans who waiver must be replaced in 2012.