The economy added only 18,000 new jobs in June 2011 and that shouldn’t come as a surprise.
Nobel prize economists such as Paul Krugman and Joseph Stigletz warned that Obama’s stimulus packages were insufficient to spur serious growth in a severely wounded economy. Former labor secretary Robert Reich warned that the distribution of income had become too lopsided in favor of the rich for the economy to grow jobs.
Fool that he is, or so he appears to be, Obama ignored the people who are always right and listened to Wall Street drones like Lawrence Summers. Now with his reelection prospects dimming, Obama wants to foolishly curtail federal spending.
So is Obama stupid? Or foolish? Maybe. However, there might be a more sinister reason his legislative decisions have always favored redistributing income from working people to the rich.
The rich have been waging economic war against the middle class and the poor. They’ve been using their financial clout in government to redistribute income their way. The answer to Obama’s foolishness becomes obvious when seen through this light.
Obama decided long ago to enter this class war on the side of the rich. He’s a real class warrior—for rich folks.
The United States needs a new FDR. Obama is not that person, and he never will be. He is the wrong man for the wrong job at the wrong time.