This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Obama Runs From His Record on the Economy: Opinion

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( TheStreet) -- In a speech in Washington delivered at the annual Associated Press luncheon Tuesday, President Obama spoke on the economy. And he was at it again -- running from his record and blaming Republicans for the pain his actions have visited on the unemployed and middle class.

During his first two years, Mr. Obama got virtually everything he wanted -- billions in stimulus to jump-start the economy, and new policies for trade, energy, banking, and health care. In these areas, he favored the ideas and interests of elitist academics, the political class, and wealthy executives who support his political machine.

Now, the economy is in its weakest recovery since the Great Depression, unemployment remains unacceptably high, and the middle class prosperity is rapidly vanishing. Federal finances are headed for a Greek-style train wreck by the end of the decade.

Campaigning in 2008, then candidate Obama promised to address China's export subsidies and currency manipulation but as president, he bent to Ivy-League free trade prescriptions and shirked from confronting Beijing.

Now, the $300 billion trade gap with China is costing America's middle class 5 million good paying jobs.

Mr. Obama promised to develop both renewal energy and America's oil and gas reserves. He proceeded to subsidize bogus wind and solar projects advocated by political friends, and limited drilling off the Atlantic and Pacific coasts, much of Alaska, and the Eastern Gulf.

Small wonder -- with oil prices doubling, U.S. production is up only 12%, refineries are closing in the Northeast, and the failure to curb oil imports is costing Americans another 2.5 million good jobs.

There's no question that Mr. Obama's bailouts and bank reforms enriched Wall Street. The million dollar bonuses continue for executives continue, but with an unprecedented 60% of all bank deposits now concentrated among a handful of mega-banks, elderly Americans can't get a decent return on their savings, young folks can't get loans to buy homes, and small business can't get financing to create jobs.

ObamaCare was supposed to reduce costs and increase access, but insurance premiums and co-pays borne by ordinary Americans continue to skyrocket. When the president's program is fully implemented, thousands of businesses will drop health care coverage, pay small penalties and push their employees into public plans. The well off will be able to purchase concierge health care to avoid long waits, while the middle class can mourn the loss of private insurance.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,149.63 +17.66 0.10%
S&P 500 2,000.03 +1.05 0.05%
NASDAQ 4,558.2450 +5.4860 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs