This Day On The Street
Continue to site
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

The Bankruptcy of the Obama-Pelosi 'Progressive' Agenda: Opinion

NEW YORK ( TheStreet) -- No one can accuse the Democrats of being the party of personal responsibility. Confronted with an economy that contracted in the fourth quarter, Minority Leader Nancy Pelosi blamed Congressional Republicans for obstructing the president's agenda and creating uncertainty.

In the wake of the financial collapse, the Democrats took full control of both the Congress and the presidency in 2009 and were presented with an historic opportunity to put their ideas into practice. Unfortunately, the newly elected President Obama and then-Speaker Pelosi treated the situation as a political opportunity to build a Democratic majority rather than an obligation to fix what's broken in the economy.

Shrewdly, President Obama cobbled together a broader Democratic coalition by delivering to women free health-care services, to Hispanics amnesty for young adults, to younger folks overly generous student loans, to teachers and civil servants subsidies to protect their jobs, to labor unions a rebuke of Simpson-Bowles recommendation that the retirement age be raised, and to his political friends generous subsidies for solar panels, windmills and other whimsical projects. Meanwhile, he cut defense, raised taxes on small businesses and imposed unproductive regulations on manufacturing.

No surprise, the revolution of the takers has instigated a strike among the makers. Rather than be slaves -- yoked under burdensome taxes, regulations and endless hectoring from the Left -- small banks aren't lending but instead are looking to sell out to the Wall Street barons who financed the President's rise to power. Small businesses are not expanding, and multinational corporations are taking factories and jobs to China and other Asian venues where genuine enterprise and capitalism, paradoxically, is supported.

Now, Obama's tepid recovery is failing.

When the President campaigned in 2008, he promised to address the huge trade deficits with China and oil, which together sap demand and slow growth and jobs creation, and address skyrocketing health care costs.

Early in his presidency, Obama blamed China's undervalued currency for slow U.S. growth and warned Chinese leaders if they did not cooperate to redress the situation, he could act unilaterally. Liberal economists like Paul Krugman, conservative economists like this author and moderates like the Peterson Institute's Fred Bergsten all recommended viable courses of action.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $117.34 -0.81%
FB $107.12 2.76%
GOOG $767.04 3.29%
TSLA $237.19 3.01%
YHOO $33.71 -0.30%


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs