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

Sadly, the President talks tough in front of friendly audiences and to Republicans when he enjoys the high ground, but brings his kneeling pad when negotiating with Chinese leaders. He has simply done little to reverse the flow of money and jobs to the Middle Kingdom and other venues in Asia.

In the wake of the Deepwater Horizon disaster, the President punished the entire oil industry to gain political points and appease environmentalists. So much for substantially reducing the oil deficit!

His most significant accomplishment -- Obamacare has turned into a massive subsidy for the health-care industry and welfare program for working class voters he hopes to secure for the next generation. Health care costs 50% more than in Germany -- where outcomes are better -- and health insurance premiums and co-pays borne by business and the middle class keep rocketing.

Government spending is up over a trillion dollars, the federal deficit is spinning out of control and the country faces a credit downgrade by Moody's. Former Speaker Pelosi vilifies Republicans for not embracing the President's "balanced" approach, but he shows no interest in cutting spending and only passion for raising taxes on success.

America hardly lacks the technology, capital and enterprise necessary to succeed, but unfortunately, it is led by a man hell-bent on building a political majority, and with little interest in fixing what's broke in the economy.

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This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.

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