Obama Holding the U.S. Hostage: Opinion
That would require longer-term reforms, but Obama has refused to look at skyrocketing spending with a critical eye. He talks about balanced approaches to deficit reduction -- half spending and half taxes. However, instead of matching increases in payroll and income taxes imposed Jan. 1 with spending cuts, he pushed through more spending on unemployment insurance and other initiatives.
Now Obama is unwilling to manage effectively $85 billion in cuts across a $3.8 trillion government. Remember, administrative, research and public affairs outlays associated with entitlements are fair game, too. What about the White House budget?
Instead, he would rather blackmail Americans with food shortages, long lines at airports and the like, and invoke the specter of another recession to gain political advantage over the Republicans.
Whether a second recession occurs is already baked in the cake. Obama's high taxes, and those imposed by Democratic governors from Maryland to California, have forced consumers to trim purchases, retailers and wholesalers are reporting weaker traffic and are trimming inventories, and corporate leaders have announced plans to cut new investments and hiring owing to weak demand and more burdensome health-care costs and regulations.When you can't get hamburger at the supermarket and unemployment rises this spring, Obama will do what he does best, cast blame on Republicans for permitting sequestration, but it is the American people that bear the burden of presidential disregard for the responsibilities of his office and the harmful effects of his policies. Perhaps, Obama should read less Lincoln and behave more like Truman, the man from Missouri for whom "the buck stops here."
Follow @pmorici1 This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV