President Obama Takes Middle Class Hostage: Opinion
For example, the Agriculture Department has one of the largest staffs of economists in the world. Surely, safe food is more important than yet another dull research paper. Military bands could stand down to maintain Marine guards at embassies.
Repeatedly, the President has exclaimed that if Congressional Republicans don't cooperate, spending cuts now could derail the hard-won recovery. It puzzles why he believes $85 billion in spending cuts could make such a difference, when avoiding those cuts through higher taxes would not.
Whether a second recession occurs is already baked in the cake. Obama's $150 billion in January tax increases, and rate hikes 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 Americans can't get hamburger at the supermarket and unemployment rises this spring, the President will blame Republicans for permitting sequestration, but it is the American people that bear the burden of his inflexibility, disregard for the facts and neglect in undertaking the responsibilities of his office. Follow @pmorici1 This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV