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June 17, 2010

Good News - Oil Prices Fall, but ...

Topics: National News, Political News and commentaries

The good news is that oil fell from a six-week high.

But it comes with the bad news that it fell as unexpected increases in U.S. jobless numbers and crude inventories reignited concerns about the strength of the recovery.

So much for Obama's policies, which Donald Lambro suggests can better be described as his "killing great American jobs machine":

... economists and other critics say, is the administration's anti-capitalist, anti-free enterprise, anti-free market policies that are impeding investment and venture capital formation, punishing U.S. businesses with higher taxes and new mandates like Obamacare, cap-and-trade energy fees and draconian financial regulations coupled with threats to let the Bush tax cuts expire that are already having a preemptive job-killing effect on payrolls and economic growth.

"The administration's policies have seriously impaired the economy's normal capacity to create jobs," Stanford University economist John Cogan, a critic of Obama's economic policies, told HUMAN EVENTS.

"Specifically, the healthcare law's mandates are already raising the cost of health insurance premium quotes for next year and, as a consequence, it's raising the prospective cost of hiring new employees. The healthcare bill's taxes have hurt the normally recession-proof pharmaceutical and medical device companies," too, Cogan said.

"The massive budget deficits have created the prospect of large tax increases next year, which have put a damper on hiring in all private economic sectors," he said.

The latest evidence of the private sector's hiring pullback was seen in last month's Labor Department jobs survey which showed that only 41,000 private-sector jobs were created by businesses in May--an astonishingly weak number that sent the stock market into a steep dive, rattled global markets and triggered fears the U.S. economy could fall back into another recession.

"The bottom line is that American workers are paying a hefty price for the anti-free-market policies being pursued by the current administration," ...

[...] Indeed, surveys show that Obama's nearly $800 billion economic stimulus bill--which has since grown to over $1 trillion--has led to an expansion of government jobs, but relatively few new jobs in the private sector which accounts for most of the jobs in our country.

And there's more bad news in the making: Obama is stepping up push for another economic stimulus Obviously, Team Obama hasn't learned much from their earlier mistakes.

Posted by Richard at June 17, 2010 4:52 PM



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