Even under the “high-job-growth” scenario offered by the McKinsey Global Institute (MGI), it will take ten years for the U.S. economy to generate the 21 million new jobs necessary to rehire the current unemployed as well as new entrants to the workforce. And the unemployment rate would still be at 5 percent.
Americans have indicated avid opposition to property rights violations throughout the course of U.S. history, whether those violations take the form of taxation, eminent domain, or “open space” laws. According to one psychologist, that sense of being wronged when one’s property rights are violated may be innate, as property ownership may be a natural-born attribute.
On the day President Obama took office in January of 2009, regular unleaded gasoline was selling nationally at an average price of $1.83 per gallon. The national average price has recently been as high as $3.98 per gallon, according to the American Automobile Association’s Daily Fuel Gauge Report. (The highest recorded average price was set on July 17, 2008, when it hit $4.11 per gallon.) That is not good news for President Obama.
The economy remains the biggest political issue today. In many respects, it is always the most important issue for African Americans. Polling data suggests that on socially conservative issues, African Americans are among the most conservative blocs of voters in America. Gallup polling data suggests that on these socially conservative issues, black America is as conservative as Republicans. Why, then, is black America so much in thrall to socialist statism, which invariably embraces amorality on abortion, adultery, gay marriage, and so on.
Item: In the Wall Street Journal for May 26, Cass Sunstein (photo at left), the President’s top regulator, wrote: “A 21st-century regulatory system must promote economic growth, innovation and job creation while also protecting public health and welfare. Earlier this year, President Obama outlined his plan to create such a system by adopting a simpler, smarter and more cost-effective approach to regulation. As a key part of that plan, he called for an unprecedented government-wide review of regulations already on the books so that we can improve or remove those that are out-of-date, unnecessary, excessively burdensome or in conflict with other rules.”
Britain's leading financial newspaper, the London Financial Times, now believes that the U.S. economy may be headed toward a Japanese-style "Lost Decade."
President Obama commenced his weekly address on Saturday by subtly blaming sluggish economic growth and high unemployment on his predecessor — the Bush administration. In prototypical Obama fashion, he reminded the American public that the economic plunders of today did not strike on his watch, and that his administration inherited "the worst recession since the Great Depression."
The city of Prichard, Alabama, is the best proof that more states need Governors such as New Jersey’s Chris Christie, who is willing to take on a pension crisis. For years, Prichard was warned that if no changes were made to its pension fund, the money would be gone by 2009. The warnings went unheeded, and now the pension funds have disappeared.
When the monies dried up, Prichard stopped sending pension checks to its 150 retired workers — a violation of state law. Meanwhile, those who once collected pension checks found themselves struggling financially.
General Motors and Chrysler, so the story goes, have repaid the dollars the federal government loaned them to keep them from going belly up. Therefore, it is said, every American should ignore the nagging constitutional and ethical questions and applaud the government’s efforts to turn these companies around. After all, what is more important: some yellowed piece of parchment or, as President Barack Obama put it, “millions of jobs [that] wouldn’t have been around anymore” if Uncle Sam hadn’t stepped in?
One of the most important, but widely unknown bills currently proposed in Congress is legislation that would end American participation in the North American Free Trade Agreement (NAFTA). The bill, H.R. 4759, calls for America’s withdrawal from the free trade agreement, and is sponsored by several Democrats and a small cadre of Republicans, including Rep. Ron Paul (R-Texas) and Rep. Walter B. Jones (R- N.C.).
In what could be one of the understatements of 2011, Fed Chairman Ben Bernanke, speaking at the International Monetary Conference in Atlanta on Tuesday, remarked, “U.S. economic growth so far this year looks to have been somewhat slower than expected.… A number of indicators also suggest some loss of momentum in the labor market."