Obama's Leadership on Economy Beyond Irresponsible

President Obama's leadership of the U.S. economy is beyond irresponsible. Not only is spending out of control in the United States, but he attempted to push continued spending at the recent G 20 meeting in Toronto. A bankrupt America and a bankrupt world appear to be his goals. Yet even socialist Europe rebuffed his push for even more spending.

Those who have been business leaders of turn-around programs know that you only have about 3 months to blame the prior administration and then you own it. Also that there are 3 critical steps involved in a turn-around:

1) Stop the bleeding. There needs to be a sense of urgency in shutting down the problem areas.

2) Develop a clear and credible plan to turn things around that will lead to improvement.

3) Begin to show measurable improvement and progress.

Obama has done none of these. Yet he has been in office for approximately 19 months and he owns the responsibility for the economy. Continuing to blame Bush is beyond stale.

Under his leadership the national debt has skyrocketed to over $13 trillion. Projections are that under his current path of leadership the debt will exceed $20 trillion over the next 10 years. The reality is that it will be much worse than that. It has been proven historically that government programs always end up costing multiples of what is forecast. National healthcare, as just one example, will end up costing $2 -$3 trillion or more. Cap and trade (his energy plan by whatever title) will further financially devastate America. Manufacturing businesses will be adversely affected and this, in turn, will create more unemployment. Alternate sources of energy, although positive to look at, will not be able to fully meet requirements. This will increase dependency on foreign oil. Obama himself stated that our electricity costs would "necessarily skyrocket". The financial burden placed upon the American people will be enormous.

Under Obama's leadership reported unemployment has been tottering around 10%. He promised much less. The reality is if you include those who gave up looking for work (recent numbers show 652,000 people gave up looking) and the underemployed the number is closer to 15 to 16%. At the same time the federal government employment, at taxpayer expense, has increased significantly.

Despite disingenuous claims by the Obama administration, huge "stimulus" and "bail out" packages have failed and have done little to improve the economy. Much of the taxpayer money that was spent went to political payback and special interests that did little for the economy. Nearly all 50 states are broke and instead of becoming fiscally responsible they are becoming reliant on the "drug" of federal money. There are some exceptions to this, but this is the general case. Obama administration claims on "adding jobs" would be laughable, if it were not so tragic.

At the same time political tricks are being played with America's financial future. Next fiscal years budget will be an outrageous $3.8 trillion, the highest anywhere or anytime in history, when our country is already broke. This is for one year! Knowing this will add to criticism the Obama administration has decided to shelve the budget until after the November elections, playing political games. Political games are also being played on the cut back of Medicare payments to doctors until after the November elections since this will cause an uproar. The media gives a free pass on all this.

The stock market has been holding up until now, but this is an obvious bubble situation that is about to burst. The facts are that all the underpinnings of the economy and business are weak. This is the real story. This is now coming to fore. Market Watch reported recently (July 1, 2010), "In a dismal start to the third quarter, stocks tumbled after disappointing reports on the labor, housing and manufacturing sectors." This is little doubt that we will see more of this.

What America needs to do is come back to reality. Reality is not forthcoming from the Obama administration, nor the media, for that matter. The burden upon the American people today and in future generations will be immense, to the point of being unsustainable. The cost of living for all Americans will skyrocket with an extremely heavy tax burden and all kinds of new fees and charges. The impact upon our country will be so destructive that we will not longer be a leading nation in the world.

President Obama needs to be held accountable by the media and the American people. The American people should fight with their vote and with every legal means possible against what is now going on in our country today. Facts reveal truth. It is a matter of the survival of our nation.