Wednesday, August 3, 2011

Obama, Bernanke out of ammo to boost jobs, growth

People who understand and believe in sound money/Austrian economics knew exactly what they would try to do to boost the economy, and they knew exactly what the outcome would be. Some of them are in denial enough to believe this is actually just a bunch of bumbling Keynesians trying to find the ultimate economic formula that allows reckless spending and exponentially accumulating debt with total impunity, rather than globalists playing their role in a decades-long conspiracy (whoops...I said it) to eradicate national sovereignty in favor of One World Government and total control of the entire globe in the hands of a gaggle of banking oligarchs.

    Reuters -

    The United States has a jobs problem and there's not a lot President Barack Obama or Federal Reserve Chairman Ben Bernanke can do about it.

    In the face of rising risks of a recession that could imperil his re-election chances next year, Democrat Obama wants Congress to extend a payroll tax cut and emergency unemployment benefits that are due to expire in December.

    But the Republican-controlled House of Representatives is emboldened by budget concessions it made Obama swallow to lift the country's debt limit this week and he has little political leverage to win significant fresh spending to aid growth.

    "Obama does not have much presidential persuasion left. He is running out of capital," said James Thurber, of American University's Center for Congressional and Presidential Studies.

Read it all.