Team Obama Hopes Sequestration Mania Will Distract Public From More Horrific Economic News
Sequestration is all everyone’s talking about today, Save Jerseyans. It’s boorish! And you’re probably bored. I am.
But it’s also more than a little convenient for the President of the United States. We know that he created this “crisis” by endorsing sequestration in 2011 then, with cuts actually upon us, blaming House Republicans for not bailing him out.
It’s a transparently political ruse. He’s desperately seeking an advantage heading into the 2014 midterms. Any honest broker with a brain can see that… too bad we don’t have more honest brokers with brains! Sill, in order for President Obama to pull it off, he needs to do more than simply discredit Republicans.
President Obama also needs to distract voters from the REAL crisis plaguing our country that continues to fester unabated…
Household purchases, which account for about 70 percent of the economy, climbed 0.2 percent after a 0.1 percent gain the prior month, a Commerce Department report showed today in Washington. The median estimate in a Bloomberg survey of 76 economists called for a 0.2 percent advance. Incomes slumped 3.6 percent, sending the saving rate down to the lowest level since November 2007.
That’s the largest drop in household incomes in 20 years, folks, in an economy with a higher unemployment rate (and astronomically lower labor force participation rate) than when Barack Obama first took office in January 2009. Reverting back to 2011 spending levels isn’t a crisis. Another four years of persistent high unemployment and stagnant (or dropping) wages will doom an entire generation of Americans to a worse future than their parents enjoyed.
My prediction? Blue states will respond by following the President’s lead and pushing for minimum wage hikes. The end result of that madness will make these latest income figures look pretty… count on it!