Obama keeps saying he understands the real problem is jobs, jobs, jobs. Yet he continues to rely of the advise of incredibly stupid economists. First, Christina Romer devised Cash for Clunkers so we paid a huge amount of money to move November sales forward to October. Any manager could have told her that would happen. Since she insisted on destroying the clunkers, she cut off the used cars that little used car lots rely on to stay in business, so a lot of them went out of business, thereby punishing low income families. Yes, complete stupidity.
Larry Summers devised a tax credit to encourage small businesses to hire new employees. But no small business has ever hired a new employee to get a tax break. They hire new employees when their order books are full, which they are not now. Any manager could have told him that. The tax break has been available for over two years and less than 10% of the money allocated has been claimed. Yes, complete stupidity.
And his new economic advisor has just received $900,000 in 2010 from Goldman Sachs for "advice", so here we go again.
It is Game Over. Wall Street has won completely and we are screwed.
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