131,000 Jobs Lost in July; Obama Aide Abandons Ship; Economists Criticize Obama; More Bailouts
“Non-farm job losses hit 131,000 in July,” on top of a loss of 97,000 jobs in May and June. Another Obama economic advisor is abandoning ship.
Nobel Prize-winning economists Gary Becker and Vernon Smith criticized the Obama administration’s economic policies, such as its massive deficit spending and politicization of the economy. Last year, Obama advisor (and economist) Martin Feldstein warned that Obama’s policies would lead to “serious inflation and higher taxes down the road.” Administration economists botched deficit projections by at least $2 trillion.
The House is expected to pass a $26.1 billion bailout of state and local government sought by public employee unions, which will aid bloated and mismanaged school districts. There is talk that the Obama Administration will give away billions of dollars in new mortgage bailouts at taxpayer expense, as a way to buy votes.
The stimulus package is costing $75 billion more than predicted. It also inadvertently wiped out thousands of jobs in America’s export sector.
Obama’s polices would add $9.7 trillion to the national debt, according to the Congressional Budget Office.