Quote:
Originally Posted by 11Series
I'm sure you will explain how the oil price spikes that started years before Obama started his term are all Obama's fault.... Just like you guys say that the 2007 recession is Obama's fault, even though it began before Obama was even nominated to run as the Democratic candidate.  |
I don't blame Obama for everything, just his actions and inactions since getting to office. I also don't think the 2007 recession is his fault. I actually believe that the run up to the recession occurred through decades of pro-housing policies destroying good underwriting practices and the steady erosion of recession era banking laws like the Glass Steagall act. The failure of the nation to have a comprehensive energy policy is both parties fault for never tackling it. Every president in the last 50 years has preached energy independence and then done nothing about it once they get into office.
Obama's only fault on oil policy is that he clearly doesn't have a policy. Also, his fed chairman has chosen a low interest rate easy money policy that has caused money to move into commodities as a hedge against inflation which, in turn compounds the inflationary pressure on prices.
I have more fault with Obama's recession policies. In a time of recession he passes a healthcare bill promising to both increase costs and increase taxes on corporations. He then compounds this by threatening constantly to raise taxes by letting Bush tax cuts expire and raising taxes on high earners which also hits most small businesses through tax rules dealing with subchapter S corporations. Essentially, it treats small business income as personal income, and is taxed at income rates. On top of this he keeps trying to alleviate the tax pressures he is creating with temporary tax credits. The end result is a huge amount of uncertainty surrounding one of the largest expenses an employer faces, his taxes. This is a huge disincentive to hire anyone because it makes a company unable to adequately analyze the value of the additional capacity additional workers creates.