The Vice-President of the United States had an interesting visit to a Milwaukee Frozen Custard Shop yesterday and had some choice words for the manager who told him to “lower our taxes”.

 

Vice President Joe Biden also took time to share a defeatist view of the American Economy Saturday, telling an audience of supporters:

There’s no possibility to restore 8 million jobs lost in the Great Recession.

While appearing at a fundraiser with Sen. Russ Feingold (D-Wisc.) in Milwaukee, Biden said that by the time he and President Obama took office in 2008, the gross domestic product had shrunk and hundreds of thousands of jobs had been lost. (How many times can they blame Bush?)  

Singing the same song that he and Obama have perfected through repetition, Biden complained:

We inherited a godawful mess…[there was] no way to regenerate $3 trillion that was lost. Not misplaced, lost. 

Claims for jobless benefits fell by the largest number in two months last week, but were said to signal weak job growth.  (Where?)   Meanwhile, the Senate on Thursday failed to pass an extension of unemployment benefits. 

Vice-President Biden said Saturday that the economy is improving and bragged that in the past four quarters, there has been 4 percent growth in the economy. Over the last five months, more than 500,000 private sector jobs were created. 

The vice-president admitted:

We know that’s not enough.  So do we.  

The White House put out a Recovery and Reinvestment Act update last week, claiming that between 2.2 million and 2.8 million jobs were either saved or created because of the stimulus as of March 2010. In signing the Recovery Act into law on Feb 17, 2009, Mr. Obama said the measure “will create or save 3-and-a-half million jobs over the next two years.”

So far, it hasn’t done much of anything.  Here are some interesting facts from gop.com:

3.5 MILLION: Jobs Obama Promised Stimulus Would Create By End Of 2010.

3.3 MILLION: Jobs Lost Since Obama Made That Promise.

  

6.8 MILLION: Jobs Obama Must Now Create To Keep Promise By End Of 2010.

  

1.1 MILLION: Jobs Obama’s Economists Project Will Be Created By End Of 2010.

  

5.7 MILLION: Jobs By Which Obama’s Economists’ Projection Leaves Him Short In Keeping Promise. 

  

6 PERCENT: Not Surprisingly, Number Of Americans That Say Obama’s Stimulus Created Jobs. 

 

7.7 PERCENT: Unemployment Rate When Obama Was Selling Stimulus In January 2009.

 

8 PERCENT: Unemployment Rate Obama Pledged Stimulus Would Prevent Us From Reaching.

 

9.7 PERCENT: Current Unemployment Rate.

 

16.5 PERCENT: Current Unemployment Rate When Underemployed And Discouraged Workers Are Included.

 

334,000: Americans That Have Given Up Looking For A Job Since Stimulus Was Signed.

 

47: States That Have Lost Jobs Since Stimulus Was Signed. 

 

10: States That Moved From Single-Digit To Double-Digit Unemployment Rate Since Stimulus Was Signed. 

 

$862 BILLION: Updated Cost Of Stimulus, $75 Billion Increase From Last Year’s Cost Estimate.

 

440: Number Of Nonexistent Congressional Districts That Received Stimulus Funds.

 

$6.4 BILLION: Amount Of Stimulus Funds That Went To Nonexistent Congressional Districts.

 

$18 MILLION: Cost Of Stimulus Website, Recovery.gov.

 Don’t worry, boys and girls, Scooter has a plan.

Fresh from the exhilaration of  the all night Congressional piracy of the Dood-Frank Bill, a sweeping overhaul of Wall Street regulations, yesterday Obama urged Congress to take up his proposal for a $90 billion, 10-year tax on banks as the next step in reform. (This is sure going to encourage economic recovery, isn’t it?) 

Scooter wants to impose a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions, supposedly to recoup the costs to taxpayers of the financial bailout.

Obama said in his weekly radio and Internet address:

We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis — so we can recover every dime of taxpayer money.

Obama is in Canada to attend gatherings with leaders of the world’s biggest economies.  He took a moment of his weekly address to praise a deal by congressional negotiators on a historic rewriting of U.S. financial regulations.

Obama hopes to brag to the European leaders about these socialist changes to our economic system, offering the Dodd-Frank Bill as a model for other countries at the Group of 20 summit on Saturday and Sunday.

Scooter said:

I hope we can build on the progress we made at last year’s G20 summits by coordinating our global financial reform efforts to make sure a crisis like the one from which we are still recovering never happens again.

The Dodd-Frank Bill would set up a new financial consumer watchdog, create a protocol for dismantling and taking over troubled financial firms, and mandate higher bank capital standards, under the cover of trying to prevent a repeat of the 2007-2009 financial meltdown.

The bill, which would be the biggest changes to America’s financial regulatory structure since the 1930s, still needs final approval from both chambers of Congress.

Obama, who, in a sad bit of irony, hopes to sign the legislation by July 4, has pleaded with Congress to push the bill “over the finish line.”

Obama hopes the financial reform and the bank tax idea will resonate with those of his Liberal base who are upset over perceived Wall Street risk-taking that led to the financial meltdown and the worst recession in decades. With a political massacre to rival Little Big Horn looming in November, Obama wants to get as much of his ideologically driven economic plan in place, before a Republican-led House and Senate are put in place by the American people to thwart him.

Some lawmakers have indicated they are would listen favorably to the bank tax proposal but others are questioning whether it is fair to impose the tax on banks that have already repaid money from the Troubled Asset Relief Fund (TARP) to make up for losses by American International Group Inc and General Motors.

Financial companies with more than $50 billion in assets and hedge funds with more than $10 billion in assets will be clobbered by the new taxes upon enactment and lasting until 2020.

This administration doesn’t get it.  American ingenuity and self-determination is what turned the wheels of our economic engine for decades.  It wasn’t an over-abundance of regulations, stifling taxes, and an enormous federal government trying to run Americans’ daily lives that caused America to grow into the greatest nation in the world.  If this adminstration is allowed to proceed in meeting all its socialist goals, our ill economic system will need Hospice care.  Socialism has never worked, wherever it has been tried.  Those governments that tried it have all been scooped into the dustbin of history.  Obama and his cadre of clueless academics seem to be trying to ensure America’s demise, intentionally or unintentionally.

Sources:  drudgereport.com, youtube.com, cbsnews.com, reuters.com