A new McClatchy-Marist poll shows that 58 percent of voters disapprove of President Obama's handling of the economy, and by nearly 2-1, voters disapprove of the President’s handling of the federal budget deficit. It’s no wonder why. The hallmarks of the ObamaEconomy are runaway deficit spending, skyrocketing energy prices, decreased housing values, and unemployment stalled around 9 percent -- all of which have depleted the confidence of American families and businesses. Yet neither the President nor his party have put forth any sort of concrete plan to manage down the debt or get people back to work. All they have to offer is more stimulus spending and higher taxes on families and small businesses.
On the other hand, House Republicans have the Plan for America’s Job Creators, which will begin to get our fiscal house in order, spur economic growth, create jobs and get people back to work. House Republicans are serious about growing this economy and we are committed to making Washington begin to live within its means and work for the American people.
Today In History: In 1953, the first Corvette is assembled in Flint, Michigan
Birthdays: Pope Paul IV, Jean-Jacques Rousseau, Mel Brooks, Secretary Leon Panetta, Rep. Mike Fitzpatrick, John Cusack, and Erin McPike
Here is what’s in today’s Ledger ...
State Of Play: Deficit Reduction Must Come From Cutting Spending, Not Raising Taxes
Editorial: Deficit Reduction Must Come From Spending Cuts, Including Tax Increases Invites Failure. Rep. Eric Cantor, R-7th, made his point. When he announced his departure from the debt-limit talks, the House majority leader explained that the White House needed to insert itself into the process. ... Combining a debt hike with spending cuts would represent a credible compromise. Although Republican lemmings supported increased debt limits during the Bush years, the numbers suggest they will not do so now. (Obama voted against such increases while serving in the Senate during the Bush administration; his expressed regrets do little to boost his cause.) The price for GOP acquiescence regarding the ceiling is a real reduction in federal spending. Proposals regarding taxes introduce a complicating element. Pelosi-crats may be inviting failure. A good deal remains possible. Obama's presence might help. Richmond Times-Dispatch
Lindsey: Tax Increases Don’t Solve The Problem, Spending Cuts and Binding Reforms Are The Only Credible Solutions For Long Term Deficit Reduction. There is no way to raise taxes enough to cover these problems. The tax-the-rich proposals of the Obama administration raise about $700 billion, less than a fifth of the budgetary consequences of the excess economic growth projected in their forecast. The whole $700 billion collected over 10 years would not even cover the difference in interest costs in any one year at the end of the decade between current rates and the average cost of Treasury borrowing over the last 20 years. Only serious long-term spending reduction in the entitlement area can begin to address the nation's deficit and debt problems. It should no longer be credible for our elected officials to hide the need for entitlement reforms behind rosy economic and budgetary assumptions. And while we should all hope for a deal that cuts spending and raises the debt ceiling to avoid a possible default, bondholders should be under no illusions. The Wall Street Journal
The Majority Of Americans Support The Republican Approach To Deficit Reduction and Economic Growth. In a recent Bloomberg poll of U.S. adults, 55 percent said that spending cuts, combined with tax cuts, would be the best way to grow the economy, while 61 percent said they would not be willing to pay higher taxes to reduce the deficit. Just 36 percent were willing to pay more. The public’s preferences find support in economic data. Alberto Alesina, a Harvard economist who has analyzed the ways in which various countries responded to large fiscal crises, concludes that spending cuts are “much more effective” than tax increases in stabilizing the debt without harming the economy. “In fact, in several episodes, spending cuts adopted to reduce deficits have been associated with economic expansions rather than recessions,” Alesina writes. These findings were echoed in a report from Goldman Sachs analysts Ben Broadbent and Kevin Day, which examined “every major fiscal correction in the OECD since 1975.” National Review Online
The Obama Economy: Americans Continue To Give President Obama Failing Grades On The Economy and Deficit Reduction
By A Nearly 2-1 Margin, Americans Disapprove Of How President Obama Is Handling The Deficit. Another ominous sign for Obama: By nearly 2-1, voters disapprove of how he's handling the federal budget deficit, expected to hit a record $1.5 trillion this fiscal year, which ends Sept. 30. McClatchy
ALL-TIME LOW: Only 37% Of Americans Approve Of President Obama’s Handling Of The Economy. President Barack Obama is in a fragile position as the 2012 campaign begins: Only 37 percent of registered voters approve of his handling of the economy, his lowest rating ever, according to a new McClatchy-Marist poll. McClatchy
More Trouble Ahead? First New York, Then Philadelphia, and Now ... Manufacturing, Business Activity Drops In Dallas. The Federal Reserve Bank of Dallas reported that its monthly survey of Texas factory activity fell sharply in June. The Manufacturing Outlook Survey found that general business activity slumped to -17.5, down 10.1 from May. Negative numbers indicate contracting business activity, while positive figures indicate growth in the sector. The production index that measured conditions at 84 factories around Texas dropped to 5.6 from 12.7 in May, which the Dallas Fed interpreted as slower growth in the sector. New orders picked up, but manufacturing activity was sluggish overall. The Street
Dem Divide: More Fissures Emerge Between House Democrats and The White House
Dem Lawmaker: Senior House Dems Frustration With The Administration Is Growing. Among Senior House Dems House Democrats’ frustration with Obama is boiling in the intense heat of negotiations to reach a budget deal and raise the nation’s $14.3 trillion debt ceiling. Capitol Hill Democrats have been steaming for months, since being sidelined during talks to extend the George W. Bush-era tax rates and fund the government this year. Many say the White House takes their support for granted but ignores them when it comes to making policy. “Before this year we were playing a strong role,” said Cuellar, but “now a lot of us feel like we’re almost being ignored.” ... The frustration “seems to be growing” with “senior members of the caucus … shaking their heads,” the lawmaker said. The Hill
Off The Beaten Path
WARNING: No More Cutting The Cheese At The NY Green Market ... New York Daily News
PSA: Just Another Reason Not To Do Cocaine – ABC News