The Leader's Ledger

Posted by Jessica Straus on

Tomorrow, President Obama will make a plea to voters that because he “has not been able to convince most Americans that they are better off than they were four years ago” he needs more time. Pardon us? The President’s Washington-knows-best policies like the stimulus, ObamaCare, and tax hikes have crippled small businesses and job creators across the country. His ideas for growth have the economy crawling when it ought to be sprinting. Common sense tells us that when something doesn’t work you change it; you try something new. Giving the President four more years to do more of the same will not create jobs or get people back to work. It’s high time for a new approach, and that’s why House Republicans’ agenda to repeal ObamaCare, remove red tape and stop the biggest tax hike in American history is so critically important to grow the economy and create jobs.

 

 

Today In History: On June 13, 1966, Miranda Rights were established. The Supreme Court handed down its decision that all criminal suspects must be informed of their rights before interrogation. The phrase starting with, “You have the right to remain silent…” has now become a staple of legal discourse.

Birthdays: W.B. Yeats, John Forbes Nash Jr., Mary Kate and Ashley Olsen, Tim Allen, Ally Sheedy, Pedro Strop

Ahead Of His Speech Tomorrow, Here Are The Top Questions For President Obama:

1. Are Small Business Owners Better Off?

Virginia Business Owners Condemn President Obama's Out Of Touch Remarks On The Economy.Melissa Ball, owner of Ball Office Products in Richmond, said that claiming the private sector was doing fine was “an insult to the more than 240,000 Virginians who still can’t find a job in the Obama economy.” Now, Republicans are seizing on remarks from a handful of Democrats that they say contradicts the president’s assertion, including U.S. Sen. Mark R. Warner, D-Va. On Monday, Warner was asked if he thought the private sector was doing fine. “No,” he said. “I don’t feel like that, you know, on a relative basis corporate balance sheets look very good, but there is not the kind of demand that we need to see to generate the job growth. I do think there are things around infrastructure that can be done that would actually help things right now.” Richmond Times-Dispatch

2. Do Americans Have More Job Opportunities?

More Than 70% Of Teens Can’t Find Work. Once a rite of passage to adulthood, summer jobs for teens are disappearing. Fewer than three in 10 American teenagers now hold jobs such as running cash registers, mowing lawns or busing restaurant tables from June to August. The decline has been particularly sharp since 2000, with employment for 16-to-19-year olds falling to the lowest level since World War II. And teen employment may never return to pre-recession levels, suggests a projection by the U.S. Bureau of Labor Statistics… Older workers, immigrants and debt-laden college graduates are taking away lower-skill work as they struggle to find their own jobs in the weak economy… Based on teen employment from January to April this year, also at historic lows, the share of teens working in jobs this summer is expected to show little if any improvement…Much of the recent employment decline is due to increased competition from other age groups for entry-level jobs that teens normally would fill. AP

President’s Stimulus Spending Is Depressing For Jobs, Growth. For those of you keeping track at home, the latest figures regarding the stimulus and job creation are in. Here's a shock: Each job ostensibly created by the stimulus — assuming the stimulus actually created any jobs — cost at least a half-million dollars. The actual price tag could be as high as $4 million. So says the Congressional Budget Office, which cheerleaders for federal spending like to cite as an irrefutable prover of the benefits from said spending. In a new report, the CBO says the 10-year price tag of the American Recovery and Reinvestment Act will come to about $831 billion. It also says the act increased employment by 200,000 to 1.5 million jobs. Divide the cost by the number of jobs, and you get a half-million to $4 million per job. If the true cost is midway between the extremes, that's $1.75 million per job "created or saved," as the Obama administration likes to say. And that explains why the true number of jobs created or saved — or destroyed — probably never will be known. Richmond Times Dispatch

3. Is Health Care More Affordable?

ObamaCare Will Cause Health Spending To Spike, Taxpayers Will Foot The Bill. U.S. health spending of all types would stay historically low the next two years. But it would increase if most of the federal health-care overhaul takes effect in 2014. Spending would jump 7.4% in 2014 when the health-care law is scheduled to be fully implemented, the analysts predict, as millions of Americans gain coverage through subsidized insurance plans purchased through government-run exchanges or through Medicaid, the federal-state program for low-income people…most spending increases projected for 2014 would be due to routine doctors' visits and prescription drugs, as the majority of newly insured people are expected to be young and relatively healthy. They also predicted greater spending on health insurance and government administration if the law takes full effect that year…By 2021, health-care spending is likely to be nearly a fifth of the U.S. economy, at 19.6% of gross domestic product, up from 17.9%, or roughly a sixth, in 2010. The government share of the spending also would be greater, at nearly 50%, up from 46%, mostly because of the anticipated growth in Medicare enrollment. Wall Street Journal

ObamaCare Will Hike Health Spending By Exact Amount Obama Warned Against. “(T)he status quo is unsustainable,” Obama declared in a June 2009 speech to the American Medical Association. Yet under the law he championed, spending over the next decade is expected to actually exceed the status quo he viewed as unsustainable. In the same AMA speech, Obama warned that, “If we fail to act, one out of every five dollars we earn will be spent on health care within a decade.” Yet the CMS report predicts that “health care spending as a percentage of GDP is projected to rise from 17.9 percent in 2010 to 19.6 percent by 2021” – in other words, roughly one in five dollars. Washington Examiner

4. Is The Private Sector “Doing Fine”?

Former Obama Economic Adviser Steven Rattner Says Private Sector Is “Not Fine.” “So if you look at it in terms of jobs, since the beginning of the recession there have been close to 5 million jobs lost in the private sector so I think you have a hard time saying the private sector is doing fine. And by the way, people always talk about jobs and as I like to remind them there’s also incomes and people’s incomes are also down in the private sector over this period of time. So the 90 percent of Americans that have jobs have lower incomes on average.” SCARBOROUGH: “So that wouldn’t be fine…” RATTNER: “I’m saying it’s not fine.” Morning Joe

Senator Mark Warner Says “No.” He Does Not Agree With President Obama’s “Doing Fine” Comment. QUESTION: “Do you feel like the private sector is doing fine like the President said the other day?” WARNER: “No.” QUESTION: “No?” WARNER: “I don’t feel like that, you know, on a relative basis corporate balance sheets look very good, but there is not the kind of demand that we need to see to generate the job growth. I do think there are things around infrastructure that can be done that would actually help things right now.” Breitbart

Paul Krugman Says President Obama’s “Doing Fine” Comment Was “An Unfortunate Line.” Nobel-winning economist Paul Krugman on Monday slammed President Barack Obama’s remark that the private sector is ‘doing fine,’ calling it ‘unfortunate’ and adding that the president “screwed up the line’… ‘That was an unfortunate line. The president bungled the line. The truth is, the private sector is doing better than the public sector, which is not well enough,’ said Krugman on CBS’s “This Morning.”POLITICO


Off The Beaten Path:

Jimmy Fallon, Carly Rae Jepsen & The Roots Sing "Call Me Maybe"

 





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