Obama’s Economic Advisers

October/21/2009 17:05PM
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Worried about the US economy? Concerned about the $1.4 trillion deficit? Thinking about the 100 banks that will fail this year, and between 500-1700 more that may fail next year? Concerned about growing unemployment? The shrinking dollar? The pending bankrupcy of Social Security and Medicare and Medicaid? The loss of manufacturing in America? Oil prices going up and setting the US economy back again?

Where does the President get his economic advice? Two members of his economic advisers are Jeff Emmelt and Jennifer Granholm. This might explain some of the problems we are facing and the lack of progress we are making.

First, Ms. Granholm, governor of Michigan. One piece of data in Michigan. State public union employees hold 637,000 jobs in Michigan. Manufacturing jobs in Michigan, 500,000 jobs. Government is now the leading employer in Michigan. Guess what? Michigan has a huge budget problem. Michigan has a 15.2% unemployment problem. Granholm raised taxes by a record $1.4 billion in 2007. Results, more businesses moved out and more taxpayers moved out. Over 735,000 non-public jobs have left Michigan since year 2000 and for every person moving in two have moved out. Her solution, more tax increases.

Next, Immelt. Since taking over GE as CEO, the company has been on a downward spiral. His turnaround strategy is based on health care reform and cap and trade. Gee, that should be pretty unbiased advice. How is this not conflict of interest? Especially when Immelt is named to the New York Federal Reserve Board.

Are you worried enough? With Granholm and Immelt helping President Obama resolve the issues that are keeping you up at night, maybe a prescription sleeping medication is in order.

In Detroit rumors of stimulus cash being made available caused lines around the block. People in line said they were there for Obama money. What is Obama money? It’s your money. It was just a rumor, but who knows if will won’t become a reality. Granholm is going to bankrupt the state and when that happens why should Michigan be any differnt than AIG?

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