The stimulus, which Obama promised would cut unemployment to 7% by the end of 2010, actually created jobs for foreigners. LG Chem and Dow Kokam received received over $300 Million and brought equipment, supplies, and employees into Michigan from Korea. Finland’s Fisker automotive electric 19 MPG $100,000 car was funded by a $529 Million Energy Dept low interest loan via American taxpayers, the Karma, still burning up garages. Then there are all of the others like Solyndra which have bankrupted.
Comparing Bush and Obama debt:
8.0yrs – Bush added $4.9 Trillion
3.3yrs – Obama added 5.1 Trillion
There are new fears of economic disaster as the debt ceiling battle resumes. Another face-off on the debt crisis begins two weeks after the elections. January 1 is taxmageddon:
1- All tax rates increase
2- Including rates on dividends and interest
3- Payroll tax holiday end
4- $1.2 Trillion will be sequestered from health care and military
Obama has demanded a clean debt increase with no cuts, he wants tax increases. Raise taxes and kill the economy. What other answer has he provided other than borrowing? How did it affect our rating last time?
Boehner commented on Obama’s demand calling it: “A national laughing stock.”