American Elephants

The Record of the First Four Years: by The Elephant's Child
November 8, 2013, 6:08 pm
Filed under: Capitalism, Democrat Corruption, Economy, Progressivism | Tags: , ,


In the first four years of the Obama administration, the real median income of American households dropped by $2,627. The number of people in poverty increased by approximately 6,667,000 according to data the Census Bureau released today.

The number of people now officially in poverty is now a record 46,496,000, or twice the population of Syria — depending on how many have been killed recently.

The poverty threshold depends on the size of the family. A single person living by themselves was considered in poverty if they earned less than $14,937. A family of two was in poverty if they earned less than $14,937, and a family of three met the threshold at $18,284, a family of four at $23,492 and so on.

The real unemployment rate (the U-6 unemployment rate) is a broader measure of the unemployed plus all persons marginally attached to the labor force plus the total employed part-time for economic reasons. The U-6 rate is a fuller picture of people who are willing and able to work, but cannot find a job.

The U-6 rate was 14.5% in January 2009 and rose to a high of 17.1% in October November and December 2009 and through April 2010. The rate did not fall below 14% until March 2013 when it hit 13.8% where it is today.

To fix everything Obama recommends a pathway to citizenship for America’s illegal aliens. Not sure how that works. Just changing the subject?

ADDENDUM: The latest GDP report shows that Obama’s policies continue to weigh down the economy. The recovery from the Obama Recession is now 51 months old and the weakest since the Great Depression. Consumer and business spending have slowed and the recovery is $1.3 trillion below average. Had job growth been merely average there would be 7.3 million more people with jobs — or 64% of those looking for work would be employed. It was, of course —Bush’s fault, and when that didn’t work, insufficient stimulus, “head winds,” the Arab Spring, and problems in Spain, Italy and Greece. Now it’s the government shutdown. His own economic policies are never mentioned.

Milton Friedman Takes On the Minimum Wage by The Elephant's Child

The do-gooders believe that by passing a law saying that nobody shall get less than $9 per hour (adjusted for today) or whatever the minimum wage is, you are helping poor people who need the money. You are doing nothing of the kind. What you are doing is to assure, that people whose skills, are not sufficient to justify that kind of a wage will be unemployed.

The minimum wage law is most properly described as a law saying that employers must discriminate against people who have low skills. That’s what the law says. The law says that here’s a man who has a skill that would justify a wage of $5 or $6 per hour (adjusted for today), but you may not employ him, it’s illegal, because if you employ him you must pay him $9 per hour. So what’s the result? To employ him at $9 per hour is to engage in charity. There’s nothing wrong with charity. But most employers are not in the position to engage in that kind of charity. Thus, the consequences of minimum wage laws have been almost wholly bad. We have increased unemployment and increased poverty.

Moreover, the effects have been concentrated on the groups that the do-gooders would most like to help. The people who have been hurt most by the minimum wage laws are the blacks. I have often said that the most anti-black law on the books of this land is the minimum wage law.

There is absolutely no positive objective achieved by the minimum wage law. Its real purpose is to reduce competition for the trade unions and make it easier for them to maintain the higher wages of their privileged members.

The Facts Are Clear. by The Elephant's Child

Obama, Can You Spare a Dime? by The Elephant's Child

Vanderleun found an overlooked video from 2009, It packs a lot more punch today.

Obamanomics 101: Understanding How the Obama Economy Works by The Elephant's Child

The Hope and The Change — The Official Movie Trailer by The Elephant's Child
September 3, 2012, 6:53 am
Filed under: Capitalism, Economy, Politics | Tags: , ,

What Is The Message of the Obama Campaign? by The Elephant's Child

On Sunday’s State of the Union, CNN’s Candy Crowley struggled valiantly to understand the message the Obama campaign is presenting to voters. She interviewed David Plouffe, White House Senior Adviser who was Obama’s campaign manager for the 2008 campaign. So, who should know better just what the message the Obama Campaign is proposing for his second term will be?

It is pretty obvious to everyone who is paying attention to politics, that Obama really hasn’t got much to run on. Unemployment remains extremely high although the recession officially ended in June of 2009. Spending is out of control and the debt threatens every American.

A free-market economy wants to recover after a recession. Left entirely alone, the economy gradually will recover. Politicians can’t leave it alone, they always hope to make it faster and less painful. Instead, it has only gotten worse, and three-and-a-half years later blaming Bush is wearing more than a little thin. The green energy and green jobs have been a flop, so why should we give him another four years? That’s what Candy Crowley wants to know. What is his message?

Here is the transcript. Do read it, it is beyond entertaining, and revealing as well. Candy is persistent, and just won’t give up.  And the video is at the end of the transcript. Enjoy. It’s great fun.


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