In the land of 7% unemployment, the lowest American labor force participate rate in decades, surging part-time work and struggling labor market, the Obama administration has no choice but to address this issue.
Obama’s choice to hold his latest economic speech is the shuttered town of Galesville, Illinois, where he gave a speech in 2005 on economic growth and recovery. To some, it appears that Obama is out of ideas and out of steam very early in his second presidential term.
According to the text of the speech obtained by Business Insider, he blamed Republicans for partisan gridlock and said that the U.S. “fought its way back” from the Great Recession. Obama referred to the middle class multiple times and called it “the engine of our prosperity” in the past. Even with the bankruptcy news about Detroit, Obama blatantly said that “we saved the auto industry”.
He also erroneously said that the “costs of health care is growing at its slowest rate in 50 years”, without mentioning that his illegal delays of ObamaCare is slowing the actions of businesses and insurance companies.
House Speaker and Republican John Boehner called Obama’s latest economic speech an “Easter egg without any candy”.
ObamaCare is rearing its ugly head, pushing businesses to cut work hours, pay and benefits to meet the 49 worker threshold of full-time workers with benefits. Obamanomics have not worked with stimulus packages and focus on infrastructure and other Keynesian (i.e. increase government spending) principles. And, for the first time, Americans do not see America as the leading global power.