Obama to reveal "all new" economic plan !! Anyone believe that ?

In our headline is a claim coming from the President. We have to wait until September to find out his "new" plan, but, of course, we are finding out bits of the plan as the Administration leaks details to community.

More "stimulus." A change in the patent law. Money for infrastructure.

The above is what we know of the plan, to date. Anything new in the above? Of course not. Understand this: Obama is incapable of coming up with anything new as regards national economics. But not just Obama. The current crop of Democrat leadership is equally incapable.

We hasten to add that "new" should not be the driving force in an economic plan. New jobless claims remain at 1.6 million per month; been there for two and half years. New monthly sales figures for home sales are down 3.1% over last month. New numbers for Bank of America stock is at $6.97 and may go lower. If you do not believe that B of A will be allowed to "go under," this stock could be the best buy of your lifetime.

So much for "new."

Let's look at some of Obama's previous "new" plans.

ObamaCare: as long ago as May of 2010, we were being told that new health care bill would cost $1 trillion after promises that just the opposite would be the case. The "new" cost analysis came just two months after the bill became law. That estimate has been revised to $1.445.
Understand that gamesmanship has been used by the Administration to keep the cost of ObamaCare lower that its actual 10 year cost. The bill passed into law in early 2010 but it's major cost factors will not go into effect until 2014, by design of the crooks who crammed this bill down our throats. In the second ten year period, the first full decade of ObamaCare, many expect ObamaCare to cost the taxpayer 3 trillion dollars or more. The regulations for this monstrosity will not be completed for three more years. Employers know their health care cost will rise because of this "reform" bill. Due to the fact that it will not be fully written for three more years, employers are afraid to hire. The "uncertainty" the Administration acknowledges exists in the business community is due to the hundreds of pages of regulations yet to be written, not with Wall Street, as the Democrat pundits suggests.

The February 17, 2009 Stimulus: Counting interest and three increases in jobless benefit payments, this $787 billion dollar bill actually cost the American people $1 trillion dollars. Only 3.5% of the original amount, $787 billion, went to the creation of jobs and most of those were temporary. The effect of that bill is over. Its time has come and gone. Obama has even joked about "shovel ready jobs" that wound up being only a figment of his unadvised imagination. The final conclusion as to the stimulus is that it was a terrible failure. Why? Well, I do not know all the reasons, but part of the truth is the fact that some of the money was attached to existing projects with the Administration, then, making claim to the "creation" of jobs. In California, highway projects in my region, projects that had begun prior to Obama's presidency, suddenly were posted with new signage giving credit to stimulus funding. In those cases, Obama deserved no credit whatsoever, but posted signage and took the credit, anyway. Flimflam and nothing more.

Dodd/Frank: the new financial regulation bill, signed into law in July of 2010, promised to end the danger of a Wall Street collapse. It was a 2000 page bill and, again, it will not be fully written until 2013. Bankers and investor have no idea as to the final impact of the legislation. To date, more than 600 regulations have been written. It is more than unfortunate that none of the regulations will have anything to do with Fannie Mae or Freddie Mac. What needs to be stressed, here, is the fact that unwritten legislation is part of the reason why business is holding back on hiring and investment.

At a time when fiscal responsibility and legislative prudence were in demand, Obama decided to force his personal agenda upon America. We are paying the price because of the ignorant administration of his office.

If the above is an example of what we might expect with the up and coming "new" economic campaign, we are all in serious trouble. Most recessions resolve themselves within 18 months. When Bush 43 took office, our economy was on a down turn. 12 million of the 20 million jobs "created" under the Clinton Administration vanished from the scene in the Dot Com collapse.

Obama, indeed, inherited a recession, but so did George W Bush. The difference between the two are the policies of the Obama Administration. Don't get your hopes up as you wait for Obama to surprise us all with his "new" ideas.

Revised 9:08 pm, same day