Conservatives Blast Obama: 'Economy in Panic’

Friday, 08 Jul 2011 05:45 PM

By David A. Patten

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The aftershocks of Friday’s dismal jobs report continued to reverberate Friday, and none of the rumblings sounded good for the Obama administration.

The conservative Heritage Foundation think tank issued a report describing an “economy in panic.” How else to explain an economy that generated only 18,000 total new jobs? Add to that the Barack Obama, Economy, Unemploymentdownward revision in May’s job-creation number from 54,000 to 25,000, and Heritage said the “Obama recovery” is the weakest of the Post-WWII era.

Matt Towery, the syndicated columnist and CEO of the nonpartisan InsiderAdvantage polling firm, told Newsmax Friday that the jobless rate will prove to be a major liability for Obama’s hopes for re-election.

“Americans are feeling hopeless now that things are ever going to change,” Towery said. “We keep seeing these polls increasingly say that large numbers of Americans don’t believe they we will ever return to the lifestyle that they knew in the past, and this just adds to it.

“There just appears to be sort of a hopeless feeling about all these indicators. So I believe it will have a huge impact. How do you get back down to the 8 percent [unemployment] that was promised? That’s very, very difficult?”

Fox News host and former Arkansas Gov. Mike Huckabee joined the conservative choir urging the White House to wake up and try a more free-market approach to stimulating job growth.

“At some point the president is going to have to accept the fact that his economic policies are failing. They’re failing,” Huckabee declared Friday afternoon on Fox News.

One major obstacle to creating jobs, Huckabee said, is that CEOs have no idea what new employees will cost them two or three years down the line. He cited the EPA’s declaration shortly after President Barack Obama came to power that it has the unilateral right to regulation the emissions of carbon dioxide, without congressional oversight.

“If the EPA suddenly declares every time we exhale we’re going to have to pay a tax on that, because we’re creating carbon dioxide, you’ve got problems,” said Huckabee.

The former GOP presidential candidate also called for broadening the tax base so that “everybody has some skin in the game.”

Rep. Paul Ryan, chairman of the House Budget Committee and the subject of the August Newsmax Magazine cover story, was equally critical of the Obama administration’s policies.

Ryan issued a detailed, four-page analysis Friday warning America “is dangerously close to the stall speed for an economy.”

By sticking to a classic Keynesian playbook of government deficit spending to stimulate economic growth, Ryan said, the Obama administration actually has discouraged the private-sector capital investments that are the engine of economic growth.

Ryan said the United States finds itself in a “jobs malaise,” reflected in the jump in the unemployment rate in June to 9.2 percent.

Ryan, the architect of the GOP’s 2012 “Path to Prosperity” budget, said reductions in federal spending could restore confidence in the economy.

“Job and wage growth must be today’s highest priority,” said Ryan. “To ensure a prosperous future for the next generation, it is incumbent on policymakers to chart a fiscally sustainable course.”

The Heritage Foundation called Friday for Congress and the White House to take “immediate action” to bolster economic growth.

Among the steps it recommends in addition to cutting federal spending: Repealing Obamacare, restricting EPA oversight of greenhouse-gas emissions, legal reforms to stem baseless lawsuits that drive up costs for consumers, and aggressive development of domestic energy sources to lower the high cost of fueling up at the pump.

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