Utah: Obamanomics Failing
(Aturkus photo.)
The Salt Lake Tribune reports,
Some economists see a disconnect between popular opinion and reality, with most Ameircans better off than they were a year ago. But those polled expressed concerns that Obama's programs have created the illusion of a temporary fix, while the cost (and associated deficit) of the stimulus will make things worse in the long run."More than 70 percent of the state's residents believe the president's actions have either hurt the nation's economic situation or had little effect in improving things, according to a Salt Lake Tribune poll of registered voters conducted earlier this week. That stands in sharp contract to the 46 percent of Utahns who were optimistic prior to the president taking office that his policies would help end the nation's trying times."
Other observers note that some of Obama's fixes, including the stimulus package, were inevitable regardless of who became President. Which begs the question: has Obama had any effect at all?
what is obamanomics?
tax policies are pretty much the same as they've been for the last 20 years.
the "economy" of the southwest has been primarily based on sprawl. punctuated by the booms of silver, gold, cattle ranching, tourism, and transporting all those imports from Asia.
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The poor economy and dire employment are the result of massive real estate deflation -- which resulted from poor underwriting standards, bad credit policies, banker compensation rewarding only excessive risk-taking, and the monetizing and remonetizing of loan pools which were imagined to be securitized. The result is the stripping of wealth away from the middle and working classes. After the collapse, the only people with money are those that profited the most from the run-up -- the very wealthy and the bankers -- these people buy up tangible assets at deflated values. There is little to support rebuilding a strong economy in the near future. Thus, the government turns to reinflating a speculative bubble through the same policies that brought us the first pop. The only thing I see as healing our economy is time -- and reinstating the protections enacted during the great depression, Glass-Steagall, etc. -- and mandating underwriting standards, such as "plain vanilla" mortgages and credit policies that consider affordability. But these policies won't put fees in the pockets of the bankers, therefore you see the lobbyists turn the congressmen & senators against reform.
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