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November 25, 2009

It is the economy, stupid

By Bailey Dabney, Publisher

November 25, 2009 — During the 1992 Presidential campaign, strategist James Carville hung a sign inside the Little Rock, Arkansas campaign headquarters for Bill Clinton that said, “the economy, stupid.” The future president’s campaign then used the phrase “it’s the economy, stupid” to shine the light on the fact that in tough economic times, the federal government should be working to stabilize the economy rather than dealing with fringe issues.

This theme resonated with the American people enough to unseat a formerly popular President, George H.W. Bush. President Bush had experienced approval ratings above 90 percent 18 months before losing his bid for re-election.

Today’s economy is worse by all measures, yet the only notable activity in Washington focuses on fringe issues with solutions that could further damage the economy. Washington politicos have been patting themselves on the back for orchestrating a “jobless recovery”. Call me crazy, but without job creation, those who think we are recovering are watching the wrong data.

Economists and pundits who recognize that government spending was the only driving force behind the economic data that found the recession to be over have since debunked the announcement last month that the recession ended.

This country has unemployment rates hovering at ten percent, and experts predict that trend will get worse before it gets better. Washington wants us to accept this as “a new normal.” If this is the best our beltway policy makers see the economy, then we need new policy makers.

There are always solutions. Our government can incentivize businesses and entrepreneurs to create jobs. Jobs improve the economy. The economy then creates more jobs. Businesses hire people when it is financially beneficial to their bottom line. Businesses cut jobs when their costs are so high that they can no longer afford their existing staffing levels.

Government jobs do not help the economy. Figures show that currently, barely half of Americans actually pay income taxes. Since taxes fund government jobs, new government jobs would obviously require massive tax hikes. Of course those would further degrade an ailing economy. If we are going improve the economy and the employment rates then regular old American businesses need to be free to create the jobs.

Gainfully employed people support other jobs with their spending and consumption. Are our elected officials working on that? Where is the evidence that they are?

This mythical healthcare plan that has consumed 100% of our congressional effort since the beginning of summer will cost private sector jobs. Two weekends in the last month have seen midnight Saturday night votes to keep this money-loser alive. Why don’t we have midnight sessions designed to create jobs?

“Cap and Trade” will also cost private sector jobs, but at least its moved to the back burner for a short season. Mending healthcare one change at time is a better option. Unemployment is less healthy than employment. This is a time to repair the climate for private sector hiring instead of consuming time and resources arguing about global warming and “public option” health care.

We need to get our work force back on the time clock, earning wages, buying goods, services, and homes they can afford, as well as saving for the future again.

I rarely agree with James Carville, but his 1992 sign is as true today as it was back then: “It IS the economy, stupid.”

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