Failures of Obama Presidency: Rock Star President Delivers Rock Bottom Results

When he announced he was running for president, Obama instantly became the news media and Hollywood’s darling, the John F. Kennedy of his generation. But reality is much different than fiction and President Obama may go down in history as having one of the most failed administrations. Despite his poor track record of government spending to heal a sickly America, Obama announced yet another government program this week.

Under the auspices of We Can’t Wait, Obama announced Home Affordable Refinance Program (HARP) in Las Vegas, the nation’s foreclosure capitol. HARP is supposed to help homeowners with loans backed by Freddie and Fannie refinance to lower rates, even if borrowers are underwater on their mortgages—owing more than the homes are worth.

This newest and biggest idea from team Obama won’t work because his $50 billion Home Affordable Modification Program known as HAMP didn’t work either. Obama boasted HAMP would prevent 4 million Americans avoid foreclosure with lower monthly payments.  To date Treasury claims about 700,000 have been helped but the default rate for HAMP borrowers was estimated to be as high as 65%.

The problem is most of these people should never have had these loans in the first place and the government sponsored enterprises Fannie and Freddie fueled the housing crisis by encouraging lax lending. Instead of putting a band aid on a problem, the Obama administration should allow the foreclosure process to work itself through. Fannie and Freddie are also part of the problem. Both own 70% of all home loans; taxpayers had to bail them out to the tune of $160 million and if they refinance these bad loans under HARP, taxpayers will be on the hook for more money because these borrowers will likely demonstrate a high risk of default like their HAMP peers.

Obama refuses to learn from his mistakes and continues to obsessively push a spending agenda even Senate Democrats refuse to pass (budget, jobs bill, etc.) The Simpson-Bowles Debt Reduction Commission, created by Obama, concluded the nation’s debt of $14 trillion is “unsustainable” and was “driven in large part by two wars and a slew of fiscally irresponsible policies.”

Obama ignored the commission’s proposals including: simplifying the tax code, Social Security, Medicaid and Medicare reform. From Hope and Change, Change We Can Believe In to We Can’t Wait, Obama is full of catchy phrases and condemnations of millionaires, billionaires and those awful Republicans who won’t let him have his way. But what Obama is short on is successes.

Obama has been the architect of one failed, costly program after another. His scorecard as president doesn’t beckon lots of HOPE.  Here’s a smattering of highlights:

  • Presided over the worst Recession since the Great Depression
  • Highest unemployment in decades: 9.1%; Highest black unemployment since 1984: 16.1%; black teen unemployment at 45%
  • First downgrade of United States Credit Rating from AAA-AA-plus
  • Rise inpeople on food stamps historic high of 45.8 million an increase of 34% from 2009.
  • Median wealth of whites 20 times greater than blacks: average black household had $5,677 of wealth in 2009 compared to $113,149 for the average white household
  • HAMP: $50 billion
  • Colossal Stimulus: $787 billion, which didn’t stimulate jobs or the economy
  • Cash for Clunkers:  $3 billion
  • Cash for Caulkers: $6 billion
  • Proposed Jobs Bill: $447 billion, Senate Democrats won’t pass
  • National Debt: $14 trillion; 62% of GDP and reach 185% by 2035
  • Government Spending: 24% of GDP expected to 50% by 2038
  • Income Taxes: Top 5% earners pay 59% of taxes
  • Americans who pay no taxes: 51%
  • New Regulations 2009-2011 :75 new regulation, 1827 rules amended; Cost of new regulations: $1.75 Trillion annually
  • 2012 Federal Budget proposed by Obama : $3.73 Trillion

With a record like this, it’s hard to fathom how Democrats can keep propping up Obama and his failed agenda.  No wonder Americans are angry; 40% disapprove of the job Obama is doing compared to a slim 18% who approve of his performance, which is exactly why WE the PEOPLE CAN’T WAIT to vote Obama out of office in 2012.

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8 Responses to “Failures of Obama Presidency: Rock Star President Delivers Rock Bottom Results”

  1. Laurence says:

    I like the fact that you give it to Republicans as well as Democrats in some of your blogs. However, I have to disagree with you on this one. You can’t drop all of ills of the country on this president. I am not a big fan of Obama’s but some of the items you list are just silly. Because Obama was the presiding president does not make for a causal link. It is almost as if you want to attribute the entire mess to one person. That is juvenile at best.

    Black wealth for example is not in the purview of the president to change. And if Obama put an initiative out there to increase black wealth what do you think his critics would say? It would be a field day of accusations of racism and race baiting.

    The stimulus program was started under Republican president George Bush.

    A good chunk of the deficit is the funding of two wars both started by George Bush. When Obama talked about ending the wars we had Cheney on every talk show talking about the President’s plan to cut and run. I mean, it is like no matter what he does, it seems that the Republicans will find fault in it.

    The downgrading of our debt sure hasn’t stopped other countries from buying it. And I do not have much confidence in those same rating houses that in my opinion share a duplicitous relationship with the same banking companies that started this crisis. It was their stamp of AAA approval on these stock swaps and other debt instruments that created the real estate bubble and the financial mess we are in today. I have no confidence in our rating system.

    And there were more people on food stamps under Bush than Obama. Many of the things you list were started or begun during the Bush administration. Bush gave money to the banks. Yes, Obama inherited a lot of this mess and to me hasn’t done a great job at fixing the problem. But to lay the entire fiasco at his feet is just plain ludicrous. You are smarter and better than that.

    And while the country is in need of jobs and other enhancements, what are Republican led majorities in state houses doing? Well they are talking about women’s reproductive rights. How can we take them serious?

  2. I wrote this some time ago but it sums up my disappointment with President Obama:

    1. Develop some principles and STAND up for them.

    No one really knows what Obama stands for because he caves in on almost every position we thought he had. Tax cut for the rich, offshore oil drilling, expanding nuclear power, expanding the military, using force instead of diplomacy with other nations, etc. Before you can believe in and support someone you need to know where they stand.

    2. Like JFK did with challenging us to put a man on the moon, Obama needs to challenge us to develop 21st century industries.

    What he has put out there so far to foster new industry is maybe 5 or 10% of what he should be doing. We need massive investment in new industries and he has to have the stones to tell Congress and the right wing that. How will we pay for that? See #3 and #4

    3. Massive cuts in the military budget/bring the troops home.

    We can not afford these wars. Even if we could, what is their purpose? All of Al Qeada left Afghanistan years ago and live in peace and comfort in Pakistan and other countries yet we still bomb the mountains. It is 10 years, does anyone still think Osama bin Laden is still there? We have doubled our military budget the last 10 years. Cut it in half!

    4. Scalpel please?

    Obama and McCain both promised to go through the federal budget with a scalpel and cut out the waste. When is that going to begin? Across the board cuts are stupid and hurt good programs as much as bad programs. Congress is too lazy to find the effectiveness and efficiency of all programs and cut the bad ones. Obama needs to call them out on that.

    5. Improve Education

    Obama has done some significant things here, but clearly must do more. Part of the “peace savings” from shutting down Iraq and Afghanistan should go to improve K-12, add more pre-K education, and lower the cost of college. You can’t compete in the 21st century without a great workforce. How can any President sign off on bills that continue tax breaks for the rich – including his buddies at GE – while states are laying off teachers and workers need to be retrained? Where is the liberal I voted for?

    I wish he would come back!

  3. Willie Lynch says:

    And P.S. No matter how the republican idiots try to defeat the Democrats. This circus sideshow they call Presidential nominees. couldn’t be melted down to one person and be elected president. They’re all a joke. Down with The Racists and Bigots.

  4. Willie Lynch says:

    Well Tundra Pa I don’t have to read it when already know it. After FDR the regular Southern Demos form the Dixiecrats. Then the defection of the the slave owner mentality Democrats started. As civil rights for black became more and more of an issue the Dixiecrats and their remant became the now Republican Party. Blacks use to vote republican until this time. During the advent of Pres. Kennedy what use to be Democrats became republicans. And they fought diligently to stop The Civil Rights Act, The Voting Rights Act, And The Housing Act. I even remember Barry Goldwater saying that “Blacks were not eQual to Whites at the Republican Convention. I don’t need to read anything because I lived through it. Now where where you?

  5. The Tundra PA says:

    Willie Lynch: I hope you will follow this link, and if you don’t take the time to read the article, at least watch the video at the bottom:

  6. Robert says:

    Maybe the big dummy Herman Cain can use this article as the basis for when he screws up. LOL. Stupid Republicans and Democrats. Both parties suck.

  7. Willie Lynch says:

    Republicans have called black people stupid for so you’ve actually start believing it. The only reason I’m giving you some of my time is because you made such a fool of yourself on “Washington Watch”. I knew that some black men were stupid, but not a young black woman. What happened? People teased you and call you white girl or hated you because you were light complex when you were going to school. You know that’s what happened to Clarence Thomas. He was ridiculed because he dark so now he’s doing everything to punish the black people. J.C. Watts was a Democrat until the Democratic Party wouldn’t support him on an issue so he turned on them. Ron Christy is cross-eyed, so I know he caught hell from black people (we can be very cruel as children). I’m dark! Democrats don’t go for everything I believe in, but I would take 3 bullets point blank to the brain before I would vote for any racist, bigoted republican. THEY HATE US!!!!!

  8. Brad says:

    We each should call our reps and senators and ask WHY impeachment of this president has not started yet.

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