In Obama’s Two Economies, Daniel Henninger wrote, “For Mr. Obama there is no such thing as the American economy. Instead, there are two Americas with separate economies-one public, the other private. … Because Mr. Obama and his circle divide the economy into two parts, with the private economy merely a satellite orbiting the public sun, he has proven incapable of offering policies for the whole nation. … The American Jobs Act is a jobs plan for Barack Obama’s America.”
Well Henninger is dead right. While Wall Street is booming and exporters are in clover, thanks to the Bernanke/Obama cheap money policy of dollar debasement, Main Street America continues in recession. And America’s retired and soon-to-be retired savers cannot earn a fair interest rate on retirement savings.
One of the most famous small coastal cities in New England had a median single-family home price of $414,550 in the third quarter of 2010. In the first quarter of 2011, the number is $260,000. Hard to believe. Like I said, out on Main Street the recession continues with no end in sight.
On our recent Harley trip to Vermont, it was sad to see a for rent sign on a big motorcycle store in a college town we have travelled through for years. And it appeared that a third of the store fronts in town were vacant. Riding north, we were horrified at the for sale and rent signs in just about every town we rode through, with several towns looking half empty. In a wonderful boarding school town, the anchor restaurant in the middle of the village was shuttered. Shocking also was the fact that we were able to walk right into a first-rate restaurant that should have been booked solid. How do you like the looks of the economy so far?
I am reading that over 100,000 immigrant workers are pouring into the U.S. monthly. With 14 million Americans unemployed, it is hard to see how this is allowed. And we can see the changing demographics as we travel. As Pat Buchanan asks, “Who is looking out for the national interest of all the members of the American family, especially the unemployed?” As the desperate communities of the Northeast are discovering, it sure as heck is not the fellow in the White House.