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Wednesday, June 22, 2011

Complete Economic Incompetence

Two pieces I am going to show teasers from then point you to the entire articles. Both of which show an alarming amount of incompetence and a complete unseriousness (yes I made that word up!! deal with it) on the part of our government to address the unemployment situation and to help businesses to expand, compete, and help the economy as well as hire more people.

The Politico:

Nearly nine months after its formation, a $30 billion government fund to foster small-business lending has yet to pay out a single dime, even as the nation struggles with traumatic levels of unemployment.

844 institutions have applied for $11.6 billion from the Small Business Lending Fund, yet not one dime has been issued from a fund meant to help the economy, small businesses and unemployment?

Second article I will point you to is at NYT:

The Federal Reserve hoped that its three-year-old economic rescue campaign would reach a climax at the end of June. It hoped that consumers and businesses by now would be spending more and more, and the central bank could start doing less and less.

Lotta hoping going on there huh?

That peak now looks like a long plateau. The Fed still is expected to announce Wednesday that it will halt the expansion of its aid programs at the end of June, as scheduled, when it completes the purchase of $600 billion in Treasury securities. But growth is sputtering, and economists now expect that the Fed will leave its $2 trillion of bandages, props and crutches untouched until next year.

The pace of economic expansion has repeatedly fallen short of the Fed’s predictions, and the central bank is expected to lower its eyes once again when its releases a new forecast after a two-day meeting of its policy board, the Federal Open Market Committee.

This is the type of thing you get when you hire someone that has no experience for the job he was hired to do.

Add this to the latest CBO report and is it any wonder 66 percent of Americans think we are on the wrong track, pluralities saying they definitely will not vote for Obama again and saying they are worse off now than they were when Obama took office?

Add it all together and what you get is one word--- Incompetence.