This letter is not about abortion, global warming, gay marriage, separation of church and state, animal rights or healthcare. This letter is about the economy, the bills that have been enacted and the policies that were put into place.
American credit has been downgraded twice in the past three years. The current national debt is $16 trillion. It is more than 100 percent of the gross domestic profit, which includes government spending; in other words, as a percentage of the private sector’s spending, the national debt is much more than 100 percent.
During the past three years, gas prices have doubled while the supply of domestic oil has been intentionally reduced. Oil rigs in the Gulf have left or shutdown. There is a moratorium on drilling for oil in the Atlantic, except that foreign nations are drilling there. The Keystone Oil pipeline construction has been stopped this year over environmental concerns. In the past three years, 111 coal-fired energy plants stopped producing electricity. That is one-fifth of the nation’s coal plants, and in the next three to five years EPA mandates will cause more than 200 more coal-fired energy plants to close across 25 states. President Obama said that under his plan, the CO2 emissions limit would bankrupt anyone who attempted to build a coal-fired energy plant.
Steven Chu, the current energy czar, said that he likes the European model where our gas prices would be more like $9 a gallon. Chu said that he wanted to move off of oil and into electric cars. Spain went all in for green jobs and now has 25 percent unemployment. This year, due to the government bailout of Solyndra, a solar panel manufacturer, taxpayers lost $500 million. As a result of the recent bailout of the auto unions, the government now owns 25 percent of GM stock and produces the Volt, the totally electric car that Mr. Chu wanted. The independent Congressional Budget Agency says we should not buy the car the government is building because it costs too much.
President Obama said he wanted to raise the capital gains tax for reasons of fairness. Many retirees have capital gains. The Patient Protection and Affordable Care Act, nominally referred to as Obamacare, has slashed $715 billion out of the Medicare private insurance advantage plans, which cover most seniors and is their primary coverage. Obamacare has also imposed a new tax on everyone who cannot afford medical coverage or chooses not to be covered. If a corporation having more than 50 employees drops their employee healthcare plan and dumps their employees onto government healthcare, the tax will be less than the premiums.
Obamacare requires insurers to cover “children” up to the age of 26 years, probably because many young adults in that age group cannot find jobs, even with college degrees, and are forced to live with their parents.
The nation’s favorability rating in Europe under President Bush was low. The nonpartisan Pew Research Center reported U.S. favorability in Europe is now lower than when Bush was president.
President Bush obtained Congressional approval to invade Iraq and Afghanistan. In 2001, the war in Afghanistan cost $20 billion, and in 2010 the cost rose to $105 billion. In 2011, the war cost rose to $118 billion, and more Americans have been wounded or killed during President Obama’s three years than in President Bush’s eight years. Fully 70 percent of those injuries and deaths occurred under President Obama’s watch.
President Obama proceeded without authority to wage war in Libya, a covert drone war in Yemen, a proxy war in Somalia, an escalated CIA drone war in Pakistan, an escalated war in Afghanistan all without success. The Muslim Brotherhood under Sharia law is in control of the vast Middle East, and testimony before House Armed Services Committee reveled that of the 85 percent of special operations forces in 75 nations around the world, only 20 percent are currently in Middle East. President Obama praised the “Arab Spring” revolution in the Middle East as the beginning of a new democracy.
Obama’s policies have failed. Give us one reason why he should be given a second term.