Herman Cain's Commentary Archive 2009-2012

February 20, 2012

Obama’s Report Card: We’ve Got a Few Problems Here

February 20, 2012
by Herman Cain

Based on President Obama's latest State of the Union address and speeches, he would probably grade his performance in the first three years of his presidency as an A or no less than a B. Let's examine the facts and see what the facts say about promised results versus actual results.

STIMULUS BILL ($862 billion): The Congressional Budget Office reported in November 2011 that 700,000 jobs may have been sustained as a result of this massive spending measure. The administration projected 3.5 million jobs would be created. (That’s more than $1.2 million per job, assuming it’s true.) The administration then concocted a definition for "saved" jobs to boost the results. Only liberals bought the phony definition and the result was still way short of projection.

The president also said the spending would keep the unemployment rate below 8 percent. It has not been below 8 percent since he made the prediction, which is a post-World War II record of 35 straight months above 8 percent. The administration (specifically the Bureau of Labor Statistics) has now changed who gets counted in the work force and who gets counted as unemployed to make the rate appear to be lower than it actually is.

Hush! The real number is over 15 percent, but don't tell anybody.

OBAMACARE: We were supposed to be able to keep our current insurance if we liked it. Insurance premiums were supposed to come down and more people would be covered. None of that happened. Even worse, a majority of the public did not even want ObamaCare.

NATIONAL SECURITY: The world is not safer. Defense spending is on a downward trajectory. Our military is being stretched. Terrorist attempts continue. Our southern border is not secure. The START treaty was a mistake because the president gave away too much, and now he wants to voluntarily reduce our nuclear arsenal. I don't feel secure.

ENERGY INDEPENDENCE: An extended moratorium on oil drilling in the Gulf of Mexico, refusal to approve the Keystone Pipeline, mandatory reporting of "greenhouse gases" and a regulatory onslaught on the coal industry are not the path to energy independence. Energy dependence, which is what these policies produce, is a threat to our national security.

INVESTMENT IN SO-CALLED “GREEN JOBS”: More than a half a billion dollars of taxpayer money has been wasted on companies like Solyndra and Fister Automotive, which have filed for bankruptcy. Government should not be in the business of trying to pick winners and losers, and this administration has only picked losers. So-called “green jobs” will not save this economy.

FANNIE and FREDDIE: These giant mortgage holding companies were the catalyst for the financial meltdown of 2008 and 2009. They are still at the heart of the housing crisis and are still being heavily subsidized by the taxpayers. The administration has just allowed business as usual to continue at these entities at our expense, and received no new oversight in the big-banks-biased Dodd-Frank financial deform legislation. Speaking of which . . .

DODD-FRANK: This bill was supposed to help prevent another financial meltdown, which we are very close to again because this legislation did not solve the problem. This bill has also had the consequence of forcing a lot of perfectly healthy smaller community banks out of business due to increased regulatory requirements. In a rush to pass the bill, many of these requirements were not properly vetted by the entire banking community.

I have listened to many small banks’ horror stories about how they were unfairly shut down by the regulators due to the impact of Dodd-Frank. Where’s that report?

NATIONAL DEBT: Insane! During the Obama Administration, the national debt has increased more than 50 percent in three years to more than $16 trillion. For that spending, the federal government is bigger, the economy is still stalled, the real unemployment rate is not decreasing, gasoline prices are headed back to $4 a gallon and our national debt is now bigger than our Gross Domestic Product. None of these are good outcomes.

SPACE PROGRAM: The administration cancelled the development of our next generation of space vehicles. We will now have to "thumb a ride" with Russia or other countries. That's not leadership. That’s allowing an American strength to become a weakness.

CASH for CLUNKERS: That failed program needs no further explanation.

President Obama did give the OK to complete the mission to take out our enemy Osama bin Laden. Kudos! The administration also bailed out General Motors and Chrysler, but the taxpayers will not recoup nearly $25 billion of the $85 billion bailout.

Based on the facts above, this presidency has been a failure. But consistently, about 45 percent of the American people have the perception that President Obama is doing a good job. That's the power of carefully crafted rhetoric, selective statistics and a pro-Obama mainstream media.
Let’s not reward President Obama’s failed report card with a second term.