June 5, 2011

Obama: It’s Europe and Japan’s Fault.

  9:34 am

From Reuters:

President Obama is pointing to problems in Japan and Europe as challenges for the U.S. economy, placing some blame on events abroad for a domestic recovery that is showing signs of slowing down.

[It] is a political challenge for the president, whose re-election in 2012 may depend on his ability to convince voters that his economic policies have been successful.

Part of his pitch will include steering attention to outside forces as causes for economic woes at home.

The president did just that in his weekly radio and Internet address, broadcast Saturday, by highlighting “head winds” that are affecting the United States.

“Even though our economy has created more than two million private sector jobs over the past 15 months and continues to grow, we’re facing some tough head winds,” he said.

“Lately, it’s high gas prices, the earthquake in Japan, and unease about the European fiscal situation. That will happen from time to time. There will be bumps on the road to recovery.”

(emphasis added by MBL)

It’s always somebody else’s fault with this guy. Blaming Bush is passé now, so he has to find someone else to throw under the bus. So why not our European and Japanese allies? They can keep Israel company under there.

Does this guy have a foreign policy worthy of the name? If he does, it is very difficult to detect. Mitt Romney has pointed out this lack of discernible foreign policy a number of times. Obama seems to be making it up as he goes.

(Mitt also made the point that those aren’t “bumps on the road” as Obama so cavalierly labels them. They’re Americans.)

The only consistent foreign policy this president seems to have is to offend our friends and coddle our foes. One would think you could expect better from the reputed smartest person ever to hold the office. Yet such is not the case.

It is now less than twenty months to January 2013. Can we endure Obama’s incompetence that long?



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Jonathan (orphaned Danielsite)

I have no doubt that people like Prime Minister Netanyahu, President Sarkozy, Chancellor Merkel, Prime Minister Harper and many of our other allies are privately wishing President Bush was back in office. After all, even during the Iraq War controversies, I don't remember Bush himself going after our allies for disagreeing with us about Iraq. That President had class, this one has none.

thunder (Romney/Huckabee 2012)

I guess blaming Bush has run its course, now they need another escape goat. It will not work.


Mitt on cover of Newsweek


That's a photoshop correct?


Speaking of our economic malaise, here's another indicator that we're headed to Helena Hambasket:

Probably the most imprtant secular trend in recent employment data, one that has a far greater impact on the macroeconomic themes than Birth/Death and seasonal adjustment manipulated month to month shifts in the employment pool per either the household or establishment surveys, is the labor share of national income. In a 2004 paper from the St. Louis Fed, the authors make the following statement: "The allocation of national income between workers and the owners of capital is considered one of the more remarkably stable relationships in the U.S. economy. As a general rule of thumb, economists often cite labor’s share of income to be about two-thirds of national income—although the exact figure is sensitive to the specific data used to calculate the ratio. Over time, this ratio has shown no clear tendency to rise or fall." It would be wonderful if this was true, and thus if the US population really had a stable distribution of income between laborers and capital owners. Alas it is dead wrong. In fact, as the latest note from David Rosenberg points out, the "labor share of national income has fallen to its lower level in modern history - down to 57.5% in the first quarter from 57.6% in the fourth quarter of last year, 57.8% a year ago, and 59.8% when the recovery began." And here is where the Marxist-Leninist party of the US should pay particular attention: "some recovery it has been - a recovery in which labor's share of the spoils has declined to unprecedented levels."

Read it and weep at the included graph. (Found at Don Surber's blog.)


Jose 3. See NewsBeast for the teaser.


Does this guy have a foreign policy worthy of the name? If he does, it is very difficult to detect.

Obama's foreign policy is simple: Hug your enemies, slap your friends.


I doubt he'll get far with this particular blame game. The media will try to help him, of course, but I don't think it will sell.


Sure. Anytime there's a senseless economic downturn that can't be solved, someone always blames the European or Japanese guy.......


The interesting thing is how Obama continues to "try to have it both ways." The only reason the American auto industry has done well is due to the earthquake in Japan, making it difficult for Japanese automakers / dealers to get parts from Japan .. but he is using the earthquake in Japan to "blame" for the economy on a whole for not doing well. There will always be someone else to blame in Obamaville, and that will never change whether there's any truth in it or not.

Jack Bauer's Dad

Obama's Philosophy:

"The Buck Stops...anywhere but here"

european soul 80

Ok this Europe and Japain fault its more then disgusting.Why he dont talk about whos fault is the whole crisis actually?Why do you blame some people who are actually a collateral victims of USA failure?

Lets see...

Japaim?Whos ecenomy was pretty good in last few years.Sure after earthquake and tsunami hit is down.But it is not japain fault this trash.

Europe? Well,same here ,was very good before USA economy did not fucked up.Sorry for my language but this is the truth.

Sure IMF International Monetary Fund had made a great job strangling Europe in same time.We need around 30 years for pay back.

I am a simpley citizen of europe from a country where the life is harder then you can imagine or anybody else from America .My pay is around only 150 Euro /month.And the life here is much expensive her then in an ordinary city in america.

So please mr Obama dont come to talk this kinda of things if you dont know anything just numbers and statistics.You have to ask sorry from both ;Japain who is still in pain,AND FROM EUROPE.

In the end japain and europe,and most europe is who going down AGAIN becouse of USA.

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