Economics or Obamination?

Friday, 07 Sep 2012 01:14 PM

By Jacob Wolinsky

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As we are close to entering the final quarter of 2012, and with the November election quickly approaching, now is perhaps the perfect time to look at the economic situation.

Today’s job numbers were awful, to say the least. However, let’s look at the entire past four years.

Since 2008, we have witnessed many things in the American economy, many of which we never thought we would see. These include the failure and subsequent bailout of banking giants, the government acquisition of a controlling stake in U.S. automaker General Motors and continuous unrest on Wall Street.

Each of these issues presents its own problems and points of interest. With the salvation of the banks, we see that the federal government believed there was no solution, except to help salvage the giants in an industry that is based on the risk of suffering losses. However, the bailout was designed in a poor manner. This bailout was the work of George W. Bush, not Barack Obama.

GM was struggling to keep its doors open, and even amid massive job cuts and other cost-cutting actions, it was bleeding profits like a slashed artery. The federal government then stepped in, under the Obama administration's authority, and purchased a controlling stake in the company, giving it the much needed funding to remain open. While I see the need for GM to remain in operation, providing much-needed jobs for our economy, I do not agree with the way the bailout was handled. America has seen, for the first time, a bailout that was possibly done in an illegal manner.

The Obama administration likes to tout the success of its bailout of GM as a positive point for the election campaign. In truth, GM has paid back a large sum of the funds borrowed during the bailout. However, even as Obama flaunts his success, he fails to mention where the profits came from or the fact that the company is still losing jobs and profit. American Vision reports that GM's Shreveport, La., facility was closed on Aug. 30 of this year, sending 800 employees to Louisiana's already burgeoning unemployment lines. GM stock is down over 30 percent since its initial public offering in 2010, nearly matching Facebook’s disastrous performance.

So, here we are, nearly four years after Obama began his reign as the president of the United States, and I ask you, have we truly made any progress in the right direction? Has this administration given us any advancement in economic policy, or are we simply seeing an Obamination of the very thought of a plan for salvation?

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