Friday, July 8, 2011

Obama Blames Not Raising the Debt Ceiling for 9.2 percent Unemployment

Americans should be fortunate that Obama is not an economist. Obama claims not raising the debt ceiling has caused a series of setbacks to the economy. The president blames not raising the debt limit has contributed to higher gas, lost of jobs, the Greece crisis, and natural disasters. To a sane individual, one would think that president is an idiot. Actually, the economy is not directly linked to the debt ceiling. To fix the mess, we need to create jobs and become less dependent on foreign oil. To do that, it is important to lessen the tax burden on businesses that create jobs and drill for oil within our borders. This is not rocket science.

(My Way) WASHINGTON (AP) - Beset by a weak jobs report, President Barack Obama on Friday called for swift action by Congress to raise the nation's borrowing limit, saying the uncertainty over the debt ceiling has hindered hiring in the private sector.

In remarks in the White House Rose Garden, the president linked two of the most high profile issues facing his presidency - the weak economy and a massive budget deal to meet an Aug. 2 deadline to increase the debt limit.

He made his remarks just hours after the government reported anemic job growth for June and a new, higher unemployment rate of 9.2 percent.

Obama said uncertainty over raising the debt ceiling - currently capped at $14.3 trillion - was one of several factors that have contributed to an economic slowdown and weaker job creation. He also listed natural disasters, high gas prices, state and local budget cuts and the fiscal crisis in Greece.

That gave Republicans fresh ammunition to attack Obama's handling of the economy even as the shape of an agreement remained in doubt.