The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

Chuck Pinkey

January 14, 2014

The Democrats expect us to thank them?

A week ago, a letter writer from Delhi on the opinion page of The Daily Star wanted to, “Thank a Democrat for 2014 prosperity.” Wow! It must be a matter of perspective. I suppose someone from Antarctica, visiting New York last week, would find the weather sweltering.

The lady from Delhi was right. The stock market is at 16,500, which is an all-time high, but I’m not so sure congratulations are in order. The Federal Reserve is printing 40 billion new dollars each month (half a trillion dollars a year), and this money is injected into the economy via the banks.

What do the banks do with this money? They lend some of it, but most goes into the stock market through investments in stocks and mutual funds. That is what is driving the market and producing corporate profits. Like never before, corporations are dangerously oversold. Thank you, President Obama and the Democratic Party.

According to George Will, the true unemployment rate is 11 percent, and some economists put it as high as 15 percent, if you calculate in those no longer looking for employment. Thank you again, Mr. President and the Democratic Party for deep fat frying the figures down to 6.7 percent, and you wonder why people don’t trust government.

In addition to extending unemployment 99 weeks, President Obama will soon extend it again, and when that period elapses, unemployment will be extended again and again and again. ... He and Nancy Pelosi maintain that this is good for the economy.

Sure, everyone knows paying people to sit on their butts for years is a real economic stimulus. Thank goodness for such leadership!

Most of this is old news, but for someone sequestered in Antarctica, it bears repeating. Let’s all have a round of applause for the Democratic Party, and the masterful way it has engineered food stamps and welfare recipients to all-time highs. Also, I’d be remiss in not mentioning the NSA spying on millions of Americans and billions of calls and emails.

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Chuck Pinkey

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