Stock Market, Associated Press Not Buying Obama’s Speech

As anyone who even remotely follows politics knows, Barack Obama had an electioneering speech a Congressional Address yesterday. It bombed in the eyes of the stock market and in the eyes of the normally sycophantic Associated Press. As of right now, the Dow Jones Industrial Average has fallen over 300 points after Obama’s after-hours speechifying. And the Associated Press basically said to Obama “you’ve been weighed and measured and found wanting.”

As Ed Morrissey reports, with a link to the Associated Press and plenty of quoting, that the AP found many falsehoods in Obama’s speechifying.

1) It is not paid for. It is deficit spending, supposedly covered by unnamed spending cuts in the “out years,” in other words, never gonna happen since the “out years” never arrive.

2) It is not bipartisan. Obama’s proposed heavy cut in Social Security payroll taxes will find little, if any support among Republicans. The fact Social Security is already in very serious trouble doesn’t even faze Obama. What about all those old people who depend on Social Security and Obama’s plan to destroy Social Security revenue? Obama’s plan to raise taxes on the job-providers has never had Republican support. It’s just his repeated Tenth Commandment violating radical Leftist mantra, just presented again-again.

3) It is not deficit-neutral. With all the new, right now, spending come the later, maybe never, spending cuts and the later tax increases. There is nothing deficit-neutral about paying later for what you buy now, no matter how you slice it.

4) It is not immediately effective.

One is to set up a national infrastructure bank to raise private capital for roads, rail, bridges, airports and waterways. Even supporters of such a bank doubt it could have much impact on jobs in the next two years because it takes time to set up.

So, the Associated Press found at least four major points where Obama’s electioneering speech was untruthful. And that doesn’t even cover the many political differences of opinion, such as the opinion that none of Obama’s proposals — which were already tried and already failed — will fail if tried.

Dana Pico has a Stock Quotes widget on his Common Sense Political Thought sidebar, which showed at one point today the Dow Jones Industrial Average had fallen over 350 points to below 11,000. So the stock markets agree, Obama’s speech was an economic dud.

And the Congressional Democrats and the sycophantic Dana Milbank? They found Obama uninspiring, boring, and irrelevant.

The lawmakers weren’t particularly hostile toward the president — they just regarded the increasingly unpopular Obama as irrelevant. And the inclination not to take the 43-percent president seriously wasn’t entirely limited to the Republicans.

The nation is in an unemployment crisis, and Obama was finally, belatedly, unveiling his proposals, but Rep. Carolyn McCarthy (D-N.Y.) thought this joint session of Congress would be a good time to ask Secretary of State Hillary Clinton to autograph a copy of the children’s book “House Mouse, Senate Mouse.” …

Almost all Republicans ignored the calls of some within their ranks to boycott the speech. In fact, the empty seats were on the Democratic side. Democrats lumbered to their feet to give the president several standing ovations, but they struggled at times to demonstrate enthusiasm. When Obama proposed payroll tax cuts for small businesses, three Democrats stood to applaud. Summer jobs for disadvantaged youth brought six Democrats to their feet, and a tax credit for hiring the long-term unemployed produced 11 standees.

Obama spoke quickly, urgently, even angrily. Rep. Jesse Jackson (D-Ill.) stared at the ceiling. Rep. Peter Welch (D-Vt.) scanned the gallery. Rep. Jim Moran (D-Va.) was seen reading a newspaper. And Republicans, when they weren’t giggling, were mostly silent.

Basically, Obama’s Teleprompter has been saying the same things over and over again for three years now, and more and more people aren’t buying it. To the point where even the sycophants are having to point out the obvious: Obama’s words are false, old, boring, irrelevant.
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