According to President Barack Obama, Franklin D. Roosevelt, long regarded as a free-spending President, was actually “fiscally conservative.” What’s more, said Obama, Roosevelt’s “austerity” hampered the economic recovery being wrought by the New Deal, leading to a downturn in 1937 — a warning to leaders who think now is the time to begin slashing federal spending.

Obama offered this analysis of FDR’s alleged fiscal conservatism during the course of a July 22 town hall meeting at the University of Maryland, reports CNSNews.com. Said the President: “FDR comes in, he tries all these things with the New Deal; but FDR, contrary to myth, was pretty fiscally conservative.”

According to no less a source than Forbes magazine, a U.S. default is no longer a question of if. It’s when. In a July 23 article, Forbes’ Addison Wiggin warned readers not to get caught holding U.S. dollars when the United States government defaults — again.


 

Judging from President Obama’s lack of knowledge of basic free-market economics, I suggest that he invite Professor Walter E. Williams and author Thomas Sowell, two of America’s most eminent economists, to the White House to teach the President a course in basic economics — not the economics of Karl Marx, Nicolai Lenin, or Saul Alinsky, but the economics of Adam Smith, Frederic Bastiat, Jean-Baptiste Say, Milton Friedman, Ludwig Von Mises, and Friedrich Von Hayek, on which our free society and capitalist system are built. And since both Williams and Sowell are black Americans, he will see that free-market economics is not racially biased toward whites. Indeed, he will discover that two and two are four no matter what color you are.

That our President is economically illiterate can be proven by his strange assertion that the way to increase jobs is by raising taxes. Yes, higher taxes will create jobs but only in government. But government jobs do not create wealth, they consume it. The more money you give government, the more money government has to spend and the bigger government becomes. By taking more money out of the private sector, fewer jobs will be created by private business. None of this is so terribly difficult to understand.

A "super-Congress" is being proposed by Senate leaders Harry Reid and Mitch McConnell. The left-wing Huffington Post summarizes the plan — which they claim is also supported by Republican House Speaker John Boehner — this way:

"Legislation approved by the Super Congress — which some on Capitol Hill are calling the 'super committee' — would then be fast-tracked through both chambers, where it couldn't be amended by simple, regular lawmakers, who'd have the ability only to cast an up or down vote. With the weight of both leaderships behind it, a product originated by the Super Congress would have a strong chance of moving through the little Congress and quickly becoming law."
 

The National Governors Association Annual Meeting in Salt Lake City, Utah, July 15-17, was a smashing success — at least from the viewpoint of China's Communist Party officials and its state-controlled mega-corporations. A major component of this year's annual NGA confab was the first-ever U.S.-China Governors Forum, which brought the U.S. governors together with four of their Chinese counterparts, the governors of Zhejiang, Anhui, Yunnan, and Qinghai  provinces. Leading the official Chinese delegation was Zhao Hongzhu, Communist Party Secretary of Zhejiang Province.

Secretary Hongzhu told China Daily that the summit exchange was "direct, practical and effective." According to China Daily, billions of dollars in trade deals were signed:

When Standard and Poor’s moved up their timeframe for a downgrade on U.S. sovereign debt from three to five years to just 90 days, Dave Beers, Director of the Sovereign Debt Division explained that the rating of U.S. debt is not on the verge of falling because the debt ceiling debate in Congress hasn't been resolved:

The debt ceiling is not the central preoccupation that we have. We put the United States on credit watch because we’re growing less certain that this political debate can be resolved. This was not merely about the debt ceiling.

The problem with the U.S. is that there is no strategy. There is a debate about what the strategy would be. But there’s nothing close to a consensus.

With the landing last week of America’s last space shuttle, the nation stands at a critical point in the history of space exploration. For some, the last flight of Atlantis — a mission officially designated as STS-135, was “bittersweet,” as one writer termed it. The landing of Atlantis may presage a difficult era in the “Space Age,” or it may herald the beginning of the end of the government’s virtual monopoly on mankind’s exploration of the heavens.

As reported previously for The New American, NASA Administrator Charles Bolden has been marked by significant controversy regarding both the future of his agency, and the future of manned space flight. The Obama administration quickly killed George Bush’s “Constellation” program, which had set a return to the Moon and an eventual mission to Mars as part of U.S. space policy. However, NASA’s new, Obama-era goals quickly put the Moon and Mars back on the timetable — but pushed them farther away. Meanwhile, NASA’s budget remains fundamentally stable, despite the end of a shuttle program which had previously consumed a substantial portion of the budget. As Mike Wall recently wrote in an article for Space.com:

UPDATE, August 2, 2011: The House passed the bipartisan debt ceiling deal (S. 365) 269 to 161 on August 1. The Senate passed S. 365 by 74 to 26 just after noon today. President Obama has already signed it into law.

 

JBS CEO Art Thompson's topics this week -- Norwegian Mad Bomber a Christian? Think not! China continues to buy America as we buy Chinese; Latin America continues its march into communism.

President Obama’s open letter to the American people published yesterday in USA Today challenges them “to do something big and meaningful" and stand behind his efforts to raise the debt ceiling.

This debate [over the debt ceiling] offers the chance to put our economy on stronger footing, and [to] secure a better future for our children. I want to seize that opportunity, and [to] ask Americans of both parties and no party to join me in that effort.

Obama's letter is carefully crafted to persuade the average reader that the country’s present perilous financial condition was not caused by the Ruling Class at all but by all citizens working out their daily lives.

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