Obama's narcissism, callousness, and disregard (and dare we say hatred) for America reach new lows. While unemployment rises, inflation jumps, the stock market disintegrates, more layoffs announced, the dollar's value crashes, the economy heading towards another Recession, with 45.8 Million Americans on food stamps, and tens of millions more suffering and struggling to survive, his majesty Emperor Obama and his entourage runs off to yet another luxurious vacation in Martha's Vineyard, playground for the rich and famous.
Ah. August. The month where hardworking Americans take a little time off, head to the beach, take the kids to an amusement park, or maybe enjoy the cool air of the mountains. Oh wait, we're in the worst recession in generations where a significant number of people aren't working, but not because they've taken time off but because they can't find a job. And a significant number of those who are lucky enough to have a job are pinching their pennies and making every dollar last.
And then there is Obama. Vacationing in Martha's Vineyard.
This is hardly the time for our fearless leader to be taking time off. For the fourth consecutive week the Dow Jones Industrial Average lost ground. Over the past week a whopping $23.5 billion was pulled from equity funds-- the most since the collapse of Lehman Brothers in 2008. That has driven the stock market down 11 percent for the month of August as nervous investors are beginning to panic.
What's more, they might have reason too.
The Federal Reserve Bank of Philadelphia just reported a drop in regional manufacturing survey, a key signal showing lower domestic growth. As James Paulsen, chief investment strategest for Wells Capital Management told the New York Times, "That was the first number that says recession."
If things are bad here, they are possibly worse overseas. Greece, Ireland, and Portugal remain an economic mess. They were at least small and bailout-able. Now, fears that two of Europe's largest economies, Italy and Spain, could also need help, is sending the European Union into a panic. Despite early talk of creating a "fiscal union" by which nations' debts would be collectively guaranteed, leaders in France and Germany signaled their contentment with the current bailout fund. This left investors, who were expecting something more audacious, feeling less than comforted.
So in sum we've got investors fleeing, the stock market plunging, Treasury rates hitting all time lows, gold prices hitting all time highs, and a President on vacation.
It was enough to make some political prognosticators to wonder if he had simply given up. Here's Peggy Noonan in today's Wall Street Journal, "You can imagine him having lunch with political advisers, hearing some unwanted advice -- "Don't go to Martha's Vineyard!" -- putting his napkin by his plate, pushing back from the table, rising, and saying in a clipped, well-modulated voice, "I'm tired, I'm going. If they want this job so much let them have it."
Nile Gardener took it a step further in the UK Telegraph, calling it "an act of presidential hara-kiri."
It's hard not to agree with them. After all, the stock market isn't the only thing that is tanking. A new Gallup poll out earlier this week finds that only 26 percent of Americans approve of President Obama's handling of the economy, well below his previous all-time low of 35 percent. Americans are also increasingly fed up with his job performance on job creation (29 percent approval) and the federal budget deficit (24 percent approval).
A vacation during one of the most volatile economic periods in recent history isn't likely to boost his approval rating. Especially since he's going to Martha's Vineyard of all places. Heading to a posh playground for wealthy elites, to hobnob with locals whose biggest daily concern is figuring out whether to choose the Mahi Mahi or the lobster tail, doesn't make for good optics.
"It's the kind of place that reverberates in the political imagination -- that tags you as elitist no matter how many g's you drop," writes Peggy Noonan.
But it's not just limited to our imagination. It's a clear signal that President Obama is out of touch with the deep-felt sense of unease that is permeating most of America. Everyone understands the need for some time off. We get it. But do you really have to go now? When the threat of recession is real? And do you really have to go there? Where the economy is a distant worry for most of its residents.
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