Saturday, January 30, 2010

A Republican Response to the 'Republican Response'

President Obama of course gave his State of the Union Speech this past week and it has received alot of attention here at this blog and in the financial media in general.

Right after the SOTU speech the opposition party gives a "response". This year it was given by the newly elected Governor of Virginia, Bob McDonnell. Here is a link to a transcript of that speech.

I'm a registered Republican, and consider myself a Conservative. However, fortunately, through Mike's various media, and those of his professional associates, I have come to what I consider to be a true understanding of modern money, fiscal policy, monetary policy and the role of Treasury Securities. I have to say: None of these operational facts or public accounting identities have anything to do with Conservatism. So with that said, please indulge me here with the following replay of the Republican response, and my 'inner monologue" as I listened to it:

Good evening. I'm Bob McDonnell. Eleven days ago I was honored to be sworn in as the 71st governor of Virginia. (...Great, seems like the GOP picked up a Governorship, heh heh, heh...)

I'm standing in the historic House Chamber of Virginia's Capitol, a building designed by Virginia's second governor, Thomas Jefferson. ( learn something new every day!..)

It’s not easy to follow the President of the United States. And my twin 18-year old boys have added to the pressure, by giving me exactly ten minutes to finish before they leave to go watch SportsCenter. (...nice, a family man, so was Mark Sanford...let's get to it Bob...)

I'm joined by fellow Virginians to share a Republican perspective on how to best address the challenges facing our nation today. We were encouraged to hear President Obama speak this evening about the need to create jobs. (...Jobs! Yes! that's it!..)

All Americans should have the opportunity to find and keep meaningful work, and the dignity that comes with it. Many of us here, and many of you watching, have family or friends who have lost their jobs. 1 in 10 American workers is unemployed. That is unacceptable. (...Yes! get 'em Bobby! it's output and employment we need to focus on!...)

Here in Virginia we have faced our highest unemployment rate in more than 25 years, and bringing new jobs and more opportunities to our citizens is the top priority of my administration. (..yeah but you can't do it alone, Bob, State's aren't currency issuers, you're gonna need help from Federal fiscal policy...)

Good government policy should spur economic growth, and strengthen the private sector’s ability to create new jobs. We must enact policies that promote entrepreneurship and innovation, so America can better compete with the world. ( ...Well I'm not sure where you're going wth the "competition" remark, but yeah, innovation is good! keep going Bobby boy!...)

What government should not do is pile on more taxation, regulation, and litigation that kill jobs and hurt the middle class. (...Yes!, any tax increase now would be economic suicide!....)

It was Thomas Jefferson who called for "A wise and frugal (...Uh-oh...) Government which shall leave men free to regulate their own pursuits of industry ….and shall not take from the mouth of labor the bread it has earned…" He was right. (...OK! "bread from the mouth of labor"! I see a huge Payroll Tax holiday proposal coming!...)

Today, the federal government is simply trying to do too much. Last year, we were told that massive new federal spending would create more jobs 'immediately' and hold unemployment below 8%. (...Yes! The fiscal transfer via the stimulus is not broad enough and is taking too long to implement! ...This is gonna be grrrreat when he makes a specific proposal for an across the board payroll tax cut!...)

In the past year, over three million Americans have lost their jobs (...terrible!...), yet the Democratic Congress continues deficit spending (Oh-no... not...), adding to the bureaucracy, and increasing the national debt (OH-NO! not....) on our children and grandchildren. (...NNNNNOOOOOOOOOOOOOOO!!!!!!).....


1 comment:

Sheldon Ridge said...

That is funny Mike. You knew it was coming to that. The republicans sound like a broken record with the "debt for the grandchildren line."
You had pointed out before that the national debt in the 1940's was almost 120% of GDP then, but the country didn't go broke. In fact we had huge economic growth after that.
All the pessimism is what is keeping the country from recovering from the economic doldrums.
I can't thank you enough for your rational analyzation of the ecomomy, monetary policy and the fed. I listened to your radio show in Houston and have followed you ever since. I wish that somehow one of the main stream media sources could pick up on your talent and put you on the air to try to educate the masses.