Video: Andrew Klavan – Obamanomics 101, understanding how the Obama economy works

Sep 6, 2012 by – As President Obama explains his economic policy (or explains away the consequences of that policy), City Journal’s Andrew Klavan cuts through all the spin with this very, very important primer on both Obamanomics and the truth about capitalism.

U.S. debt breezes past jaw-dropping $16 Trillion on opening day of Lib convention

It’s fitting that this milestone occurred during the Democrat Convention.  Obama promised he’d cut the deficit in half by the end of his first term in office.  Instead he increased it by over 50%.

Change you can believe in.

$16 Trillion reasons

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Video: US Debt expected to top $16 Trillion during DNC Convention

When Spendthrift-in-Chief Obama took office the debt was $9.986 Trillion. Give Obama another 4 years and by the next convention the debt will be topping $21 Trillion.

Sep 1, 2012 by – Perfect. Republicans faced Hurricane Isaac during their national convention in Tampa. Democrats face a Hurricane of Debt during their convention. The national debt is expected to top $16 trillion dollars this week. Obama added $6 trilllion to the nation’s debt. When he took office it was $9.986 trillion.

Survey: 61% of small business owners plan to vote for Romney

I bet it’s even more than that.

Gateway PunditMore than twice as many small business owners support Mitt Romney over Barack Obama.

Including the owner of Crumb and Get It in Virginia.

It’s no secret that Barack Obama is bent on destroying small business.

The Washington Post reported:

Main Street has already proved an important battleground in the presidential election. So which candidate is winning the favor of small business owners?

Mitt Romney, and it’s not even close, according to a new poll.

Sixty-one percent of small business owners plan to vote for the Republican challenger, more than double the 26 percent who say they will vote for President Obama, shows a survey released Tuesday by Manta. The president’s numbers have fallen six points since May, while Mitt Romney has picked up four points with business owners. In the latest national polls, the candidates are virtually deadlocked.

Obama still has time to make up ground on Main Street, but he will need a solid performance next month in Charlotte. Forty percent of respondents said their vote could swing based on the small business issues — namely taxes, healthcare and regulations — discussed at the conventions, while one in four said they’re still waiting to see what types of initiatives the candidates outline between now and November.

Video: Stutistics – Obama’s Budget vs Reality

We’re screwed.

While Bush’s deficit to GDP over his 8-year term was 2.7 percent, slightly above the historical average of 2.6 percent, Obama’s is actually much, much higher. More than double, in fact. “Even if you use Obama’s own rosy numbers, his deficit towers above at an unthinkable 6.1 percent,” Stu explained.

The Blaze – For those of you who just want to know the facts regarding the economy, not the typical over or under-exaggerated political rhetoric, tonight’s episode of “Stutistics” may be for you.

Tonight on GBTV, soon-to-become TheBlazeTV, Stu Burguiere, executive producer and head writer for the Glenn Beck Radio Program, broke down what he calls “the deficit blame game” and compared President Obama’s deficit to former President George W. Bush, who Obama routinely blames for all of his administration’s shortcomings. OK, so due to a technical error the episode didn’t actually air, but now you can see it here.

“Last time we showed you that while Obama loves to blame Bush for everything, his deficits are far worse than any previous president or, for that matter, any drug addicted heiress,” Stu said as a picture of Paris Hilton flashed on the screen.

While Bush’s deficit to GDP over his 8-year term was 2.7 percent, slightly above the historical average of 2.6 percent, Obama’s is actually much, much higher. More than double, in fact.

“Even if you use Obama’s own rosy numbers, his deficit towers above at an unthinkable 6.1 percent,” Stu explained.

Unemployment rates rose in 44 U.S. states in July

Who couldn’t be excited about another 4 years of Obamanomics?

August unemployment not looking good either.

Washington Times — Unemployment rates rose in 44 U.S. states in July, the most states to show a monthly increase in more than three years and a reflection of weak hiring nationwide.

The Labor Department said Friday that unemployment rates fell in only two states and were unchanged in four.

Unemployment rates rose in nine states that are considered battlegrounds in the presidential election. That trend, if it continued, could pose a threat to President Barack Obama’s re-election bid in less than three months.

Nationwide, hiring improved in July after three months of tepid job gains. But the national unemployment rate ticked up to 8.3 percent from 8.2 percent. Monthly job gains have averaged 150,000 this year. That’s barely enough to accommodate population growth. As a result, the unemployment rate is the same as when the year began.

Still, 31 states gained jobs in July, while 19 lost them. Unemployment rates can rise in a state even when more jobs are created if more people start looking for work. People who are out of work are counted as unemployed only if they’re looking for a job.

In the most closely contested states in the presidential race, unemployment has fallen over the past year. That could help Obama in his contest with GOP candidate Mitt Romney.

But it has started to tick up in recent months. In Nevada, the rate rose to 12 percent in July from 11.6 percent the previous month. That’s the highest rate in the nation, though it’s still much lower than a year ago, when it was 13.8 percent.

And in Michigan, the rate has increased to 9 percent, from 8.5 percent two months earlier.

Unemployment also increased in Florida, Virginia, North Carolina, Iowa, Pennsylvania, Michigan, Colorado, Wisconsin and New Hampshire.

The rate was unchanged at 7.2 percent in Ohio, the only swing state that didn’t suffer an increase. Still, that rate is down sharply from 8.9 percent a year ago.

Video: Obamanomics – A legacy of wasteful spending

Four more years of Obamanomics and we’re finished.

This mini-documentary from the Center for Freedom and Prosperity Foundation highlights egregious examples of wasteful spending from the so-called stimulus legislation and explains why government spending hurts economic performance.

Aug 12, 2012 by

Obama economy: July unemployment rises to 8.3%

41 straight months above 8%.

The longest stretch on record.

Real unemployment is in the high teens, but no one ever talks about that.

If a Republican had been at the helm these past 4 years the media would be on his/her case relentlessly. The media used to slam George Bush for unemployment under 6%!

Supposedly some 163,000 jobs were created in July, and the Obama Administration and media will tout that as something to be proud of, but it is far below what is required to cut employment, and it will most likely be revised downward next month.

Breitbart – The seasonally-adjusted unemployment rate in the United States rose to 8.3 percent in July, with the economy adding a net of 163,000 jobs, according to estimates calculated by the federal Bureau of Labor Statistics. The number of jobs added was more than expected, but was not enough to keep up with new entrants into the job market, reinforcing conclusions that the U.S. economy is stagnant. With overall economic growth slowing, weak employment numbers could indicate that the U.S. is following other industrial economies on a downward path back into recession. June’s job number was revised down from 80,000 new jobs to 64,000.

Earlier this week, new claims for jobless benefits had risen to 365,000–slightly lower than expectations–while the private sector added 163,000 jobs in July, well ahead of expectations but down from the previous month. Manufacturing output fell again in July, after falling in June for the first time in three years. Surveys of economists had predicted that the unemployment rate would remain unchanged at 8.2 percent, with 95,000 to 100,000 new jobs created. It was thought that only a positive, unexpected development could lower the rate. Despite the growth in jobs–the highest in five months–the slow economy could not lower the overall jobless rate.

Romney ad: These hands – Ohio (the government didn’t build this, either)

Yep.

From the video:

DENNY SOLLMANN: “I mean, I’m thinking, ‘You’ve got to be kidding me.’ He was trying to say: ‘Hey, you didn’t build that business on your own. The government helped you build it.’ And that’s what ticked me off more than anything. Mr. President, unfortunately you have no idea how we here in Midwestern Ohio have to try to run a small business from daylight till night. Not only my business, but other small businesses around here they’re all scared to death that the path that we’re headed with the current administration is not the path for America. We need a new path so that my son and my grandson can prosper like I did. What we need is a leader who truly understands, truly understands, how business works. My name’s Dennis Sollmann, President of Sollman Electric and I built this.”

Government Motors stock hits all time low, U.S. taxpayers now out $42 Billion

Everything Barack Obama touches turns to sh*t.

(h/t Weasel Zippers)

Via WFB:

Despite President Barack Obama’s stories about a resurgent GM ready to repay its bailout tab, the automaker and its former bank still owe taxpayers nearly $42 billion, according to an inspector general’s report.

GM owes $27 billion on the nearly $50 billion it received from the auto bailout and Ally Bank, the company’s lending arm, owes $14.7 billion of the $17.2 billion taxpayer-funded bailout it received.

Obama has promoted the auto bailout as a success story, highlighting the manufacturing jobs it may have saved in swing states such as Ohio and Michigan.

GM’s stock has plummeted in recent months after stagnant development in overseas markets. It hit a new low on Wednesday, falling to $18.80, a 52 percent drop from its January 2011 high of $38.90.

“In order to recoup its total investment in GM, Treasury will need to recover an additional $27 billion in proceeds. This translates to an average of $53.98 per share on its remaining common shares in New GM,” the IG report concluded.

Keep reading…

Unemployment rates rise in 27 states last month, the most in almost a year

Obama’s “recovery summer” part 4.

WASHINGTON (AP) – (h/t WZ) -Unemployment rates rose in 27 states last month, the most in almost a year.

The Labor Department said Friday that unemployment rates fell in 11 states and Washington, D.C. — the fewest declines since August. Rates were unchanged in 12 states.

Nationwide, employers added only 80,000 jobs last month, third straight month of weak job growth. The national unemployment rate stayed at 8.2%.

Still, 29 states added jobs in June, up from 27 in May. Unemployment rates can rise when jobs are created because more people who are out of work start looking for jobs. That increases the size of the labor force. The number of Americans searching for jobs nationwide increased last month.

Nevada recorded the highest unemployment rate, at 11.6%, same as the previous month. It was followed by Rhode Island at 10.9% and California at 10.7%

North Dakota had the lowest unemployment rate at 2.9%, followed by Nebraska at 3.8%.

Yet another Obama solar bet goes bust – Amonix

If the media did its job and reported on the hundreds of millions of US tax dollars that Obama has wasted on his cronies, people would be infuriated. Not only is he a crappy president in every way, he isn’t even a good little socialist. When picking winners and losers, he always picks the losers.

Here’s Obama bragging about Amonix’s “success.”

Via Gateway PunditIn August 2010 Barack Obama praised the success of Amonix solar manufacturing plant.

The Obama Administration dumped more than $20 million in federal tax credits and grants on the green energy giant.

President Barack Obama spoke about the economy at the University of Nevada Las Vegas in August 2010. In his address, President Obama described Amonix as a “success story”.

This week it went bust.

The Las Vegas Journal Review reported:

The Amonix solar manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants has closed its 214,000-square-foot facility about a year after it opened.

Officials at Amonix headquarters in Seal Beach, Calif., have not responded to repeated calls for comment this week, but the company began selling equipment, from automated tooling systems to robotic welding cells, in an online auction Wednesday.

A designer and manufacturer of concentrated photovoltaic solar power systems, Amonix received $6 million in federal tax credits for the North Las Vegas plant and a $15.6 million grant from the U.S. Department of Energy in 2007 for research and development.

Rene Kenerly, a former material and supply manager at Amonix, said the plant has been idle since May 1, when he was laid off. At its peak, the plant had about 700 employees working three shifts a day to produce solar panels for a utility in Amarosa, Colo., he said.

Romney ad: Where did all the money go?

Up in green smoke.

Jul 18, 2012 by – President Obama’s time in office has been marked by political payoffs to the donor class and layoffs for the middle class. He showered his friends with stimulus funds and sent millions of taxpayer dollars overseas. If we can’t trust him with our money, why should we trust him for another four years?

¡Fantástico! – Most all illegals are receiving food stamps and every welfare program there is

¡Aye Caramba!

Taxpayer, you’re getting screwed from sunup to sundown, frontwards and backwards, and all in the name of political correctness.

Judicial Watch via Weasel Zippers

Surprise, surprise; Census Bureau data reveals that most U.S. families headed by illegal immigrants use taxpayer-funded welfare programs on behalf of their American-born anchor babies. Even before the recession, immigrant households with children used welfare programs at consistently higher rates than natives, according to the extensive census data collected and analyzed by a nonpartisanWashington D.C. group dedicated to researching legal and illegal immigration in the U.S. The results, published this month in a lengthy report, are hardly surprising.

Basically, the majority of households across the country benefitting from publicly-funded welfare programs are headed by immigrants, both legal and illegal. States where immigrant households with children have the highest welfare use rates are Arizona (62%), Texas, California and New York with 61% each and Pennsylvania(59%). The study focused on eight major welfare programs that cost the government $517 billion the year they were examined.

They include Supplemental Security Income (SSI) for the disabled, Temporary Assistance to Needy Families (TANF), a nutritional program known as Women, Infants and Children (WIC), food stamps, free/reduced school lunch, public housing and health insurance for the poor (Medicaid). Food assistance and Medicaid are the programs most commonly used by illegal immigrants, mainly on behalf of their American-born children who get automatic citizenship.

On the other hand, legal immigrant households take advantage of every available welfare program, according to the study, which attributes it to low education level and resulting low income. The highest rate of welfare recipients come from the Dominican Republic (82 %), Mexico and Guatemala (75%) and Ecuador (70%), according to the report, which says welfare use tends to be high for both new arrivals and established residents.

Meanwhile…

GWP – The Obama Administration is using a Spanish soap opera format to push food stamps on illegal immigrants and Spanish-speaking Americans, via the Daily Caller:

Video: Obama – All business owners owe whatever success they have to the federal government and people like me

Yes, he’s that arrogant. That ridiculous. That Marxist.

According to the Commie-in-Chief, without the government Americans would never have invented, produced, innovated, or accomplished a damn thing. Only government can do that. And the bigger the government, the more successful a private enterprise.

“Look, if you’ve been successful, you didn’t get there on your own. You didn’t get there on your own...If you’ve got a business — you didn’t build that. Somebody else made that happen.”

Yes, he is truly that brainwashed. That spiteful. That far gone.

Rush Limbaugh says:

From the Rush Limbaugh website:

RUSH: [...] I think it can now be said, without equivocation — without equivocation — that this man hates this country. He is trying — Barack Obama is trying — to dismantle, brick by brick, the American dream.

There’s no other way to put this.

There’s no other way to explain this.

He was indoctrinated as a child. His father was a communist. His mother was a leftist. He was sent to prep and Ivy League schools where his contempt for the country was reinforced. He moved to Chicago. It was the home of the radical-left movement. He hooks up to Ayers and Dohrn and Rashid Khalidi. He learns the ruthlessness of Cook County politics. This is what we have as a president: A radical ideologue, a ruthless politician who despises the country and the way it was founded and the way in which it became great.

He hates it.

Official White House transcript:

“There are a lot of wealthy, successful Americans who agree with me — because they want to give something back. They know they didn’t — look, if you’ve been successful, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something — there are a whole bunch of hardworking people out there.

If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business — you didn’t build that. Somebody else made that happen.”

Jazz Shaw writing at Hotair points out that Obama is channeling Elizabeth ‘Pocahontas’ Warren who proclaimed the same Marxist rhetoric. He writes:

The President decided to take pity on the blogosphere, it seems. As we struggle through a hot July weekend and a news cycle about as dry as the drought conditions outside, he decided to throw us a small bone as the transcript was released from some remarks he delivered last night at a fire station in Roanoke, Virginia.

The basic message here is that the President just wants to help. Times are tough and employers are having a hard time creating jobs. (::: cough ::: regulations ::: cough :::) But if you happen to be a business owner, the President wishes you the best. His help and good wishes, however, come with one small caveat… just remember that you didn’t build that business, so don’t get too cocky.

I suppose this is the part where you remind them that when you jack up their taxes, it’s really just so you can give that money back to all the other people who actually built their business. But seriously, this is straight off the pages of Elizabeth Warren’s mind bending remarks from early this year. Those came crashing down around her ears, even in some Left leaning circles, so it’s a serious puzzler as to why Barack Obama would try to pick up that ball and run with it. Rather revealing, though.

Obama puts another coal plant out of business

If this Marxist maniac isn’t tossed out on his scrawny flea-bitten ass it will be lights out for the entire country.

Via Gateway Pundit – Barack Obama promised to bankrupt the coal industry during the 2008 campaign.


“So if someone wants to build a coal-powered plant, they can. It’s just that it will bankrupt them.”

On Monday Patriot Coal Corp filed for bankruptcy.
Barack Obama kept this promise.
Reuters reported:

Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to cheaper natural gas.

The company and nearly 100 affiliates were part of the Chapter 11 filing in the U.S. bankruptcy court in Manhattan. Patriot said it had $3.57 billion of assets and $3.07 billion of debts, and has arranged for $802 million of financing to help it continue mining and shipments during the reorganization.

Coal producers’ shares have plummeted as natural gas prices tumbled to the lowest in a decade this year, and the U.S. Environmental Protection Agency proposed new rules that would make it nearly impossible to build coal-fired power plants.

Patriot said these factors, weaker economies worldwide and the cancellation of customer contracts led to reduced liquidity and financial flexibility.

While still the largest single fuel for electricity, coal’s share fell to 36 percent in this year’s first quarter from 45 percent a year earlier, according to the Energy Information Administration.

Obama warned us this would happen.

Obamanomics: Number of new disability enrollees has climbed 19% faster than the number of new jobs created

It’s an Obama economy. If Democrats get their way, the entire country will be on permanent disability.

INVESTORS (h/t Rightscoop)– More workers joined the federal government’s disability program in June than got new jobs, according to two new government reports, a clear indicator of how bleak the nation’s jobs picture is after three full years of economic recovery.

The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.

The disability ranks have outpaced job growth throughout President Obama’s economic recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits.

In other words, the number of new disability enrollees has climbed 19% faster than the number of new jobs created during the sluggish recovery. (Even after accounting for people who left the disability program because they died or aged into retirement, the disability ranks have climbed more than 1.1 million in the past three years.)

And the disability ranks will continue to swell. In just the last month, almost 275,000 put in applications for disability benefits. Experts say that more people try to get on disability when jobs are scarce, and changes to eligibility rules enacted back in 1984 have made it far easier to qualify.

In addition, while job growth has been very weak during the recovery, the total number of people who’ve dropped out of the labor force entirely has exploded, climbing 7.3 million since June 2009, an IBD analysis of BLS data show. Some of them aged into retirement, but most either signed up for disability, stayed in school, moved back in with parents, or just quit looking for a job.

READ MORE >>>

House investigating Obama mega-bundler & belly-up Abound Solar that received $400 million loan

The Obama Administration is corrupt to the core.

 Washington Examiner via Weasel Zippers

House investigators have asked executives and former executives at Abound Solar, a now-bankrupt solar company that received a $400 million loan guarantee from the Department of Energy, to testify before Congress about the DOE subsidy.

The House Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending invited the Abound Solar CEO and former CEO to testify, along with some Energy Department officials after the company announced it is filing for bankruptcy, despite drawing about $70 million of the $400 million available from the DOE loan guarantee. [...]

Bohemian Companies, founded by Democratic mega-donor Pat Stryker, invested in Abound Solar in 2008. A year after the investment, but a year before Abound received a loan guarantee, Stryker apparently visited the White House. “The White House did not confirm that the visitor was the Pat Stryker in question and did not provide details about the meeting,” the Sunlight Foundation reported.

Stryker gave $50,000 for Obama’s inauguration and bundled another 87,000 for the event. She also donated $35,800 to the Obama Victory Fund, Sunlight observed.

Keep reading…

 

Obama’s Government Motors’ stock falls to fresh low, taxpayers now out an incredible $35 Billion

Everything Obama touches turns to crap.

The man who never worked a real job in his life loves gambling with other people’s money. He has wasted billions of dollars on so-called green companies that have gone belly up, and essentially handed over GM to the unions to run. It is only a matter of time before GM and their loser ‘Volt’ are bankrupt again.

IBD – via Weasel Zippers

General Motors (GM) shares fell to a fresh 2012 closing low of 19.57 on Monday. The stock hit 19 in mid-December, the lowest since the auto giant came public at $33 in November 2010 following its June 2009 bankruptcy.

Normally you might say, tough luck investors. But this is Government Motors. The Treasury still owns 26.5% of GM, or 500 million shares. Taxpayers are still out $26.4 billion in direct aid. Shares would have to hit $53 for the government to break even.

Those shares were worth about $9.8 billion as of Monday. That would leave taxpayers with a loss of $16.6 billion.

But that’s not the full tally. Obama let GM keep $45 billion in past losses to offset future profits. Those are usually wiped out or slashed, along with debts, in bankruptcy. But the administration essentially gifted $45 billion in write-offs (book value $18 billion) to GM. So when GM earned a $7.6 billion profit in 2011 (more on that below), it paid no taxes.

Include that $18 billion gift, and taxpayers’ true loss climbs to nearly $35 billion.

Keep reading…

Obama slays yet another 750 coal jobs in Virginia, Kentucky and West Virginia

The man is a human wreaking ball. Imagine what this America-hating Marxist creep will do should he be re-elected and not have to care a whit about what American voters want.

He warned us, but  the Democrat media complex did its utmost to hide his radical whimsy from voters. Still, so many Americans were so besotted on the Obama Kool-Aid it probably wouldn’t have mattered anyway.

“Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.” (Barack Obama – January 2008)

Via Gateway Pundit:

In January 2008 Barack Obama told the San Francisco Chronicle:

“Under my plan of a cap and trade system electricity rates would necessarily skyrocket. Businesses would have to retrofit their operations. That will cost money. They will pass that cost onto consumers.”

He promised that his plan would cause electricity rates to skyrocket.

He wasn’t kidding.

Now thanks to Barack Obama’s radical energy policies, electricity rates are skyrocketing across the country and coal plants are shutting their doors. New regulations by the Obama Administration is forcing Arch Coal, Inc. to lay off 750 workers in Kentucky, West Virginia and Virginia.
FOX News reported:

One of the world’s largest coal producers said Thursday it would lay off about 750 workers in the Kentucky, Virginia and West Virginia coalfields, the latest setback for an industry struggling to sustain market share as utilities switch to cleaner and cheaper alternatives to generate electricity.

The bulk of the cuts by Arch Coal Inc., almost 600, are in Kentucky. The disappearance of high-paying mining work heightened anxiety in hardscrabble Kentucky towns where officials worried declining demand for coal would result in leaner budgets and more people on unemployment rolls.

“This is just a start, I think,” said Dennis Ray Noble, the judge-executive of Perry County, which he estimated has lost about 30 percent of its mining jobs in the last year and the jobless rate is 12.4 percent.

The St. Louis-based company said its subsidiaries would close three higher-cost mining complexes and associated preparation plants: two in Kentucky and one in West Virginia. It will temporarily idle another complex in Kentucky and curtail production at other facilities in the three states. The company accounted for 16 percent of the coal production in the U.S. in 2010.

The layoffs come amid forecasts that the share of U.S. electricity coming from coal will fall below 40 percent for the year — the lowest level since the government began collecting data in 1949. Four years ago, it was 50 percent. By the end of this decade, it is likely to be near 30 percent.

Obama’s new EPA regulations will cost the coal industry $180 billion and force electricity rates to skyrocket.

This was cross posted at FreedomWorks.

Fear of Taxmageddon slowing the economy

The American economy is being held hostage by Obama’s looming massive tax hikes.

Foundry – The uncertainty caused by Taxmageddon—the one-year $494 billion tax increase that looms on January 1, 2013—is strong enough to slow the economy months before it actually strikes. In fact, it is already doing so.

Highly knowledgeable and highly influential market observers have been warning Congress of this for weeks. Their goal is to get Congress to do its summer job and stop Taxmageddon.

The first warning came from Mohammed El-Erian, CEO of Pimco, the world’s largest bond fund. Writing in The Washington Post, he bluntly told Congress that the longer they wait to stop Taxmageddon, the more likely it is that markets will start to slow.

Then Jamie Dimon, CEO of JP Morgan Chase, echoed El-Erian almost verbatim during his recent testimony to the Senate Banking Committee. He said Congress should not wait until year’s end, because markets will react well before December 31 if they see Congress failing to stop Taxmageddon.

Congress didn’t heed El-Erian’s or Dimon’s warnings, and now it looks like it waited too long.

Eminent economist Irwin Kellner writes that the recent spate of bad economic data—everything from low consumer sales to weak consumer sentiment—is a tell-tale sign that the economy is slowing. And he pins the blame on the uncertainty caused by Taxmageddon.

The uncertainty is slowing the economy because businesses, investors, and entrepreneurs can’t plan for the near future. They can’t because they don’t know what their taxes are going to be in just a few months. If they don’t know what their taxes will be, there is no way for them to determine if their potential job-creating investments would be profitable. Without being able to make that vital calculation, there is no way they can move forward on projects that would speed growth and create much needed jobs. So they’re sitting back, waiting for Congress to provide some certainty.

Congress needs to provide that certainty and stop Taxmageddon as soon as possible. Or risk that its own inaction will cause a return to recession.