President Obama is Driving Our Economic Train Wreck

When pundits, critics and haters of President Obama claimed he was out to destroy the U.S. economy, I just passed this off as outrageous criticism. But I’m beginning to accept their indignation.

I don’t believe Barack Obama is consciously plotting to ruin our future, I just think he’s such an economic idiot, he has no idea what he’s doing.

Warren Buffett explaining to President Obama what a Balanced Budget means.

Obama’s opening gambit was the failed $800 billion stimulus that made unemployment rates rises and no new (private sector) jobs created or “saved”. His next trick was the constant railing against Wall Street, Big Banks, Billionaires and Millionaires. The President’s excuse for our economic doldrums was anything from the Japanese tsunami, the Arab spring, to his number one fallback; George W. Bush.

But all rhetoric aside, what finally opened my eyes to Obama’s stubborn left-wing ideology was what Harold Hamm, the Oklahoma-based founder and CEO of Continental Resources, the 14th-largest oil company in America, was told in a White House meeting.

First, a little background, Mr Hamm discovered the gigantic and prolific Bakken oil fields of Montana and North Dakota. The Department of Energy’s data says North Dakota is on pace to surpass California in oil production in the next few years.

Harold Hamm, ranks 33rd in Forbe’s list of the wealthiest Americans, so he was invited last July to the White House with the likes of Bill Gates and Warren Buffet to join in their “Giving Pledge”, meaning the rich give more to charity.

Finally, Mr. Hamm had his chance to speak with President Obama, “I told him of the revolution in the oil and gas industry and how we have the capacity to produce enough oil to enable America to replace OPEC. I wanted to make sure he knew about this.”

President Obama replied, “Oil and gas will be important for the next few years. But we need to go on to green and alternative energy. Energy Secretary Steven Chu has assured me that within five years, we can have a battery developed that will make a car with the equivalent of 130 miles per gallon.”

Mr. Hamm expressed his shock to Stephen Moore of The Wall Street Journal’s editorial board, “Even if you believed that, why would you want to stop oil and gas development? It was pretty disappointing.”

Mr. Hamm calculates that if Washington would allow more drilling permits for oil and natural gas on federal lands and federal waters, “I truly believe the federal government could over time raise $18 trillion in royalties.” That’s more than the U.S. national debt.

With the right set of energy policies, Hamm believes the United States could be “completely energy independent by the end of the decade. We can be the Saudi Arabia of oil and natural gas in the 21st century.”

However Obama and his advisers are betting everything on the wrong horse and pouring billions into “green energy” companies, like the bankrupt Solyndra. Under Steven Chu’s direction, the DOE is awaiting  approval for $6.5 billion in loans to green energy projects.

These loans will create only 283 jobs at a cost of $23 million per! During the 2008 campaign, Obama promised five million green energy jobs. Once again an unrealistic, unfulfilled promise from this failure, President Obama.

The administration is so single-tracked on green energy that it is using every government agency it can to put road blocks up to stop any new oil exploration and drilling.

The Interior Department delays drilling permits by months and even years. The Securities and Exchange Commission is now tasked with requiring oil companies to report their production and federal royalties on thousands of individual leases under the Sarbanes-Oxley accounting rules.

A few months ago the Obama Justice Department brought charges against Continental and six other oil companies in North Dakota for causing the death of 28 migratory birds, in violation of the Migratory Bird Act. Wind Turbines are responsible for over 33,000 bird kills annually, this from the U.S. Fish & Wildlife Service. Have you seen the DOJ charging anyone in the Turbine industry?

While the national unemployment rate is 9.1%, North Dakota is the state with the lowest unemployment rate in the nation at 3.5%.  Harold Hamm claims that, “the state has 18,000 unfilled jobs, and these are jobs that pay $60,000 to $80,000 a year.”

Barack Obama has the wrong energy policy, just like he has the wrong jobs policy. But there he is, in hyper campaign mode, running around the country, blaming the Republicans again and yelling “Pass this Jobs Bill now!”

Obama’s own party doesn’t want to pass it, but that’s his plan to see it fail and blame, you know who.

Meanwhile those anarchistic, left loonies are “Occupying Wall Street” and blaming capitalism. Instead, we should be organizing a Million Unemployed March on Washington and occupy the White House and Congress to show them what real gridlock is! While we are at it let’s bring our pitchforks and torches and then throw them out at the ballot box in November 2012.

The guillotine is too good for the likes of them.

Posted: 01:26PT
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