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Editor's Note: The post below was submitted by A Line of Sight Contributing Editor Chris Jaarda.

Last night President Obama delivered his long-awaited jobs speech. The speech was basically a re-tread of the same failed policies of the past proving that the President has no idea how markets work, what drives ingenuity, and what can spur economic growth. 

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Eric Cantor plans to go on offense for job creation when the House convenes for business after Labor Day.  In a memo to Republican members yesterday, Majority Leader Cantor outlined a strategy to reduce the tax burden on small business owners and repeal ten regulations that increase cost and stifle job creation.   

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Way back in January President Obama ordered "a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive."   From that statement alone, you might conclude that Obama already knew that finding needless, burdensome regulation in the 81,000 pages of the federal register would be easy pickings.   

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One of Barack Obama's job creation programs appears to be working – the number of federal government regulators along with their budgets has exploded since 2008.  

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As if the last week wasn't already packed with bad news, yesterday we got two more unprecedented signs of the economic times.

Late yesterday, Standard & Poor's dropped the credit rating for the United States of America for the first time since 1917. The "full faith and credit" of the U.S. Treasury is no longer the world's gold standard. Instead of the U.S.A. the AAA rating that had become synonymous with the dollar, is now in the possession of France. America is on a par with New Zealand and Belgium.   

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The White House and Democrats say that when the August recess concludes they are going to "pivot" the agenda to focus on jobs. Sound familiar?  It should. 

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Make sense of this if you can.  On the very day that the Labor Department released the June jobs report showing the unemployment rate ticked up to 9.2% and new jobs for the month was an anemic 18,000, Nancy Pelosi says that whatever Congress and the White House finally agree on to reduce the deficit, it must "not harm our economic growth." 

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Back in February of 2009, the newly inaugurated Barack Obama warned that without passage of his $800 billion stimulus plan, "an economy that is already in crisis will be faced with catastrophe."

The President was so confident of his Keynesian spending barrage on steroids that he chided those who questioned him for presenting "phony arguments and petty politics." 

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Last November, the Federal Reserve Bank announced that it was ramping up the printing presses one more time in an effort to "stimulate" the economy. The plan was called Quantitative Easing-2, QE2 – a high-falutin name that suggested most of us commoners couldn't possibly understand it, nor should we even ask questions. 

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