On Wednesday, June 30, Barack Obama told a crowd in Racine, Wisconsin – a city reeling with 14 percent unemployment – that “the economy is headed in the right direction.”  Even if the folks listening to the President wanted to believe him, the economic news over the next 72 hours told a very different story. 

Economic rebound may be losing ground, data show, Los Angeles Times, July 2, 2010

 U.S. housing market remains fragile despite low mortgage rates, Washington Post, July 2, 2010

 Credit Still Tightening, Fed Governor Says, New York Times, July 1, 2010

 Economy lags as job growth remains weak, Washington Post, July 3, 2010

 Jobs Market Barely Budges in June as Hiring Stays Weak, CNBC, June 30, 2010

 Weak jobs report points to stagnating economy, Chicago Tribune, July 2, 2010

 Unemployment rate dips as more workers leave labor force, Los Angeles Times, July 2, 2010

 If the good folks in Racine were confused by the President’s speech, they had a lot of reasons.    In trying to explain away the failures of his trillion dollar spending binge to reduce unemployment, Obama told the crowd that at least “it’s not 12 or 13, or 15 (percent).”  Unfortunately, as the folks in the crowd were brutally aware, unemployment in Racine, Wisconsin is at a staggering 14.2 percent. 

Shortly after taking office, Obama claimed his plan would keep unemployment below 8 percent.  He’s conveniently avoided any reference to that promise. 

Lacking any evidence that his recovery plan has actually worked, Obama now claims that he “put a brake on the collapse of the economy.”   Even on that point, he conveniently ignores the enormous debt that is accumulating on his watch and the long term consequences to the nation’s fiscal health that are inevitable.  Even the Europeans are at odds with Obama’s borrow-yourself-wealthy folly.  Additionally, a growing number of economists, including the extreme leftist Paul Krugman  as well as the Reaganite Art Laffer, are warning of a double dip recession. 

Obama might want us to believe “all is well” and that the worst is behind us, but for those struggling through unemployment or under employment, they are not so sure.  Regardless of what Obama says or how many times he says it, by a 2:1 margin Americans believe we are headed in the wrong direction.  Just 29 percent believe the President’s “Stimulus” helped at all, while 43 percent are convinced it actually “hurt” the economy.  An overwhelming 82 percent of the voters believe the deficit should be cut in half in the next three years, yet the President’s budget promises an additional $10 trillion of red ink over the next decade.

Seldom, if ever, has a President been so out of touch with the will of the people, been so arrogant in pursuing his will against their will, and been so obstinate in allowing his ego to blur reality.  As Yogi Berra was fond of saying, “It ain’t over ‘til it’s over,” and this recession is far from finished.  In fact, the worst may be yet to come and it will have Obama’s finger prints all over it.