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Obama Destroying U.S. Economy

November 28, 2011

Obama has been promising to make jobs his #1 priority, yet it seems that it is a lie, and he is purposely trying to destroy the U.S. economy.


From American Thinker

FATCA: A Ticking Time Bomb for the Economy

Buried in an ostensible jobs bill signed by President Obama last year is a little-noticed job-destroying government regulation that threatens to trigger a massive outflow of capital from the American economy.

The U.S. economy is in bad shape.  Many want the federal government to fix it — to end the deficits, create jobs, and get America back onto the track of growth and stability.  President Obama came to Washington with great promises: to restore international respect for the United States and to bring back the jobs.  When signing the HIRE Act of 2010 on March 18, 2010, President Obama said:

A consensus is forming that, partly because of the necessary — and often unpopular — measures we took over the past year, our economy is now growing again and we may soon be adding jobs instead of losing them. The jobs bill I’m signing today is intended to help accelerate that process.

Now the HIRE Act of 2010 contains a time bomb called FATCA (Foreign Account Tax Compliance Act), which has indeed accelerated a process.  Unfortunately that process is not job-generation, but job-destruction caused by an exodus of capital from the United States.  Investment means jobs; a departure of investment capital means job losses.  Thus, the HIRE Act is really the “FIRE Act.”

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