Obama's Lowlights (2/25/11)

Credit Cards – The interest rates on credit cards has hit an all-time high of 14.72%. Last year’s credit card reform bill cut out hidden fees, but it did not cap interest rates. Thus, credit card companies are raising interest rates to make up for lost revenue from fee cuts.

Egypt – The Muslim Brotherhood will establish a political party – the real question is how much power they will obtain.

Obama’s Teleprompter – The GOP is looking to defund this item as part of their budget cuts as well as Obama’s 45 czars.

Wisconsin – It is getting ugly in the Badger state as liberals and union members protest proposed benefit cuts by their new governor. This is exactly what happens when people become dependent on government handouts and liberal policies (witness the Greece and Ireland protests).

ObamaCare – During a testimony in Congress, a member of the Congressional Budget Office revealed that the new reform legislation will kill over 800 thousand jobs. Meanwhile, the IRS has hired 1000 new employees to begin implementing phase one of the legislation.

Multiculturalism - French President Nicolas Sarkozy has declared multiculturalism a failure, echoing British Prime Minister David Cameron and German Chancellor Angela Merkel earlier statements.

Environmental Protection agency - Last month, the Obama EPA began enforcing new rules regulating the greenhouse gas emissions from any new or expanded power plants. A few weeks later, an exemption was issued to a firm that simultaneously signed a deal with GE, whose CEO is a close ally of President Obama.

The United Nations -The Obama administration has kicked off a campaign urging the U.S. to "strengthen" the United Nations.

Iran – Following the fall of the Mubarak in Egypt, the White House has been trying to incite the Iranian people to start their own revolution. This is nearly 2 years too late. The White House did nothing to help the protestors in 2009 after Ahmadinejad won a fraudulent election.

Arab Unrest – Protests and violence have broken out in Libya and Morocco.

Jobs – Twenty-three percent of all jobs in the United States requires a state mandated license of some kind. A florist, manicurist, and shampoo provider all must have a license to do their jobs.

Immigration Courts – In many states the wait time for immigration cases is over two years.

The Budget – Obama has submitted a massive 3.73 trillion dollar budget for this year – about a 1.65 trillion dollar deficit (up from 1.3 trillion dollars last year)! Over the next decade the federal budget will account for 46 trillion dollars; which includes 8.7 trillion dollars in new spending. Over the next decade the deficit will be reduced by 1.1 trillion dollars (the debt commission recommended 4 trillion dollars in debt reduction) mainly because the government plans on raising tax revenues by 2 trillion dollars by letting the Bush era tax cuts expire in 2012. Hence, spending is NOT being reduced, instead taxes are being raised.