Citing what he believes are clear signs the economy is bouncing back from recession, Vice-President Joe Biden yesterday touted Barack Obama’s ‘stimulus package’ and bailout of Wall Street.
Time for yet another fact-check on the pathological liars of the Obama Administration.
Banks are failing at double the rate of last year. During 2009, which the government claims was the peak of the recession, the total number of bank failures at this point in the year was 40. It is already 83 for this year.
Yet the FDIC is running ads on radio stations across the country attempting to scare people away from keeping their savings at home and making the wildly erroneous and reckless assertion that as long as he FDIC insures bank accounts they can never fail, no matter what.
The statement is a bare-faced lie.
The FDIC depends on bank fees and taxpayers to insure deposits in banks. So, what if banks continue to fail? Where will the money come from to ‘cover’ bank accounts? The taxpayers? Such a notion is also ludicrous when the U.S. is in debt by over 13 TRILLION dollars, and when one adds in unfunded liabilities, that debt is actually 109 trillion.
If the U.S. were to sell every single asset we have–land, homes, businesses, everything, the total value would be roughly 50 trillion. Thus, we are in debt at the rate of DOUBLE the amount of our entire value.
In addition, the number of jobs the Obama Administration claims it has ‘saved or created’ includes multiple thousands of temporary jobs, such as census workers, who will be out of work very shortly. The private sector is clearly NOT rebounding when it come to job creation.
One more dire indicator of continued economic distress is the rate of home loan defaults and foreclosures. The number of home foreclosures hit a record high for the first quarter of 2010, and while that number appeared to peak in April, the number of home repossessions skyrocketed to the highest in history.
Money Magazine estimates that 1.1 homeowners will lose their homes to repossession in 2010, the highest ever recorded.
These various factors add up to one simple, sobering truth–the economy is not on the rebound, and the Obama Administration and the Democrat-controlled Congress (which has been in Democrat hands since 2006) can take little comfort in what that means for the upcoming midterm elections in November.
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