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Identity Politics and Economic Reality

The election was won by identity politics. Black people voted for President Obama by over 93%, Hispanics 71% and Asians 73%. The exit polls show 55% of women voted for Obama, whereas 59% of white people voted for Romney. Ninety percent who thought the economy is good voted for Obama. Those who thought it is not so good voted for Romney by 60% margins.

Why Romney lost so big is a topic really outside our purview, yet we'll put in our 2¢ that it might be due to campaign rhetoric on policies promised. Unfortunately, there are words and there are deeds. What has the Obama administration done economically for the demographic groups who gave President Obama a second term?

 

unemployment rates by major demographics

 

As GOP Primaries Numb Your Brain, Congress is Up to More Tricks

clockworkorganbraineyedropsWhile inane campaign rhetoric lulls you to sleep, forcing you to watch reruns of shipping wars until your brain melts and flows into that puddle of lost dreams and promises, Congress has been up to some things.

Remember those outrages du jour, such as using Stimulus funds to hire foreign guest workers? Remember your hard earned taxpayer dollars being used to bring in Chinese foreign workers and Chinese steel to build the Oakland Bay Bridge in California?

A very important amendment passed the Senate and was entered into Bill S.1813, MAP-21, alternatively known as the Transportation Bill. The amendment strengths the Buy America provision by closing a loophole.

Senator Sherrod Brown on the Senate Floor:

SOTU Reviews & Reactions

sotu 2012We've heard many a great speech from President Obama before. Last night's State of the Union was no exception. Here at The Economic Populist we say show me the money. We've heard soaring rhetoric from President Obama too many times, yet behind the words, deeds are either opposite or M.I.A.

Still, Obama gave a lot of lip service to U.S. manufacturing and jobs. To even get U.S. manufacturing on the national policy radar is a feat in and of itself. The actual SOTU transcript is on the White House site with a flurry of videos, social media and round tables to boot. Can't say this administration suffers from a lack of word generation!

That said, we all take President Obama at this point with a strong grain of salt. We've been so disappointed already.

Economic Policy Institute Economist Robert Scott noted China's currency manipulation was sorely absent from SOTU. Yet also noted the administration's hands are often tied by Congress:

Kudos to him for continuing to highlight this important issue, but he failed to mention the main cause of our manufacturing woes in the first place: currency manipulation.

Saturday Reads Around The Internets - It Could Have Been Worse

shocknews
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.

 

It Could Have Been Worse

About the only thing Populist Progressive Democrat Congressman Peter DeFazio can say about Obama these days is it could have been worse. Long slide down from the irrational exuberance of 2008.

 

Where are the Stimulus Jobs?

Who can forget those beyond incredible job creation projection numbers of the Stimulus Bill.  3.5 million jobs, 4 million jobs, the promise was high and never mind spending almost a trillion dollars for these jobs.  Recently the Council of Economic advisers issued a report on job creation from the Stimulus, at the same time, the White House claimed to have saved 750,000 jobs by August, 2009.

So, what's the catch?  There is no real world, real data on the truth of these claims and there may never be.

We still have theoretical calculations on job creation, based on Stimulus spending as a ratio of GDP, and thus indirectly jobs.

How Many Jobs in the Stimulus Bill Could Be Offshore Outsourced?

A simple question. An obvious question. While the non-debate debate rages on over tax cuts in the American Recovery and Reinvestment Act of 2009, this fundamental question of how many real jobs will go to real American workers needing a job....is not asked.

So, I'm asking it. I do not have an answer.

We have already seen TARP bail out recipients replace Americans with foreign guest workers.

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