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Opinion: Economy in peril


By Sharron Angle

It doesn’t take a crystal ball to read the tea leaves of economic peril. Savvy to the “recession is over” spin machine, Main Street America – as opposed to the minority 15 percent elitist class in Washington, DC – have been watching unemployment and falling home prices as the real indicator of economic decline.

Incredibly as unemployment surged toward double digits topping the 9.8 percent figure this past week, up four tenths of a percent since the election, Obama-Reid spin-masters point optimistically at the increase in part-time jobs. Part-time jobs have no benefits, no security and generally lower wages. We need full-time jobs with a future. Now in order to get unemployment to 8 percent by 2012, 200,000 jobs per month must be created. Plus more bad news: the average work-week was cut and average weekly earnings and hourly earnings went down.

Harry Reid, the grand poobah of job creation, sides with Nancy Pelosi that more unemployment benefits stimulate the economy, never mind that without a job we can’t make our house payments. Now the elections are over, the Pelosi-Obama-Reid (POR, which is what most Americans are as a result of their Keynesian economic strategies) trifecta slides to the left for politics as usual and Reid’s favorite game, “Let’s make a Deal.”

The problem for Main Street American tea partiers is the deals robbed us of jobs, healthcare and our homes. We are not willing to trade a three-year extension of the tax cut schedule for 13 more months of unemployment deficits and what’s behind the $600 billion QE2 door (Quantitative Easing or Quantitative Expansion – print money and a massive dollar devaluation).

The Federal Reserve’s new QE2 policy shook the dollar to a foundation of thin air with no gold standard. Gold prices soared to over $1400 per ounce as China, fearing inflation, moved into the precious metals market, hedging against currency devaluation and economic instability.

“The trend is undeniable, gold demand in China is rising rapidly,” Walter de Wet, Standard Bank head of commodity strategy, told The Wall Street Journal in the article “China Buys In to Gold’s Allure.” China’s state-run Xinhua news agency released data showing a 500 percent increase in gold imports in the first 10 months of this year compared with the same period in 2009 – this in addition to China’s domestic gold production. China is the largest gold producer in the world. Nevada is No. 6, but diversity of Nevada’s economy and Reid’s over-regulation of mining is a discussion for another day.

The do-nothing Congress is now in a 10-day press to pass tax cut legislation that has loomed for over a decade. This is extreme procrastination! The new Congress says that they will make the tax cuts retroactive if the ducks are too lame. But it won’t be soon enough for Main Street America that depends on those tax refunds to pay off Christmas debt. We know the answer to the problem, and we spoke out at the election in one voice – stop the spending and make the tax cuts permanent! Send that Christmas message to the House and Senate before December 15.

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More jobs, more unemployment in November

More people are entering the workforce, according to experts at Nevada’s Department of Employment, Training and Rehabilitation (DETR) in their November 2022 economic report.