In the Senate, Members will reconvene on Monday, September 13^th, and plan to be in session for four weeks before adjourning for the elections. The small business bill is expected to be one of the first items on the floor, and there are still two competing amendments that would alter the 1099 reporting requirements contained in ObamaCare. Sen. Bill Nelson’s amendment would scale back the 1099 requirement to apply to businesses with 26 or more employees on transactions of $5,000 or more. Opponents point out it would still apply to over 415,000 businesses and 93 million workers. Sen. Mike Johanns has an amendment that fully repeals the 1099 reporting requirement, thus favored by Republicans and a host of business organizations, such as NFIB and the U.S. Chamber of Commerce. A vote to invoke cloture on the Johanns amendment is expected on Tuesday.

Retiring Sen. George Voinovich has announced he will break with his Republican colleagues to support the small business package. Republicans had been blocking the measure in an effort to win concessions from Reid, including the opportunity to offer more conservative amendments. Voinovich said he wouldn’t support their efforts any longer, adding the Republican amendments “didn’t have anything to do with the bill anyway and were really about “messaging.” Voinovich continued, “We don’t have time for messaging… this country is really hurting.”

Bottom Line: Voinovich’s vote makes 60, so the small business bill will pass by the end of the week, then pass the House, and Obama will get his wish. If I were a betting man, I’d say Obama preferred having the bill languish in the Senate at the hands of Republicans so he could blame them for hurting the economy. Now he’ll be held accountable for all his promises about how the legislation will help the economy…and his track record isn’t so good on promises of this sort.

In the House, an increasing number of Democrat members are in favor of allowing all the Bush tax cuts to be extended, rather than allow tax rate increases on those in higher income brackets as Obama has proposed. Media sources are reporting a smattering of House Democrats have publicly stated their opposition to tax increases on any income bracket, including Reps. Bobby Bright, Gerry Connolly, Jim Himes, and Ron Klein. Bright stated recently that he opposes ending the tax cuts since “a vast majority of my constituents…don’t believe in tax increases on anybody at this point in time.”

There is also much speculation that the legislative fight over extending current tax rates or increasing them will be put off until a November lame-duck session, and many believe a deal is in the works to temporarily extend the current rates on higher-income earners for one or two years.

Bottom Line: After months of dogged determination, Republicans finally have momentum on extending the current tax rates and forestalling a massive tax increase – and even have numerous Democrats agreeing with their position. And now there’s talk that they are going to prematurely cave and settle for only a two-year extension? This is precisely why conservatives are wary of a Republican majority in the House. Be forewarned, the momentum Republicans have now can change in an instant.

At the other end of the Avenue, Obama’s Health and Human Services Secretary Kathleen Sebelius has sent a sharply worded letter to health insurers in response to recent reports that insurers would hike rates due to onerous regulations in ObamaCare. Sebelius stated in the letter that, “There will be zero tolerance for this type of misinformation and unjustified rate increases,” signaling that the Obama Administration is willing to take punitive measures against private insurers for exercising their First Amendment rights to express their concerns with the new law. The letter from Sebelius continued, “Simply stated, we will not stand idly by as insurers blame their premium hikes and increased profits on the requirement that they provide consumers with basic protections” and went on to threaten those insurers “with a record of unjustified rate increases” that they will be “excluded from health insurance exchanges” in 2014.

Meanwhile, Obama’s $50 billion infrastructure proposal continues to get pounded by Democrats, Republicans, and the press. The Financial Times published an article yesterday stating in part, “So toxic has any hint of new public spending become that the White House, which was careful to ensure that Mr. Obama’s proposals were self-funding, has essentially banned any use of the word “stimulus.” Mr. Bennet apparently did not receive the memo. ‘We must make a hard choice to significantly reduce the deficit,’ said Mr. Bennet in a statement on Wednesday evening.” The article goes on to state “Not only did it attract the instantaneous derision of Republicans but it was also deflated by the Democratic candidates it was designed to help.”

Meanwhile, Obama will hold a live press conference this morning, his second in some 15 months. Obama is certain to face difficult questions on a range of issues not limited to the economy, and the Quran burning issue is bound to come up as well.

Bottom Line: The threatening, Gestapo-like letter from the HHS Secretary seems overly aggressive and desperate even for the Obama Administration. Such are the ways of the man that has repeatedly decried the increasingly partisan tone of politics of Washington and vowed to change it.

Some were uncomfortable with calling Obama’s policy prescriptions and style “socialist” during the campaign and just after he was elected. Now not a few are prone to believe it was too soft. The U.S. Constitution and specifically the First Amendment is still in effect… and are worth reading in these dark days.

The Lights Go Out On 200 More U.S. Jobs
The last Edison bulb factory in the U.S. is closing.

Cartoon: Fool Me Four Times
Another “stimulus”?!

New HomePath program is reason to put Fannie Mae out of its misery
Fannie attempts to clear out foreclosed properties with as little as 3 percent down. Sound familiar?

TimesCheck.com: NYT Declines to Poll Exclusively in Rep. Rangel’s District to Determine Support Among Likely Voters
Meanwhile, readers are told the Rangel retains the upper hand in his primary battle.

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Like a drunk at a party, the bond market is starting to bump into tables, telling off-color jokes, talking too loudly and spilling drinks. The smart guests will steer clear before he starts screaming at his shoes and wanders off to pray to the porcelain.

Did you think a 950 billion-euro ($1.2 trillion) emergency backstop cobbled together by the European Union and the International Monetary Fund in May was the answer to Europe’s debt crisis? Were you expecting central banks to turn off the money taps as normal funding service resumed in the banking industry? Had you hoped the heavy hand of government would only briefly slide its interfering digits into the folds of finance?

Get full story here.

In the Senate, Democrat Sen. Michael Bennet has come out in opposition to Obama’s $50 billion infrastructure plan. Bennet stated, “I will not support additional spending in a second stimulus package. Any new transportation initiatives can be funded through the Recovery Act, which still contains unused funds.” To underscore his point and opposition to Obama’s proposal of increased spending, Bennet stated “We must make hard choices to significantly reduce the deficit.” Bennet did indicate he will support various tax credits that have been proposed, which most Republicans also support.

In a bit of odd news, a senior staffer for Sen. Barbara Boxer has been arrested after trying to bring in marijuana into Boxer’s Senate office. Marcus Stanley was arrested and charged with possession of marijuana on Tuesday after attempting to enter the Hart Senate Building with the substance. He resigned from Boxer’s office later the same day. Boxer is engaged in a heated race with Republican Carly Fiorina.

On the ongoing saga of Sen. Murkowski’s ruminations of launching a third-party run for her seat, Senate leadership members and staffers have indicated that Murkowski would be deposed of her leadership position if she attempts such a move. Murkowski is expected to announce her plans as early as today or tomorrow. Joe Miller, the Republican nominee who beat Murkowski in the primary, has stated that Murkowski would be breaking her word if she decided to run on a third-party ticket.

Bottom Line: Obama’s plan to have Congress pass legislation to authorize the $50 billion in infrastructure spending is taking direct hits before it’s even been written. It was already unlikely to pass before November 2^nd, and with Bennet’s opposition and many House Democrats’ less than enthusiastic response, it may be dead-on-arrival. Which, of course, further necessitates an “October Surprise” by Obama. As desperation fully sets in at 1600 Penn, expect anything.

In the House, GOP Leader John Boehner yesterday made an appearance on ABC’s Good Morning America and proposed cutting federal spending back to 2008 levels and freezing all current tax rates for two years. Boehner, speaking ahead of Obama’s economic speech later in the day, stated both parties should work together to promote job creation and offered these proposals as the best opportunity to do so. Regarding Obama’s new $50 billion spending proposal, Boehner stated “I think the president is missing the bigger point here. With all of the spending in Washington, and all the uncertainty facing small businesses – including the coming tax hikes on January 1^st – until this uncertainty and spending is under control, I don’t think these are going to have much impact.”

There is a great deal of discussion going on regarding how Republicans would govern if they take back the House. Today’s Politico article on this subject is just one of many recent pieces that speculate how Boehner would lead, and if he would act as a strong conservative reformer that will stand up to Obama or be more of a centrist deal-maker who seeks common ground Obama and the Democrats, as some say has been his persona and expertise in the past.

Bottom Line: Republicans and conservatives alike are anxious at the opportunity to take back the House and blunt Obama’s socialist policy initiatives, though conservatives are wary and even skeptical of how a Republican majority will actually govern. For conservatives, a Speaker Boehner is far and away better than a Speaker Pelosi, but it’s simply not good enough if Republicans revert to their old habits and are simply “not as bad as the Democrats” on spending and taxes.

At the other end of the Avenue, Obama used his speech in Cleveland yesterday to attack Republicans and specifically John Boehner on the economy, stating “There was just the same philosophy we already tried for the last decade, the same philosophy that led to this mess in the first place: cut more taxes for millionaires and cut more rules for corporations.” Obama named Boehner in the speech eight times and ridiculed his economic proposals, stating “Make no mistake: he and his party believe we should also give a permanent tax cut to the wealthiest two percent of Americans.” Obama argued that tax rates should rise for higher income earners, arguing America “cannot afford the $700 billion price tag.”

Confirming what everybody already assumed, Obama’s decision to discuss White House Chief of Staff Rahm Emanuel’s possible run for Chicago mayor makes clear the decision has already been made. Obama stated, “I think he would be an excellent mayor. He is an excellent chief of staff.” Obama alluded to the timing of a formal announcement from Emanuel by stating, “My expectation is he’d make a decision after these midterm elections.”

Bottom Line: BO’s favorite phrase lately is that “Republicans drove this economy into the ditch, and now they want the keys back.” It’s a line that works only in front of a hand-picked partisan audience, and one of BO’s more adroit and politically sensitive advisors ought to tip him off to that fact. Even if he were right, it doesn’t exactly inspire confidence in the electorate when you’re best argument for keeping your job is that it’s the other guys fault.

For that matter, that’s not a bad lesson for Republicans to learn as well.

P.S. – Check out America Speaking Out and share your thoughts on how we can return to a limited, constitutional government.

Term Limits: Treating the D.C. Disease
It’s time to put an end to the Washington favor factory.

SEIU “Strikes” Against Sodexo at George Mason University
Union does not even have a local at the university.

Pataki: ObamaCare Individual Mandate “Patently Unconstitutional”
Revere America seeks the repeal of the $2.5 trillion national health care bill.

The Gang that Couldn’t Shoot Straight
Obama proposes another $50 billion “stimulus” that won’t work.

Pinto: Subprime 2.0 Is Coming Soon to Suburb Near You
“Congress and U.S. President Barack Obama’s administration refuse to learn the lesson that is painfully aware to American taxpayers.”

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On the second anniversary of the bailouts of Fannie Mae and Freddie Mac, it’s now obvious that weak lending standards, serving the political interest of affordable housing for all, were the main reason for the nation’s mortgage meltdown.

But the government just can’t permit lending to anyone and everyone; it must insist on prudent judgment about who will repay and who will default. Not only will borrowers who lack a down payment, steady income, employment and a good credit history probably get into trouble — surprise! — but too much irresponsible lending also creates artificial demand for houses, driving prices into the stratosphere and, as we have just experienced, puts all homeowners at risk.

The same mistake occurred in 1929, when any investor could buy stocks on margin with as little as 10 percent down. Small wonder that after the crash the U.S. government instituted a margin requirement of 50 percent down.

Congress should apply the same principle to housing purchases, increasing the amount a buyer must put down and other safeguards to assure prudent lending. Congress refuses to do this. Why? Giving citizens cheap, easy housing is a great way to win votes, no matter what horrific repercussions ensue.

Get full story here.

In the Senate, just a week after Sen. Lisa Murkowski conceded to attorney Joe Miller in the Alaska Republican primary, there are reports that she’s actively considering a third-party run for the seat. Though rumors surfaced over a week ago that Murkowski was looking at a run under the Libertarian Party banner, numerous media sources reported the deal was rejected and wouldn’t happen. Now, Politico is reporting that Murkowski has recently met with Libertarian Party nominee David Haase just yesterday to discuss a possible swap where she would take his place on the ticket. Murkowski reportedly told Haase that she’d make a decision by this Friday, five days ahead of the September 15^th filing deadline.

Meanwhile, Majority Leader Harry Reid disavowed any responsibility to the current economy recently. Reid stated, “You know that I had nothing to do with the massive foreclosures here. You know that I had nothing to do with these unemployment figures.” In an interview with ABC’s Top Line, Reid went on to blame the Bush administration and Republicans for the current economic problems, adding “I don’t have any hand in what took place during the Bush administration. I tried to rein that in.”

Bottom Line: Does Reid’s statements sound familiar? Reid has been the Senate Majority Leader since 2007, and he has “nothing to do” with the economic woes of Nevada or the country at large? Statements like this are why people are disgusted by politics and loathe politicians.

Of course, given the machinations that Sen. Murkowski is currently exhibiting, loathsome behavior is not affiliated to just one party. In the end, the Libertarian Party will reject the Murkowski swap for the same reasons Republicans rejected her in their primary. She can’t be trusted to do the right thing when it counts.

In the House, GOP Minority Leader John Boehner will reportedly be the primary target of Obama in a much-touted economic address the president is giving in Cleveland, Ohio this afternoon. The Hill is reporting that Obama will go after Boehner directly in the speech today – which he has been increasing doing lately – and that he intentionally chose Cleveland because it is the location of Boehner’s recent address. White House press secretary Robert Gibbs stated Obama will “’spend a decent amount of time’ contrasting his economic views with Boehner’s,” according to the article. Regarding Obama’s latest moves, Boehner spokesman Michael Steel stated “you can sense the panic setting in. When was the last time a sitting president of the United States chose to follow the minority leader of the House of Representatives to a city and respond to his or her speech?”

On the legislative front, Obama’s latest economic and stimulus policy proposals are gaining little support from members. A smattering of articles and private conversations with staffers indicate that Democrat members and staff are disappointed over Obama’s latest proposal and several are even arguing for Obama to give in on the extension of all Bush tax cuts, rather than allow the rates go up on higher income earners during this harsh economy. A Wall Street Journal article today also reports that many Democrats were hoping for more a “populist proposals, such as a payroll tax holiday” instead of more infrastructure spending.

On the campaign side, Democrat Majority Leader Steny Hoyer is still upbeat about Dem chances this fall, stating “Our candidates are energized and not hanging their tails between their legs. They are confident.” Hoyer added “There is not a member that we don’t think can win” and even defended Rep. Kratovil’s chances against Republican Andy Harris in MD-01. Hoyer may be facing a tough election of his own, with Republican upstart businessman and U.S. Marine Charles Lollar running an aggressive grassroots campaign in Maryland’s 5^th District.

Bottom Line: As virtually every article on the subject today noted, Obama’s going to have a hard time demonizing Boehner, given that most of the country does not know his name. It does indeed smack of desperation and lends credence to what Boehner’s been saying about BO’s economic policies. Furthermore, most Americans are now quite weary of the president of the United States constantly blaming other people (Bush, Boehner, Republicans, etc.) for an economy that he took “ownership” of more than a year ago. As Boehner has asked repeatedly, “Where are the jobs, Mr. President?”

At the other end of the Avenue, the Wall Street Journal is reporting today that at least two major health providers have plans to raise premiums as a “direct result” of new ObamaCare regulations. WSJ reports that “Aetna Inc., some BlueCross BlueShield plans and other smaller carriers have asked for premium increases of between 1% and 9% to pay for extra benefits required under the law.” It notes that insurers are claiming that ObamaCare “is causing them to pass on more costs to consumers than Democrats predicted.” The Dallas Morning News also has a piece out today reporting that insurers are cancelling customer policies that they can no longer afford to offer under the new regulations mandated by ObamaCare.

Meanwhile, Obama’s former presidential campaign manager and political advisor David Plouffe stated yesterday “There’s going to be at least 70 House races in play, about 15 competitive Senate races, and a couple dozen tough gubernatorial races.” Plouffe made the statement in a video to Obama’s Organizing for America supporters in order to rally his troops to action in the fall campaigns. Plouffe added, “What we all do over the next 50-some days is going to make a difference, and turn races that we might lose 51-49 into wins by 51-49.”

Bottom Line: An increasing number of House Democrats are running ads touting their opposition to ObamaCare and virtually none are bragging on their support of the law. This flies in the face of Obama’s promise to Democrats when the law passed that they’d all have a great campaign issue to run on. Rising insurance rates coupled with increasing unemployment and a Democrat-controlled Congress that’s going to spend another $50 billion on road construction are all working against BO and the Dems, underscoring just how tone-deaf the President is on the economy and what mainstream America wants.

P.S. – Check out America Speaking Out and share your thoughts on how we can return to a limited, constitutional government.

Obama even gets tax cuts wrong
New proposal favors businesses that become dependent upon taxpayer largesse rather than developing products that can compete and win in the marketplace.

Where’s Feingold?
Barack Obama doesn’t have a very busy campaign schedule 2010.

TimesCheck.com: Krugman Views Tax Cuts as an “Expensive Proposition” But Not “Stimulus” Legislation
Although George W. Bush left office as an unpopular president, history is beginning to catch up with the wisdom of his tax policies.

Big Government Knows Best for Retirement Savings?
New legislation could force Americans to invest a portion of their income to U.S. treasuries.

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Get full story here.

In the Senate, with a week left of the long congressional recess, Majority Leader read is starting to talk more about his plans when they’re back in session. The Hill quoted Reid as saying, “When we return to the Senate this fall, Democrats’ first order of business will be to pass bipartisan legislation that helps small businesses create jobs.” Reid went on to attack Republicans for blocking “common-sense solutions, instead betting against American workers and against our economic recovery.”

Florida Republican Senate nominee Marco Rubio released a statement recently that Gov. Charlie Christ has changed his position on ObamaCare six times. Rubio is running against now-independent Crist and Democrat Kendrick Meek for the seat held by Sen. Martinez. The statement read in part, “Charlie Crist has six different positions on ObamaCare because he doesn’t actually care about healthcare, he only cares about getting himself elected… We all know Kendrick Meek is a liberal who strongly supports ObamaCare. But Charlie Crists’s political opportunism puts him in a league of his own. After changing his mind six times, I’m still not sure what he believes because he will likely change it again tomorrow.” A Miami Herald article out today takes great pains to point out that Crist has really only changed his position four times instead of six.

Bottom Line: Though a number of issues will come to the floor in this next session, there is virtually no possibility that any will have a measurable impact on the economy – at least not a positive one. Republicans welcome tax breaks for small businesses, but the question always turns on what else is in the package that will harm businesses and private-sector employment. With the “small business” bill up first, Republicans have little cause to cooperate, perhaps giving Democrats what they really want: a fresh reason to blame Republicans for the ailing economy.

In the House, Politico’s Richard Cohen published an article today entitled “How the House would be won” handicapping some 75 House seats in play “that feature varying degrees of difficulty.” The article lists an additional 13 seats “on the bubble,” and divides the seats into three groups: “must-wins, majority makers, and landslide,” underscoring what will happen if seats in those categories are won by Republicans.

Responding to Obama’s call for billions in infrastructure spending, GOP Leader Boehner said it’s more failed stimulus spending. Boehner stated, “As the American people, facing near double-digit unemployment, mark Labor Day by asking, where are the jobs, the White House has chosen to double-down on more of the same failed ‘stimulus’ spending. If we’ve learned anything from the past 18 months, it’s that we can’t spend our way to prosperity.”

Bottom Line: With expectations already high for Republicans and increasing every day, it is vital for the GOP to at least win those seats in the “must-wins” category to save face after all that’s been said. Any seats they gain in the “landslide” category is just gravy, since Dems will be so demoralized by losing the House that the margin will not really matter in the short run.

Though moderate Republicans are usually quite receptive to infrastructure spending projects, Obama’s call for increased spending here is a test for Boehner and those more squishy Republicans. Will they hold the line on increased spending and essentially higher taxes on the oil and gas industry, or will they jump at the chance to steer money toward their districts for road and rail projects?

At the other end of the Avenue, Obama yesterday called on Congress to approve a second stimulus worth $50 billion for infrastructure projects such as road, railway, and runway improvement. He announced the six-year infrastructure improvement plan during a Labor Day trip to Wisconsin at an AFL-CIO event. Obama proposes to pay for the package by increasing taxes on the oil and gas industry. Though no legislation exists yet to implement the plan, Obama pledged it “will cut waste and bureaucracy” by consolidating over 100 differed federal transportation programs. In the same speech, Obama once again blamed Republicans for the current economic woes, stating “These are the folks whose policies helped devastate our middle class and drive our economy into a ditch. And now they’re asking you for the keys back.”

Meanwhile, Obama’s former director of OMB has recommended that Congress extend the expiring Bush tax cuts for another two years, then let them all expire. Orszag made the case in a NYT op-ed yesterday, stating “In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal through Congress, though, may require keeping the high-income tax cuts too. And that would still be worth it.”

Bottom Line: Obama’s call for massive infrastructure spending is not his October surprise. This will do virtually nothing to quell the criticism of his job on the economy, so expect the federal mortgage pay-down idea to come back, or perhaps another similarly populist, socialist, expensive program to be proposed in the coming weeks by a desperate president.

P.S. – Check out America Speaking Out and share your thoughts on how we can return to a limited, constitutional government.

The Effects of Recovery Summer and Stimulus: Week in Review
There is no end in sight to the downturn in America’s economy.

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Labor groups will be invited to the U.S. Chamber of Commerce to talk about an alarming shortfall in state employee pension plans that some believe could lead to a new government bailout.
Randy Johnson, the Chamber’s senior vice president for Labor, Immigration and Employee Benefits, told The Hill the total shortfall for state pension funds could run as high as $3 trillion.

A Chamber spokesperson said the event is in the early stages of development and that it is unclear which unions would be invited to participate or when the session would be held.
While the faltering economy has kept the dire state of pensions from grabbing many headlines, several experts agree that absent drastic measures these funds could be the next financial calamity that receives a government bailout.

An August report by the Kellogg Graduate School of Management at Northwestern University found government pension programs in as many as 31 states are headed for financial disaster by 2030 and that taxpayers will likely wind up paying for unfunded liabilities.

Get full story here.

The Obama administration’s “summer of recovery” has morphed into a summer of economic discontent amid anxiety over the weakening economy. The greater than 4% growth and less than 8% unemployment envisioned by the president’s economic team are nowhere to be seen. Almost everything that is supposed to be up—the economic growth rate, the stock market, bond yields—is down. And almost everything that is supposed to be down—unemployment-insurance claims, new mortgage delinquencies—is up.

Sometimes a weak early recovery gathers strength after a year or so, as in 2003 when the second round of the Bush tax cuts helped double growth to 3.8% from 1.9%. But there are serious headwinds to stronger growth: household deleveraging, unresolved toxic assets, and most government economic policies headed in the wrong direction. While the base case outlook is still slow recovery, a double-dip recession or a Japanese-style lost decade is more plausible than a few months ago. This explains why Federal Reserve Chairman Ben Bernanke felt compelled last week to reiterate that the Fed will use more of its (in my view, weak) ammunition should the economy falter further.

Get full story here.

In the Senate, in the Florida Senate race, Rep. Kendrick Meek was handed some bad news this week when Florida Senate Democrat leader Al Lawson endorsed Gov. Crist’s independent bid over Meek. With GOP candidate Marco Rubio leading slightly in the polls, this development bodes well for him, since it underscores that Meek and Crist will more likely split the Democrat vote and Rubio will take the spoils.

In another closely watched Senate race, retiring Sen. Jim Bunning yesterday predicted that Republican nominee Rand Paul would win his seat, stating “The intensity on the Republican or conservative side in this election is unbelievable.” Bunning also alluded to Paul’s campaign as being less than effective, by adding “It means Rand Paul can succeed me and not do a great job. In other words, he can succeed me in spite of himself.”

Bottom Line: Bunning gave a blunt back-handed comment to Paul, but he may be right, at least as far as the results go. With two months to go, Paul, Rubio, and other once dark-horse candidates now are well poised to gain a Senate seat, if they can maintain momentum and avoid gaffes.

In the House, Democrats are beyond nervous about the mid-term elections at this point, but are aggressively trying to stem the likely tide against them in November. DCCC Chairman Chris Van Hollen stated in a recent MSNBC appearance that “We’ve got to get around the country. And the president has got to get turbocharged. He’s got to go out and make it very clear what the stakes in this election will be.”

The political rancor has become biting and bitter from some high-ranking Democrats. Rep. Barney Frank, the House Financial Services chairman, stated at a Democrat event in California recently, “Here is what apparently happened on January 21, 2009, if you listen to the Republicans: It was, after Pearl Harbor Day or 9/11 of 2001, the worst day in American history… all of a sudden unemployment appeared… the deficit appeared… all of these bad things according to them happened the day Barack Obama took office.”

Bottom Line: To Barney: yep, that pretty much sums it up. Certainly not comparing Obama’s election to national disasters, but Republicans and conservatives do largely view Obama’s election as a sizable step toward socialism in America. And it’s hard to argue with the numbers. The unemployment rate is more than 4 percent higher now than when Obama took office, and the deficit has grown by billions since Obama was sworn in. Facts are stubborn things.

At the other end of the Avenue, Obama is proposing another stimulus package before the November elections, which may include one or more of the following proposals: business tax breaks, a temporary payroll tax holiday, infrastructure spending, or a permanent extension of the research and development tax credit. Republicans, including Rep. Mike Pence, have recently proposed an across the board tax reduction, while some have also suggested a second round of rebate checks to spur consumer spending.

Meanwhile, the latest economic numbers were released this morning showing the private sector added a modest but lower than expected 67,000 jobs, though total non-farm payroll employment fell by 54,000 in August. As a result, the unemployment rate increased to 9.6 percent after remaining steady at 9.5 percent for the previous two months. There were 14.9 million unemployed Americans in August.

The White House had previously announced that Obama would name a replacement to outgoing Council of Economic Advisors chair Christina Romer by September 3^rd. Thus far, no choice or announcement has been made to fill the pivotal post.

Bottom Line: Before the package has even been crafted, Obama advisor David Axelrod is already downplaying expectations. Axelrod said in a WaPo interview “We’ll continue to do everything we can, understanding that recovery will require persistent effort. There are no silver bullets.” Thus, Obama and Co. are hoping to create the “appearance” of bold action on the economy to Americans before November 2^nd while not actually believing it will “actually” help.

Corporations Fail in America
If done effectively, a restructuring of the corporate tax laws in the U.S. would bring growth, sustainability, investment and jobs.

Obama’s Labor Board Targets Dana Corp. Ruling that Allows for Secret Ballot
Craig Becker warned everyone that the NLRB would overturn the secret ballot for unionization elections. Now it looks it may actually happen.

Out of Context, Out of Line
Nevada Democrat Congresswoman Dina Titus levels false charges against her opponent, challenger Joe Heck.

Las Vegas Review Journal: Reid and the jobless
“Is Angle really so ‘extreme’?”

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