Obama Delivers the Most Clueless SOTU Address Ever – Ep.130
The Peter Schiff Show Podcast13 Jan 2016

Obama Delivers the Most Clueless SOTU Address Ever – Ep.130


* Last night I watched President Obama deliver the State of the Union Speech and probably the only good thing about the speech is that it was his last one
* It will probably go down in history as the most clueless State of the Union Address ever
* All he talked about was how great the economy is - how he created all these jobs
* He even had the chutzpah to take credit for reducing the budget deficit!
* President Obama will have doubled the national debt during his presidency
* He added more debt than every president from George Washington to George Bush, combined, yet he's taking credit for reducing the deficit
* At least when George Bush gave his final State of the Union Address he acknowledged problems brewing in the economy
* He acknowledged concerns being addressed by the American people and validated them
* He talked about the stimulus plan he had, which I did not agree with, but at least he knew the economy was in some trouble
* Although he acknowledged that economic growth was slowing and that housing was down, he didn't come close to preparing Americans for what was about to unfold by the middle of the year
* In fact, when the President delivered that State of the Union Address, the economy was already in recession, although the government had not acknowledged it yet
* He had no idea how precarious the state of the economy was, we were on the precipice of a big cliff and he was still optimistic, long term, but cautious given the slowdown in the economy and he wanted to come up with some kind of stimulus to mitigate the slowdown
* He did not foresee or warn about the severity of the problem, but at least he acknowledged some problem
* In contrast, rather than at least acknowledging weakness in the economy, President Obama claims victory over the Great Recession, that he restored economic health and vitality
* The few problems in the economy are beyond his control because the economy is changing
* What we do need is more government money for education, to train people for this new economy, we need a higher minimum wage, we need higher taxes on the rich, but other than that everything is great
* President Obama's State of the Union Address is on the order of magnitude more clueless that George W. Bush's last SOTU on the eve of the Great Recession
* We are now on the eve of a collapse even greater, yet President Obama is saying everything is awesome
* What President Obama did is to lecture the American people as to why they have nothing to be concerned about - basically saying that anyone who says that the economy is in decline is peddling fiction.
* Obviously the people who don't recognize the decline in our economy are in denial, or have a political agenda
* What the President said is, "If you think the economy is headed in the wrong direction, if you think America is in decline, you're wrong, it's just that the economy is changing
* Remember, you voted for me and I promised change
* It's changing because it's getting worse, that's the change
* President Obama points to technology as the problem in the economy - a transition that only makes you feel like you're falling behind even though you're not
* The technological revolution did not begin with the election of President Obama
* It has been no more transformative, even less so, than the industrial revolution
* Machines put a lot more people out of work than computers but we saw an expanding labor force, but women left the labor force, because their husbands started making more money
* Real wages were rising
* The industrial revolution took place in a free market economy
* The technological revolution is taking place in a government controlled economy
* The reason so many people are suffering is not because so many techno... Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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