Afghanistan Unnecessary -- Trade War Necessary

To have been editor of the Harvard Law Review and a Professor of Law, President Obama is a slow learner. By the time President Obama raised his hand to take the oath of office, President Bush and the Federal Reserve had increased the debt $7 ½ trillion in eight years and household debt had increased $7 trillion in the same period. The economy had been stimulated $14 ½ trillion and we were still losing 799,000 jobs a month. Stimulation was spent. Everybody was saving, not about to consume. But President Obama stimulated the economy $1.3 trillion last year and already this year $1.1 trillion. Last month we still lost 125,000 jobs. President Obama proposed stimulation to Congress, which Congress promptly killed. But off to Canada goes the President, insisting on stimulation. The rebuff of stimulation by the G-20 countries in Canada has finally taught the President that stimulation is spent. Stimulation saved China profits for Wall Street, Goldman Sachs, AIG, and Citicorp - not the economy.

There's no mystery to the loss of jobs. Princeton economist, Alan Blinder, in February 2007, long before the recession, estimated that in ten years the United States would be losing on an average of 300,000 jobs a year to off-shoring. But President Obama has yet to learn to compete in globalization. He furiously bails out the economy boat with stimulation but fails to plug the off-shoring hole in the bottom.

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