August, 2014 Political Class Insanity, Part 4: Biden Jets Off For A $2 Million Soccer Game, Gallup Says No Confidence But Lots Of Corruption, and More

This is our fourth and not likely last update to our monthly series on political class insanity. Our current set of politicians continue to amaze us with their greed, inability to operate an efficient and effective government, their economic ignorance, their lack of problem solving ability, wasteful spending and generally uselessness. They are so bad at so many things it makes you wonder how we continually trust them and continually reelect them, something, somewhere in our election processes has to be broken.

Don’t believe me? Let’s see what you think after reading today’s dose of insanity:

1) Economic ignorance is a specialty of this current set of politicians. They spent over $800 billion on a so-called economic stimulus package a few years ago. They gave trillions of taxpayer dollars to banks and car companies in an effort to stimulate the economy and create a healthy job creation process. 

What did we get for these trillions and trillions of dollars? Consider the following graph:

Corporations got rich off of our tax dollars. Those with large stock holdings got rich off of our tax dollars. The tens of millions of Americans who are currently under employed or unemployed? 

Hardly anything, if you consider the fact from this graph that the percentage of employed adults in the country is at the lowest levels in at least thirty years, despite the trillions of dollar spent. Pathetic economic performance, all focused on the most likely contributors to politicians’ elections campaigns, wealthy Americans and corporations.

2) Things are economically rough for many, many Americans. Unemployment in general and long term unemployment remain stubbornly high. More and more jobs are devolving to part time work as a result of Obama care and other government missteps.

But at least one American is recently had a good time at taxpayer expense despite general taxpayer suffering. Vice President Joe Biden recently jetted down to Brazil for two days to watch some World Cup soccer games. Biden, whom Obama appointed to head the Campaign to Cut Waste to root out wasteful government spending last summer racked up a taxpayer tab of $2,245,343, spread over all four hotels. For his one night stand. Over $2 million for the VP to watch a soccer game or two. Insulting to all of those that are paying a heavy tax burden or who cannot find a decent job.

But this should not come as an unexpected expense relative to how freely Biden spends taxpayer money in other ways, according to a recent article in the Independent Journal Review:

• Every weekend Biden gets a lift from D.C. to his home in Wilmington, Delaware, via Air Force Two, the V.P.’s airplane, and Marine Two, the V.P.’s helicopter. 
• And he often gets a mid-weekend lift back to the Andrews Air Force Base for a round of golf with the President.
• Estimating $22,000 an hour cost for the airtime, that works out to about $1 million per year in Biden’s commuting costs between D.C. and Wilmington. 
• That cost excludes the cost of the 20 condominiums that the Secret Service rents in Wilmington nor the cost of Air Force Two sitting and waiting for him while he plays 18 holes of golf.

So out of touch with those that support his golf and travel habits.

3) Given that it is pretty obvious that most, if not all, Washington politicians have no idea how an economy works or how to put forth sound economic policies to make that economy grow, one would have hoped that those over at the Federal Reserve Board would have a good grasp on what makes an economy tick and how to keep it tuned and humming.

You would hope but you would be wrong. In recent Congressional testimony, Federal Reserve Chairwoman Janet Yellen testified that she was not isn't sure what's gone wrong with the U.S. housing comeback: "I have to say that I'm somewhat surprised. Frankly, it continues to be sluggish. And I can't give you a precise reason why that's occurred." 

To prove her point, the day after her testimony, Federal agencies reported that the number of new houses under construction came in well below expectations in June, at 893,000 rather than the expected million-plus, level that would have represented gradual improvement in the housing market.

So, the Obama administration has no clue on how the economy works or falters, Congress has no clue on how the economy works or falters, and at least for a major, major piece of the economy, housing, the head of the most powerful central bank in the history of mankind has no idea how that market is functioning. What did rock musician Steve Miller once sing: "Clowns to the left of me, jokers to the right…” Sounds about right for the abysmal level of economic sense in all facets of Washington, D.C.

4) But the Washington political class is not just bad on economics, if you believe some recent Gallup polling regarding corruption and dishonesty in the Washington political class:

An amazing chart:

• Almost four out of five Americans believe corruption is widespread throughout the government in the U.S.
• This level of perceived corruption is up 13 points or almost 20% (from 66% to 70%) since Obama came into office.
• It is up 20 points or about 34% in just seven years.
• Given the high perception of corruption, I have to think that across the political spectrum, Republicans to Democrats to Independents, the majority of Americans within those sub groups agree that government and the politicians who operate it are corrupt.

These results are bad enough but not only do we think that the political class is operating a corrupt government, we have very little confidence in their effectiveness to govern, according another recent Gallup poll:

This lack of confidence has cratered since Obama came into office but has been on a general downward trend since the early 1970s. Corrupt and ineffective, a lethal combination.

That will do it for today. Let’s review:

1. Despite spending trillions of dollars, the Washington political class has been unable to put forth a coherent and effective economic strategy to grow jobs for the millions of Americans looking for jobs.
2. At least Joe Biden is having a good time in these harsh economic times by jetting down to Brazil to watch some soccer games at a cost of over $2 million of taxpayer wealth.
3. Even the high powered and expensive bankers at the Federal reserve seem to have no clue on what is happening in a major economic segment in this country.
4. As a result of all the Keystone Kop antics of Washington, we are left with the perception that our politicians are both corrupt and ineffective.

More insanity, waste, and other political class shenanigans tomorrow.

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