Weekly Initial Job Claims have been above the 400,000 level for the past 11 weeks. That number includes this past week. “President Obama’s big Afghanistan speech caused nary a tremble in the polls. Before he spoke, most Americans didn’t support him. And after? His popularity continues to sink” are the words of Wayne Simmons on HumanEvents.com. What’s a politician to do? Why not release some oil from the national reserve? That’s it! And so 30 million barrels will be released even though there is no shortage, gasoline prices are falling, and Saudi Arabia has quietly increased its production.
The Los Angeles Times front page story on June 24 calls the decision a “Hail Mary Pass” to help boost the economy. Really? Lower gasoline prices will induce business to start investing or consumers to start spending when they save 50 cents a gallon. That is a dream.
Is this “change we can believe in?”
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