Weekly Standard's report supports TheRightFieldLine's argument that Americans are on strike against the Obama crew

The economy, it turns out, grew at an annual rate of only 1.6 percent in the second quarter, rather than 2.4 percent as originally estimated. That means that the growth rate in the most recent three quarters has dropped steadily, from 5.0 percent at the end of 2009 to 3.7 percent and 1.6 percent in the first two quarters of this year.

Both consumers and businessmen are sitting on the sidelines. The July drop in sales of new (-32 percent year-on-year) and existing homes (-26 percent) to record-low levels exceeded even the gloomiest expectations, and can no longer be blamed on the expiration of the Homebuyer Tax Credit. Low mortgage rates seem to be offset by tighter credit standards, job insecurity is being fuelled by rising initial claims for unemployment insurance, and buyers feel it pays to wait because prices will be lower tomorrow.

Potential homebuyers are not the only squeamish economic actors. Capital goods orders, excluding defense spending and the 76 percent increase in the volatile aircraft segment, fell 8 percent, the biggest drop since January 2009. This “highlight[s] the risk of a significant slowdown of investment spending,” concludes Bernd Weidensteiner of Commerzbank. American corporations seem to be using some of their $2 trillion in idle cash to return to the acquisitions market, bad news for job seekers since successful acquisitions usually mean lay-offs in the acquired companies -- “efficiencies” and “cost savings” are the preferred description.

Add to this bad news an even more powerful drag on the economy: uncertainty. Bernanke says the Fed is loading its monetary policy gun by keeping its balance sheet from shrinking, but no one knows whether or when he will pull the trigger. Besides, even if he does, recent history suggests that the Fed can’t lure enough money from the wallets of debt-burdened consumers or from corporate treasuries to put the economy on a solid growth path. Mike Dude, CEO of vaunted retailer Wal-Mart, says, “The slow economic recovery will continue to affect our customers, and we expect they will remain cautious about spending.” Students are being made to do with their old PCs, and affluent fashionistas are eyeing lower-priced editions of their favorite designers’ lines.

My take: This supports my blog post of Aug. 23, under the headline: "Why the economy refuses to recover: Americans are on strike against Obama's anti-American, big-government policies," in which I wrote this:

Hoist by his own petard.


That's President Barack Obama.

Having assumed office with an illusory mandate to "transform America," he tossed aside public opinion, ignored voters' traditional preference for moderate, not radical, change, and set out to impose his vision of dominant government and a citizenry willing to say, okay, when a designated bureaucrat tells them their time has come to die. In doing so, Obama's minions bribed lawmakers to vote for measures opposed by a majority of voters and made a mockery of the legislative process.

House Speaker Nancy Pelosi will be an unduring symbol with her call for Congress to pass a bill cobbled by insiders so that rank and file members could find out what's in it.

As the nation's debt grew by trillions of dollars, voters recoiled in horror while Obama remained unfazed, and perhaps unwitting. There is, after all, little evidence that Obama has any understanding of economics aside from the obvious fact that many of America's corporate elite will throw money at radical politicians so long as those politicians protect and nurture their corporate interests.

As a leftist nurtured in marxist truisms, he is, of course, dedicated to Keynesian economics, a dressed up ideology that encourages politicians to pay off voting blocs and interest groups that share their aspirations in the guise of "stimulus."

Now, 19 months into his presidency, Obama expresses puzzlement at the stubborn refusal of the American economy to recover despite more than a trillion dollars in "stimulus" spending. Speculation is rife that the economy will turn down again, producing a dreaded double-dip recession.

What's going on?

Sane America has gone on strike against the Obama administration's obsessive effort to impose rule by a leftist elite, including "czars," that has seized control of government and uses it to impose policies that most Americans oppose.

To counter this bizarre assault on American values, individuals, families, small businesses and large corporations are reasserting their individuality and desire for freedom by hoarding cash, withholding spending to thwart a government that some regard as wayward, and many view as their enemy.