Thanks to the Obama administration who instead of thinking about doing the right thing attempted to “appease some of those 5% minorities.” The project is now dead in the water with 18 months set to complete a scientific study to figure out the effect this would have on the region. From Canada’s financial minister Flaherty :
“The decision to delay it that long is actually quite a crucial decision. I’m not sure this project would survive that kind of delay.”
So obviously the decision to post-pone the decision (kind of ironic) forces the decision anyhow. So what are the effects of this decision?
First off, we were promised the “grand plan on how the president was going to save the economy” at the end of last week or “at the very latest by the start of this week.” Being Wednesday at midnight I assume the plan is not being released anytime soon (although we are promised Thursday now). So since nothing is being said, job numbers are still in the toilet and to boot every single one of President Obama’s initiatives have failed to add real jobs to our economy. As I posted earlier, perhaps this time is different if you believe in unicorn farts saving your face from the effect of ageing and other weird stuff.
Photo source: http://www.latimes.com/news/politics/la-pn-obama-jobs-20110906,0,3610220.story?track=rss
As this photo shows, the president is not having an easy time of things. I will say one thing in defense of the president: there was nothing he could have done from the start to make our economy any better. The entire QE (which I discussed in an earlier post to death) episode has probably just prolonged the recession and possibly made it worse. The only purpose of QE ever is to stop a depression from starting and to “theoretically suffer a longer recession but avoid a depression.” That is just one of the things the president has tried to turn things around. And he has tried, but everything he has done has either had little effect or the opposite effect, and to boot instead of focusing on jobs which is what the people of this country care about, he has still maintained his other political agendas which actually as I showed take away from the job market. The reason for this is that the primary purpose of the president’s political agenda has nothing to do with creating jobs, his purpose is to simply achieve his political goals regardless of the cost.