John Ransom

Obama told us that he had a plan to end US dependence of overseas sources of energy.

“If I am President,” he told us in 2008, “I will immediately direct the full resources of the federal government and the full energy of the private sector to a single, overarching goal — in ten years, we will eliminate the need for oil from the entire Middle East and Venezuela.”

Last March, two years into this ten year plan, Obama gave a major policy speech on energy that the White House pitched for weeks. It was necessary to give the speech because, well gosh, wouldn’t you know it? Obama’s only energy policy so far was to enrich his favorite Democrat donors.  

The major thrust of the speech was that greedy oil companies weren’t producing enough oil and Obama was sick and tired of the do-nothing oil companies standing in the way of progress.

“Right now, the industry holds tens of millions of acres of leases where they're not producing a – a single drop,” the president said according to the CSMonitor.com. “They're just sitting on supplies of American energy that are ready to be tapped. And that's why part of our plan is to provide new and better incentives that promote rapid, responsible development of these resources.”

Obama told us that he has a plan for jobs too.

He promised that if we just spent $1 trillion on a jobs plan guided by the White House that he would create 3.5 million jobs. He was off by 9 million. Instead of adding jobs, the country has lost 1.1 million jobs and 4.4 million people have permanently left the workforce. 

Last summer, two years into this four-year job plan, Obama gave a major speech on jobs that the White House pitched for weeks- because it was a fundraiser. It was necessary to give the speech because, well gosh, wouldn’t you know it? Obama’s only jobs policy in the first two years was to enrich his favorite Democrat donors. The one area Obama crowed about was so-called green energy jobs. But those jobs cost $5 million apiece and, as the Washington Post pointed out, were mostly about financial payback for the president’s political supporters.  

The thrust of the speech, the president gave last summer was that the economy wasn’t growing because a do-nothing Congress was stopping the president.


John Ransom

John Ransom is the Finance Editor for Townhall Finance.