Obama sidesteps dismal economic record

James L. Lambert - Guest Columnist

Lambert, JamesIt's no wonder the president isn't touting his economic record. There's very little to brag about.

A local real estate broker recently told me of the problems her customers were experiencing with federal refinance programs throughout our San Diego County. She estimated that only about 10 percent of her customer's refinance efforts provided by the federal government would actually take place -- despite the long loan-application process.

According to leadership from her local Real Estate Board Association, it is estimated that as many as 150,000 homes could be foreclosed in this region by the first quarter of 2013. Obviously the number of predicted foreclosures by that Association is alarming. Still, this seasoned broker believes that this action will only add to the growing real estate inventory and will further depress an industry that is already hurting around Southern California.

For years the real estate industry in California accounted for as much as 40 percent of the business growth in our region. With the recent recession, residential and commercial values have been badly affected. Building of new homes is at a standstill -- and according to a large, well-known commercial contractor, unemployment in the building industry hovers around 40 percent.

In the county, commercial vacancies are everywhere to be found. In upscale sections of San Diego, it is not uncommon to find five or more vacancies per block. In North County (a region of San Diego County), huge commercial sites have gone vacant for months. But such stories are not limited to Southern California alone.

Over the last three years, I have traveled to almost a dozen states (Oregon, Arizona, Hawaii, Florida, Montana, Pennsylvania, New Jersey, Nevada, Indiana and Kentucky) interviewing people and later promoting my new book (16 Amazing Stories). I have talked to friends and locals who live in these states and all confirm similar stories: the real estate market has been hurt in their regions, too.

It's no wonder. Despite the fact that record numbers of people have left the roles of the employed, true unemployment is actually hovering around 12 to 15 percent. The governmentdoes not count the folks that have been looking for a job for more than two years. In addition, record numbers of people (more than 48 million) are on food stamps. These numbers have increased by almost a third since Barack Obama became president.

Our federal debt is out of control as well. It is growing at record levels -- more than $3MM each minute of the day! Yet free enterprise continues to be checked in place by the current administration and its regulatory agencies. Obama has virtually shut down oil exploration on federal lands from the West to the East coasts. On a more local level, the California state legislature for years has been controlled by Democratic Assembly and Senate members. This body has virtually shut down all offshore oil exploration, despite the fact that California has over 18 billion barrels of proven oil reserves just offshore (from Santa Barbara to Monterey County).

Just think of the number of precious jobs this would bring to the Golden State if these reserves were open. Instead we foolishly send billions overseas to countries like Saudi Arabia, Kuwait, and Venezuela. All this is occurring during a time when drivers across the U.S. are paying exorbitant amounts of money to fill up their cars with gas. My own gas bill has increased by approximately 35 percent over the last year.

Liberal Congresswoman Nancy Pelosi (D-California) and her friend in the White House seem to ignore the fundamental problems associated with government bureaucrats impeding energy exploration around our country. They ignore the fact that increased energy will create jobs and bring with it more revenue to federal coffers.

It's no wonder that Democrats like Obama and Pelosi continue to sidestep their miserable economic record established over the last three-and-a-half years. It's time for a change.

James Lambert is a licensed nationwide real-estate mortgage loan sales agent in Southern California and a regular contributor to OnenewsNow.

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