Flawed economic reasoning and mythical economic fallacies, whose origins and repudiation can be traced back centuries—have nonetheless regained intellectual prominence in recent years.

President Obama and the news media have attempted to create a narrative that points to a “broken” political system as the underlying cause for our economic depredations.  Yet this argument deliberately disregards the reality that the American people voted for divided government as a stopgap against unbridled government intervention into the free-enterprise system—and the unintended consequences that have exacerbated economic problems.

A catastrophic crisis has been averted.  The debt ceiling was raised and America was spared from having Treasury secretary Timothy Geithner in control of prioritizing federal spending and managing our nation’s balance sheets.

Still, the debt deal marked yet another win for big spenders and establishment politicians, who, using Washington’s Madoffesque budgetary math, presumably made big and, even if you follow liberal progressive logic, “painful” cuts.  

You can begin to comprehend the desperation level of a particular party or ideological persuasion when the arguments that are posited leave the realm of logic and plunge into the abyss of absurdity. 

The great classical Roman poet Publius Vergilius Maro, better known simply as Virgil, said “do not trust the horse, Trojans. Whatever it is, I fear the Greeks even when they bring gifts.” While Virgil was referring to the sly and cunning nature of the Ancient Greeks, these potent human faculties failed to manifest when Greece allowed its own Trojan horse to penetrate its boundaries 30 years ago, that of course being socialism.

President Obama, speaking at a Chrysler plant in Toledo, attempted to highlight the successes of his bailout bonanza of the American auto-industry.  “This plant directly supports hundreds of jobs right here in Toledo.  After all, without you, who’d eat at Chet’s or Inky’s or Rudy’s?”

A few days later Chet’s closed up shop and went of business.  Ouch.  Presumably, the president would surmise that the diner’s demise was a “bump in the road” on the way to recovery.

There are invariably two reactions emanating from many media outlets and Democrat political circles over the recent economic turmoil.  The media has been sent into a state of apoplexy over the sputtering economy, while Democrat politicians and strategists have asserted the clichéd “it could have been worse” argument and the blame Bush strategy. 

The fundamental question remains, why is anyone actually surprised over the failure of Obamanomics?

Did you hear the joke about how a “Tea Party” candidate in Western New York supports tax increases, tariffs and refuses to reform the federal budget?  Karl Marx, a philosophical ally of Republican turned Democrat turned Tea Party chameleon Jack Davis would have mused, “History repeats itself, first as tragedy, second as farce.”

Anti-school choice activists converged on Washington D.C. to protest against school choice for all Pennsylvania students.  The activists were remarkably uninformed on the issue and asserted many straw man arguments and class warfare demagoguery, into a debate focused on allowing all students access to quality education.

Shell Oil Company has announced the suspension of its energy exploration efforts in the Arctic Ocean off the northern coast of Alaska.  The move comes after the Environmental Protection Agency denied the issuance of air permits critical to the formation of the oil drilling projects.