THE TRUTH: Bush Tax Cuts Created More Jobs Than the Obama-Pelosi Spend Your Way to Hell Plan
Posted by Jim Hoft on Monday, June 7, 2010, 3:15 PM
Barack Obama made George Bush the target of his 2008 campaign.
He blasted President Bush repeatedly for the “failed policies of the last 8 years.”
He said it was a defining moment in this nation’s history and his policies would bring the country more prosperity and employment.
He lied.
Now we know the truth.
Not only were more jobs lost after the 9-11 attacks in 2001 than in the 2008 market crash, but more jobs were created by President Bush’s pro-business policies and tax cuts than by the Obama-Pelosi “spend your way to hell” Keynesian failure.
The Foundry reported, via HotAir:
For objective observers the failure of President Obama’s $862 billion stimulus has become increasingly difficult to deny. But not for the White House. Last week, Vice President Joe Biden told Charlie Rose on PBS that the stimulus was “an absolute success.” Betraying a common perception about unemployment, Biden told Rose: “[W]e lost 8 million brand new jobs … since … 8 million brand new jobs since we hit the skids. On top of the 6% that were already unemployed. It took us several years to get there, it is going to take several years to get back to that number.” That is not quite true. In fact, the American economy has shed 55.4 million jobs since the recession began in the First Quarter of 2008. But at the same time the economy has only added 46.5 million jobs. Putting the two together produces the net approximate 8 million jobs lost that Biden referenced.
But isn’t net jobs all that really matters? Why should anyone care exactly how many jobs were lost and created since all that really matters is the net number of Americans who are no longer employed? Here’s why: despitean unemployment high of just 6.4%, more jobs were lost in the first seven quarters of the 2001 recession than were lost in the first seven quarters of this recession. How is that possible? How could job losses have been worse in 2001 but unemployment so much higher now? Weak job creation. The latest Bureau of Labor and Statistics data show that employers have created 8.6 million fewer new jobs this time around than they did almost a decade ago. Heritage Senior Labor Policy Analyst James Sherk estimates that lower job creation accounts for 65 percent of the recession’s decreased employment.
Our nation’s unemployment rate is hovering near 10% not because of record job losses, as Biden suggests, but because of record job non-creation. Private sector employers have gone on strike. Contrary to what the President’s economic wizards and New York Times columnists believe, massive government deficit spending does not stimulate job creation. President Obama does not have a secret vault of money he can just throw at the American people. The resources the government spends come from the economy. When the government increases spending, it crowds out the resources that business owners could have invested in their enterprises. Private investment falls sharply when government spending rises. According to Sherk, annual private fixed nonresidential investment has fallen by $327 billion since the recession started— a 19 percent drop. Less private investment means less hiring.
And then there is the rest of the Obama agenda that has created, and is creating, significant economic uncertainty: Obamacare, EPA carbon regulations, financial regulations and impending tax hikes. Renouncing these policies, and canceling the rest of the stimulus, would do more to spur private sector job creation than anything this White House has done so far.
Don’t expect the state-run media to point this out anytime soon.
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Published February 22, 2012 at 4:19 pm - 32 Comments
J commented:
Someone should make a picture of obama and other people, squatting on the beach picking up the balls of oil and the caption would read:
Obama promised us job creation…..well this is it.
gus commented:
Yes everything Captain Clueless does takes way more time than any other President in history.
Still waiting for the CLOWN PRINCE’S first accomlishment in life.
Obama is a blithering moron.
There can be no doubt about that any longer.
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shibumi commented:
“Spend your way to hell.”
So funny.
So very, very true.
sdfsdfsdf commented:
The ignorant bastard needs to resign!
Joanne commented:
America on her knees is exactly is where these apologists and appeasers want her to be – no longer great in power and strength, but weak and at the mercy of others.
America’s economy was and is in crisis mode when Obama took over, and then he spends her economy into oblivion. So what don’t people understand about him wanting to destroy America. Remember Osama bin Laden’s goal was to destroy America’s economy, which would in turn destroy America, and Barack Hussein Obama is in that very position to do the same without or to date, little, bloodshed, even though he is bleeding America dry. Damn, he is exactly where he needs and wants to be, and who is stopping him?
wanumba commented:
Yeah. The money is going somewhere, but “stimulus” was never the truth. It’s going to be a terrible day when we find out EXACTLY what they’ve done with America’s wealth.
Chkn Fryd commented:
Way to not get personal people; way to stick to the economic consequences of “Supply-siding” the economy damn near to death. Anybody here ever write a business plan? Anyone familiar with the “Paradox of thrift?” Anybody know the difference between an annual expenditure and a capital investment? Didn’t think so. Go pick on the President’s middle name again, and leave the business of business to business people. ‘Figure Conservatives should have no problem with that. Tarballs, indeed.
David Johnson commented:
Hey Ckhn Fryd, it’s not the middle name, it’s the inner Muslim; and it’s not the middle name, it’s his last name: OILBAMA.
jonyjoe101 commented:
Any idiot knows that more taxes equals less jobs. Actually more taxes equal more government jobs, something we don’t need.
Why obama couldn’t figure that one out is quite baffling.
Mccain/Palin would have done a better job all around. I can’t think of one success for the obama administration (obamacare doesn’t count as a success).
Terry Gain commented:
leave the business of business to business people.
Hilarious. Obama a business person? Get real. He’s a much a capitalist as he is a Christian. He’s a fake at both. The only business people supporting him are the crony capitalists.
Diane commented:
President Bush has been busier now than when he was in office. All of this trouble he is causing poor President O….
free` commented:
If you listen to obama’s own words you would know he has no intention of doing anything to spur economic growth. What do you think he meant when he said the US uses 25% of the worlds oil and is only 5% of the worlds population. He wants us to use less oil and in the real world we live in today [not the fairy tale green energy world] using less oil means less productivity.
xxx commented:
This seed of Satan’s plan is to blame, devide and conqure — kill anyone to keep power. He is admitted cocain user, a full blown drug feind. His head is blowin’ by his use, and he parties at the white house like everyday. Meanwhile, Los Angeles is going to hell. The streets ( the inferstructure) is falling apart with no jobs to fix them because of the failed economic performance of the Socialists running LA. It has turned into Mexico third world country.
Now that is change for ya!
avery commented:
The 862 billion stimulus never went for jobs,it went to pay off the Unions,GE and his supporter.
Babsy commented:
He lied? Of course he lied. He’s as dumb as a brick!
Joanne commented:
Chkn Fryd – #9
Don’t you think Americans should take what Obama is doing to America personally, considering he is doing it on their backs. Obama’s name is what it is, and there isn’t anything he can do to change the fact that his father was a Muslim, which automatically makes him a Muslim, whether he is a practicing Muslim or not. If Muslims actually believed he was an apostate, they would have called for his head, but they haven’t, because they believe he is a Muslim…..and quite frankly, who could argue the point with any sincerity.
Obama is destroying America economically, and if you think for one minute that he isn’t and isn’t doing it intentionally, then you have no idea whatsoever about an economy, a business plan, doing business, a capital investment, an expenditure or anything else. Obama is a socialist and a Marxist, and in his world his goal is to run out of other people’s monies to spend, which is the road to hell he is on right now and he is taking every American down that road with him. Unfortunately, wherever America travels so does the world; she is not an island unto herself, and with her, the world’s economy will crash. Instead of Obama applying basic economic principles to resuscitate the U.S. economy back to life, he is doing the opposite – he is finishing the U.S. economy off, and it won’t even be a slow death……he is sprinting to the finish line.
TB commented:
I hope I live long enough to see what it will be like when Obama is an ex-president.
There is a tradition (or was) of current presidents calling on the ex-presidents for help, etc, in time of crisis (Obama asked Bush and Clinton to help out in Haiti).
Given how useless Obama has proven to be I can’t see any president asking for his help. He doesn’t seem to be able to do anything but show and get his picture taken.
kansas commented:
If you are too stupid to know the truth, can you lie?
jainphx commented:
It sure doesn’t take an economist to see the results of the “stimulus” bill. The money was nothing but a slush fund for Obama, or should I say Barry, to pay off all that cheated and lied to get his sorry behind into the White House. The U.S. gave the world bank 2 Trillion dollars and no one knows where it went. No one knows where the stimulus went, remember all those non existent
jainphx commented:
Sorry I sent prematurely. non existent congressional districts trying to account for the money. These people are as corrupt and evil as they come. Obama is just a front man for the scum that are ripping America apart by the roots.
Jezzy commented:
If a man still prophesies, his parents, father and mother, shall say to him, “You shall not live, because you have spoken a lie in the name of the Lord.” When he prophesies, his parents, father and mother, shall thrust him through. (Zechariah 13:3 NAB)
Smite thee oh spawn of satan!
Chkn Fryd commented:
Joanie @ 21: “Don’t you think Americans should take what Obama is doing to America personally, considering he is doing it on their backs. ” Well, listen to you comrade; “Power to the people” indeed.
My question, Zampolit Joanie, was why does his faith have anything to do with his economics? And while I do appreciate that you know there’s a difference between socialism and Marxism, how can a follower of any religion be an adherent of economic policies which don’t countenance any form of religious observance? You’re using plenty of Conservative “code words” but under your analysis, only the code is cracking. The President can’t be a member of the wrong religion as proof of his illreligious views. Sincerely though, nice try.
The problem is not cutting the taxes, its not cutting the spending simultaneously (spending which is either going to leave DC either as stimulus to create jobs or unemployment payments because nobody but a spendthrift government is hiring — at all). Kinda hard to cut spending and cut taxes when even entreprenurial, pro-capitalist, self-reliant, small government types like Gov. Jindal of LA want the Feds to build a significant amount of sand berms, what ever it costs, to stop the oil — you know, “shovel ready projects.”
auntie em commented:
My neighbor, who voted for Obama (her kids wore Obama t-shirts to my house….scary), she is black and a doctor…..She is embarassed and apologized for voting for him. I can’t believe she actually apologized for voting for him.
She said “He does not represent me or anything I stand for. I am sorry that I voted for him. I know my vote will hurt our children. I am so sorry.”
The veil has been lifted!!! Hallelujah!
Opus #6 commented:
Obamacare is the worst part. It makes each employee a millstone around an employer’s neck. Huge FAIL!
Ken E. commented:
Thats the problem with socialist….what ever they do must be correct…hence the jobs money give away….even when they run out of other peoples money they are still in la la land..just the same place they started;;;;;;
Mike Wease commented:
I just LOVE Bush lovers and republicans in general. if those folks blame ANY job losses/lack of creation on less than 18 months of Obama (and they were saying this same thing after just a fes months), then it matters not what happened, including 911, in the beginning of Bush’s first term. fair is fair. consider these quotes by this incredibly biased author: “55.4 million jobs [were lost] since the recession began in the First Quarter of 2008″ and “more jobs [were] lost after the 9-11 attacks in 2001 than in the 2008 market crash”. aside from the disingenuous characterization of the the economic problem as “recession” and “market crash” and assuming this author only slants and ignores facts rather than making up his own, then Bush’s administration managed to LOSE more than TWICE “55.4 million jobs”. ALL of you: Grow up, get the facts and quit listening to idiots who spout out the own, uninformed and/or absolutely and completely biased propaganda as if they’re facts. just because you want to believe it doesn’t make it fact!