It's Time to Admit It: Obamanomics Are a Complete Disaster
Posted by Jim Hoft on Monday, August 9, 2010, 1:07 PM
Obama’s trillion dollar stimulus package failed.
Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year.
The democratic-media complex wants you to believe that this was Bush’s fault.
It’s a lie.
THE TRUTH – TAX CUTS GROW THE ECONOMY.
During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth.
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.
It’s time to admit Obamanomics are a complete disaster.
The Washington Examiner reported:
It’s no coincidence that Christina Romer, chairwoman of the White House Council of Economic Advisers, announced her retirement the day before Friday’s brutal unemployment report. With 131,000 more jobs lost in July, and downward revisions of 97,000 for the previous two months, it’s easy to see why she would start looking for the exits.
Romer is best known for drafting the February 2009 report “The Job Impact of the American Recovery and Reinvestment Plan,” which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That’s not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.
Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.
As Romer fades back to her teaching post at Berkeley, Obama is adding to the economic misery by creating an environment of regulatory uncertainty. The Wall Street reform law Obama recently signed potentially requires 533 new regulations, 60 studies and 93 reports, according to the U.S. Chamber of Commerce. Obama’s Environmental Protection Agency has 29 active rulemakings, and there are 100 new rules on the Labor Department’s agenda and 26 at the Transportation Department.
Add Obama’s determination to raise everybody’s taxes by allowing the Bush cuts from 2001 and 2003 to expire Jan. 1, 2011, and it’s easy to why banks, businesses and consumers are hoarding trillions of dollars that could otherwise spur economic growth.
There’s more at The Washington Examiner.
UPDATE: Here’s an op-ed from today’s Wall Street Journal, written by a small businessman. It shows once again why our current President is the worst in US history at job creation, but #1 in job destruction.
Hat Tip Michael B.
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Published May 24, 2012 at 8:46 pm - 91 Comments
Neo commented:
We are talking about EPIC FAIL here.
Melvin Winter commented:
Democrats Say Government Waste Can Be Paid for by Broadcasting the Horrific Spectacle on Pay-Per-View http://optoons.blogspot.com/2010/08/democrats-say-government-waste-can-be.html
bigkahuna commented:
Complete and utter failure. I wish some GOP candidates and pundits use some common sense when discussing the tax cuts for the so called rich. If tax cuts for the rich are so bad…Why is it that whenever a factory, big business or even mid size companies consider building a new plant, office building etc and moving to a city, town or state the politicians fight to see who can offer the biggest and best tax incentives…IE TAX BREAKS FOR THE RICH COMPANY ?????? Could it be that those new factories and companies will generate lots of construction jobs, regular ongoing jobs, income taxes, and spinoff jobs to the companies serving them ????? So why is it not similar for any one in the higher tax brackets who own businesses and so on.
Not to mention why does nobody ever bring up the idea that it should be illegal to tax one person at higher rates because they make more money. Why cant we tax gays, women? latinos, foreigners etc higher rates? Why is it legal to disciminate based on wealth ????
Can Burger King charge a rich person $20 for the same burger it charges $4 a porrer person for ?? Its ridiculous and should be outlawed. Same with taxes on cigarettes. It is a legal product . How do states get away with taxing a product they just dont like at 400% or whatever it is. If thats the case I say we tax the Libs who have hurt this country badly. I mean fair is fair They are a cancer worse than that caused by cigarettes. Those people choose to smoke !
Wading Across commented:
I don’t see Obama running for re-election with all of this – and more. This isn’t just epic fail… it would seem to be planned failure.
Others have no doubt discussed this before, but as time progresses and Beck and others uncover more and more about Progressives, Obama et. al., I’m convinced Barack will not run again. Frankly I think he’s got his eyes set higher, and he doesn’t care. Michelle’s got cake on her mind anyway.
http://wadingacross.wordpress.com/2010/08/09/obama-will-not-run-in-2012/
wanumba commented:
To paraphrase Pickett’s reply to General Lee after Pickett’s charge at Gettysburg to reform his brigade:
“Mr. President, we HAVE NO ECONOMY.”
Obama’s Socialist economic CHARGE has left us with no economy.
Bruce MacMahon commented:
EVERY Republican candidate seeking a seat in the US Congress this November needs to run campaign ads that feature – repeatedly – the phrase “cocaine for monkeys”.
kato commented:
One did not need to try this experiment in order to find out that it would be a disaster. And the worst is yet to come.
But before we label it Obamanomics, let’s keep in mind that the government started pumping out the money under the compassionate dope. Remember your $600 stimulus check that did nothing but add $160 billion to the deficit?
The lesson that the Jivemaster took away from that failure was that it wasn’t big enough. And this fit perfectly with his redistributionist game plan that required stealing from the hardworking people of this country and handing the wealth over to Section VIII parasites and union slugs.
But seriously, is there even any question that your 2008 GOP presidential candidate would have supported more stimulus if he or another Republican were selling the snake oil? Console yourself with the idea that Republicans would have spent the money better, but don’t doubt their big-government, tax-and-spend mentality.
sybilll commented:
That WSJ article has been re-tweeted a lot, but, not by anyone who is a subscriber, so I only get the 1st 2 paragraphs as a non subscriber. Any subscribers here that can copy/paste the whole thing???
ProLifer commented:
President Obama’s Poll Numbers are UP.
For the lost souls who continue to support President Obama,
“Lord have mercy.”
Apebama commented:
Where are the jobs? you freak of stupidity president?
Reaganite Republican commented:
Right on- Just contrast Obama’s $800B beautification of the New Deal with the Reagan Recovery of the 80s… which actually brought us back from 11% unemployment plus double-digit inflation AND interest rates.
This was accomplished through an adherence to the teachings of Milton Friedman- implementing spending and tax cuts, in addition to deregulation and incentives for small businesses and entrepreneurs- all aided by The Gipper’s sunny optimism and complete faith in the American free-market-enterprise system- and all of it 180-degrees from what Obama has foisted on us.
Reagan created over 20M jobs, increased Real GDP by almost 30%… and give this country eight of the best years it’s ever seen.
Those kind of results makes one wonder why Obama’s multi-trillion-dollar spending would impress anybody, with his pledged 3M new and “saved” jobs (whatever those are)… a paltry figure 17M shy of Reagan’s towering accomplishment.
And it’s quickly become obvious that Obama’s empty pledges can’t be delivered upon anyway, almost a trillion bucks later, unemployment is appalling…
ClassicFilm commented:
To Reaganite Republican, #13:
I’m cynical of any figures, stats, or numbers flying out of Obama’s mouth. He makes stuff up on the fly, and can’t keep his numbers straight from one week to the next. And then, a week or so later, the CBO or another agency analyzes the newest report and Obama’s fantasy numbers are never repeated again. Until the NEXT time.
Of jobs “gained,” Obama was counting the million or so temporary Census jobs that are now dropping off. Whistle blowers have exposed that after being trained and working 6 or 8 hours, some were “laid off” for a week or two, then brought back on board, their rehire would be counted as another new job. Do that a few times with a few thousand census takers, and you’re talkin’ ’bout some mighty fine bloated/fictional numbers, aren’t we, Mr. President? I’ve not discounted the thought that Obama has a dartboard in the Oval Office that he uses to give him the “latest” set of needed numbers for any given day.
Comparing Reagan to Obama is like comparing John Wayne to Pee Wee Herman.