Obama Attacks Reagonomics: Republican Economic Theory “Doesn’t Work”
Posted by Jim Hoft on Wednesday, December 7, 2011, 5:17 AM
OBAMA ATTACKS REAGONOMICS–
Barack Obama, America’s first community organizer president, told a group of supporters in Texas Kansas yesterday that Republican economic theory “doesn’t work.”
The Washington Post reported:
President Obama, in one of his most expansive speeches to date, declared on Tuesday that supply-side economics is a failure and called “gaping inequality” across the country a moral shortcoming that is distorting American democracy.
Obama’s speech in Kansas was not just another attack on Congress, or a plea to pass his jobs bill. He did not roll out a new, snappy slogan – such as telling the audience that “we can’t wait” to enact new laws.
Instead, Obama delivered a searing indictment of Republican economic theory, setting the stage for the coming presidential campaign. Summoning the image of a populist Theodore Roosevelt — in the same town (Osawatomie) where Roosevelt delivered a famous speech on economic fairness in 1910 — Obama deployed the language of right and wrong, fairness and unfairness, in a lengthy address that aides said he largely wrote himself.
The theory of “trickle down economics,” which holds that greater wealth at the top generates jobs and income for the masses below, drew some of Obama’s harshest criticism.“It’s a simple theory — one that speaks to our rugged individualism and healthy skepticism of too much government. It fits well on a bumper sticker. Here’s the problem: It doesn’t work,” Obama said of supply-side economics, drawing extended applause. “It’s never worked.”
For the record…
Obama tripled the US deficit.
The Obama deficit this past year reached $1.2 trillion. (The Captain’s Comments)
Obama is the worst jobs president since the Great Depression.
Federal non-defense spending soared under Obama.
Super Economy Blog and Greg Mankiw
Obama set records in the long-term unemployment rate.
(EOAD)
Then there’s this by John E. at Ace of Spades:
Oh, and the economy was downgraded for the first time in a century.
And Obama has the gall to attack Reagan and say that Republican economic theory does not work.
Unbelievable.
ADVERTISEMENT
-
Featured Story:
Rough Night… Obama Loses 36 Arkansas Counties to Unknown Democrat – Loses 67 Kentucky Counties to “Uncommitted”
Published May 23, 2012 at 4:57 am - 57 Comments
BackwardsBoy commented:
I’m not sure which is worse:
a president who is so willfully ignorant of Reality, economics, and the Constitution and Founding Principles,
or
the people who voted to make him president.
There are none so blind as those who will no see.
P. Aaron commented:
Sound economic policies don’t work well with moochers.
theBuckWheat commented:
Socialism is the belief that we all can live at the expense of others. When socialism is imposed by government, it ALWAYS involves coercion and compulsion, with the implied use of deadly force. Christians should easily see how this violates the Commandments that forbid coveting and theft. That we would all be better off and that society would be more just is a cynical lie.
The truth is that a free market can only exist under the rule of law where every party respects the property rights of others and where economic interaction is voluntary and peaceful. Indeed, should one party seek to use coercion, his victims expect to call upon government to protect them. Under socialism, and its crony variants, the better-connected parties expect to call upon government to help them to gain the advantage.
Socialism is morally corrupting and morally corrupt. Only free markets work in harmony with the Ten Commandments.
Exasperated Observer commented:
Reading your statistics, I hear the flapping of a whole flock of Republican chickens coming home to roost, and your blaming their arrival on the present incumbent of the White House.
Mark Adams commented:
So in all essence, he is saying Capitalism and liberty doesn’t work. And this is the POTUS?
radioone commented:
If you want to see the result of the “Obama Economic Theory” watch the TV Show “Hardcore Pawn” on TrueTV.
theBuckWheat commented:
The economist Ludwig von Mises showed in 1920 [1,2] that since a socialist economy destroys price information via government intrusion, the myriad of participants in the economy are unable to make a fully rational calculation about true profit and loss. Any economic activity that operates at a loss cannot be “sustainable”, a concept the left loves to scold us about, yet cannot really grasp.
Taking another approach, the Nobel economist F.A. Hayek showed that a national economy had such an immense myriad of dynamic economic relationships that no single committee or bureaurcracy, no matter how smart or how well staffed, could possibly know enough to direct prices or production levels. His Nobel Lecture [3] was entitled The Pretence of Knowledge. Hayek had previously used this idea as the basis for a very thorough article on the subject, “The Use of Knowledge in Society.”
When these two different withering critiques of socialism are combined, it is easy to see that not only is it dangrously foolish to think that economic decisions can successfully be made by government, but that competing bureaucracies will invariably react to the consequences of intrusions in the marketplace by each other. It would be like trying to control the height of waves on a lake by measuring them from the back of a boat circling in its own wake.
[1] Economic Calculation in the Socialist Commonwealth by Ludwig von Mises
http://mises.org/pdf/econcalc.pdf
[2] Why a Socialist Economy is “Impossible” by Joseph T. Salerno
http://mises.org/econcalc/POST.asp
[3] The Pretense of Knowledge
http://mises.org/daily/3229
[4] “The Use of Knowledge in Society,” American Economic Review, XXXV, No. 4; September, 1945, pp. 519–30.
http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=92
BigAlSouth commented:
#4 Exasperated:
You are the typical simplistic moron who thinks Bill Clinton’s policies resulted in a budget surplus.
Here’s a news flash for you and your like-minded economic simpletons: Obama’s Big Government Socialism has never worked. Ever. Look at Europe today. Is this what you want?
Answer the question. IS THIS WHAT YOU WANT?
thenabrd commented:
bambam and company can’t have you understand that those with money are job creators, that goes against the fair share, everything equal for everyone (except themselves of course) ideology. supply side economics/trickle down economics works, when’s the last time you were hired by someone that didn’t have lots more money than you did???!!!! job creators deserve the money they earn, they’re taking the risk, had the idea/invention, etc.
sure i’d love to have enough money to not have to worry about much of anything, but since i don’t, i continue to work (when i have a job) for those that have more money that most of us. to date, a “poor” person has never offered me a job or hired me!!
Tom in CA commented:
#6
I thought the same thing after watching that show. Amazing.
Bring Back The Founding Fathers commented:
He is spending like a drunken sailor. I would love to see him play the Obama Poker Game and get his reaction to the effects of too much spending, etc, such that it doesn’t pay to play and how often he goes on welfare. This is a funny and Educational game that makes a great stocking stuffer/white elephant gift…we had fun playing it at thanksgiving. coupon code D1000G gives you free shipping and $2 off the game. here is a link to the overview…http://www.obama-poker.com/2010/12/05/obama-poker-overview/
Militant Conservative commented:
#4 December 7, 2011 at 6:42 am
Exasperated Observer commented:
Moron, how did America outpace ALL othe counties
In the world in just 236 years. Other nations have
Been around for thousands of years?! Freedom and
Capitalism. Choke on it you ignorant POS.
Powder is dry
dba...vagabond trader commented:
Republican economic theory doesn’t work.
Right professor, and communism does.
ombdz commented:
Well, Obama is an expert on what doesn’t work. All these numbers are pretty good proof of that. Any of the GOP contenders would be a massive upgrade. There are actually quite a few from the left side of the aisle that would be a big improvement – admittedly not a very high bar to clear. Of course, some Dems will always be more, shall we say palatable, than others … http://bit.ly/qVdDUt
#1AMERICAN commented:
dillusional POS mooslum…odumbass has no clue what made this a great country…but he sure knows how to destroy it
Governed No More commented:
There is a much bigger question here. It does not technically matter whether the POTUS does or does not think (believe) in Capitalism or even Liberty. Arguing over the details is just a waste of everyone’s time and energy so just don’t do it.
At the core of his comment is, with his power as POTUS, does he intend to DO AWAY WITH BOTH CAPITALISM AND LIBERTY?
50,000 people believed that liberty works and they gave their lives for that belief during the Revolutionary War.
I say that it if was good enough for Patrick Henry, who is credited with saying ‘Give me Liberty or give me death” then it is good enough for me.
And after 3 years of Obama, I am fully vested in his removal from office. I am fully vested in “Give me liberty or give me death”. I DO NOT NEED TO BE GOVERNED.
JamesP commented:
I’d like to hear just one lefty (and RINO for that matter) claim that this POS is not a Socialist after this speech. Get ready America…here it comes.
Militant Conservative commented:
#16 December 7, 2011 at 7:53 am
Governed No More commented:
Agreed thus powder is dry, just waiting for the
Flashpoint to be hit. Four other words.
Thomas Sowell, “Basic Economics”.
Out in twelve commented:
Obama is a COMMUNIST, not a socialist. Almost everyone, by now, must see that. Why is it so hard to say? Even Obama’s mentor, Saul Alinsky said “Identify your ememy”. You’re not going to get a skin rash by calling Obama what he is – A COMMUNIST. Let’s all call Obama a COMMUNIST and see if Alinsky was right, at least about that.
KR commented:
When the Clintons spent 5 million on Chelsea’s wedding and were asked about the expense, they replied: We are stimulating the economy.
rabble-rouser commented:
oooh…can’t…resist….he….makes….it ….too…easy….aaaaarrrgggggggg…WHAT AN IDIOT!
Stella Baskomb commented:
#4 Exasperated Observer claims to “hear the flapping of a whole flock of Republican chickens coming home to roost”
Hearing things is not a positive sign of good mental health Mr Exasperated.
However, you could – and you should – watch the video contained in the very next post. This video actually records some of the “chickens” from a decades-long failed liberal/progressive social policy “coming home to roost”
bigL commented:
Obama keeps repeating the same words or phrases. this is Ericksen psychology. It is the basis of brainwashing. These speeches go unanswered by the GOP or any one. These speeches will be played over and over. thisspeech will end up on Youtube and other library type compendiums and be searched out and have no reply.
The ruling Junta seeks to create a mantra. Obama is tying it to his troops the OW-ies stinkpots.
Where is the message of America? Who will rebutt? 2012 just has to be the last election for the GOP as it is constituted. We have to have an American Party. A party that will fight back.
Ipso Facto commented:
The poor b*stard is desperate and he’s now just throwing everything at the wall. Yet another sign of his sociopathic personality – no remorse whatsoever for lying, stealing corruption, cronyism, etc.
#1 BB has it totally right – which is worse, our ignorant President or the people that voted for him. THIS is going to be the issue in the next election. How the heck does this charlatan have an approval rating anywhere in the 40% range. That’s outrageous. People, we have a BIG problem in America and it ain’t Obama – its that we have so many people that are aligned with him! That we are a nation so divided will be the story of this century.
donh commented:
When and where on earth has free market capitalism been operating unfettered from the corruption of state mandated socialism in the last 100 years ? The few opportunities capitalism has breathed air from the century long waterboarding of statism have been the most prosesperous. Rugged individualism fails the welfare scammer, the free rider, and the croney capitalists bankrupting our nation.
A Conservative Teacher commented:
He’s right, you know- GOP economic policies don’t work to accomplish the goals that Obama has in mind for our nation, which is true change from a capitalist to a communist system. He wants those elites in society to control the poor and the working man, and GOP policies don’t do that, and so they don’t work to accomplish the goal Obama has in mind.
subsonic commented:
Wait, wasn’t Barry just trying to be Reagan a few months ago?
home improvement commented:
so, the last 200 yrs of capitalism doenst work… brilliant
KR commented:
How did that Chevy Volt work out?
How did the near trillion dollar stimulus bill work out?
How did F&F work out?
How did Solyndra work out?
I could go on all day…
RedBeard commented:
Half of the 52% who voted for Barry Soetoro Obama are filthy dedicated leftists, pulling for the destruction of our economy and society. The other half are simply ill-informed ignoramuses. The first group is never going to change. The only hope for the country’s survival is that the latter group will wake up, pay attention for once, and do the right thing.
StrangernFiction commented:
“It’s a simple theory — one that speaks to our rugged individualism and healthy skepticism of too much government. It fits well on a bumper sticker. Here’s the problem: It doesn’t work,”
So in other words Barky is saying that on the one hand we are right to be fearful of big government, but on the other hand limited government doesn’t work.
*shaking head*
Tom63010 commented:
He has three years, two of which WITH NO OPPOSITION to prove it. He has failed miserably!
workingclass artist commented:
Works in Texas….Texas has jobs!
Gig Em’
Perry 2012
StrangernFiction commented:
But don’t worry, I’m sure Mittens will be all over these inconsistencies.
Reaganite Republican commented:
Doesn’t work from the communist perceptive maybe, too many happy people
Reagan created over 20M jobs…growing the country’s real GDP by almost 30% in the process.
Those kind of results make one wonder why Obama’s multi-trillion-dollar Porkulus and other spending would impress anybody, with his pledged 3.5M new and “saved” jobs -whatever those are- a paltry figure 16.5M jobs shy of The Gipper’s towering accomplishment.
And of course now we know Obama’s promises were 100% BS anyway… what a shameless piece of work this one is, unreal
But he’s “like Reagan”, right Time Magazine?
radioone commented:
“How did that Chevy Volt work out?”
Now, we’re getting somewhere. Barry’s nationalizing of Government Motors would just be the beginning of his grandiose scheme of fundamentally transforming America.
This is SO Atlas Shrugged, it’s almost unreal.
Vixen commented:
Hey, Barky. Get a clue. Capitalism isn’t the problem, dearie. It’s all that socialism and gubbermint meddling that’s been forced down our throats (Social Security, Welfare, Medicare, Obamacare, bailouts, etc.) that’s created the mess we’re in. Socialism has not and cannot work. It is fundamentally flawed despite all those “good intentions.” Death, destruction, poverty, and famine are the results everywhere it’s been tried.
The Founding Father and TEA Party Approved Solution? Fiscal Responsibility, Constitutionally Limited Government, and Free Markets.
StrangernFiction commented:
Wait, wasn’t Barry just trying to be Reagan a few months ago?
Threadwinner!
KR commented:
Has “The Won that Doesn’t Work” scooted off to Asia (Hawaii) yet?
Richard Aubrey commented:
Twenty-plus years ago, I served on a presbytery social justice committee. One of our problems was that things were getting better. Since Reagan was president, that presented a conundrum.
We addressed that by being excruciatingly ssensitive to the underemployed–our denom ran an article by an economist about the “burgerflipper” recovery–and the discouraged unemployed who just quit looking for work and were not counted.
So. Are we paying attention to those two categories today?
Thought not.
Marie commented:
Wasn’t this guy comparing himself to Reagan 6 months ago?
wtd commented:
One the one hand, the progressive left continues to play on the excuse, they ‘inherited’ economic problems from Bush II . . . yet in no way will they ever give credit to Reaganomics during Reagan and Bush years for the boost it gave Clinton.
Gary Gross commented:
I wrote here that President Obama’s re-election strategy is to lie like hell.
RickZ commented:
#46 Gary Gross commented:
I wrote here that President Obama’s re-election strategy is to lie like hell.
———
Owebama’s never stopping campaigning so, by inference, Owebama’s never stopped lying.
RickZ commented:
stopping = stopped
(Even preview is not my friend.)
BridgetGB commented:
So basically the Occu-Slacker in the WH is telling us that a second term will be full-on, out of the closet, unbridled, Constitution-melting Statism. God help us if we don’t stand firm on the anti-vote fraud measures Dems are whining about. Another thing… if one of the ego-maniacs throw themselves a third party run, turn a blind eye to that noise. We cannot screw up and Perot ourselves in the foot.
Earthmover commented:
The GOP just sits there and takes it year after year. Time to take off the f*****g gloves.
The graphs in this article for example need to scroll across the TV screen every day so
the mindless drones can see the damage the One has inflicted.
Valerie commented:
The Washington Post called him on another lie, the one about billionaires paying only 1%.
http://pjmedia.com/tatler/2011/12/07/white-house-concedes-that-obama-lied-about-billionaire-tax-rates/
This is the guy who, in a debate with Hillary, claimed that the “rich” are those with households having and income of $100,000 or more per year, and Hillary told him, that, in that range, “you’re talking about a police office and a teacher.”
And yet, our talking heads failed to comment on the implications of this statement (he would only tax the rich, and Hillary was telling him his numbers did not scan). Instead, they blathered about what a great intellect he was.
Valerie commented:
#4 December 7, 2011 at 6:42 am
Exasperated Observer commented:
Try coffee or tea instead of Kool-aid for breakfast. It’ll help.
workingclass artist commented:
Campaign organization….Who needs that?
“Newt Gingrich is surging in the presidential polls, but his campaign organization has not caught up — making it possible he’ll miss Wednesday’s deadline to file enough signatures to even appear on Ohio’s primary ballot…”
http://www.washingtontimes.com/news/2011/dec/6/gingrich-struggles-on-state-deadlines-for-filing/
Mikey commented:
Yip. Because your policies are working so well. FU. GINGRICH 2012
Atlanta Media Guy commented:
The best thing of all the one thing everyone will NOT forget about the speech is him saying that it was great to be back in Texas, when he was actually in Kansas. Next thing you know he’ll want to click his heels and head to the Wizard of Oz in search of a brain. I sure HOPE he gets one. There’s no place like home, on the south side of Chicago. I hope he gets his wish and heads back there in January 2013.
Robert commented:
In the speech, Obama sets himself as the champion of the middle class. But his deficits will do more to destroy that segment of society, than any government program possibly could hope to counter. The inflation that will be necessary to pay off such a large amount of debt will wipe out masses of citizens’ savings.
coolidgerules commented:
radioone commented:
If you want to see the result of the “Obama Economic Theory” watch the TV Show “Hardcore Pawn” on TrueTV.
Very True!
The city of De-toilet has some mighty fine subjects. I watched 20 minutes of ignorance and selfishness. I then watched 45 seconds of a female customer take a leak in the parking lot in broad daylight out of protest to something. Will never watch again and………
I want my 20 minutes and 45 seconds back
Valerie commented:
Video, transcript of Obama’s speech on the middle class in Osawatomie, Kan.
http://blogs.providencejournal.com/arts-entertainment/subterranean/2011/12/video-of-president-obamas-kansas-speech.html#.Tt-UQ2DgFyg
Roundup at a place called Liquida
http://www.liquida.com/focus/2011/12/06/teddy-roosevelt-osawatomie-afghanistan-ronald-reagan/
burt commented:
The Chevy Volt catches fire and federal government hides the facts from the American people for six months. That’s the kind of regulation you get from Obama. Hide the facts Fast and Furious.
gee! commented:
keynesian Economics has work so “GREAT” so far…………………just saying
Robert commented:
The national debt is like a mountain that towers over the plain of American political debate.
Travis Clark commented:
The funny thing is, that if you look around the economic depts of the major campuses in America, you can hardly find a Keynesian. They have all become converted to the Austrian school. Their heroes are Hayek and Mises. Yet if you look at schools of poli-sci and gov’t, or at think-tanks and inside the beltway, or the opinion pages of major newspapers, they are nearly universally Keynesians. Why the dichotomy? Easy. In an academic setting you can convince people that Hayek was right, but never in a political one. Why? Simple. Keynes confirms people’s erroneous belief that they are in control. Hayek argued such control was an illusion, but that doesn’t flatter the planners’ ego now does it?
I’m afraid that in any political context, the Keynesians will always win out. Not because they are right, but because it gives the power brokers the ideological premise to do what they want to do anyway.
This video is appropriate. Notice who wins the fight. Then notice who the ref decides is the winner.
http://youtu.be/GTQnarzmTOc
west1890 commented:
Well, Obama has finally come out of the political closet and made it very clear what he is, what he believes and where he and Cass Sunstein are nudging us. Now let’s see if the Republicans have the guts to go after him ferociously and unrelentingly on his beliefs, his associations, his ineligibility and his corrupt administration. This is the ‘do or die’ moment and we either fight Obama with everything we’ve got or we will perish, economically, politically and very likely physicallyunder the boot of his Fascist agenda. What say we force him to come out of that other’closet’ too…………..
Patty commented:
I believe Obama has attacked since he became President. There hasn’t been a good relation between him and the republicans at all. Since he is so insistent on dividing Americans into two groups, Right or Left, how can he reached a positive goal and work on positive growth.
Obama believes in clean energy, great, sounds good on paper but seems
companies are failing and because America needs jobs that aren’t going bankrupt and products that are built the old fashion way. Hands on and putting American Manufacturing Sectors back to work. We simple can’t afford what we can’t buy. We first need to get back to the American roots and to do this we need a much simpler approach.
Obama is catering to his contributors and not to the American people.
parsum1 commented:
#11 … that’s an insult to drunken sailors, they stop spending when they run out of money
tommy mc donnell commented:
wealth should not reside in the hands of the private citizen. wealth should be in the hands of the persons who hold public office like congress. only 11% of the people think congress knows what the hell it is doing. so lets give all our money to people we think are incompetent. thats obamaonomics!
jimg commented:
Reagan’s policies triggered the largest, peacetime, economic boom in history.
But yet somehow, they didn’t work.
TeeDub commented:
Well, Obama SHOULD be an expert on what doesn’t work. But since he doesn’t have an introspective cell in his body, he can’t process his own failures. Instead, he invents non-existent failures in others to favorably compare himself.
Militant Conservative commented:
Once again what economic policy did Cinton change
That was in effect since Reagan era? Tic toc tic toc.
None. Thus the reason the economy proceeded to
do well under slick willy the rapist.
Leftist do not understand the power of the
Free market Nor limited government.
Powder is dry.
Bonanza driver commented:
So says the limp wristed revolutionary who has never had a job…The founding fathers laid down principles of free markets and limited government…The United States went on to become the most prosperous nation in the history of the world. Sorry Hussein, you don’t get to rewrite the history of our nation and its free market economy.
Retro commented:
He is a LIAR. In fact obama has a prearranged date with the devil. Don’t believe a word out of his lying mouth. He is only saying these things because he wants to be reelected. Just remember all the lies he told during the 2008 campaign.
Alec Rawls commented:
Tried to leave this comment at WAPO, but their system is impossible:
squeaky commented:
say what steny? he must belong to the same brain trust as pelosi…
http://cnsnews.com/news/article/hoyer-extending-federal-payments-unemployed-will-reduce-unemployment
Bonanza driver commented:
Sorry Hussein, free markets and free people thrive…Government controlled systems end up like the USPS…No service, no innovation, no profits, another ward of the state…
bg commented:
++
OT..
Shhh, Don’t Tell Anyone: Dolly the Sheep Pioneer Recommends
Shifting Away From Embryonic Stem Cell Research Dec 6, 2011
their world is falling apart, so why is ours suffering, never mind
what’s in store for our grand and great grandchildrens.. *sigh*
==
ReallyUHaveNoClue commented:
I seem to recall someone putting two wars on the books. Could that not account for the “spending spree”? Also, didn’t the medicaid part D go full force during this time? And wasn’t there several tax cuts down to record levels? What happened to avg income and jobs during the previous 8 years? Where did it go? You are grasping at straws and unicorns.
Stop yourself and think about what you are saying.
Path commented:
He may not think it works but then, as an Harvard graduate, he probably doesn’t know how to follow trends or read a graph.
Gbees commented:
Hey Obama! Socialism doesn’t work, never has, never will.
Molon Labe commented:
All you who voted for hope and change, are you really, really sorry now?
Earl P. Holt III commented:
In 2008, the two-digit I.Q. population of this country elected a nigro communist with three Moslem names, who never had a real job in his life. Remember what this same demographic has done to this nation and its economy when you are solicited for money, food, or any other charitable contribution this Christmas Season.
I will never again make a charitable contribution, because I hope the lot of them experience the consequences of their actions, and end up living in a cardboard box under an interstate where they deserve to be…
subsonic commented:
“Once again what economic policy did Cinton change
That was in effect since Reagan era? Tic toc tic toc.
None. Thus the reason the economy proceeded to
do well under slick willy the rapist.”
Bubba also got to ride the coat tails of the tech bubble.