With Obamanomics, the Numbers Crunch You
John Taylor writes below:
If there have been any effects of these so-called stimulus packages, they have been temporary. They certainly did not get the economy moving again. Instead an incipient private sector led recovery at the end of last year has stalled with economic growth now falling to only 2 percent and unemployment stuck at over 9 percent.
Via Ed Morrissey, read Keith Hennessey for the gory details:
Rather than hearing about the last two Presidents, voters may instead want the President to explain the economic realities of his own 18-month tenure and what he foresees for the next two years. To further that understanding here are some facts.
At 9.5%, the unemployment rate is 1.8 percentage points higher today than when the President took office. There are 3.3 million fewer U.S. jobs than there were in January 2009. The U.S. economy has lost jobs in 12 of the 18 months he has been office, including the last two months.
In early August of last year, the President declared that, thanks in part to his policies, the U.S. economy was “pointed in the right direction.” We have lost jobs in six of the 12 months since then, for a net decline of 52,000 jobs. The 9.4% unemployment rate when he made this statement climbed to 10.1% and has since declined to 9.5%, still higher than it was last August.
The President signed into law an $862 billion stimulus law and two health laws that will create $788 billion of new entitlements over the next decade. Combine these with countless other smaller spending bills, several of which were labeled as emergencies and therefore not paid for, and the U.S. government is $2.5 trillion more in debt than on the day this President took office. That’s $8,000 more debt for every American man, woman, and child.
Yes, some government action undoubtedly served as a backstop when the financial crisis first hit in earnest. But Obama & Co. aren't interested in some government action. For them, government action is a way of life. The issue isn't the wisdom of passing TARP when the economy looked to be heading off a cliff. The issue is this adminstration's pattern of conduct -- and the pattern of thought behind it.
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Jun '10
Re: With Obamanomics, the Numbers Crunch You
This is real life re-enactment of Jack and the Bean Stalk. This administration is truly killing the goose that lays the golden eggs. Liberals (actually, I should say leftists) love to bash business, while at the same time, like teenagers with their parents, constantly relying on business to support their agendas thru higher taxes. The bell is tolling, and it does not bode well for the citizens. I pray these last four years of leftist control of Congress, and now the Presidency as well, will be a lasting wake up call for the American people and the two national political parties. Thanks for the post James.
Jun '10
Re: With Obamanomics, the Numbers Crunch You
Yes, we're pointed in the right direction, assuming our goal is to drive off a cliff.