I wonder if Obama and the White House spinmeisters wish they could take back his claims on Friday that the economy is crackling along and that the big problem is the “doom and despair” Republicans. Obama was so celebratory all that was missing was a football for him to spike in the Rose Garden.
Since that speech the news on the economy and stock market keeps tanking. Stocks as of end of training were down almost 10 percent this year — an awful first six weeks.
Profits are down. Business spending is down. The budget deficit is up. The debt just surpassed $19 trillion and the private economy is growing at less than 1 percent. By about a two to one margin Americans think the U.S. is headed in the wrong direction.
Other than that, everything is peachy.
As for the bad mouthing of the economy, the people who are doing that are the two presidential contestants. Bernie Sanders says this is an economy that has been rigged with only the gains of the last decade going to the richest one percent. Hillary Clinton admits the middle class is falling behind.
In fact, about the only person in America who is happy with the economy is Obama himself.
If Obama and Democrats want to own this economy: it’s all theirs.
And for the latest travesty, Obama now wants a $10 a barrel tax on oil. This will cost consumers almost 25 cents a gallon more at the pump. Amazingly, a few weeks ago he was boasting about how he created $2 gasoline, which he said is “not bad.”
Obama despises fossil fuels so he thinks a tax on oil will make people use less oil. He’s right, but if this is true, then doesn’t it stand to figure that a tax on businesses and work will mean fewer businesses and fewer hours worked?
Meanwhile, the stupid party (Republicans) have devoted about 15 minutes of the last 4 hours of national TV debates to talking about how to fix this miserable economy. They aren’t laying out plans to improve the jobs and wages picture even though voters keep saying jobs is the big issue now. The GOP candidates are not articulating a populist economic growth message.
No wonder Obama is so happy.
The economy is staggering again and Republicans should get out ahead of the potential slump/recession by talking about growth and jobs through a business tax cut. This probably won’t get done in 2016, but it will at least force Obama/Clinton/Sanders to publicly choose sides. It’s no secret where they will come down.
In the meantime, Obama is going to be cheerleading this economy until the last American is working. Call it the audacity of hope.