The American Spectator : Obama's Vision Through History

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Obama's Vision Through History

By Burton Folsom, Jr. from the November 2009 issue

He has exacerbated the interventionist tendencies of his predecessors, ignoring the constitutionalist successes of the exceptional Coolidge and Reagan for not a single good economic reason. Our November cover story.

(Page 3 of 4)

To be fair, President Clinton accepted some of these reforms and they transformed his presidency. First, he cut the capital gains tax, and business began to expand. Then he signed the third Republican welfare reform bill, which slashed the welfare rolls from more than 5 million to fewer than 2 million people. From 1994 to 2000, Clinton enjoyed prosperity, a low misery index, and even budget surpluses in the last years of his administration.

President George W. Bush had a brief slowdown in 2001 because of the dot-com bubble and the 9/11 attacks. But to his credit, he resisted some pleas to inflate the currency and spend his way back to prosperity. Instead, he further limited government's role in the economy by cutting the top income tax rate back to 35 percent, slashing the capital gains tax from 20 to 15 percent, and reducing the dividend tax from 39.6 to 15 percent. That produced what economics writer Stephen Moore called a "supply-side recovery." Business capital spending increased and, according to Moore, median household wealth increased by almost $20,000 ($40,000 to $60,000) from 2003 to 2007. Furthermore, individual and corporate tax revenue increased by 40 percent -- the largest dollar amount of revenue increase in U.S. history.

With U.S. economic growth dominating the world, leaders in other countries began to imitate the U.S. and reduce their governments' roles in their economies. New Zealand curtailed farm subsidies and saw growth in agriculture; Ireland slashed its corporate income tax rate from 48 to 12.5 percent and in 10 years its economy easily outperformed the European average, and more than 1,000 international companies moved there. Russia cut its income tax from more than 50 percent to 13 percent and watched the revenue increase. More than 20 countries, including socialist Sweden, cut their income or corporate tax rates, and most enjoyed strong increases in economic growth. Germany and Switzerland even have no tax on long-term capital gains. The world followed the United States, which had more than doubled its GDP from 1982 to 2007.

President George W. Bush (unlike his father) did recognize the value in cutting tax rates. Unfortunately, he did not use his veto power to control spending. In fact, he encouraged federal intervention by promoting a prescription drug benefit for seniors. He allowed his fellow Republicans in Congress to use earmarks to deploy federal dollars into their districts at home. The classic example was the proposed (but so far not enacted) Bridge to Nowhere in Alaska, a pet project of Sen. Ted Stevens, which cost $200 million to service an island of about 50 people.

During Bush's last year in office he veered far from constitutional government. When faced with rising unemployment, he supported not fiscal restraint but a $152 billion stimulus package. When the banking crisis hit later in 2008, he supported the TARP program of massive, and mandatory, relief for all large banks. The 25 years of steady growth and prosperity were over. Enter hope and change.

PRESIDENT BARACK OBAMA fiercely admires FDR, and the two have much in common. Both went to Ivy League colleges and law school; then they started active political lives with victories in their state senates. Neither man had experience or interest in business, and both believed that the national economy needed much federal intervention to target spending and redistribute wealth.

Interestingly, both used the rhetoric of fiscal restraint in launching their presidential campaigns. FDR, as we have seen, promised a balanced budget, and 25 percent cuts in federal spending. Obama made a similar plea, only he did so more shrewdly. He knew that constitutionalists hated deficits because they shifted wealth to interest groups living now and imposed burdens on the future generations to pay the debt and the interest on it. Thus, when President Bush urged a raising of the debt ceiling in 2006, then senator Obama announced, "Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership."

Obama continued this cry for fiscal restraint during his campaign and sometimes argued that the new programs he was proposing would actually help achieve a balanced budget. For example, during his presidential campaign, he regularly presented universal health care as a money saver for the nation. More recently, as president, he said, "Our health care problem is our deficit problem. Nothing else even comes close." The statisticians at the independent Congressional Budget Office emphatically disagree and argue that universal health care Obama-style will cost at least $1 trillion over 10 years, and that assumes rosy economic growth and no surprise expenses. Since almost all federal programs have cost overruns -- for example, "cash for clunkers" was three times the anticipated cost -- the $1 trillion deficit number is probably wildly optimistic.

Granted, when Obama came into office he faced hard economic times. So did FDR. In both cases, failed government programs triggered the crises. In the case of FDR, poor Fed policy, the highest tariff in U.S. history, and a huge income tax rate hike stifled economic growth. In the current crisis, the Community Reinvestment Act mandated that banks provide loans to low-income Americans who could not meet traditional criteria for safe lending. These dangerous loans increased sharply when the Fed lowered interest rates to 1 percent (and less) during 2003 and 2004.

Some critics warned that banks were making too many risky loans, but the banks simply sold the "toxic assets" to Fannie Mae (a New Deal creation) and Freddie Mac. Barney Frank told a nervous financial community not to worry. Critics of these loans to Fannie Mae and Freddie Mac, he said, "exaggerate a threat of safety and soundness" and "conjure up the possibility of serious financial losses to the Treasury, which I do not see."

When the housing bubble broke in 2007, Fannie Mae and Freddie Mac, along with many banks, began to crumble. Thus the creation of TARP to supply the banks with a sufficient reserve to hold off massive collapses.

"NEVER LET A GOOD CRISIS GO TO WASTE," Rahm Emanuel reportedly quipped, and President Obama early in his presidency has followed that advice. When we study his $787 billion stimulus package, and the huge annual budget that followed, three points need to be stressed. First, is the large numbers being used. FDR popularized the idea of discussing spending programs in billions of dollars, instead of millions. With Obama, we have graduated to using trillions instead of billions. For example, the deficit for 2009 alone is projected to be $1.6 trillion. Until the 1980s, our entire national debt was only about half of that. Hitting the 1-trillion-dollar national debt in the 1980s was eye-popping and sobering, but now it seems tiny.

Second, such massive spending has not been followed by either economic growth or a decline in unemployment. The same happened to FDR when he launched a flurry of spending in 1933. After two years of FDR's unprecedented spending and deficits, the economy was sluggish and unemployment was 22 percent. When Obama sponsored his $787 billion stimulus package, he bragged it would "create or save" about 600,000 jobs. Instead, we have lost more than that in the past year, as unemployment has lurched from 8 to almost 10 percent. Meanwhile, economic growth has stagnated.

Third, such massive federal spending has helped transfer cash from taxpayers to targeted interest groups. Not just the stimulus package, with its aid for education, green jobs, and community organizing, but Obama's omnibus spending bill had more than 9,000 earmarks in it. Cap and trade, and even universal health care, target aid to special interests and also favor unions. Obama has endorsed Card Check, which makes union organizing much easier, and he has increased the power and wealth of the Service Employees International Union (SEIU), among others. When General Motors came under government control, Obama made sure the UAW received aid beyond that mandated by legal bankruptcy laws.

To pay for this cornucopia of spending, President Obama, like FDR, has targeted rich Americans. In fact, Obama has promised tax breaks for those Americans earning under $250,000 and wants to leave the bill for his programs with the upper 1 to 5 percent of American families. He has proposed increases in the income tax rate and the capital gains tax, which, if enacted, are likely to stifle investing and entrepreneurship. When FDR raised the marginal income tax rate to 79 percent, he discouraged investors from starting or expanding businesses.

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About the Author

Burton Folsom, Jr. is professor of history at Hillsdale College and author of New Deal or Raw Deal? (Simon & Schuster, 2008). His new book, co-authored with Anita Folsom, is FDR Goes to War: How Expanded Executive Power, Spiraling National Debt, and Restricted Civil Liberties Shaped Wartime America (Simon & Schuster, 2011).

Letter to the Editor View all comments (102) | Leave a comment

Alan Brooks| 11.30.09 @ 8:32AM

Silent Cal is my favorite president, far more than Reagan or George Washington.
Silence isn't merely golden; it is worth more than all precious metals-- in fact all precious metals and jewels are worthless compared to silence. And as the chattering classes become more chattery, silence will appreciate in value.

Bram| 11.30.09 @ 11:46AM

Cal is certainly my favorite of the 20th century. Totally underrated by historians.

Alan Brooks| 11.30.09 @ 6:51PM

underrated by everyone save for paleos.

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Ferienwohnungen| 1.13.11 @ 3:23AM

I fully agree! Calvin Coolidge was a great president and he is a model for conservative leadership today.
When asked his goals as Governor of Massachusetts, he explained, "to walk humbly and discharge my obligations." Unfortunately nowadays understanding of public service among many conservative politicians might vary from that a bit.

Ken (Old Texican)| 11.30.09 @ 9:58AM

I've said it a number of times, but it needs repeating.
Regardless of the seeming similarities of FDR's policies and Obama's policies...FDR was a patriotic American. OBAMA AIN'T!

FDR screwed up for whatever wrong-headed reasons, but Obama and crew are not screwing up at all. They are trying very hard to tear this republic apart.

Michael Tomlinson| 11.30.09 @ 2:33PM

Ken, FDR like Obama was motivated by arrogance and a desire to control others. His administration purposely worked to create soft despotism with FDR the Hugo Chavez of the 1930's. FDR was worse than Obama and his patriotism was forced upon him by the Japs.

Mike Blackadder| 12.5.09 @ 1:03PM

I have to chime in for Ken on this one. FDR's patriotism was not forced upon him by Pearl Harbour. Rather, Pearl Harbour created enough public support for FDR to declare war.

FDR's correspondence with Winston Churchill throughout the early years of WWII (when England was on their own against Germany) is well documented. In fact FDR approved as much aid to Churchill's war effort as was constitutionally afforded him in the years prior to declaration of war. Don't take my word for it, read some of Churchill's books.

urban-rebounder| 6.9.10 @ 2:07PM

Mike gave a good explaination.

Helena DeCal| 1.11.11 @ 12:07PM

Doesnt this shape a successful politician ? A good deal of arrogance and the will to control others ?

dave| 11.8.10 @ 12:58PM

But I thought everyone liked Obama or at least thats the impression on our side of the pond(UK)

Regards
Dave

jd| 11.30.09 @ 11:07AM

Ken,

You are way too kind to FDR. I beg to differ on the reasons FDR did what he did. They were not unintentional at all and we are still paying the price, esp. in regards to precedent vis a vis the Constitution.

Bram| 11.30.09 @ 11:48AM

I agree -

I question FDR's patriotism. He had to know the violence he was doing to the Constitution and the American economy. He just didn't care - power and re-elections were more important.

xlerator hand dryer| 6.9.10 @ 2:04PM

I agree with Bram

Dai Alanye| 11.30.09 @ 12:58PM

Note the success the Dems have had in demonizing ninety years of Republican Presidents: Harding a fool and crook, Coolidge a tight-fisted mediocrity, Hoover the devil incarnate until Nixon came along to replace him, Reagan a senile bumbler whose only worthwhile accomplishment was owed to Gorbachev, G H W Bush uncaring, Dubya a stupid cowboy.

Only the war hero Eisenhower has entered history relatively unscathed.

More than anything else, it's propaganda that allows the Dems to compete successfully on the national scene. In other words, though they often (usually?) fail at policy they succeed in the public mind by being effective liars.

Michael Tomlinson| 11.30.09 @ 2:35PM

Dai part of the problem as we witnessed during the Reagan (despite his now iconic position) and both Bush administrations conservatives too often work hand in glove with Democrats disparaging Republicans, because they to often prefer bitching over governing. Obama is as much a creation of the 2005 conservative crack up as any thing else.

Alan Brooks| 11.30.09 @ 6:56PM

" Hoover the devil incarnate until Nixon came along to replace him,"

LBJ's administration midwifed Watergate, both in paving the way (a)morally, and LBJ's catastrophic personal mis-micromanagement of Vietnam War.

Ken (Old Texican)| 11.30.09 @ 3:27PM

Well, you guys may be right regarding FDR, but I must place the man in his time and his world.

Outright socialism was all the rage ...worldwide...
Question: was FDR trying an "American" answer to totalitarianism via communism or Nazi ism...
Sort of a "backblaze" so to speak?

FDR and I both had polio. (thank goodness I recovered 90% and went on to play baseball through college.)
In FDR's early days...there WAS no safety net for disabled people and widows. I don't mind providing a safety net. I'm willing to be taxed reasonably for it...
just a perspective, guys.
Thank you for your forbearance.

Derek Leaberry| 11.30.09 @ 5:02PM

Warren Harding was an outstanding president and a conservative president. That's why the Left derides him.

Clay Barham| 11.30.09 @ 7:08PM

A new WPA for 2009 is a chain gang solution to joblessness. Obama said: the interests of community are more important than are the interests of the individual. He promised change. Change must then mean to abandon individual freedom. The chain gang is one way to do so. You can call his ideas left, socialist, communist, fascist, monarchist or any others that turn you on, but in reality, there are only two different political forms. The oldest is where the few elite rule the many, part of all those labels. They have always favored a chain gang. The newest is where the many rule themselves, guided by a moral consensus and written law, i.e., individual freedom. Conservatives and libertarians say the interests of individuals are more important than are those of the community. They believe when individuals prosper, their families and communities prosper and government works best staying out of their way. Modern Democrats believe community interests are most important. They claim they can better define and govern community interests. They expand the role of government to serve those interests and as a few elite, will rule the many. This is the center of Obama’s chain gang. Claysamerica.com

tj| 11.30.09 @ 7:13PM

And these people are ivy league educated and still continue down the path to idiocy.....stupid, stupid, stupid.....Vote em all out 2010/2012

Ken (Old Texican)| 11.30.09 @ 8:33PM

TJ
In the words of a friend of mine..."you betcha'!!!

Tony in Central PA| 12.1.09 @ 12:54PM

I went to see George Will speak last year and for the first time ever, learned of the accomplishments of Coolidge. I doubt we'll se another like him if the Dems succeed in making everbody feel so dependent as to fear to vote them out.

RobM1981| 12.2.09 @ 1:58PM

Uhh... what about the deficit that Reagan started, and that every Republican after him has expanded?

I don't disagree one whit that lowering tax rates is *one of the things* the economy needs, but we can't keep transferring our consumption to our children's tax burden.

Reagan *didn't* balance the budget. Not once. Neither did his successor. Clinton caught the wave of the boom that Reagan and Bush inititiated, and he did OK with it - but G.W. Bush is the guy who opened the door to the insanity that we see today.

Obama can rightly point to the guy before him and say "see - he did it too!"

There's no denying that all other living presidents are complete neophytes when compared to how the current spender in chief runs a deficit, and we are clearly heading for the rocks.

Even so, there is a frighteningly large number of Americans who buy into the "he did it first!" crap, more than happy to jump off the bridge just because everyone else did.

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We cannot create jobs by taxing one group and giving to another. We can only redistribute existing wealth. To create wealth, you had to cut tax rates, not raise them.

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It is not easy for Obama's team to re-organize the mess left by the Bush government in such a short period of time. Give this guy some times.

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@Ryan: How the heck can you still support a president who single handedly is running this country into the ground?

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Brent Manning| 1.3.11 @ 10:57PM

Obama is just a puppet with a double speak agenda say one thing do the other.

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Obama is not running the white house, hes just the face of the country. Theres an elite core of people that tell Obama what to do. Hes a Puppet.

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Obama is good person, but bad politic. Save pour people - FAIL, medical reform - FAIL, soldiers in Afganistan - FAIL,....

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Indeed, as a non american, even I was excited when Obama came to picture. But alas, all that glitters is not gold. But then, he was the best there was.

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