If only it were a matter of exploiting, for political purposes, President Obama’s youth and inexperience.
(Page 2 of 2)
President Obama tries to tell us today that all this increased government spending was necessary to revive the economy. But that just reflects his fundamental Keynesian fallacy that economy growth is powered by increased government spending, which has been proven wrong over and over throughout history. It has been proven wrong once again by the incredibly weak recovery America has suffered over the Obama years. But what we have learned from experience with President Obama is that he doesn’t learn from experience.
$100 A Barrel Oil
President Reagan came into office leading a wave of deregulation that saved consumers hundreds of billions. On energy in particular, Reagan’s policy was to “unleash the private sector” to provide increased American energy production. Reagan’s first executive order, in fact, eliminated price controls on oil and natural gas. Production soared, and the price of oil declined by over 50%.
President Obama, by sharp contrast, came into office leading a wave of reregulation that has crushed job growth. Obamacare’s employer mandate in particular imposes a costly new burden on jobs that has scared off new hiring. On energy, the Obama Administration is shutting down domestic energy production across America, with the price of oil soon to soar over $100 a barrel, portending ominous consequences for the economy if history is any guide. Obama pushed cap and trade, which would have added trillions in energy costs for the U.S. economy, and which even the most liberal/left Congress in American history would not pass. So now Obama is pursuing the same thing through EPA regulation.
President Reagan promoted a strong dollar monetary policy to counter the roaring inflation of the time, which the establishment elite was assuring America could not be stopped, at least not without unacceptable costs. But under Reagan’s policies, the roaring inflation that had increased prices by 25% in the two years before Reagan entered office was cut in half by 1982, and in half again by 1983, never to be heard from again, at least until this year.
Under President Obama, by sharp contrast, the Fed has returned to the discretionary monetary policies of the 1970s, under which the Fed tries to guide the real economy with the futile tool of printing money. Milton Friedman proved long ago that cannot work, but all of his learning has also been thrown down the memory hole. If the Fed foolishly revives inflation this year, as the commodity markets have been flashing, another recession to stop it will be inevitable. With a deficit already at $1.5 trillion, a renewed recession will leave America where Greece was, but with nobody who could even conceivably bail it out.
President Reagan’s national defense policies were Peace through Strength. Even while reducing total federal spending by one tenth relative to GDP, Reagan pursued a defense buildup that forced the Soviet Union into dissolution, winning the Cold War without firing a shot. Central to that was Reagan’s much vilified Strategic Defense Initiative missile defense program.
President Obama by contrast is cutting back on defense, and missile defense in particular. His foreign policy is speak to apologize for America and carry no stick. Under President Reagan, authoritarian rulers of three American allies, the Philippines, South Korea and Chile, were guided into retirement, and replaced with robust democracies that remain allied with America to this day. At least one of those, Chile, has been better governed recently than America. Let’s see if President Obama’s policies on Egypt are remotely as successful.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?