He thinks you’re really stupid. But Paul Ryan has his number.
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But are the results of Obama’s policies really fair? The recession started in December 2007. Since the Great Depression recessions in America have previously lasted an average of 10 months, with the longest previously lasting 16 months. When President Obama entered office in January 2009, the recession was already in its 13th month. His responsibility was to manage a timely robust recovery to get America back on track again.
Supposedly a forward-looking progressive, Obama proved to be America’s first backward-looking regressive. His first act was to increase federal spending, borrowing, deficits, and the national debt by nearly a trillion dollars to finance a supposed “stimulus” package, based on the proven failed Keynesian theory left for dead 30 years ago holding that increased government spending, deficits, and debt are what promotes economic growth and recovery.
As should have been long expected, Obama’s trillion dollar Keynesian stimulus did nothing to promote recovery and growth, and almost surely delayed it. That is because borrowing a trillion dollars out of the economy to spend a trillion back into it does nothing to promote the economy on net. Indeed, it is a net drag on the economy, because the private sector spends the money more productively and efficiently than the public sector.
After the stimulus, Obama veered steadily left. Through Obamacare, he increased future federal taxes and spending by trillions more, adopting or wildly expanding three entitlement programs, on top of the entitlement crisis America already suffers. Through the EPA, Dodd-Frank, and other regulatory expansions, he wildly rocketed up regulatory costs, burdens, and barriers. He has already enacted in current law increases in the top tax rates of virtually every major federal tax for next year. And as in the SOTU, every time he speaks he calls for and threatens still more tax increases, especially on the nation’s job creators and investors.
The National Bureau of Economic Research scored the recession as ending in June 2009, the longest on record. Yet, today, in the 49th month since the recession started, there has still been no real recovery, not like recoveries from previous recessions in America.
Unemployment actually rose after June 2009 and did not fall back down below that level until 18 months later in December 2010. Instead of a recovery, America suffered the longest period of unemployment near 9% or above since the Great Depression. Even today, 49 months after the recession started, the U6 unemployment rate counting the unemployed, underemployed, and discouraged workers is still 15.2%. And that doesn’t include all the workers who have fled the workforce under Obama’s economic oppression. The unemployment rate with the full measure of discouraged workers is reported at www.shadowstats.com as a depression level 23%. Is this fair, Mr. Obama?
Today, more than four years since the recession started, there are still almost 25 million Americans unemployed or underemployed. That includes 5.6 million who are long-term unemployed for 27 weeks, or more than six months. Under President Obama, America has suffered the longest period with so many in such long-term unemployment since the Great Depression. Is this fair?
Indeed, African Americans have already long been suffering another depression under Obama, with unemployment today, 49 months after the recession started, still at 15.8%. Black unemployment has been over 15% for two and a half years under Obama. Black teenage unemployment today is over 40%, where it has persisted for over two years as well.
Hispanics have also been suffering a depression under Obama, with unemployment today still in double digits at 11%. Hispanic unemployment has been in double digits for three years under President Obama. Over one-fourth of Hispanic youths remain unemployed today, which also has persisted for years. Is this fair?
The Census Bureau reported in September that more Americans are in poverty today than at any time in the entire history of Census tracking poverty. Americans dependent on food stamps are at an all-time high as well. Real wages and incomes have been falling so steadily under Obama and his confused, throwback, Keynesian/neo-Marxist Obamanomics, that the Census Bureau also reported that real median family income in America has fallen all the way back to 1996 levels. Is this fair, Mr. Obama?
Obama apologists cannot argue that this is because the recession was so bad, because the historical record in America is that the worse the recession the stronger the recovery. Based on historical precedent, we should at worst be finishing the second year of a booming recovery by now.
In March, Paul Ryan will again propose to restore traditional, American, world-leading prosperity and growth, with a budget that will cut federal spending by trillions over the next 10 years, leading to a balanced budget, and sharply reduced national debt. Like last year, that budget will again include tax reform, reducing rates to restore prosperity, and long-term entitlement reform. With restored Reagan regulatory and monetary policies, this would reignite the Reagan boom.
And that is what the election this year will be all about. Do we want the traditional, real America, with world leading economic growth and prosperity? Or do we want to trash all that for Obama’s neo-Marxist vision of robbing from job creators and investors to buy votes through still more government dependency, resulting in the fairness of the equal sharing of misery, and the decline of America to become just another country?
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?
H/T to National Review Online