Even by Keynesian standards Obamanomics is an embarrassing flop — yet its only solution is more of the same.
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Job seekers are only one-third as likely to find a job as before Mr. Obama was elected. Today, a record number of Americans have been out of work for more than six months, and a record number of households have at least one member looking for a job… some employers are shortening the work week or asking employees to take unpaid leave, which doesn’t show up in official unemployment numbers.
But Obamanomics is not even good Keynesian economics. Liebman explains, “The president has also put forward a budget that would reduce the deficit by more than $4 trillion over the next decade and stabilize our debt-to-GDP ratio. But he would achieve that deficit reduction while continuing to invest in education, infrastructure and innovation.”
In other words, the President proposes to increase federal tax rates to finance increased federal spending, which is the worst combination of economic policies possible to promote economic recovery and growth. Even under Keynesian economics, increasing tax rates and reducing spending and the deficit reduces demand, and so means continued stagnation and depression.
The voters understand all this. That is why they delivered a shellacking (Obama’s word) to the Democrat party, with a New Deal size defeat for Democrats nationwide in 2010. The voters are not buying the snake oil that Obama and Liebman are selling. They don’t believe that increased government spending, deficits, and debt promote economic recovery, growth, and prosperity. That is why they delivered a 63 seat swing toward the Republicans in the House in 2010, giving them a strong majority precisely to stop such policies as reflected in the so-called American Jobs Act. Republicans are to be commended for sticking by their campaign promises, and refusing to go along with more Obamanomics stupidity.
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?