Let’s look at the facts:
In July, unemployment rose in 44 out of 50 states. According to the Fed, industrial production fell 1.2 % in August, and that was the steepest decline since March 2009, a number we experienced at the bottom of things. Left-leaning analysts had expected industrial output merely to be flat last month.
And this is the ~ new ~ quarter. Last quarter, GDP fell to a pathetic 1.7%, even after revisions.
According to that bastion of right-wing shills, ‘The Washington Post’, incomes have fallen MORE since Obama’s recovery began than they did during the recession itself! A few days ago, they wrote: “Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey.”
We were supposed to have our “Summer of Recovery” two summers ago. By any historical measure, we should be experience steep growth by this point in a “recovery.”
So, let’s consider history.
You know, everyone seems to agree these days that the New Deal didn’t work. Original Brain Trust organizer and FDR speech-writer, Raymond Moley, and Sec. of Treasury for FDR, Henry Morgenthau, to take two famous examples, both knew and said that it was a failure at the time.
Folks today typically credit something like World War II for ending the Depression.
But wars destroy wealth and lives like nothing else, and are inevitably a disaster, economically speaking. WWII was no exception.
In addition, and despite Leftist lies, both G. W. Bush and Herbert Hoover were big spenders and regulators, and no friends of the free market. (G.W. Bush, e.g., gave us a whole new drug entitlement, a whole new government Department of Homeland Security, a huge new education program, large foreign aid initiatives, ushered in not only new police powers for the Feds but also vastly more economic regulations, despite the false claims on the Left.) Thus, both in their causes and initial reactions, neither of these downturns were about any failure of the market.
No, there was nothing special about the Great Depression — or today’s recession — America has bounced back more quickly and from worse. The idea that we need the government to recover is belied by the whole of American history.
No, what this recession and the Great Depression have in common is the ~ solution ~ that has been applied to it, i.e., government stimulus. As we can all now see, the Obama “stimulus” was just not worth the price we paid for it, and our economy is slowing once more, as I have shown, above.
Recall that Obama’s economists claimed that his stimulus would prevent us from EVER getting to 8% unemployment, while we have had over forty months of nothing below that level(!) Recall that he said he would cut the deficit in half in his first term, while in fact he has racked up ONE THIRD of the WHOLE NATIONAL DEBT — in one term!
The Fed just announced a THIRD round of dangerous and dollar-value-killing monetary expansion. The first two failed to set off a credit expansion, but if one of these ever does, that will, of course, mean more destructive inflation. Maybe we shouldn’t worry, since the first two expansions were a total bust. Those “multipliers” just never seem to pan out anything like expected, do they? This action s an effective confession that Obamanomics has failed, and it prompted yet another credit downgrading of he U.S. Those who point to the stock market’s rise on the news of the Fed’s action should recall that a rising stock market is a good leading indicator of one of two things: real growth or a bubble.
If his (and FDR’s) economists have been so very, very wrong about so very, very much, why should anyone continue to believe these same dubious theorists about anything else? And can it really be just a sheer accident that the two most Leftist leaders in our history have also presided over the slowest recoveries in our history?
That’s just economics.
We are also now witnessing the spectacle of U.S. officials actively denying the obvious truth that the attacks on the Libyan embassy that killed our ambassador were premeditated, something the Libyan President calls “preposterous” given the state of the evidence. Sure, the Arab Street can be easily manipulated by this nut’s film, but can the Administration be just as easily fooled into throwing gasoline on that fire onto the Arab Street by expressing sympathy with the attackers motives — first, from our embassy in Cairo, then, from Mrs. Clinton, then, when the WH asked YouTube to “review” whether the video should stay posted! Rather than defend free speech, as they should have(!), these clowns insist on nothing but appeasement and being manipulated by the worst elements in the world.
Obama’s own Cairo “reset” and apologies a while back so obviously worked so well in getting the Islamic Street to love us. Yeah.
It has obviously worked so well so far in getting them to love us.