There is voluminous evidence now in the 46th month of the Obama recovery, worse than all eleven recoveries following recession since the Great Depression, for Americans to remain cautiously pessimistic.
No matter how hard Obama has tried to revive the economy with failed Keynesian economics, he keeps coming back for more of the same. Off campaigning in Florida he called for another stimulus program to fix our crumbling infrastructure and put Americans back to work.
We all know Obama must be attempting to prove Einstein one hundred percent correct about insanity, but we must give credit where credit is due. If at first you don’t succeed, try, try again.
Seems the only playbook in the Obama administration’s economic arsenal is to tax more, and spend more. After all didn’t that lead to a sizzling fourth quarter 2012 GDP growth rate of 0.4%? The liberal press was happier than a five year old at an Easter egg hunt to report this good news.
One would have to assume that this fleet of economic journalists never learned basic economics, or opened one history book. They must have qualified for their job by graduating from the Columbia school of regurgitate all things progressive.
With the curiosity of a three year old these journalists would learn that the GDP needs a 3% annual growth rate just to meet the demand for jobs of new entrants into the labor force, let alone chip away at the tens of millions out of work.
Too bad these Columbia grads didn’t have their parents sit them down at the kitchen table and explain that borrowed money is spent twice. Don’t they realize that their children, at least the ones they don’t abort, will have to pay back the borrowed money from reckless Keynesian spending?
Peter Ferrara’s column at the American Spector “His Greatest Failure”, catalogues the Obama policy failures too numerous to quote here but easily summarized in this one paragraph:
“But it’s even worse than that. As Anderson further observes, Obama’s real GDP growth has actually been less than half as much as the worst of any President in the last 60 years. In other words, even if you doubled actual GDP growth under President Obama, it would still be the worst record of any President in the last 60 years!”
Another great reason to be cautiously pessimistic. Let’s keep doing the same thing over and over, seems to be working well.
We’re continually told that the unemployment rate is down to 7.7%. That we’re headed in the right direction. How can this be when the economy has a growth rate of a passbook savings account?