Obama: America won’t be in the economic position it was before I got here

posted at 12:15 pm on April 20, 2010 by Ed Morrissey

On one level, this video from Breitbart and Naked Emperor News doesn’t tell us anything we don’t already know. The American economy isn’t recovering, and won’t any time soon, either. Barack Obama gives this sober assessment on “global rebalancing,” but perhaps doesn’t quite realize that he’s reversing himself on what kind of growth we had prior to his election:

Part of this global rebalancing is that they’re going to have to make some decisions as well about how they are approaching their domestic markets. And, you know, part of the bargain that we’re trying to strike within the G-20 framework is to say, “Look, we’ve got to take on our responsibilities in terms of improving our savings rate. You, on the other hand, have to recognize that a purely export-driven strategy of economic growth is not going to work, in that American consumers are just not going to be in the same position, and the American government is not going to be in the same position, that it’s been in over the last several years.

Remember when Obama used to sneer at the years of economic growth under the Bush administration? Well, apparently we’re not going to get back to even those levels, which Obama dismissed during his presidential campaign. And he’s entirely correct, as long as he continues to pursue the economic policies he’s used for the last fifteen months. That’s not a surprise to anyone who’s paid attention to this administration, except that Obama has finally gotten around to admitting it.

This is similar to Jimmy Carter’s “malaise” speech, except that Obama was smart enough not to deliver this one from the Oval Office.


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The adults are in charge.

Del Dolemonte on April 20, 2010 at 12:18 PM

“global rebalancing” Newspeak at its finest.

Remember when the good years were the “worst economy since the great depression?”

WitchDoctor on April 20, 2010 at 12:18 PM

IOW: “My administration really sucks at economic policy.”

hillbillyjim on April 20, 2010 at 12:18 PM

Mission already accomplished.

Chuck Schick on April 20, 2010 at 12:19 PM

This is similar to Jimmy Carter’s “malaise” speech, except that Obama was smart enough not to deliver this one from the Oval Office.

How often is Obama IN the oval office? It seems like he’s always either out golfing, going on play dates or making a world apology tour. When he’s not doing that, he’s going from venue to venue trying to convince everyone that the health law that a small minority wanted passed is something we should be happy about.

Or maybe, he forgot how to get in (I wish I had the link of him trying to open the window instead of the door to enter the OO)

DrAllecon on April 20, 2010 at 12:20 PM

Face it, He doesn’t CARE if there is any kind of economic growth as long as he’s in charge.

Chip on April 20, 2010 at 12:21 PM

I just want to thank the idiots who voted this moron in.

upinak on April 20, 2010 at 12:21 PM

Unprecedented suckage. B+ all the way, Barry.

Wineaholic on April 20, 2010 at 12:22 PM

This is similar to Jimmy Carter’s “malaise” speech, except that Obama was smart enough not to deliver this one from the Oval Office.

He’d have been smarter not to have delivered it at all….

“We will fight them in the sand traps, we will fight them on the rough…”

unclesmrgol on April 20, 2010 at 12:23 PM

Just like other living things, when you strangle free markets, they have trouble performing their best.

RBMN on April 20, 2010 at 12:25 PM

LONG LIVE JIMMY CARTER!

HondaV65 on April 20, 2010 at 12:26 PM

Isn’t it all part of his plan? The economy won’t ever recover and that’s why we need Big Government to look after us all.

Drained Brain on April 20, 2010 at 12:26 PM

Obama: America won’t be in the economic position it was before I got here

So things are going to get even worse?

LincolntheHun on April 20, 2010 at 12:28 PM

After these brilliant remarks, there’s no need to worry that the TEA party movement will die out anytime soon.

NebCon on April 20, 2010 at 12:28 PM

If this were a Jeopardy question, the answer would be “the result of marinating in Ivy League fever swamps”.

booter on April 20, 2010 at 12:28 PM

“You, on the other hand, have to recognize that a purely export-driven strategy of economic growth is not going to work…

…because we are doing everything in our power to destroy the manufacturing sector. After our transformation of the US economy is complete, all US citizens will be lawyers, government workers or employed in green energy.”

/Obama

obladioblada on April 20, 2010 at 12:30 PM

America won’t be in the economic position it was before I got here

The way things are going with Barry in charge I think most of us think that it could only be an improvement if we were in the same economic position as when he got there.

Dave_d on April 20, 2010 at 12:30 PM

You, on the other hand, have to recognize that a purely export-driven strategy of economic growth is not going to work, in that American consumers are just not going to be in the same position, and the American government is not going to be in the same position, that it’s been in over the last several years.

In other words, America will be so poor we will no longer be supporting other countries economies by purchasing their goods.

The left has always declared America’s wealth the enemy. Let’s see how the world likes us now.

They say when America sneezes, the rest of the world gets a cold.

Obamanomics is making sure that America has chronic whooping cough.

cntrlfrk on April 20, 2010 at 12:30 PM

I just tried to explain something similar to my business partner. He seemed to think now would be a good time to start investing in real estate as investment property, but getting someone else to pay for it. He also avoids current events and news, and has no idea what’s going on out there. Thankfully for me, he’s a really good programmer.

ornery_independent on April 20, 2010 at 12:31 PM

Second look at Zombie Nixon.

NaCly dog on April 20, 2010 at 12:31 PM

America won’t be in the economic position it was before I got here

Sink me, if the man isn’t right. For a change.

PercyB on April 20, 2010 at 12:31 PM

“Global re-balancing” == “Global social justice”

What evil idiots.

Daggett on April 20, 2010 at 12:31 PM

The good old days of a vibrant economy, everyone working and earning a decent wage, entrepeneurs, Mom and Pop businesses around every corner …… are gone.

Change. No hope.

fogw on April 20, 2010 at 12:31 PM

Being POTUS is harder that community organizing…

d1carter on April 20, 2010 at 12:32 PM

I just want to thank the idiots who voted this moron in.
upinak on April 20, 2010 at 12:21 PM

Yes, on a personal level I really despise those people (and I know a few).

Some have the excuse that they didn’t what kind of a national socialist radical that really Obama is – the just voted for “Change” (literally)

Those people should be ashamed that they didn’t look at little deeper behind the simplistic sloganeering.

And some knew what he stood for – and that’s why they voted him in.

Those people should realize that a Statist utopia is impossible to achieve and all that twill result is ruin for the country.

Chip on April 20, 2010 at 12:32 PM

America won’t be in the economic position it was before I got here

Good news Democrats. Now you have something to run on besides passing bills people didn’t want and calling your constituents racist domestic terrorists.

forest on April 20, 2010 at 12:32 PM

The seditionist in me, (we are all seditionists now according to MSM), cannot wait to run, not walk in a very anti-fascist manner to the voting booths in 2010 and 2012.

freeus on April 20, 2010 at 12:33 PM

This man is a moron with an extensive vocabulary. Nothing more.

If you can’t dazzle them with brilliance, baffle them with BS. That is Obama’s tag line.

ButterflyDragon on April 20, 2010 at 12:33 PM

I guess we will have to learn that it is now China’s and India’s time to shine.
We had a good run though.
Even the mighty Rome eventually fell and Obama wants to see that our decline is handled responsibly.

NeoKong on April 20, 2010 at 12:33 PM

I just want to thank the idiots who voted this moron in.

upinak on April 20, 2010 at 12:21 PM

And don’t forget all of the idiots who stayed home and didn’t vote at all, so they could “teach McCain and the Republican Party a lesson”.

Del Dolemonte on April 20, 2010 at 12:33 PM

Hate and rage, bub. Hate and rage.

Midas on April 20, 2010 at 12:34 PM

‘I meant to do that so shut up’ he explained.

BigWyo on April 20, 2010 at 12:35 PM

Big effin deal…

SHARPTOOTH on April 20, 2010 at 12:36 PM

export-driven strategy of economic growth is not going to work

Wait what!? If you’re supposed to pay off sovereign debt , export is your only possibility.

the_nile on April 20, 2010 at 12:37 PM

Obama: America won’t be in the economic position it was before I got here

Hurricane Katrina: New Orleans won’t be in the economic position it was before I got here.

MB4 on April 20, 2010 at 12:37 PM

America won’t be in the economic position it was before I got here…

So… he’s admitting his policies have made things worse. He’s acknowledging that citizens and the country are worse off than when he took the job. The only remaining question is whether he did it on purpose or was simply grossly inept.

Which ‘journalist’ will make this point to him and ask him about it?

Midas on April 20, 2010 at 12:37 PM

Looks to me the dumbest President in history got off teleprompter again.

Incoming Sarah Palin Facebook post, mocking the little child’s latest comment in 5…4…3…2…

Incoming tard dump, accusing Ed and Sarah of taking the little child out of context, again, in 15…14…13…12…

MNHawk on April 20, 2010 at 12:37 PM

As long as we’ve got plenty of Rearden metal, we should be OK. …shouldn’t we?

ignatzk on April 20, 2010 at 12:37 PM

Bernie Maddof: Investors won’t be in the economic position they were before I got here.

MB4 on April 20, 2010 at 12:37 PM

American consumers are just not going to be in the same position, and the American government is not going to be in the same position, that it’s been in over the last several years.

After the Fool is done with us, I won’t be surprised.
The Liar speaks the truth for once.
He is going to destroy us economically if we
do not impeach his ass.

nyx on April 20, 2010 at 12:38 PM

Bubonic plague: Europe won’t be in the economic position it was before I got here.

MB4 on April 20, 2010 at 12:38 PM

We’re gunna have to bring this country back ONE STATE AT A TIME

We can’t wait until 2012 to stop Barack!

dnlchisholm on April 20, 2010 at 12:39 PM

Bernie Maddof: Investors won’t be in the economic position they were before I got here.

MB4 on April 20, 2010 at 12:37 PM

He He He

nyx on April 20, 2010 at 12:39 PM

Twelfth Imam: The World won’t be in the economic position it was before I got here.

MB4 on April 20, 2010 at 12:39 PM

The economy is obviously racist.

Sugar Land on April 20, 2010 at 12:40 PM

On purpose.

forest on April 20, 2010 at 12:41 PM

Bernie Maddof: Investors won’t be in the economic position they were before I got here.

MB4 on April 20, 2010 at 12:37 PM

Hey thats not fair, Madoff only blew a couple of billions..

the_nile on April 20, 2010 at 12:42 PM

The Forty Days and Forty Nights Flood: The World won’t be in the economic position it was before I got here.

MB4 on April 20, 2010 at 12:43 PM

This man is a moron with an extensive vocabulary. Nothing more.

If you can’t dazzle them with brilliance, baffle them with BS. That is Obama’s tag line.

ButterflyDragon on April 20, 2010 at 12:33 PM

I’ve said it all along, Obama is smart but incompetent. He’s the classic guy with the nice looks and the expensive suit and fancy education, who talks his way into job after job, is never satisifed with one job and constantly angles to move up to the next level, and keeps getting promoted upward until he finally reaches a level where his incompetence becomes obvious to all and he fails spectacularly.

rockmom on April 20, 2010 at 12:43 PM

I just tried to explain something similar to my business partner. He seemed to think now would be a good time to start investing in real estate as investment property, but getting someone else to pay for it. He also avoids current events and news, and has no idea what’s going on out there. Thankfully for me, he’s a really good programmer.

ornery_independent on April 20, 2010 at 12:31 PM

Tell him to invest in gold and silver if wants to make money.

ButterflyDragon on April 20, 2010 at 12:44 PM

The Four Horsemen of the Apocalypse: The World won’t be in the economic position it was before we got here.

MB4 on April 20, 2010 at 12:44 PM

Pop quiz – What does Teh Won consider his ideal economic model?

A) Cuba
B) North Korea
C) Zimbabwe

steveegg on April 20, 2010 at 12:45 PM

cntrlfrk on April 20, 2010 at 12:30 PM

Comment of the Day™

steveegg on April 20, 2010 at 12:47 PM

Obama and his merry band of babbling fools are absolutely insane.

rplat on April 20, 2010 at 12:48 PM

Hey that’s not fair, Madoff only blew a couple of billions..

the_nile on April 20, 2010 at 12:42 PM

You are right, Madoff is too good to be compared to the Fool. The Bubonic Plague was just right though…

nyx on April 20, 2010 at 12:48 PM

Zippy is just full of startling revelations, isn’t? As if we didn’t know.

Cody1991 on April 20, 2010 at 12:50 PM

“Who really is Barack Obama?”

Well after all, Barack Obama, he’s an ordinary socialist fascist man
Who desires nothing more than an ordinary chance,
To make all people live exactly as he likes, and do precisely what he wants…
An average socialist fascist man is he, of no especially clever whim
Who wants to control everyone’s life
With everyone supinely doing whatever he thinks is best, for him
Well… just an ordinary socialistic fascist man…

BUT!

Let some protesters be allowed to speak out against his grand controlling schemes and his serenity is through,
They’ll protest his grand plans, from the cellar to the dome,
And then go on to the enthralling fun of piece by piece eviscerating him…
- HT: Loxodonta

MB4 on April 20, 2010 at 12:51 PM

He said it’s our responsibility to save more? How will the government enforce that, except by taking over our bank accounts?

ZenDraken on April 20, 2010 at 12:51 PM

I think it’s pretty clear that the Left is the side that’s preoccupied with money. They’re the ones that see “corporate greed” everywhere–greed for money. But the greed that the Right, and normal Americans, worry about is the Left’s greed for government power. You can work your way back up from having no money, but once you have no freedom, once you’re a slave, that’s forever. Short of war, that’s forever.

RBMN on April 20, 2010 at 12:52 PM

That certainly should be the closing tag for every R ad this coming season.

JimK on April 20, 2010 at 12:52 PM

Obama: America won’t be in the economic position it was before I got here

Yeah we know, you’ve F-bombed the economy.

Speakup on April 20, 2010 at 12:54 PM

So Barry, I guess you are saying that Maggie was right?

JusDreamin on April 20, 2010 at 12:55 PM

American consumers are just not going to be in the same position, and the American government is not going to be in the same position, that it’s been in over the last several years.

And why is that Barry? Could it be your own economic policies we see that the above statement comes true?

EliTheBean on April 20, 2010 at 12:55 PM

I just want to thank the idiots who voted this moron in.
upinak on April 20, 2010 at 12:21 PM

The Kollege Kiddies voted away their future for a ‘cool’ cult figure who wasn’t Bush.
Have a nice third world life, Juice-Boxers.

Dr. Carlo Lombardi on April 20, 2010 at 12:55 PM

B..b..but …

Free Health Care !!!
Free College !!!
Free Obama Cash !!!

BowHuntingTexas on April 20, 2010 at 12:55 PM

Obama: America won’t be in the economic position it was before I got here

Sherlock freakin’ Holmes

JusDreamin on April 20, 2010 at 12:56 PM

You know what our manufacturing base needs to get back on track? A big fat VAT.

BDavis on April 20, 2010 at 12:56 PM

Not a shock to those wh have been following this lying charlatan. All the dopes who voted for him expecting the amorphous “change” will be quite shocked and saddened. They caused this disaster.

Don’t know what is happeneing? Click HERE.

Want the cold hard facts? Click HERE

DoublePlusGood y’all. We are in the midst of a grand change and it will be apparent real soon..

Gob on April 20, 2010 at 12:57 PM

Obama and his merry band of babbling fools are absolutely insane.

rplat on April 20, 2010 at 12:48 PM

The thermometer is going lower, more than it went higher before.
Time there was warmth and plenty, but that cup soon runneth no more.
Though we could not caution all, we still might warn a few:
Dont lend your hand to raise no flag atop no Ship of Obama Fools.

Ship of Obama Fools on a cold cruel sea
Ship of Obama Fools sail away from we.
It was later than we thought, when we still might have believed as you,
Now we can no longer share your delusions, Ship of Obama Fools.

MB4 on April 20, 2010 at 12:57 PM

Dear China,
You can stop making all that Dollar Store schlock, Americans won’t be able to shop there anymore.
Love,
O

kooly on April 20, 2010 at 12:57 PM

Solid B+. B is for Beavis Barry and Butthead Biden.

Philly on April 20, 2010 at 12:57 PM

Dino-killer Asteroid’s Less Congenial Big Brother: The World won’t be in the economic orbital position it was before I got here.

drunyan8315 on April 20, 2010 at 12:59 PM

the media was OUTRAGED and in full dismay when unemployment hit 5.5% under Bush. Of course, that was just before the 2004 election, and they needed to paint the Economy in the toilet so John Eff’ing Kerry could promise to “save it”.

Now the economy IS in the toilet…and the daily cheerleading from the media is repulsive!

ObamaVilles will be springing up everywhere…and the media will STILL blame them on Bush!

Justrand on April 20, 2010 at 12:59 PM

We told you so.

Philly on April 20, 2010 at 1:02 PM

I like what this fellow from the Cato Institute had to say in today’s WSJ re the crony capitalism revolving door of government and the financial sector players.
http://online.wsj.com/article/SB10001424052748704508904575192430373566758.html

We do not need more regulation. We need to keep an eye on who is doing the regulating and who decided that they would.

onlineanalyst on April 20, 2010 at 1:03 PM

Has it really been only 15 months? Boy, Odumbass has caused so much destruction in such a short period of time.

txag92 on April 20, 2010 at 1:05 PM

Mmm mm mm
Barack Insane Obama
He said we must be fair today
So he’ll redistribute all our wealth away
Mmm mm mm

Daggett on April 20, 2010 at 1:05 PM

So this is what a B+ economy looks like?

Who’d a though G.W. Bush was an A student.

Lily on April 20, 2010 at 1:06 PM

Sherlock freakin’ Holmes

JusDreamin on April 20, 2010 at 12:56 PM

The curious incident of the economy that didn’t bark.

Barack Obama: Is there any other point to which you would wish to draw my attention?
Holmes: To the curious incident of the economy during your reign.
Barack Obama: The economy did nothing during my reign.
Holmes: That was the curious incident.

MB4 on April 20, 2010 at 1:08 PM

It was all phony “wealth” anyway.

We make nothing anymore, except fraudulent derivatives that bring down the global economy, and lots and lots of fiat funny money.

We are A Banana Republic With No Bananas

Max Keiser concurs.

USA! USA!

Rae on April 20, 2010 at 1:08 PM

America after he gets done with her:

That dingy city on the hill.

MJBrutus on April 20, 2010 at 1:08 PM

The last person that I want to hear spew about economic policy is ObaMao the Redistributor. His advisors are just as culpable for prolonging this depression with their shell games and historically discredited theories.

I don’t think that ObaMao could plan his family’s budget for a year much less take on that of the nation.

onlineanalyst on April 20, 2010 at 1:08 PM

onlineanalyst on April 20, 2010 at 1:08 PM

Yes. Economic policy from a guy who talks about “profit earnings ratios.” I’d love to see him engage in a detailed discussion about derivatives.

Chump.

Cody1991 on April 20, 2010 at 1:11 PM

Nothing an altered graph can’t fix, i.e., his ‘saved and created’ 2.8 million jobs.

And be mindful to say “Thank you, Mr. President.”

Sir Napsalot on April 20, 2010 at 1:12 PM

MB4 on April 20, 2010 at 1:08 PM

Classic!

JusDreamin on April 20, 2010 at 1:13 PM

And don’t forget him being humble.

Otherwise, who knew what other accomplishments we haven’t known yet.

Sir Napsalot on April 20, 2010 at 1:13 PM

This was better than Carter’s ‘malaise’ speech because on this video the camera captured ALL of the ‘superbrains’ most responsible for The Great Recession. Memorize their faces and keep a pitchfork handy in case they show up in your neighborhood.

JimP on April 20, 2010 at 1:14 PM

It is still hard for me to believe the scope of damage to the USA Obama has caused in 18 months.

I knew if he got elected, we would not have another liberal democrat president for the next 40 years, and I thought that would be a positive side effect if he got elected. Of course I didn’t vote for him, but the degree of disaster he has become still blows my mind. Way worse than Carter.

I sincerely think our future as the country we were hangs in the balance. One or two more devistating moves could put us in bankrupsy and coupled with the inevitable inflation that printing more money will cause could set the entire country crashing down.

I wonder if he actually realizes the danger he is putting us in?

saiga on April 20, 2010 at 1:16 PM

As long as we’ve got plenty of Rearden metal, we should be OK. …shouldn’t we?
ignatzk on April 20, 2010 at 12:37 PM

Hey! It’s Green, right?

Chip on April 20, 2010 at 1:16 PM

The criticism of Obama is focused on the wrong part of the statement. It may be stupid to say we won’t be able to import as many goods in the future, but the real policy problem is this:

Part of this global rebalancing is that they’re going to have to make some decisions as well about how they are approaching their domestic markets.

This policy of mercantilism is the crux of it and has been for a long time. Remember when George H.W. Bush led a delegation of American CEOs to Japan to try to force them to open their markets to Ford Escorts, even though we had the steering wheel on the wrong side of the car? He did puke on the Prime Minister, but otherwise the trip was a complete failure.

We are not a mercantile system. We do not care if Taiwanese or Germans have to pay twice the price we do for electronics because of tariffs or non-tariff barriers to trade. The president’s job is not to tell foreign governments how to manage their domestic markets. I want my imported goods from China, Germany and everywhere else in my Wal*Mart for next to nothing. That’s called a consumer driven economy. It’s why our poor are richer than the poor of any other place in the world.

Ted Torgerson on April 20, 2010 at 1:17 PM

Kabuki theatre and show trials. Now that Goldman sachs made money, they are nasty. Of course his fetish economist lost a cool 2 billion for Harvard trading investments for the school. Why didn’t they sue Summers?

seven on April 20, 2010 at 1:19 PM

Pop quiz – What does Teh Won consider his ideal economic model?

A) Cuba
B) North Korea
C) Zimbabwe

steveegg on April 20, 2010 at 12:45 PM

I think that he likes the China model myself, although a little Venezuela thrown in might apply, too.

Seriously, some interviewer should ask ObaMao whose economic model he finds ideal, It would be intriguing to hear his long-winded spin of a response.

onlineanalyst on April 20, 2010 at 1:20 PM

Remember when Obama used to sneer at the years of economic growth under the Bush administration? Well, apparently we’re not going to get back to even those levels, which Obama dismissed during his presidential campaign.

karma…

cmsinaz on April 20, 2010 at 1:20 PM

Even I know how to turn the economy around. History provides a tried and true track record on what works.

Other than attempting “backdoor reparations” for slavery, I can’t think of another logical reason he is doing what he is doing. Killing the economy and choking the economic achievers will not provide and endless stream of money for the layabout class. The money has already run out, and the track we are on will not replace it.

Destroying the great USA is not a legacy I would think any President would embrace, but he is doing it. What gives?

saiga on April 20, 2010 at 1:23 PM

So what exactly is he planning to run on in 2012? The economy sucks. Iran has the bomb. Taxes are through the roof. Interest rates are through the roof. Gas is 4 bucks a gallon. Uh, elect me or else we’ll return the failed policies of the last 8 years….errr, I meant the 8 years before the last 4.

Doughboy on April 20, 2010 at 1:24 PM

I just want to thank the idiots who voted this moron in.

upinak on April 20, 2010 at 12:21 PM

Exactly. This is what we get for electing as president someone who doesn’t believe that the U.S. is the best country on earth.

By the way, if you were an employer looking to hire a guy for an important position and you learned that he has spent most of his life opposed to much of what your company is all about and his wife is on record stating that your company sucks, would you still hire him?

BuckeyeSam on April 20, 2010 at 1:26 PM

So what exactly is he planning to run on in 2012? The economy sucks. Iran has the bomb. Taxes are through the roof. Interest rates are through the roof. Gas is 4 bucks a gallon. Uh, elect me or else we’ll return the failed policies of the last 8 years….errr, I meant the 8 years before the last 4.

Doughboy on April 20, 2010 at 1:24 PM

And there will probably be riots when some people find out they can’t get their gub’mint health care because it doesn’t start for a few years. No unicorns, either.

Cody1991 on April 20, 2010 at 1:27 PM

And don’t forget all of the idiots who stayed home and didn’t vote at all, so they could “teach McCain and the Republican Party a lesson”.

Del Dolemonte on April 20, 2010 at 12:33 PM

Yeah, the self-righteous idiots. I don’t have much respect for them either.

docdave on April 20, 2010 at 1:28 PM

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