Obamateurism of the Day

posted at 8:01 am on October 23, 2012 by Ed Morrissey

As we decelerate from last night’s debate on foreign policy, let’s recall this moment from the previous debate. Mitt Romney challenged Barack Obama on energy policy, pointing to skyrocketing gas prices as one outcome of Obama’s energy policies. Obama defended high gas prices as … proof of a booming economy?

Well, think about what the governor — think about what the governor just said. He said when I took office, the price of gasoline was $1.80, $1.86. Why is that? Because the economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression, as a consequence of some of the same policies that Governor Romney’s now promoting. So, it’s conceivable that Governor Romney could bring down gas prices because with his policies, we might be back in that same mess.

Well, think about what Obama claims here.  It’s true that the law of supply and demand means that a lowered demand from a deep recession will create lower prices at the pump.  It’s equally true that if one generates more supply when demand increases, one will keep prices from rising very quickly, or at all.  In that sense, Obama acknowledged that Romney was right — that policies that keep the US from exploration, extraction, and refining push prices up.

Besides, if Obama’s correct about the fabulous economy creating higher gas prices, then household incomes should have roughly kept pace with pump costs.  What happened to median household income in that same period of time?  Oh, yeah — it fell by 4.8% during the recovery, more than during the recession itself.  Maybe Obama thinks that is a booming economy, but I doubt that middle-class households feel the same way.

Got an Obamateurism of the Day? If you see a foul-up by Barack Obama, e-mail it to me at obamaisms@edmorrissey.com with the quote and the link to the Obamateurism. I’ll post the best Obamateurisms on a daily basis, depending on how many I receive. Include a link to your blog, and I’ll give some link love as well. And unlike Slate, I promise to end the feature when Barack Obama leaves office.

Illustrations by Chris Muir of Day by Day. Be sure to read the adventures of Sam, Zed, Damon, and Jan every day!

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Let do a Paulbot and vote in this online poll in Yahoo about who won the debate last night

http://finance.yahoo.com/

bayview on October 23, 2012 at 8:04 AM

Ozero started to debate Bush/Cheney last night.

He debates mindless MSDNC talking points that the media tries to spin into truth.

He lied often last night, and will be on the defensive the next 2 weeks.

Sequestration indeed.

FlaMurph on October 23, 2012 at 8:06 AM

just likes to hear himself talk…yeah i’m cool

cmsinaz on October 23, 2012 at 8:06 AM

President Eye Candy was pretty sour last night…

How many licks does it take to get to the Joe Biden Center…

The world just saw it last night..

Electrongod on October 23, 2012 at 8:08 AM

What Obama calls a “booming economy” is what I call what inspired John Steinbeck to write “The Grapes Of Wrath”!

pilamaye on October 23, 2012 at 8:11 AM

Obama…petulant, pompous, prevaricating pr*ck…

Getting more blatant about it by the day.

And getting it more wrong every day.

Honestly, show of hands…how many would have hired Obama to work for them, paying him out of their own pocket, four years ago…based on his resume?

How many would hire Obama today, paying him out of their own pocket, based on his record?

coldwarrior on October 23, 2012 at 8:16 AM

He keeps using that word “recovery.” I don’t think it means what he thinks it means.

crazy_legs on October 23, 2012 at 8:19 AM

He acted like an edgy pimp or crack dealer standing on an inner city corner.

docflash on October 23, 2012 at 8:22 AM

When I first saw this clip, I was struck by the fact that he was unprepared for the question. So what does he do? Fall back to his standard “I inherited the worst economy since…” schtick because that’s all he has. The problem is that he didn’t know how to close the loop so he pulled something out of a very dark place and hoped for he best.

The point, again, was that he failed to do his homework. He either didn’t anticipate this obvious question or he thought that he was smart enough to “wing it”.

landshark on October 23, 2012 at 8:26 AM

Check these facts…

July 14, 2008:
President Bush lifted an executive order banning offshore oil drilling, and urged Congress to follow suit.

September 16, 2008:
The U.S. House of Representatives approved on a 236-189 vote legislation that would open waters 50 miles off the Pacific and Atlantic coasts to oil and natural gas development.

September 27, 2008:
The U.S. Senate by a 78-12 vote eliminated a 27 year ban on offshore drilling off the Atlantic and Pacific coasts of the United States.

And what effect did those three things have on gas prices?

U.S. city average price of unleaded regular gasoline

July 2008: $4.090 per gallon

December 2008: $1.689 per gallon

Source: Bureau of Labor Statistics Data: U.S. city average: Gasoline, unleaded regular, per gallon

Gas prices dropped more than 50% (almost 60%) in just five months!

And that wasn’t the result of increased drilling, but merely the possibility of increased drilling (which brought speculation of future prices down, which brought down prices at the pump by more than 50% in just 5 months time.

Then what has happened under the Obama administration?

The return of the moratorium, blocking the Keystone pipeline, and higher gas prices.

ITguy on October 23, 2012 at 8:32 AM

“You said you wanted to be like Bush and Cheney! Remember them, everybody, Bush…and…and…Cheney??? Romney wants to be like THEM! Yeah he does! HAHAHAHAHA….HAHA…HA…he..heheehe…”

*tap tap*

“Is this mike on?”

Bishop on October 23, 2012 at 8:33 AM

The point, again, was that he failed to do his homework. He either didn’t anticipate this obvious question or he thought that he was smart enough to “wing it”.

landshark on October 23, 2012 at 8:26 AM

He got spoiled by Cowley and Ratazz, and expected the moderator to pull his bacon out of the grill. Tough luck, puppy muncher; Bob Schieffer will likely lose a few White House cocktail invitations over his behavior.

Archivarix on October 23, 2012 at 8:38 AM

No twisting of even perverted Keynesian economic theory would support that fat bag of manure Obama threw down, in the hail-Mary prayer of scoring a cheap point or two. Just always blame right-wing methods for anything bad, and anything good during right-wing administrations is really a sign of something worse.

You’d think that Harvard Law School forgot to teach Rhetoric, or something.

Freelancer on October 23, 2012 at 8:39 AM

ITguy on October 23, 2012 at 8:32 AM

I’d like to connect a few more of those dots, if you don’t mind.

The Saudis and other OPEC chiefs had been squeezing Bush for nearly a year, in the hopes of shutting down the GWOT, driving oils prices up through artificially shorting supply. (Take that, Keynesians, the Arab businessmen know how it works)

So Bush lobbied Congress to dump the drilling restrictions. The day after they did, the threat of future drilling ended the OPEC squeeze. They can’t afford for us to actually begin tapping all of our resources, so they opened the spigot back up, and the price plummeted.

Not one thing to do with a bad economy. Pump prices are driven by two factors only, one in push mode, one in pull: Foreign supply, government restrictions. Only at an extreme does the economy itself change gas prices, and that only in trail mode, meaning well after the dip begins. The real dip hadn’t begun until late September 2008, though many analysts could see it coming. Gas prices wouldn’t change ahead of a projected recession, only after it is in full swing.

The low gas prices were 100% the result of relaxed regulatory policy, which pressured the foreign sources to open up supply.

Period.

Freelancer on October 23, 2012 at 8:47 AM

But..but..but..I thought he is the “smartest president evah”. How do we know? Cause some egghead liberal told us so and the LSM promotes him as such.

The proof?

High School Transcripts: Sealed

SAT Score: Sealed

Occidental College Transcripts: Sealed

Columbia Transcripts: Sealed

LSAT Score: Sealed

Harvard Law Transcripts: Sealed

Oh, and did I mention that his is the “Most Transparent Administration” evah./

GAlpha10 on October 23, 2012 at 9:08 AM

E-I-P-C
F-I-A-L

Nutstuyu on October 23, 2012 at 10:03 AM

“He keeps using that word “recovery.” I don’t think it means what he thinks it means.

crazy_legs on October 23, 2012 at 8:19 AM”

Thank you for the Princes Bride reference.
He also used the word “organized” far too many times. He “organized” sanctions. He “organized” countries. As if he now sees his job as a community organizer on steroids.

Craniac on October 23, 2012 at 10:17 AM

I’d like to connect a few more of those dots, if you don’t mind.

Freelancer on October 23, 2012 at 8:47 AM

I don’t mind at all, and I appreciate your doing so. I appreciate the additional information.

ITguy on October 23, 2012 at 11:10 AM

Economics is hard. Supply and demand… tough stuff to wrap your head around.

Except for those times when he wanted to lower prices by releasing oil from our strategic petroleum reserves – then he understood full well that increasing the supply would result in lower prices. But increasing supply through production? – Nah, that wouldn’t have the same affect. /

Hill60 on October 23, 2012 at 11:23 AM

It’s President Facade. An empty suit willing to lie at all costs to win as Saul Alinsky’s writings explained to Obowma.

dthorny on October 23, 2012 at 11:52 AM

But..but..but..I thought he is the “smartest president evah”. How do we know? Cause some egghead liberal told us so and the LSM promotes him as such.

The proof?

High School Transcripts: Sealed

SAT Score: Sealed

Occidental College Transcripts: Sealed

Columbia Transcripts: Sealed

LSAT Score: Sealed

Harvard Law Transcripts: Sealed

Oh, and did I mention that his is the “Most Transparent Administration” evah./

GAlpha10 on October 23, 2012 at 9:08 AM

When he claimed the low gas prices were due to a weak economy, he proves how inept he is on the economy.

dthorny on October 23, 2012 at 11:55 AM

When he claimed the low gas prices were due to a weak economy, he proves how inept he is on the economy.

dthorny on October 23, 2012 at 11:55 AM

He only proved how easily and shamelessly he’ll lie to paint a good thing as a Republican-caused problem. As Hill60 mentions above, he surely knew that increasing supply would lower prices when he considered tapping the strategic reserves. There is no way in any math universe that such a fact squares with claiming that gas prices are evidence of a bad economy.

Just words. False, deceptive, horribly lying words.

Freelancer on October 23, 2012 at 7:49 PM

When he claimed the low gas prices were due to a weak economy, he proves how inept he is on the economy.

dthorny on October 23, 2012 at 11:55 AM

…that was…a stunning statement!

KOOLAID2 on October 23, 2012 at 8:27 PM