What has Obamanomics brought us?

posted at 6:31 pm on July 28, 2013 by Bruce McQuain

As much as the president would like to blame our economic ills on the other party, or George Bush or, well, just about anyone, the fact is he’s been at the helm of the ship of state for almost 6 years.  So his recent pivot toward addressing economic issues is a bit of a laugh, in reality.  For 6 years it simply hasn’t been that important to him.  And there’s good reason.  His record, as Emily Miller points out, is abysmal:

The economy has never grown much more than by minuscule amounts during the Obama administration. Gross domestic product has grown at an anemic pace since he’s been in the White House, barely sputtering at 1.8 percent in the first quarter of 2013. Unemployment under Mr. Obama has averaged a discouraging 8.8 percent and still tops out at 7.6 percent.

Gas prices are rising again, but Mr. Obama spent a long stretch of these speeches touting the doubling of “clean energy” production on his watch. He claimed to have “saved the auto industry,” but didn’t mention that Detroit has gone bankrupt.

Most absurdly, he cited as a point of pride that “our deficits are falling at the fastest rate in 60 years.” He left out two key points: The congressional Republicans demanded spending cuts for increasing the debt ceiling, and the rate of decrease is high because the deficits themselves have been the largest red ink in U.S. history. Spending was $1.4 trillion more than revenue in 2009 and $1 trillion more in 2012.

The Congressional Budget Office projects a $642 billion deficit for this fiscal year, but that’s mostly because Mr. Obama hiked taxes on Jan. 1 to pay for his spending habits.

Despite years of promises to the contrary, to this point, President Obama and his administration have been economically underwhelming. In fact, they’ve been downright inept. All of the important economic markers that indicate recovery are still down. The recession ended in 2009 and yet we still see unacceptably high unemployment, record debt and very poor economic growth.

Of course, Mr. Obama would tell you, as he has for just about every failure since his presidency began, that it is all everyone else’s fault and if Congress would just cede him king-like powers, he could fix it, jiffy quick.

But it is actually the policies of his administration, Obamanomics, which is a large part of why we continue to bang along the bottom of the recovery as Tim Carney explains:

 Obama’s first term, with all its tax hikes, regulations, mandates, subsidies and bailouts, saw stock markets rise, corporate earnings break records and the rich get richer, while median income stagnated and unemployment remained stubbornly high.

The irony?  Mr. Obama’s policies have been the main driver of the widening income gap he loves to condemn.  Meanwhile that middle class he’s so worried about?  Well, here’s what he’s managed to do for them in 6 years:

Median household income has fallen by 5 percent since 2009 — when the recession ended and Obama came into office — as the Wall Street Journal pointed out after Obama’s speech.

And if anyone has ever been a champion of “Voodoo economics”, it would be our President:

Government grows, the wealthy, the big, and the well-connected pull away, and the rest of us struggle.

One reason: Obamanomics leans heavily on trickle-down economics. How does Obama promise to create jobs? With more loan guarantees to sell jumbo jets and more subsidies to make solar panels — taxpayer transfers to the big companies with the best lobbyists, with some crumbs hopefully falling to the working class.

Also, Obama’s regulations crush small businesses, protecting the big guys from competition. This hurts Mom & Pop and would-be entrepreneurs, but it also hurts the working class. New businesses are the engine of job growth, but new business formation has accelerated its decline in the last few years, hitting record lows.

Econ 101 might have helped educate Mr. Obama a bit, but he was more interested in community organizing.  The result?  Horrific economic policy which has, unsurprisingly, yielded horrific economic results.

The new normal as long as he remains in office.

~McQ


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“Halliburton.”

Decoski on July 29, 2013 at 12:55 AM

Actually, Halliburton is now toxic to the Dems-and the abrupt rise of the Evil Koch Brothers as objects of the Tolerant Left’s hatred started well before Darth Chaney even left office.

The reason is simple-several years ago one of their other Cult Figures, George Soros, purchased $61 million worth of Halliburton to add to his portfolio. Since they couldn’t credibly defend that, they simply changed the subject.

It’s what Low-Intelligence Democrats do. Because they are incapable of thinking for themselves.

Del Dolemonte on July 29, 2013 at 1:08 AM

All fine points, McQ.

The one huge factor you left out though. The rancid, rotten, hairy, cherry on top of all the Obamanomics. ObamaCare.

The one single piece of economy-killing legislation that will not only speed our way to economic oblivion, with unsustainable amounts of additional debt as a nation, but it will, as we’ve already seen the start of, completely kill the full-time job and the 40 hour work week.

Companies will eventually eliminate all full time positions in order to avoid the red-painted, iron fist of ObamaCare.

And workers will either have to find a second or third source of income, or they’ll work less and in turn have to reduce their standard of living to compensate. Middle class becomes huge, steaming pile of lower class, and middle class ceases to exist.

All while the companies they work part-time for, completely dump any and all healthcare benefits, as its too costly to maintain them.

Obamanomics + ObamaCare = Disaster for American Workforce and one massive underclass. Meanwhile, Amnesty ensures total, one-party rule in DC. Folks this is game over.

Meople on July 29, 2013 at 1:30 AM

But there was a way to avoid the bubble. Getting the federal government out of home ownership would have done that, but liberals attacked republicans for even trying to do that.

So curtailing Sallie and Freddie would have prevented Wall Street from repackaging subprime loans as tripe A securities? An interesting if somewhat naive proposition.

Of course the Bush administration could have instructed the FBI to go after the lending industry’s illegal and widespread practice of processing known liar loans, cutting off the flow of toxic loans from the source. But apparently crony capitalism didn’t allow it.

I can cause the results of a study to say anything I want. Idiots like you, who aren’t smart enough to scrutinize studies, simply believe everything you hear – and you only hear the results of studies that support your liberal way of thinking.

Ah yes, then please help us idiots better understand the meaning of the cited Treasury report. Apparently O’Neill and other Treasury officials twisted its findings as well.

bayam on July 29, 2013 at 1:39 AM

The federal government led the way on this. It created the impression that subprime was low risk because of the “guarantee” of real estate valuation appreciation.

Now that’s an inventive way of describing the nature of the housing bubble. I had never heard it suggested within the industry that the government guaranteed the appreciation of asset values.

The loan liars were liberals. The agents that helped the loan liars were liberals, too.

The big banks facilitating liar loans were liberal huh- or perhaps liberal loan officers kept sr management in the dark? Good call and certainly inventive.

bayam on July 29, 2013 at 2:30 AM

Actually, Halliburton is now toxic to the Dems-and the abrupt rise of the Evil Koch Brothers as objects of the Tolerant Left’s hatred started well before Darth Chaney even left office.

The reason is simple-several years ago one of their other Cult Figures, George Soros, purchased $61 million worth of Halliburton to add to his portfolio. Since they couldn’t credibly defend that, they simply changed the subject.

It’s what Low-Intelligence Democrats do. Because they are incapable of thinking for themselves.

Del Dolemonte on July 29, 2013 at 1:08 AM

Indeed. I’m reminded of the 180 degree shift by the Left in regards to “Big Pharma.” Once they could no longer deny that the eevvviiilll pharma companies helped write ObamaCare they completely stopped talking about them, even though they had railed against them constantly in prior years.

visions on July 29, 2013 at 8:27 AM

The big banks facilitating liar loans were liberal huh-
bayam on July 29, 2013 at 2:30 AM

They were certainly Obama’s largest contributors during his first Presidential campaign. I don’t think it’s hard to connect those dots.

tommyboy on July 29, 2013 at 8:48 AM

The regime is rewriting history this week:

http://www.zerohedge.com/news/2013-07-29/government-revises-84-years-economic-history-week

dogsoldier on July 29, 2013 at 9:16 AM

less and less wealth

mmcnamer1 on July 29, 2013 at 9:22 AM

bayam on July 29, 2013 at 1:39 AM

loveofcountry on July 28, 2013 at 7:38 PM

Get a room , Stalinist joy boys.

Dr. Carlo Lombardi on July 29, 2013 at 9:34 AM

In reality, Obama has been stuck with the economic policies of the Bush administration, in no small part due to the GOP Congress.

bayam on July 28, 2013 at 7:08 PM

Bush economic policy ended in January 2007 when the Democrats gained control of BOTH HOUSES OF CONGRESS.

Unless you’re saying Pelosi and Reid carried out Bush policies, that would be hilarious.

Wagthatdog on July 29, 2013 at 9:40 AM

Obama has been president since January 20, 2009, or 4 years, 6 months, and 9 days. We could round that to 4 1/2 years or “almost 5 years”, but “almost 6 years” is a mathematical stretch. It’s been much too long, but you wouldn’t want to be accused of an exaggeration a la “57 states”, would you, McQ?

Steve Z on July 29, 2013 at 9:42 AM

Check the Clinton growth record- if that’s feudalism, I’ll take it any day.

bayam on July 28, 2013 at 7:55 PM

Was this before or after Republicans CUT TAXES?

Wagthatdog on July 29, 2013 at 9:45 AM

Of course all this is by intent, deliberate malice. You don’t run up these deficits, unproductive at that, by honest mistake. It should be obvious by now that Obama hates this country, and he has plenty of company on the left.

arand on July 29, 2013 at 9:54 AM

Yes, nothing better than a Koch Brothers funded ‘research’ organization to prove a point. Although I don’t disagree that fed spending passed during the Bush years, stimulus programs, an aging population, and technical factors related to the recession have contributed to the deficit.

bayam on July 28, 2013 at 11:48 PM

passed by a Democrat Congress you mean?

Wagthatdog on July 29, 2013 at 9:56 AM

I don’t think it’s fair to blame Bush for the housing bubble. It was a true bubble in that almost no one recognized it until after the fact (and it was global in nature).

bayam on July 28, 2013 at 9:51 PM

Bush did when he warned Congress like 30 times….

Wagthatdog on July 29, 2013 at 9:59 AM

http://www.dontfundobamacare.com/

Sign the petition, your voice can be heard.

pambi on July 29, 2013 at 10:03 AM

Bayam, you never did answer my question. If the private sector could fill the void left by the quick drop in government spending after WWII, why couldn’t that happen now?

NukeRidingCowboy on July 29, 2013 at 10:10 AM

The loan liars were liberals. The agents that helped the loan liars were liberals, too.

The big banks facilitating liar loans were liberal huh- or perhaps liberal loan officers kept sr management in the dark? Good call and certainly inventive.

bayam on July 29, 2013 at 2:30 AM

The big banks caved to Democrat threats. Including during the Clinton Administration, when one of his DOJ people was a dude named…Eric Holder.

Oh, and during the 8 years Clinton was pResident, the number of subprime mortgages in the US tripled.

Can’t blame that on anyone but liberals, Pauline. Yoiu really need a shovel for each hand.

F-

Del Dolemonte on July 29, 2013 at 10:14 AM

What he meant to say was, “though Obama has been president for 4 and 1/2 years, he has been a total failure for 6 of them.

Bevan on July 29, 2013 at 10:23 AM

Just imagine his third term (Seems he has been mentioning his numbered days in office lately). Heck, what does he care about the Constitution term limits?

wsucoug on July 29, 2013 at 10:27 AM

Pain. Pain and Misery. Pain, Misery, and no Hope.

kirkill on July 29, 2013 at 11:27 AM

Pain. Pain and Misery. Pain, Misery, and no Hope.

kirkill on July 29, 2013 at 11:27 AM

As intended for we, the unwashed masses.

hawkeye54 on July 29, 2013 at 11:41 AM

Just imaginehis third term (Seems he has been mentioning his numbered days in office lately). Heck, what does he care about the Constitution term limits?

wsucoug on July 29, 2013 at 10:27 AM

Just imagine Barry contemplating a lifetime sente, er, term.

What does he care about the Constitution. Period.

hawkeye54 on July 29, 2013 at 11:43 AM

“Phony inflation, sheeple” — obama

Schadenfreude on July 29, 2013 at 12:04 PM

bayam lies more and better than obama.

Schadenfreude on July 29, 2013 at 12:04 PM

Where is lib-turd-or-die? Surely he has some gem of liberal jack-a**ery to impart of the masses. Ahh, I guess not. Must be at one of the Obama private parties.

wsucoug on July 29, 2013 at 12:08 PM

I have no doubt that they will also lose the original data – just like the original temperature data is now lost.

blink on July 29, 2013 at 11:50 AM

Not to worry! The NSA has backups of every freaking thing. There are a lot of private backups too and if all else fails we can ask the Chinese for the data.

dogsoldier on July 29, 2013 at 12:13 PM

loveofcountry, which country do you love? No need to answer.

Schadenfreude on July 29, 2013 at 12:29 PM

The term “phony” needs to accompany any subject which Obama is pushing for the next 3 years. Like the “phony” war-on-women, or the “phony” effort to create jobs, or best yet “phony” issues on race.

Tater Salad on July 29, 2013 at 12:42 PM

What has Obamanomics brought us?

I remember a song from HEE-HAW. (yeah, that’s right Libs,
quality Rube programming!)

“Truth, despair, agony on me…deep dark depression, excessive
misery…if it weren’t for Obama Luck, I’d have no luck at all

….truth, despair, agony on me”….

Feel free to insert the Dog howls in between the lyrics.

ToddPA on July 29, 2013 at 12:47 PM

Phony Economics

kirkill on July 29, 2013 at 12:58 PM

I’ll tell you what it has brought us…… zillion dollar vacations! For Him and his privileged bunch.

ultracon on July 29, 2013 at 1:48 PM

Actually, the braying brayam forgets that his very own Barack Obama screamed and wet his pants and actually SUED banks that didn’t accept “liar loans” or give unqualified minorities home loans.

Perhaps the stupid and ignorant brayam can explain why the black Obama demanded that banks make loans based on skin color. You can, can’t you, brayam?

What brayam is trying to do is just lie and scream and throw mud. Brayam is an Obama shill, a mindless puppet who repeats everything that Obama says, a stupid cultist who worships Obama’s black skin and cannot be reasoned with or provided facts.

Once we realize that Brayam is an imbecile who is mentally incapable of criticizing Obama, he becomes the obvious object of ridicule that he is. Brayam is delusional.

northdallasthirty on July 29, 2013 at 1:52 PM

Looks like 0bama ain’t the guy to make socialism/communism/fascism/progressivism (they are all basically the same) work either. of course it CANNOT be the ideology that fails every time.

he will bring what these ideologies always bring misery to hundreds of millions and death to tens of millions.

jukin3 on July 29, 2013 at 2:31 PM

There is still a tendency to blame Bush. Get over it. The economy has been under the Obama tent for a long time. He had his policies in effect within the first year with his stimulus packages. They were suppose to turn everything around. They did not because they were spending proposals that feathered the bed of his contributors. The lack of recovery in this economy can be attributed to Obama.

He also lied about the Bush tax cuts. They were straight across the board tax cuts. They put money back in the tax payer pockets which is the majority of Americans even the wealthy. A lot of the businesses affiliated with the democrats were campaign contributor such a the CEO of GE which did not have to pay taxes because of his affiliation with the President. Then you have Soros who is in a place to manipulate money and has caused a many world monies to bit the dust.

Portia on July 29, 2013 at 4:30 PM

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