Posted on 06/10/2011 4:29:47 PM PDT by Starman417
There are quite a lot of opinions about Obama's reelectability in the face of bad economic news. The national debt is up, economic growth is slow, jobs are not being produced as promised, house prices continue to fall, and employers are complaining about policy uncertainty.1 So it will be very interesting to see just where we are, how we got here, and how the economy will effect Obama's reelection.
There is little doubt that today's economy belongs to Presient Barack Obama, regardless of his blaming George W. Bush for all of his problems. "Now, my administration has a job to do as well, and that job is to get this economy back on its feet," President Obama declared on July 14, 2009, in Warren, Mich. "That's my job, and it's a job I gladly accept. I love these folks who helped get us in this mess and then suddenly say, well, this is Obama's economy. That's fine. Give it to me."2 This month's unemployment rate is 9.1%. When Obama gave the above mentioned speech, it was 9.5%. This month's unemployment rate is still well above the 8% rate we were promised if the stimulus was enacted. What is really sad is that his advisors said the unemployment rate would top out at 8.8% if the stimulus was not enacted. Since Obama gave that speech in 2009, the country has spent $2.8 trilion, run up $3.7 trillion in debt, and lost 2.8 million jobs.
But the main point is that Obama and the administration act like and say that they know what they are doing.
Here is another newsflash from The New York Times: the stimulus did not work.3 The stimulus of $787 billion was supposed to create or save 3.5 million jobs by 2011. When Republicans proposed reducing taxes and regulations and promoting free trade, the left attacked them, claiming they offered no new ideas. Then the left said that government must help by coming to the rescue. The left proposed new taxes to pay for the help. Despite all the stimulus "help," the country is still stuck in the economic doldrums.
Keyensian economics4, named after John Maynard Keynes (1883 - 1946), a British economist, with its focus upon macroeconomics, proposed that a government's intervention in the economy through public policies that aim to achieve full employment through measures, such as deficit spending, that stimulate aggregate demand. Keynes' solution to this poor economic state was to prime the pump.5 By prime the pump, Keynes argued that the government should step in to increase spending, either by increasing the money supply or by actually buying things on the market itself.
In November, 2008, President-elect Obama named members of his administration's economic team, including Timothy Geithner as his Treasury Secretary nominee, and Lawrence Summers as the director of the National Economic Council.6 "I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold, new ideas, and most of all who share my fundamental belief that we cannot have a thriving Wall Street without a thriving Main Street," Obama said at a press conference Monday in Chicago. He also announced economist Christina Romer as the director of his Council of Economic Advisors, and he named Melody Barnes to be the director of his Domestic Policy Council (DPC). He appointed his longtime adviser Austan Goolsbee to chairman of the Council of Economic Advisers in September, 2010.7 He replaced Christina Romer, and was a professor at the University of Chicago.8
We know what the "dream team" produced during the first two years of Obama's presidency. The question now is: Where are they now? Here is the answer.9
(Excerpt) Read more at floppingaces.net...
Zer0 needs to find that John Galt guy and tax the crap outa him.
I heard Juan Williams on Sean Hannity tonight, talking about how bad Bush made the economy, and that's the reason it's taking so long for the economy to recover. Isn't it funny, though, that the "Bush" economy, which was strong until the Dem takeover in 2008, was so horrible, but now, with abysmal economic numbers all around, we're merely in a slow recovery?
That article mentioned that Obama's economic advisors are all going back to teach at their universities--Harvard, UC. That can't possibly be good for the country. Keynes' economic theory was built on anti-logic; it's a shame kids are being taught such nonsense while being convinced that it's a mark of intellectual superiority to "understand" (or at least memorize) it.
I am doing OK, but could be doing better. I sort of long for the Bush days when I was getting yearly raises of 1% and earning 3 to 5% on my CD’s..
If we can’t defeat Baraq based on 10% unemployment, surging food prices, recurring $1.5 trillion deficits, and $4 gas, then we deserve him.
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