Obama is very unhappy with whoever was in control of the economy for the last five years, and is now taking charge.
“This Wednesday, almost five years after the financial crisis fueled a devastating recession, and two years after a debate over whether or not America would pay its bills that harmed our recovery, the President will return to Knox College to kick off a series of speeches that will lay out his vision for rebuilding an economy that puts the middle class and those fighting to join it front and center. He’ll talk about the progress we’ve made together, the challenges that remain, and the path forward,” Pfeiffer wrote.
Apparently he is very angry with the bonehead who pushed through that $1 trillion stimulus act right after he took office.
The only problem with the graph is that the current unemployment rate does not reflect the millions who are no longer counted because the don’t receive unemployment checks. The U 6 rate is over 14%.
Nor does it reflect that most of the “created” jobs are part time, “created” by a reduction of full time jobs turning into part time jobs.
Will the real Choomster please stand up!
Yes, that’s you Obombster.
Reblogged this on The Firewall.
Is he talking about visions he is having or does he have legislation?
It shouldn’t take an economist to realize that increasing regulations and taxes in a recession slows economic growth. In particular, if the regulations fall heavily on banks and also increase the cost of labor, you can just about guarantee slow growth.
Pelosi pushed through a 41% increase in minimum wage in 3 steps each July 2007 to 2009. Employment started decreasing 6 months after the first one, and didn’t stop decreasing until after the last increase. Coincidentally book ending the start and ends of the recession. They’ve continually grown since Nov. 2010 where she lost the speakership. But due to Obamacare, job growth is going to stay weak for quite a while. The count is going up, but partly due to part time jobs increasing to replace full time jobs. That delay in the employer mandate wasn’t just a random decision.
Oh, also of note, from 2009 to 2011, the cumulative increase in government spending accounted for 84% of the cumulative increase in GDP. It was 143% for 2009 and 2010 which is why the “recovery” never felt like a recovery. The rest of the economy was still decreasing.
For perspective, the $800+ billion stimulus could instead have been done with a 1/3 cut in every taxpayer’s tax rate for a year. The economy would have boomed. Instead the debt went up and the economy went nowhere.
It shouldn’t take an economist…..
Hell most tax-payers can grasp the concept. The tax-parasites are the ones who conflate increased taxation with prosperity. Because the tax-parasites assume that more money for them to spend is a good thing.
Historically (ancient china, egypt, rome, middle ages, etc.) robust economies have 4 common factors:
1) easy taxes. i.e. less than 10% total.
2) minimal regulation of the economy (guilds & unions contribute to bureaucracy and bureaucratic waste)
3) the “rule of law” is strictly observed (in the past the rulers were punished more severely for breaking the law because they knew better). i.e. No one is exempt from the law, no such thing as “sovereign immunity”.
4) peace. i.e. no drain on the economy making things to be destroyed in war.
Oh-Bomb-Ya is batting 0.000 on this little line-up.
Oh-Bomb-Ya should have nowhere to go but up, however he will make things worse. Since he has never worked a real job, prosperity for a tax-parasite is found in additional taxes. Additional taxes act as a brake on the economy. Vicious circle of ignorance.
The gap between actual results and predicted with recovery plan appears to be widening. Reminds me of climate models.