Posted by
Always To The Right on Wednesday, July 29, 2009 2:55:01 PM
Bold new Obama strategy on economy: Blame Bush
Let’s look at the facts, shall we?
The unemployment rate
went from 5.2% in January 2005 to 7.2% in December 2008. Overall, the
average in that time was 5.03% President Obama signed the stimulus
package in February of 2009 when the unemployment rate was still at
7.6% He promised the spending would keep the rate from going above 8%. It is now 9.5%, with no signs that it will improve in the near future. The state numbers are even worse.
2.6 million people lost their jobs in 2008. 2 million more have lost jobs since Jan 09.
Obama has repeatedly blamed the high deficits on the Bush administration, but his policies will only increase the nation’s debt.
Average GDP
from Jan 05 to Dec 08 was 1.68% In the first quarter of Jan 09, it’s
-5.5. There has been some moderate growth from the last quarter of Dec
08, but still far below the level warranting the level of hyperbole
used by Ms. Chadderdon.
The Obama administration says we have to ’spend money to keep from going bankrupt.’ They’re basing their faith in spending on the Keynsian multiplier effect, but even Keynes himself warned against combining recovery with economic reform
Full text of Keynes letter here. Obama’s two signature proposals are cap-and-trade and healthcare reform. Neither will help the economy, and in fact, they may actually hurt it.