US long term GDP growth, excluding periods of recession, has averaged 4 percent over the past 200 years. But since Obama took office, GDP growth has averaged 1.42 percent, about a third of what one would expect. IHS Global Insight predicts that the economy will be at 2.1 percent GDP growth by July, 2012. BusinessWire predicts US GDP growth of 2.3 percent for 2013-2016 because of Obama's plan for huge tax increases and with new regulations scheduled to take effect after the 2012 election.
Under Obama, those who are still employed have seen median incomes decline by $3000. The lost income would amount to $1.575 trillion if it had gone into the economy over the last three and a half years. That's even more than Obama squandered on the stimulus in 2009. Obama is so unbelievably arrogant, so detached, that the widespread suffering of ordinary people, as a consequence of his jobs and economic policies, makes no impression on him. He has not even acknowledged the suffering of every American worker whose income is $3,000 less than it was when he took office.
Let's see. In August, 2011, Obama said it was his economy. So after 39 months we Americans are still waiting for his economy to recover. And because consumer spending is slowing, the US is probably going into a yet another recession. So much for economic recovery.
Why should we believe anything Obama says as he campaigns for reelection? He has been truthful on only one promise: his "...presidency would 'be a one-term proposition' if he didn't have the economy fixed in 'three years'."
But that's just my opinion.
Article comments
— go to most recent comments1 - Frivolous D
And this from A Recovery That Never Comes:
"Americans have been waiting for a vigorous economic recovery for 39 months, and this president has failed to deliver.
"Obama let it be known that the economy had been driven "into a ditch" deeper than he had imagined, and the recovery would take some time.
"But excuses don't bring about an economic recovery. Not until Obama's anti-growth policies are reversed will America return to normal GDP growth.
"To put that in perspective, U.S. long-term GDP growth, excluding periods of recession, has averaged 4% over the past 200 years.
"Yet this President has not even acknowledged the suffering of every American worker whose income is $3,000 less than it was when he took office. Obama is so extraordinarily arrogant, and so detached, that the widespread suffering of ordinary people makes no impression on him."
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I have posted only two articles on BC and both articles were selected for "editors pick." I know this isn't Time Magazine but I am human and will admit that I was still, well, kinda proud... until yesterday when I saw Warren Beatty on the "editors pick" banner.
Now it's just "eh"
2 - El Bicho
Where are the jobs Congressional Republicans promised?
3 - Winston
Promises, promises and talk. That's all we will ever get from Oblahblah. If you expect anything else "yer a moron".
4 - Warren Beatty
Re: comment # 1, Frivolous D, where I get my sources in no way changes the message. You fail to address that. You also fail to acknowledge any input that I may have contributed. Why? Can I assume that you can read and identify my input?
Re: comment # 2, El B, I did not know that Congressional Republicans promised jobs. Can you provide any sources?
Re: comment # 3, Winston, welcome to Blogcritics. You will soon discover these morons will defend Obama regardless of facts that the MSM provides, and even facts the Obama government provides. And you will see that most commenters will NEVER address the issue being discussed, as with Frivolous D.
5 - Frivolous D
EB - Warren may have you there, GOP legislators are pretty thin on ideas much less promises.
6 - Warren Beatty
Re: comment # 5, Frivolous D, I see that you are STILL avoiding the issue.
7 - Frivolous D
Warren, tossing an article in a blender and then putting your name on is not "sourcing," it's plagiarism.
8 - Warren Beatty
Re: comments # 5 and 7, Frivolous D, I see that you are STILL avoiding the issue
9 - Baronius
Interesting. That little comma after "Not until Obama's anti-growth policies are reversed" was driving me up a wall. But it didn't appear in the original. Does it count as plagiarism if you take the words but make the punctuation worse?
10 - Pam Messingham
I'm still laughing at this...sorry...is this what you really believe, Warren? All the issues we have are due to the current president? That's too funny. Sorry.
11 - El Bicho
Feel free to look up the GOP Pledge to America where you can read "A plan to create jobs, end economic uncertainty, and make America more competitive must be the first and most urgent domestic priority of our government."
Considering it was a major plank in their 2010 platform, how can you not have known it? Seems rather odd anyone would bother to write about politics when they know so little about it. But then I find it odd, and frankly pathetic, that anyone would plagiarize.
12 - Frivolous D
Obama promised unemployment would stay below 8 percent if his stimulus was passed.
1. In a pre-inaugural radio address, Obama said that their stimulus plan "will likely save or create 3 million to 4 million jobs." This statement was undoubtedly informed by their own report "The Job Impact of the American Recovery and Reinvestment Plan."
If you want to call it "optimistic," fine. He never stated an 8% figure and he never promised so that statement is both a mis-characterization and a lie.
Also, the report itself, which was made public, made heavy qualifications the uncertainty of any economic forecasting.
13 - Dr Hussein Dreadful
Warren's sourcing issues have another facet. His citations don't even support his claims. (Chances are he's hoping no-one will check.)
"Under George Walker Bush, during his fourth year in office, GDP growth was close to 5 percent and unemployment was about 5.5 percent."
Funny: according to Warren's own source, GDP only grew during one quarter of Bush's final year, and that was only by 1.3%. (I guess it was close to 5% in the sense that the 10th floor of the Empire State Building is close to the top.) By the time Bush left office, it was shrinking at a rate of 8.9%.
Unemployment was indeed about 5.5% - in May and June of '08. By January of '09 and the handover to Obama, it was 7.8%.
14 - Frivolous D
"The only way to get it near 8 percent is to cook the books."
Everyone already knows that there are many ways to parse the unemployment figure. As a practicality, the unemployment number that is used is an "industry standard" which is not really of Obama's choosing. So get over it.
BTW, you are still using "Cook the books" incorrectly.
15 - Frivolous D
Re: Inflation @3.9%
1) One quarter is not enough to define a trend.
2) Inflation in this range is usually a positive indicator of economic growth. (So Thanks!)
3) Avg. per-annum inflation by president: Reagan (4.2%), Bush41 (4.2%), Clinton (2.6%), Bush43 years (2.9%)
It only sounds scary if you don't know what it means.
16 - Frivolous D
"Obama said that the economy had been driven "into a ditch" deeper than he had imagined... economy he (claimed he) inherited... in August, 2011, said it was his economy."
There is nothing particularly faulty or misleading with these statements unless you are suggesting that the economy was quite strong and stable in January of 2009.
TARP I (Signed into law by Bush in 2008) did help to stabilize the banking industry to an extent but it was not predicted that those banks would use that money to "paint their own house" rather than assist them in lending. Therefor, the liquidity crisis doubled down against everyone's expectation. No liquidity means that businesses can't function without routine loans. (You can't fill an order if the bank won't lend you money for the materials.)
Stick your head as deep into the sand as you like but there is a reason why we call it a global recession. When Greece, Spain and Portugal threaten the entire EU, it kinda makes it tough to know where or how to invest capital, whether private or state. The stronger EU economies were unquestionably being dragged down by the weaker one. I don't care what kind of magic underwear Romney wears, but if Europe in in recession The US will still not get enough air under its wings. I know you wouldn't know this but Europe is one of the best consumers of our financial banking products. Are you proposing that we go to war with them to make them use our banks?
17 - Frivolous D
#9 "Does it count as plagiarism if you take the words but make the punctuation worse?"
Baronius, grow up.
18 - Baronius
Friv, you did notice that I was mocking Warren, right? Good pickup on the plagiarism.
19 - Glenn Contrarian
Arguing with a donkey is a waste of one's time and annoys the donkey. For all the things I could point out that show Warren's lack of logic and journalistic integrity, I know that none of them will do the least bit of good. I say it's time to let the donkey be and move on to other subjects.
20 - Frivolous D
"George Walker Bush, during his fourth year in office, GDP growth was close to 5 percent"
This is comedy. GDP Growth by year:
2004= 4.4%
2005= 3.2%
2006= 3.2%
2007= 2.0%
2008= 1.1%
2009= -2.6%
2010= 2.7%
The GDP growth started it's decline in 2004 (your benchmark year) and continued through Obama's first year in office. (Hey, it take Romney 18 months just to turn around a company in an LBO. Obama appears to have done it in a year with 2010 finishing.
Source
21 - Frivolous D
"George Walker Bush, during his fourth year in office, GDP growth was close to 5 percent and unemployment was about 5.5 percent."
His 8 year average was 2.8% - a half truth is still a lie.
"US long term GDP growth, excluding periods of recession, has averaged 4 percent over the past 200 years."
If you are excluding long term recessions, then this isn't a 200 year average, it is an arbitrary and useless number.
"But since Obama took office, GDP growth has averaged 1.42 percent, about a third of what one would expect."
Current GDP growth is more commonly put at about 2.8%. Your 1.9% is using an unorthodox metric. The nadir GDP growth was -2.2% and 2011 ended at 2.8% which represent a delta growth of 5.1% 1 year. What's GWB's best year?
22 - Jet Gardner
I'm ashamed of all you for even bothering with someone who ignores facts over and over and over and over and over and over and over
23 - Frivolous D
Hey Baronius,
Really sorry about the friendly fire.
For Warren to plagiarize somebody else's work that he doesn't even understand, and then the chuzpah to tell me that I can't respond to "his" arguments did get my dander up.
24 - Frivolous D
Jet, I'm a little ashamed of myself.
I actually had every intention of ignoring Warren for awhile, but I think I just wanted to be clear. If I'm not taking on his arguments, it is for any reason other than I can't.
25 - Frivolous D
Baronius - I meant to add to my apology that I was in a particularly humorous mood and the irony did slide right past me.
And now, enough with Warren.