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Where is the Economic Recovery Obama Promised?

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While on the campaign trail in 2008, President Barack Hussein Obama promised jobs, jobs, and 5 million green jobs, as well as an economic recovery. He also promised to act quickly to help people stay in their homes. Obama has failed to deliver on those campaign promises.

In 2009, Obama promised that his presidency would “be a one-term proposition” if he didn’t have the economy fixed in “three years.” He had better hurry if he wants to keep that promise! Regarding jobs, Obama promised unemployment would stay below 8 percent if his stimulus was passed. The only way to get it near 8 percent is to cook the books. Regarding mortgages, Obama said in November, 2011, “I’ll be honest with you, [housing] Is probably the biggest drag on the economy right now.”

And now inflation is making a comeback. After rising only 1.7 percent in the fourth quarter of 2011, inflation rose to 3.8 percent in the first quarter of 2012, its highest rate since the third quarter of 2008. The core inflation rate was 1.5 percent, the highest rate since the fourth quarter of 2009.

Americans have been waiting for 39 months for the vigorous economic recovery that Obama promised. So far, Obama has failed to deliver. Shortly after his 2008 election, Obama said that the economy had been driven “into a ditch” deeper than he had imagined. He said economic recovery would take some time. Then he said that the economy he (claimed he) inherited was not just in a ditch, it was a “mess.” This is the same Obama who, in August, 2011, said it was his economy.

But wait! Obama has an excuse, er, reason. It’s George Bush’s fault; his old standby. It’s Greece’s fault. It’s the Japanese tsunami’s fault. It’s the fault of corporations sitting on their cash. It’s the fault of big banks refusing to lend. It’s the fault of the price of gas. Obama has more excuses than (for you old farts, I mean timers) Carter has Little Liver Pills. Nothing is ever his fault.

Excuses will not bring about an economic recovery, or produce a single job. Not until Obama’s anti-growth policies are reversed, will America return to normal Gross Domestic Product (GDP) growth, which means ending handouts for losers like green energy, public sector unions, and socialized medicine. What is normal? Well, these figures may not be normal, but they sure are illustrative. Under George Walker Bush, during his fourth year in office, GDP growth was close to 5 percent and unemployment was about 5.5 percent. As we enter Obama’s fourth year in office, GDP is 1.8 percent (for the first quarter of 2012) and unemployment is 8.2 percent.

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.

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  • 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.”

    – – –

    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”

  • Where are the jobs Congressional Republicans promised?

  • Winston

    Promises, promises and talk. That’s all we will ever get from Oblahblah. If you expect anything else “yer a moron”.

  • 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.

  • EB – Warren may have you there, GOP legislators are pretty thin on ideas much less promises.

  • Re: comment # 5, Frivolous D, I see that you are STILL avoiding the issue.

  • Warren, tossing an article in a blender and then putting your name on is not “sourcing,” it’s plagiarism.

  • Re: comments # 5 and 7, Frivolous D, I see that you are STILL avoiding the issue

  • 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?

  • 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.

  • 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.

  • 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.

  • 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%.

  • “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.

  • 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.

  • “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?

  • #9 “Does it count as plagiarism if you take the words but make the punctuation worse?”

    Baronius, grow up.

  • Baronius

    Friv, you did notice that I was mocking Warren, right? Good pickup on the plagiarism.

  • 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.

  • “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.


  • “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?

  • 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

  • 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.

  • 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.

  • 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.

  • Do all of you remember how outraged we all were in 2004 when Bush flew all over the place in Air Force One on campaign stops, whether they were or not on our taxpayer dime???

    Can you IMAGINE what Warren’s next article is going to be about, ignoring the fact that Obama (like Bush, like Clinton and every other president) couldn’t go anywhere without air force one and his security.

  • Fuck you Beohner, every president has done it since Eisenhower on the first Air Force One.

  • This might look vaguely familiar… and the subject

  • Igor

    Looks like others are aware of Warrens plagiarism.

    This could be dangerous violation of copyright law. At the very least BC should stop handing out prizes for stolen material.

    Get a Plagiarism Checker, editors. And tune up your bogosity detector: Warrens sudden researching and good articulation were VERY suspect.

  • Igor, as a junior member of the editorial staff I just thought I’d let everyone know that it’s being looked into.

    The editors do in fact use a plagiarism checker, and articles are rejected or kicked back to the author for reworking if substantial unattributed passages are detected. For some reason, though, the version some of the editors use hasn’t been working as advertised.

  • Glenn Contrarian

    There’s a plagiarism checker? So THAT’s why Joe Biden doesn’t blog here!

  • Igor

    There are SEVERAL plagiarism checkers. They are absolutely essential to college profs grading essays.

    But the first level plagiarism checker is your nose: if a guy who had clumsy syntax and stumbling grammar and never cited a source suddenly becomes as articulate as WF Buckley you should smell a rat.

    In fact, Warren quotes literally word for word in his articles, but his usual incoherence exhibits itself in subsequent comments.

    Don’t be fooled.

  • Costello

    Warren, great job undermining the conservative cause with your underhanded tactics. You are an embarrassment to the site and all writers and your failure to respond to the issue, as far as I can see, confirms you have no integrity. Looks like Obama is a better man than you.

  • …which goes without saying.

  • Clav

    Apparently not…

  • Take a look at the population increments.
    U.S. 313,445,082
    World 7,009,926,024
    13:02 UTC (EST+5) Apr 28, 2012

    Population Clock

    The U.S. population was at 300MM in 2000 and has been growing over a million a year since then. Europe’s financial woes do not help worldwide economic recovery. There will be thousands of returning vets from two wars-Iraq and Afghanistan.

    Add to this the oncoming retirement of the baby boomers ( in the millions).

    The overall economic plan must be robust enough to overcome these serious issues.

  • Igor

    36-Joseph: with increasing population and workforce, and many retiring workers, these two countervailing forces can be accommodated if our economic system is flexible enough to respond. But every law that Monopolies bribe politicians to pass to protect their monopoly interests works against successful resolution.

    Thus, we must work against the interests of sunset industries, such as coal and oil, and in favor of new industries such as solar and new fuels such as algae.

    Otherwise, if we protect the interests of sunset monopolies and refuse to try out the Solyndras, we will see leadership of the future go to more vigorous and less inhibited societies. We will damn ourselves to obsolescence. We will concede the future to others and in turn we will lose power and be reduced to colonies.

    Our own children and grandchildren will damn us for losing initiative and huddling together in the past.

    Venture capitalists say: your overall success is determined by your few individual successes, and your many failures are swept away like so much scrap.

    The people who are focused on reducing the National Debt and avoiding failure will condemn us to a forlorn future. We need to adventure into new industries or watch the rest of the world pass us by.

  • Jordan Richardson

    So Warren still hasn’t addressed his plagiarism?

    It’s pretty clear that his own writing is pretty bad (note the frequent spelling errors and terrible grammar), so it’s abundantly clear that his articles here have either benefited from a magical editor or there’s some sort of wizardry afoot.

    Also, note here that our beloved is a Dr. Beatty who “earned a Ph.D. in quantitative management and statistics from Florida State University. He was a (very conservative) professor of quantitative management specializing in using statistics to assist/support decision-making.”

    It’s hard to know what to make of Dr. Beatty. He sure paints a compelling picture, either one couched in deception or incompetence. I can’t tell which is worse.

    But that’s just my opinion.

  • Igor

    We know that Warren Beatty(not the liberal actor) is a thief because he stole someone else’s words and that he’s a liar because he tried to pass them off as his own, so we shouldn’t be surprised that he’s a coward afraid to confront his own sins.

  • Real clear politics

    Would you vote for this for President with lots of broken promises? For a list of broken promises he made, you can check Quotti.

  • Zingzing

    What happened to Warren? Did the plagiarism catch up with him or did he just go away?

  • Glenn Contrarian

    Either that, or he just couldn’t stay that long outside the echo chamber….

  • troll

    so…which is the darker literary sin – a plagiarized phrase or a cliché?

  • Glenn Contrarian

    The reason I mentioned the echo chamber is that the BC conservatives – who are generally more logical and intelligent than most conservatives – were staying away from his articles in droves and refused to help him defend his frankly ludicrous propositions.

    It’s not much different than the morale of the soldier when he’s taken a position and he’s under constant fire and all his comrades-in-arms don’t do much else than wave at him from the beach and tell him “Good job! We’re behind you all the way – waaaay behind you!”

  • Igor

    As for : “Where is the Economic Recovery Obama Promised?”, here are some answers:

    -unemployment is down from 10+ to 7+ in just 3 years,

    -stock markets are at all time highs,

    -CEO salaries went up 25% last year,

    -corporate profits are at all time highs,

    -corporate savings are at $5trillion, highest ever.