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.