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  • One Year Later: Obama’s Economic Hopes Are a Year Late and $13 Trillion Short

    When President Obama was inaugurated one year ago, the US economy was struggling. In his address he noted: “The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth…All this we can do. All this we will do.”

    So how did he do? Badly.

    First, he boldly and swiftly went on a spending spree, bailing out US auto companies and passing a $787 “stimulus” bill that promised to create 3.5 million jobs. Instead, America has shed 3.4 million jobs, driving the unemployment rate from 7.2 to 10 percent since last January.

    Next, he spent $100 billion expanding SCHIP and authored a budget that increased discretionary spending by 8 percent—a quiet yet swift reversal of his campaign pledge to enact a net spending cut.

    Meanwhile, he’s totally ignored the largest and fastest growing programs, the budget-busting entitlements that are in desperate need of reform. Initially he pledged bipartisan cooperation and fiscal responsibility, but then quickly abandoned it to try to force Congress to pass a new, expensive health care entitlement that lacks bipartisan support.

    Remarkably, he went on to invent a new school of economic thought—one that will probably not get him a second Nobel Prize—which is the first to claim that it’s a good idea to raise taxes in a recession. He’s supported raising taxes to pay for health care and his cap and trade energy policy. With rhetoric that continues to be more powerful than his ability to actually legislate, this alone has been enough to frighten small businesses and slow recovery.

    And, when all was said and done, he ran a record $1.4 trillion deficit. Over the next ten years, his budget comes up $13 trillion short, adding more debt in one decade than has accumulated in the US from 1789 through 2008 combined.

    As the economy continues to hemorrhage jobs, growth prospects remain weak, and spending and debt pile up, it might now be time for some real change we can believe in.

    Posted in Ongoing Priorities [slideshow_deploy]

    10 Responses to One Year Later: Obama’s Economic Hopes Are a Year Late and $13 Trillion Short

    1. Bobbie Jay says:

      They'd have discipline if they were to show any positive "nope" to prevail.

      There are many other positive ways that work.

      Had they not stolen money to bail out anyone, we would be better off today.

      They are out of control and have failed America tremendously!

    2. Drew Page, IL says:

      What the facts in the above article show is that what many of us suspected, that Barack Obama did not have the experience to govern the United States of America. The above facts also show us that Mr. Obama's words cannot be trusted. He has shown repeatedly and unashamedly that he will do the opposite of what he said he would do in governing. He has shown his ignorance of the economyand how it works, what stimulates it and what sedates it. He has shown what at best can be described as naivete in dealing with allies and enemies, often confusing the two.

      Perhaps even more disturbing than his insincerity, ignorance and naivete is his bent towards socialism. Although he and his supporters deny this, one need only watch what he does, as opposed to what he says. The man has gone on record saying that he believes that the Bill of Rights is a list of "negative rights" in that they limit the power of the government. Mr. Obama sees big government as the answer to all of the American peoples' needs and that such responsibility requires lots more tax money so the government can meet those needs.

      It now appears that those who questioned Mr. Obama's twenty year affiliation with Rev. Jeremiah Wright and Bill Ayers were correct to have done so. It's clear from Mr. Obama's 'apology-for-America' world tours that he doesn't think highly of America and its exceptionalism (recall his comments before the U.N. that "America has many times been arrogant, dismissive and even derisive"). How far from Rev. Wright and his 'G.D. America' diatribes are these apologies?

      I don't know about anyone else, but if I were running for President of the U.S., I would want to begin my campaign without the help of a former domestic terrorist like Bill Ayres, a leader of the radicle underground Weathermen, guilty of planting bombs in police stations and federal buildings and who has gone on record as saying he didn't think that he and his group did enough during his stint as a domestic terrorist. I think I would want to stay as far away from a guy like that as possible and would denounce his past behavior.

    3. Tim Az says:

      Welcome to trickle up poverty also known as socialism.

    4. 4liberty, kernersvil says:

      Obama's rhetoric has caused small businesses to be nervous about spending and expanding. His lack of integrity and massive government spending adds up to increased tax burdens on those who would supply jobs in the community. Most small business owners we know are hunkering down, expecting the worst. You cannot grow an economy in such an atmosphere. It was telling when labor union bosses and large corporations were invited to his "Jobs Summit" but not the Chamber of Commerce or small business owners. I have never seen D.C. so out of touch with the general population. Well, we have change in Washington…

    5. Drew Page, IL says:

      Virginia, New Jersey and now Massachusetts, this is the CHANGE that I've been HOPING for.

    6. Ocala,fl says:

      To Hollywood and the LAMESTREAM NEWS MEDIA: your continued lies and spin about where this country is being dragged kicking and screaming by the MAJORITY of the people in it, people who REJECT the CONTROL of MARXISM/SOCIALISM/COMMUNISM, we average people who work for a living, raise families that hopefully stick together, people who pay an increasingly unbearable amount of TAXES, we want you to know that continued LIES AND SPIN prevent us from solving the PROBLEM OF NO PRIVATE SECTOR JOBS and will never go away until this country caves in completely. Do you so called "intellectuals" believe you will be spared in the collapse of our country?! Are you insane? Do you actually believe that a government can continue to spend/give away MORE MONEY THAN THE TOTAL """INCOME"""" OF THE ENTIRE PRIVATE SECTOR ??? FORGET ABOUT TAXES HERE!!! MORE THAN THE ENTIRE GROSS DOMESTIC OUTPUT??? ARE YOU PEOPLE INSANE?!!!!!!

    7. Andy, Idaho says:

      Did the author of this article REALLY believe that the President could turn the economy around in ONE YEAR? Seriously? Imagine a huge ocean liner. If you want to turn it around, it takes a while. Our economy is sooooooooo huge, you can't make it change in a week, a month, a year. It takes time. Please get educated on how a countries economy works before writing an article like this.

    8. Matt, MA says:

      I'll agree that the deficit is too high but you guys ran an article last March stating the deficit for FY2009 was going to be $1.84 trillion. So it was really $1.4 trillion, yes, staggering but you guys really need to take accountability when you're a "little" off. Maybe admit you were 20% off on your estimate.

    9. Drew Page, IL says:

      To Andy, in Idaho — Yes, it is true that it takes awhile to turn a hugh ocean liner, but I don't buy into your intended analogy. Just remember there is more than one way to turn a ship that's headed into trouble. You can turn it away from further trouble or turn it into greater trouble.

      It doesn't take an economist to understand that you can't spend you way out of bankruptcy. It doesn't take a business genius to understand that increasing taxes on business only makes those businesses uncompetitive with their foreign competition, hurts the people who used to be employed by those businesses and increases the financial burden on those who purchase the goods and services of those businesses. In other words, it just isn't smart — unless you have some other unstated objective in mind.

      Yes, it takes time to turn an ocean liner, but the captain of the ship needs to know how to turn the ship so he doesn't steer from rough seas into the perfect storm.

    10. John Clancy, Wyandot says:

      This administration has an agenda that is targeting and will be targeting our healthcare, our energy, our educational system. This agenda is based on a PHILOSOPHY OF GOVERNMENT. While it may falter in this area and that, as it works to transform the institutions of our country, the administration is very clear about the PHILOSOPHY.

      Central to this philosophy is the idea that only elites know what is best. Ultimately, it does not respect the individual person. It is a philosophy diametrically opposed to our constitution, to all that our founding fathers risked their honor and their lives. It could be summarized in the words expressed by President Obama's minister before the election of 2008: "It's not God bless America; it's GD America."

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