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  • Morning Bell: Obamanomics Has Failed

    Three years ago today, President Barack Obama signed into law his trillion-dollar stimulus plan, a measure that he promised would save or create 3 million jobs by the end of 2010 and would prevent unemployment from ever going above 8 percent. And though the President today will likely claim that thanks to his efforts, the U.S. economy is surging, don’t believe him. The verdict is in: Obamanomics has failed.

    But you don’t have to take our word for it. Yesterday, the Congressional Budget Office (CBO) released a report offering an analysis of the last three years of the Obama economy. In short, the stimulus did not live up to the President’s promises.

    The CBO writes that America’s unemployment rate has exceeded 8 percent since February 2009, making this the longest stretch of high unemployment since the Great Depression. To make matters worse, unemployment will remain above 8 percent until 2014. And the level of long-term unemployment — those looking for work for more than six months — is over 40 percent, the highest since at least 1948, when that data was first collected.

    “But wait a minute!” you might shout, “There are jobs being created; we’re on the road to recovery.” True enough. The White House brags that 257,000 jobs were created in January and that the economy has added private sector jobs for 23 straight months. While those are good numbers, bear in mind that in this case, the beauty of the Obama economy is only skin deep and that lead has not quite been turned into gold. In fact, the strength of the U.S. economy’s recovery is much weaker than advertised. And though the President would like to credit his stimulus with today’s growth, keep in mind that the stimulus ended one year ago. Obamanomics would have predicted faster growth sooner, not later, and certainly not after the stimulus wound down.

    In a new report, Heritage’s James Sherk explains that today’s economic growth needs to be viewed in its proper context — in the aftermath of the worst recession in two generations, today’s recovery is remarkably slow. Though the economy is growing, the current economic recovery is the slowest recovery in the post-war era. Four years after the recession started, the economy still has not replaced the jobs lost in the downturn. And while the economy normally grows rapidly after a steep recession, hiring rates today remain one-sixth below pre-recession levels. What’s the future hold? At current rates of job creation, the economy will not return to normal rates of unemployment until 2015.

    The dismal economy is having a terrible impact on America’s workers. Sherk writes that millions of Americans have stopped trying to find jobs, and today only 63.7 percent of adult Americans are active in the labor force, meaning that they’re either employed or looking for a job. That’s the lowest level since 1983.

    If you think that’s bad news, there’s even more in store for America. “Small businesses currently identify taxes and government regulations as their most important problems,” Sherk writes. “Businesses are forward-looking and fear that Congress will raise taxes to cover the cost of the recent federal spending spree.” They’re not about to get relief any time soon. On Monday, President Obama unleashed his FY 2013 budget, delivering an annual deficit exceeding $1 trillion. For those keeping score, it’s the fourth such trillion-plus budget the President has produced. Even the President’s own Treasury Secretary Timothy Geithner says the level of spending is “unsustainable.”

    Yesterday in testimony before Congress, Geithner admitted that “Even if Congress were to enact this budget, we would still be left with–in the outer decades as millions of Americans retire–what are still unsustainable commitments in Medicare and Medicaid.” That’s not the kind of news America’s job creators need to hear if they are to gain the kind of confidence in Washington that will encourage them to go forth, invest, and create new jobs.

    But that is the story of Obamanomics — a black hole of government that sucks the energy out of America’s job-creation machine in order to fuel an ever-expanding bureaucracy. This trend must end. Washington should adopt pro-growth policies like the job-creating New Flat Tax, allow the exploration and use of American fossil fuels, pursue free trade policies, cut unnecessary regulations, and deliver a budget that gets government under control. Americans have suffered long enough, and they can’t afford to wait any longer.

    Quick Hits:

    Posted in Economics [slideshow_deploy]

    70 Responses to Morning Bell: Obamanomics Has Failed

    1. glynnda says:

      The real question now is, will the selection for the GOP Presidential Run really call Obama out on this and other matters such as "we will be the most transparent administration ever", the czars and other serious issues like this over the Summer.

    2. Frank says:

      Getting big government, central planning (Keynesian economics) interventionism out of the way & allowing small government Free Market principles to rule (Austrian economics) has been known for many years to be the best way to go. The only reason that proven failed big government options are still being pursued is because of the big government ideology the Statists in office still have & are intent to mistakenly pursue at the expense of our nation economically. Frankly, these Statists deserve to be tried for treason & face the possibility of public hanging, appropriate for all traitors. Why else pursue known failed options leading to the destruction of the nation's wealth & forcing millions into poverty. The only reason they get away with it is they keep making impossible promises to gullible voters.

    3. loaner35 says:

      Although 257,000 jobs were created in January, there were also 375,000 initial or first-time jobless claims. Why doesn't someone make an issue of this apparent net loss? And can someone explain why when there is a net loss the unemployment rate drops a point? We need to give this as a story problem to a fifth grade arithmetic class and see what they can do with it. Then give one of them a government economist job.

      • TCC says:

        Remember, unemployment is based on those filing claims. When the claim runs out, they drop off the grid. That makes it SEEM as if unemployment is going down when in actuality, people who have been unemployed for too long can no longer file a claim and have fallen out of the system. Why does the government not report THAT?!?

    4. Clinton left Bush a President most highly rated of any peacetime President in Asia, Africa, Europe.__Bush left Obama the most hated President in history__Bush left Obama an Housing Tsunami and Financial Volcano__Bush left Obama, in 2008, an 8500B Bail out commitment Yes! 8500 not just 700__Bush left Obama his Takeover of Fannie/Freddie, AIG, and first bailout of Chrysler__Bush increased maximum loan by Fannie/Freddie from $153,000 in 2000 to $300,000 then to $729,000__That is how F&F got stuck with so many toxic mortgages. Bush gift to Big Bank pals.__Bush increased FDIC maximum deposit coverage from $100,000 to $250,000. Help the rich.__ clarence swinney–political historian–lifeaholics of america burlington nc__author-Lifeaholic–Life story of Workaholic failure to Lifeaholic success__Best seller list in haw river nc population 200 and growing__comments welcom facts -numbers not opinion

      • Larry says:

        Yeah Clarence, you tell em. That $1.85 per gallon for gas, 4.07 % unemployment was really bad. Things are so much better now that we're 5 trillion dollars more in debt, more people on food stamps than ever before in history and millions out of work. But, we got a democrat in office and thats all that matters, right Einstein.

      • Clearhead says:

        Maybe you could translate that geibberish for us Americans !!


    6. RWHinkle says:

      I understand and agree that his economic policies have not worked. However, why do we perpetuate this myth that he really wants things to work out. I believe that these policies instituted by the President are intended to destroy our economy. I cannot see that he has expressed any real concern in this area either from a policy point or personally. Look at the lack of budget approvals. This is by design. So, if this is by design, what is the ultimate aim. That is the question? and I think that the answer is not good for our country.

    7. Gdrn says:

      Government regulations and taxes. Yes, a very hugh problem. Get government out of the way and repeal the income tax replacing it with the fairtax, then hang on for a wild ride when the economy explodes as corporations run all over each other trying to be the first to come back to these shores. Fairtax.org.

      • Michael Johnson says:

        According to the CBO, regulations aren't the problem.

        On the basis of that analysis, CBO concluded the following:
        ? Policies that would have the largest effects on employment per dollar of budgetary cost in 2012 and 2013 are those that would reduce the marginal cost to businesses of adding employees or that would target peo- ple most likely to spend the additional income. Such policies include reducing employers’ payroll taxes (especially if limited to firms that increase their payroll), increasing aid to the unemployed, and providing additional refundable tax credits in 2012 for lower- and middle-income households; and
        ? Policies that would primarily affect businesses’ cash flow but would have little impact on their marginal incentives to hire or invest would have only small effects. Such policies include reducing business income taxes and reducing tax rates on repatriated foreign earnings.

    8. Ken Jarvis says:

      I Support the Obama's,
      and feel they TRULY REPRESENT what I think is important.

      • Clearhead says:

        Two questions: (1) You support the Obama's WHAT?
        (2) Do you really rhink then that the DESTRUCTION OF AMERICA is important?
        Better go back to the roulette wheel, Kenny-boy.

    9. RWHinkle says:

      I understand and agree that his economic policies have not worked. However, why do we perpetuate this myth that he really wants things to work out. I believe that these policies instituted by the President are intended to destroy our economy. I cannot see that he has expressed any real concern in this area either from a policy point or personally. Look at the lack of budget approvals. This is by design. So, if this is by design, what is the ultimate aim. That is the question? and I think that the answer is not good for our country.

    10. The fact that only 63.7 percent of adult Americans are active in the labor force is distressing. Along with the fact that 49.5% of the population aren't paying taxes and 25% of people are on the Government dole.. We certainly are NOT is any sort of recovery.. Spin it ANY WAY YOU WANT, IT IS RECESSION STILL!

    11. Doug says:

      OK you know it and I know it, Obamanomics doesn't work. The problem is how many people are going to vote based on that knowledge? How many people will vote based on he is so cool, he sings with Al Green? How many people will vote based on what they hear from Main Stream Media? Conservatives want to ban contraceptives…..

    12. David Van Tassell says:

      You had better stop looking for a "silver lining" as your president is not wanting this Great Country of ours to heal and recover. His plan is to tear OUR GREAT COUNTRY down to the lowest so all citizens will be totally dependant on the government. Does this sound familiar??? Well, just look around the world and see what has and is happening. Unless Obama and his socialist pals and staff are ousted from office, we will be fighting in the streets here real soon. Congress had better get their stuff together and do it quickly.

    13. Jim/New Haven says:

      Until the average American can read AND understand the information above, he will continue to lie to us.
      In all my (77) years, I have not seen such a blatant liar in the Oval Office. Not even Nixon.
      And, because he is aided and abetted by the MSM, the voters will mostly hear only his lies.
      I suspect that our media is much like the media in Nazi Germany. We only see/hear what "der Leader" wants us to.

    14. toledofan says:

      What a pathetic state of affairs, I mean what is just unbelieveable about all of this is that it is being done on purpose in an attempt to undermine the Constitution and move America, the home of the brave and land of the free, to a socailist European state. I think that if Obama and the Democrats retain control in November we will be over as that shing star upon the hill, our light will be distinguished.

    15. Jeff, Illnois says:

      Yeah . . 23 straight months of private sector job growth . . stock market back in full swing . . auto industry back in full gear . . Now if we only could have had that infrastructure jobs bill passed. . . Oh yeah . . the GOP blocked that! . . What a failure!

    16. Audrey Cutler says:

      Simply said Obama is a liar and deceiver. He says one thing in public but, does the exact opposite of what he has said behind Americans backs. He wants us to become a Global, Socialist Society so, he is enforcing policies that will bring America down to the Socialists countries level. Obama does not like America and has made past statements about America that belittles America and Americans. We will become a Greece like society if Obama gets elected again, for ,he will ignore American's will, because he won't be able to run for election again

    17. Robert A Hirschmann says:

      I think every congressman and senator should have to read Term Limits by Vince Flynn. Maybe they will get the message that We The People will not put up with their corruption anymore! This novel is so current to what is going on in Washington today that it is scary. In my opinion, everyone should read it. Maybe then people will wake up to what's taking place right now in our government.

    18. steve says:

      Two points. Unemployment has been bad under Obama, staying over 8% for a sustained time. However, the persistent unemployment was worse under Reagan. Under Reagan, unemployment remained over 7% for 6 years, and for months was over 10%. Further, under Reagan, the deficit grew 3 fold. As for a robust recovery from the recession, this publication fails to address the growing disparity of wealth in America. When the middle class does not have any disposable income, it can not purchase the goods and services manufactured in this country. This needs to be addressed in the tax code, which for 12 years has been off balanced to the far right. If you need examples of successful administrations, look to the policies of LBJ and Clinton. These two enjoyed the best employment numbers, the highest levels of growth, and operated within a budget, adding near zero to the national debt.

    19. steve says:

      great story. nice to see an unbiased publication at work

    20. Rhoda says:

      And what have the so-called "strong conservative" republicans done. I see no strong backbone. Boehner is weak and should step down. If we don't hear some strong voices from the Republican corner, we will see another 4 years of hell on earth, and the U.S.A., as we knew it, will be gone forever.

    21. Wayne Peterkin says:

      Another good article from Mr. Brownfield. Much of the economic improvement we see comes from fudged numbers and that will continue. There is no question that Obama's policies have failed, but all we will hear from the media and from the government is that things are improving and that Obama gets the credit. The truth is that things are actually getting far worse, primarily because of the mountain of debt being incurred. We are seeing Cloward and Pivens economics at work, and it will destroy this nation the same as it has destroyed Greece. It is no accident; it is coldly calculated and intentional.

    22. Chatmandu002 says:

      We have left the tenets of our Constitution behind in pursuit of some kind of utopian socialism. Obama and the democrats are combining the poor and middle class to form the "dependent" class. Dependent on the largeness and philanthropy of a big government.

    23. Guitarcrusher says:

      Obamanomics has not failed. It has worked according to plan. Decimate the private sector to the point where more people are dependent on government goodies and the statists will remain in power. The faux-intellectual emasculates of the Republican Party are afraid to state the truth.

    24. Bill Berge says:

      I find it curious that there is no media coverage of Obama's "Jobless recovery." I remember the phrase was over used during GWB's recovery, which actually had much higher employment numbers.

      • steve h says:

        GWB led us into the worst recession and economic period in 6 decades. The GDP numbers of his last quarter has the worst % change quarter to quarter than anytime in history, including the great depression. Conservative economics don't work, as GW and Hoover have shown. Obama and the Dems saved this country.

    25. Carol says:

      Obama has failed. From putting through his Health Care Bill against the will of the majority of the people, to Solyndra, to closing down gitmo, to having men in the field stop and marandize combatants. To his excessive, excessive use of Air Force One. To his wifes excessive Vacations. To treating enimies like royality. To his pitifull golf games and shooting hoops when he should be attending to the country.
      How do I hate thee let me count the ways. Balil outs of banks. GM Bail out just to pay back the Unions for excessive donations that baught the White House. Obama has no Qualifications for the job. These are just some of the high lights (I can think of) of a FAILED abysmal presedency.

    26. Mary......WI says:

      Obama and the liberals don't care. They have the people of this country in a death grip (which is exactly where they want them ) with no plans to let go until complete submission….complete take over of every aspect of our lives.

    27. Lloyd Scallan says:

      Failed! Not according to Obama, his Dem lackeys, the main stream media, and some established Republicans.

    28. You don't have to tell me!

    29. allen says:

      When you Hire a person that LIES you have person who has no Idea of what he is doing. Obama will go down as the worst President we have ever had. How can you ever have a person as a friend that does what he is doing not protecting the Old,Poor and Dumb.

    30. David - FL says:

      Obamanomics is not failing it's doing EXACTLY what he planned for it to do…overwhelm the system (Cloward & Pivan)! Obama HAS to collapse America's economy to "Fundamentally transform" America.

    31. B R Lowe says:

      I agree that the bureaucratic government has sucked the strength out of small business. I bought a small business in 2008 and we were closed exactly one year later. Taxes and fees both state and federal were our highest overhead secondly was our expensive lease for the building which housed our business do to excessive real estate costs.

    32. Guest says:

      Heritage has excellent analyses. To what end?

    33. Mike Mott says:

      In the piece Mr. Brownfield notes, "Small businesses currently identify taxes and government regulations as their most important problems,” It seems to me that is quite predictable given the property of markets to allocate costs and the Law of Supply and Demand, as follows:
      1. Markets allocate costs, including those imposed by government, efficiently;
      2. These costs are included in the price of goods and services that businesses offer;
      3. According to the Law of Supply and Demand increased price reduces demand.
      Therefore, the more regulation the government imposes upon business, or the more mandates government places upon society or state and local governments, or the more that government taxes and spends the slower the economy will become. This is quite predictable and points to the fact that the way to improve our economic situation is to reduce the cost and intrusion of the federal government into our lives and businesses.

    34. Bane Tyler says:

      I do not think you have proved that Obamas Policies have NOT WORKED. Where is your analysis ? You have provided NO FACTS to support the Fradulent employment numbers presented by this Corrupt Anti-American Administration! The employment numbers are manuplicated mathmatical – Statistical lies. They do not count the total unemployed and keep changing their method of calculations. Furthermore, I don't even believe the number of jobs created. Show me a list by company! By election time Obama will have a 7% unemployment rate and You will be complicite by no reporting all the FACTS! Bane Tyler, IN.

    35. mike leinen says:

      Don't forget the impact that the price of Obama gas is having on the economy.

    36. Laurie says:

      Placing $1.00 into our left pocket and stealing $3000 out of our right pocket is "obamanomics" of "stimilus.
      Not only will Obama be written in history as the President of the Death of the United States, but also the media for not exposing the tragic corruption. It is essential when fooling the public to keep them ignorant to the facts, as they have done in Russia, China and Germany and other tyrannical countries where the citizens ended up in jail or dead before they realized they had lost their freedom to the deceitful ones in power. Laurie

    37. J E Houser says:

      Life in prison? Why should we support him?

    38. JBinGB says:

      VOTE A B O /Vote like your life depends on it, because it does !

    39. My favorite quote from this article: "But that is the story of Obamanomics — a black hole of government that sucks the energy out of America's job-creation machine in order to fuel an ever-expanding bureaucracy. "

    40. Jules says:

      "Obamanomics has failed". No surprise here. And Obamanomics will continue to fail as long as this administration insists that more spending will bring a recovery. As someone once said "ya can't fix stupid".
      Liberalism is a mental disorder.

    41. Basia says:

      Obama is doing what he promised to do but few listened. He is destroying Anerica from within by bankrupting us to bring us to our knees and then install his socialist/marxist dream. He smiles above as he knows he still has so many "useful idiots" still drinking the koolaid. Our country has never seen so much destruction financially, morally and socially as in the past 3 years. Rules for Radicals is Obama's bible and he is doing a rapid job of tearing us down to poverty and dependence at an alarming rate. God help us.

    42. Juan Martinez says:

      Flat tax is a red herring to protect the already overpriveledged. Would a flat tax cause The Heritage Foundation to hire american workers instead of hiring a fund raising service that uses a Manila call center? I don't think so.

    43. Jeanne Stotler says:

      2+2 is 4 not 5, A true unemployment would be accounting for all those who cannot get jobs, the NEW college and High school grads, those who no longer are eligible for benefits, some have aged out and now get Soc. sec., but would rather be working, how about those who are woring part time, or the self employed who can not get unemployment, the numers used by administration are smoke and mirrors. I have never seen problems like we have know since the end of WWII and the end of rationing. We could not travel during the war, not even afford to go to a funeral out of town, there was no air travel and trains were mainly an formost usd for transporting our troops, now we cannot afford to ravel as cost are so high and gas might as well be rationed as we cannot afford to spend anymore than we have to. At least at the end of the war I could buy $2.00of gas and it would last week, Yes it was .29 a gal. CURE: VOTE Nov. 6th and send the OBAMAs back to Illinois, then Michelle will know what it is to spend her own money.

    44. Jose Luis Lira says:

      A true and real leader is identified by his capacity to unite what's divided … thus, being someone who is capable to not only represent just another figure/voice without any substance. A real leader is one, understand the meaning of the word "compromise" …. a true leader is one whose decisions reflect the fairness and honesty that inspire the confidence, determination and the strength which are, basically, the fuel which is needed in order to succeed … regardless of the nature of a challenge. And the present administration in Washington (Obama) DOES NOT possess, any of such qualities.

    45. denise says:

      Now why would Obama ever change course? With the ever expanding dependency on government it guarantees another term for president. The frustrating part is that 51% of the hard working, taxpaying citizens are coerced out their hard earned wealth to pay the entitlements of the other 49% of the mostly lazy, want something for nothing drones. So Obama, with his 1.3 trillion dollar budget has more money at his disposal than any other candidate to buy votes from the productive people to give to the parasites. It's a scheme that would make Bernie Madoff look like a petty criminal. I think we are past the point of no return. I think the only thing the average citizen can do is protect what little wealth they have left by buying as much silver as possible. When the rules are so rigged against you it's time to get out of the game. The conservatives can get along with liberals and prosper but the liberals can not get along without the conservatives to mooch off of.

    46. Vincent says:

      We as the people of the U.S.A. Need to go to war with the people in D.C. And gave the people that pay taxes control over the government

    47. anyone says:

      Vote Obamney/Roma the RepuliCrat DemoCon Candidates

    48. William says:

      Since Obama became President he has record numbers in Poverty, receiving Food-Stamps, Section 8 Housing, Welfare and other government give aways. He has another record over 68 million have collected unemployment checks since coming into office. He said he help created 240,000 jobs in January but 160,000 new drawing unemploymnent checks, difference 80,000 jobs. He said he the unemployment would not go above 8% if you passed the stimulus well he will have unemployment at 8% or below but not providing jobs by taking off people from the unemployment rolls. In December 2009 the labor dept said that they were going to put 1 million jobs on the unemployment rolls because the numbers the Obama administration gave them could not be proved. Yet I never saw the revised figures I wish someone would check into it. This administration gets away with all t;he lies because of the socialist media who are in the back pockets of the Obama administration. If a republican was President they could not do what Obama has done without 24/7 of terring down the administration.

    49. Doug says:

      I have been unemployed for 2 years and am still unempoyed. The jobs are not there. Worse, now that my unemployment has run out just like it has for many others, we are no longer counted as unemployed and this administration gets credit for lowering the unemployment rate. Even worse, the unemployment web site has no provision for counting the still unemployed so that an accurate measurement of the economy can be determined. If unemployed people could still be counted even thought their benefits have expired, you would see a more accurate picture of the true state of america.

    50. Fallon T Gordon MD says:

      The Constitution gave us a "Flat Tax" in 1787. It is in Article one, Sections two and nine and has not changed since that time. The 16th Amendment did not change it and the Lincoln tax did not change it!

    51. Jay Hebert says:

      Heritage should consider tweaking its format. Rather then the above rheteric, Consider an objective comparisons, using "actual " quotes of BHO and his minions re promises, statements made twisting the facts and Then Heritage rebuts with its own quotes/sources/facts.
      There is just too much bs and hedging going on that even a devout political junkie like myself gets turned off …treat it like a debate and challenge their facts straight forward. Take the Joe Friday approach !!!

    52. BenjaminMarcoux says:

      IT IS INCONCEIVABLE for any intelligent unemployed American worker to find employment or even for an employer to conceivably create job expansion while faced with a" " Bogus- POTUS whose agenda is to destroy every job and every ounce of American economy remaining.
      AS LONG AS this "creature "remains in power as president there WILL BE NO JOB EXPANSION NOR ECONOMY GROWTH WITH IN AMERICA .



    53. @AgoristDon says:

      So Obamanomics has failed. What a surprise. How come nobody suggests the remedy applied to the Depression of 1920?? (Yeah, that's not a typo… 1920)

      The Great Depression of 1920?? – Yes, the one they don't talk about. http://tirelessagorist.blogspot.com/2012/02/great

    54. Clearhead says:

      We,re still HOPING for a drastic CHANGE — preferably in November of thisbyear.

    55. Frank Z says:

      You continue to say 'new' this or that; how about fixing the system we broke and moving forward. The tax system works, the social security system works etc; we're abused each of them & many more. Let's deal with the problems, fix them and clean up our act. Why do you guys want to re-invent the wheel; it works. Neither party wants to address the issues and resolve the problems; that's whats wrong with Washington. Let's start with cutting congressional payrolls by 10%, having these guys pay 50% of their medical benefits and pay pensions based on years of service; not lifetime pensions for doing little or nothing to solve the problems they are paid to solve. Why not???

    56. Rich says:

      Maybe the president has not failed. He said he wanted to pass national health care and he has. He said he wanted to reduce fossil fuel production in favor of alternative energy and he has. He said he wanted to advance his agenda by bypassing congress and he has. He has worked at creating a massive mind boggling reelection war chest and he has created one. Perhaps his agenda is far more radical then he is given credit for and to that end he may be a great success. Unfortunately that success is likely to bankrupt the nation, rob our children and grandchildren of their futures, erode away the founding principles encapsulated in our constitution and fundamentally changing the national character.

    57. JohnPatriot says:

      SUPPLY-SIDE ECONOMICS… Overcoming this evil is the key to making America whole and good again!

      Supply-side economics is the PIVOTAL ISSUE of this election…

      Supply-side economics — first popularized by Ronald Reagan — was also called Voo-doo economics by George Bush41, and is now often known as trickle-down economics. It is nothing new; the people of the Middle Ages were very familiar with supply-side economics; there it was feudalism. Unfortunately, supply-side economics has put us on the road/descent back to feudalism. It is a complete fraud!

      Think of our future as an economic choice between supply-side economics and demand-side economics. Demand-side economics is what made America great! Demand for product and services came from a large, economically healthy, and growing middle class, and that demand created jobs and economic well-being. Almost everyday the business channel CNBC reports that the consumer is 70% of the US economy. This simple, straightforward fact and truth is proof of our demand-side economy.

      To be continued…

    58. JohnPatriot says:


      But George Bush43 devastated consumer demand and the great middle class with 8 years of supply-side economics and tax giveaways to the top 1% that now have 40% of America’s wealth. Today, the middle class is still mostly flat on its back and unable to spend and create the necessary demand for all types of goods and services. Further confirming the need for demand, US corporations now have a record $2 trillion in supply-side cash, but they are still NOT hiring because they see no demand growth for their products and services. No corporation (one exception: Apple) creates jobs without first seeing demand. DEMAND = JOBS!

      America became great because of its bottom-up economy, NOT top-down or trickle down. The richest Americans can’t grow jobs and our economy by trickling money on us. Bush43’s years of economic stagnation proved that! With the worst job creation record of any President in the last 70 years, Bush43 added only 3.7 million net new jobs over 8 years. In contrast, Clinton added 22.7 million jobs.

      Can we ever overcome the craziness of this Republican mythology? As George Santayana put it, "Those who cannot remember the past are condemned to repeat it!”

    59. Gene says:

      Beck was right on. He said people would get use to 8 plus percent unemployment and accept it as the norm. He said people would feel fortunate just to be working and feel fortunate juist to have a crappy paying job. Beat people down enough over time and they just give up and look to the government to save them. This is not America or working for the American dream. People are not dreaming anymore, working towards goals and ambitions. They are settling because they feel deflated and dejected. This kind of change I personally can do without. It is hard enough trying to teach a work ethic to my seventeen year old, but having to answer questions from him about the current state of affairs is mind numbing. I feel bad for my kids going into this kind of future. Argue about who is at fault all you want, but the people in charge(house, senate AND president) are not the people to change this thing around. The job they are doing sucks and it is us and our kids that will suffer.


    60. mjalton says:

      Not only is the jobless situation a disaster, this administration has exploded the debt by $5 trillion! The biggest threat to this nation is our debt and Democrats and Republicans right now aren't changing that. If Republicans don't take the senate and the White House, this debt will crush our country and the global economy.

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