Obama Recovery? GDP Revised down…Again.
Obama’s favorite economic narrative is that “we underestimated the size of the economic troubles”. Right there, that one line, is the most telling line of why you don’t elect a community organizer with zero real world experience to the Presidency. First, why the hell did you spend almost $1T on a stimulus if you didn’t understand what was going on. Second, no one knows where that shovel money went. Well, not true, Paul Ryan does. that money “was borrowed, spent and wasted”. Finally, did you really need to run deficits of $1T+ a year to keep GDP on a recessionary track and unemployment at 8%. Are these bumps in the road Mr President or an admission YOU can’t change Washington from the inside?
The ONLY bit of truth you will find in the Obama campaign this year is his admission he is an ineffective leader. Do we need another 4 years of economic stagnation and Trillions in debt before the American people realize he is awful at his job?
For those that missed the news this morning – it may not be your fault as bad news for Obama isn’t widely reported – GDP was revised down again. From 1.7% to 1.3%. 1.25% actually, I rounded up. This is awful. Period. The President would have us all believe it is merely a coincidence he is the occupant of the White House during the worst economic recovery in history. That it has nothing to do with 4 years of redistributing money from productive parts of the economy to non-productive crony capitalism and public union schemes. Nope. Can’t be the strangling regulations his administration has implemented. Or the fact they neither signed nor negotiated ANY new trade agreements in four years.
The chart below tells a clear story. Nobama inherited a terrible economy. Absolutely. But we were on our way to recovery. Why did it stop? It was his arrogance, overconfidence and pure misunderstanding of how the economy works during the first two years of his Presidency that have led us to this point. Look at that chart. Bush wasn’t President in 2010, 2011 or 2012. This is the OBAMA ECONOMY. His. Period. Borrowing from future generations and having the Fed print money haven’t worked. When he speaks of the failed policies of the past – he is only partially right. Those policies are his. So is the accountability.