President Obama constantly reminds us, with some justification, that he was dealt a difficult hand. But the evidence is overwhelming that he played it poorly. His big government spending, debt and regulation fix has clearly failed. Relative to previous recoveries from deep recessions, the results are disastrous. A considerable fraction of current joblessness, lower living standards, dependency on government and destroyed savings is the result. Worse, his debt explosion will be a drag on economic growth for years to come.
Prof. Boskin's "Records Set on Obama's Watch:"
1) US sovereign debt downgrade: first in American history,
2) Federal spending (25% GDP): highest since World War II,
3) Budget deficit (10% of GDP): highest since World War II,
4) Federal debt (67% of GDP): highest since just after World War II,
5) Employment (58.1% of population working): lowest since 1983,
6) Long-term unemployment (45.9% of total): highest since 1930's,
7) Increase in nonfarm payroll employment (0.5%) since recovery began 26 months ago: slowest job growth 26 months after a severe recession since World War II,
8) Home-ownership rate (59.7%): lowest since 1965,
9) Percentage of taxpayers paying income tax (49%): lowest in modern era,
10) Government dependency (47%), defined as the percentage of persons receiving one or more federal benefit payments: highest in American history.
2) Federal spending (25% GDP): highest since World War II,
3) Budget deficit (10% of GDP): highest since World War II,
4) Federal debt (67% of GDP): highest since just after World War II,
5) Employment (58.1% of population working): lowest since 1983,
6) Long-term unemployment (45.9% of total): highest since 1930's,
7) Increase in nonfarm payroll employment (0.5%) since recovery began 26 months ago: slowest job growth 26 months after a severe recession since World War II,
8) Home-ownership rate (59.7%): lowest since 1965,
9) Percentage of taxpayers paying income tax (49%): lowest in modern era,
10) Government dependency (47%), defined as the percentage of persons receiving one or more federal benefit payments: highest in American history.
Obama, and the liberalism/progressivism/communism that he represents, have all be disgraced and discredited.
It is his first time. But for the sickness that is the Left, this is just history repeating itself in a very short, 2.5 year window.
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