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Title: Obama’s Disastrous Jobs Record Makes George W. Bush Look Godlike
Source:
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URL Source: http://gatewaypundit.firstthings.co ... es-george-w-bush-look-godlike/
Published: Sep 5, 2010
Author: JIm Hpft
Post Date: 2010-09-05 12:51:36 by no gnu taxes
Keywords: None
Views: 468
Comments: 9
So much for that Recovery Summer… The Obama economy lost 283,000 jobs in last three months. THE REALITY – BIG GOVERNMENT TAX & SPEND POLICIES CRIPPLE THE ECONOMY Obama’s trillion dollar stimulus package failed. Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history. After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year. The democratic-media complex wants you to believe that this was Bush’s fault. It’s a lie. THE TRUTH – TAX CUTS GROW THE ECONOMY. During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth. Not only were more jobs lost after the 9-11 attacks in 2001 than in the 2008 market crash, but more jobs were created by President Bush’s pro-business policies and tax cuts than by the Obama-Pelosi “spend your way to hell” Keynesian failure. The Foundry reported, via HotAir: For objective observers the failure of President Obama’s $862 billion stimulus has become increasingly difficult to deny. But not for the White House. Last week, Vice President Joe Biden told Charlie Rose on PBS that the stimulus was “an absolute success.” Betraying a common perception about unemployment, Biden told Rose: “[W]e lost 8 million brand new jobs … since … 8 million brand new jobs since we hit the skids. On top of the 6% that were already unemployed. It took us several years to get there, it is going to take several years to get back to that number.” That is not quite true. In fact, the American economy has shed 55.4 million jobs since the recession began in the First Quarter of 2008. But at the same time the economy has only added 46.5 million jobs. Putting the two together produces the net approximate 8 million jobs lost that Biden referenced. But isn’t net jobs all that really matters? Why should anyone care exactly how many jobs were lost and created since all that really matters is the net number of Americans who are no longer employed? Here’s why: despitean unemployment high of just 6.4%, more jobs were lost in the first seven quarters of the 2001 recession than were lost in the first seven quarters of this recession. How is that possible? How could job losses have been worse in 2001 but unemployment so much higher now? Weak job creation. The latest Bureau of Labor and Statistics data show that employers have created 8.6 million fewer new jobs this time around than they did almost a decade ago. Heritage Senior Labor Policy Analyst James Sherk estimates that lower job creation accounts for 65 percent of the recession’s decreased employment. Our nation’s unemployment rate is hovering near 10% not because of record job losses, as Biden suggests, but because of record job non-creation. Private sector employers have gone on strike. Contrary to what the President’s economic wizards and New York Times columnists believe, massive government deficit spending does not stimulate job creation. President Obama does not have a secret vault of money he can just throw at the American people. The resources the government spends come from the economy. When the government increases spending, it crowds out the resources that business owners could have invested in their enterprises. Private investment falls sharply when government spending rises. According to Sherk, annual private fixed nonresidential investment has fallen by $327 billion since the recession started— a 19 percent drop. Less private investment means less hiring. And then there is the rest of the Obama agenda that has created, and is creating, significant economic uncertainty: Obamacare, EPA carbon regulations, financial regulations and impending tax hikes. Renouncing these policies, and canceling the rest of the stimulus, would do more to spur private sector job creation than anything this White House has done so far. If the Boy Wonder really wanted to create jobs, he’d call George W. Bush again.
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#1. To: no gnu taxes (#0)
There is no denying it. The problem was W and the GOP House's insane spending habits.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
As has been pointed out to you the deficit was ~1trl before Boy Blunder left office.
The 2009 deficit was $400 million minus TARP, and that was a one time thing. Little black tarball's 1 trillion dollar deficits extend as far as the eye can see.
FY2010 started in October of 2009, when Bush was President. You guys want to ignore that. But I do thank you and Badeye for again reminding us of how much better the deficit picture was when Clinton was President.
Bush was President in October 2009? Who knew?
You guys want to ignore that. But I do thank you and Badeye for again reminding us of how much better the deficit picture was when Clinton was President. I made money under Clinton, and under Bush. I, like tens of millions of others, and just trying to SURVIVE under Owe-bama, Reid and Pelosi's regime. The deficit 'picture' was much better under ANY PREVIOUS PRESIDENT.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
If you think it's bad now, just wait and see what happens if the GOP retakes the Congress......
Sorry, lack of sleep. :-) Bush was President in FY2008, when the FY2009 started.
I KNOW its BAD NOW. So do you, and every other American. Its the economy, stupid. And like the vast majority, I'm quite willing to 'see what happens' when our Federal Government has checks and balances restored with the GOP retaking control of the Congress as a counter weight to your lightweight Messiah, Owe-Bama.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#2. To: no gnu taxes (#0)
#3. To: war (#2)
#4. To: no gnu taxes, war, badeye (#3)
And the Conservative plan to create jobs is......?????
#5. To: go65 (#4)
October of 2009, when Bush was President.
#6. To: go65 (#4)
FY2010 started in October of 2009, when Bush was President.
#7. To: Badeye (#6)
I made money under Clinton, and under Bush. I, like tens of millions of others, and just trying to SURVIVE under Owe-bama, Reid and Pelosi's regime.
And the Conservative plan to create jobs is......?????
#8. To: no gnu taxes (#5)
Bush was President in October 2009?
And the Conservative plan to create jobs is......?????
#9. To: go65 (#7)
If you think it's bad now, just wait and see what happens if the GOP retakes the Congress......
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