Obama Oversees Worst Postwar Economic Recovery
August 18, 2012 21 Comments
While President Obama is talking about Mitt Romney’s tax returns, Toure Neblett is accusing (then issuing a sheepish apology) Romney of engaging in the “niggerization” of Obama and the conservative press laugh’s at Joe Biden and speculates about Hillary replacing him, the people are worried about the economy. Our economic recovery is the weakest since World War Two. Our 8.3% unemployment rate is the highest this late in a recovery in history. GDP from the second quarter of 2009 to the second quarter of 2012 grew only 6.8%. The average GDP over the same time span in all other postwar economic recoveries is 15.5%. This is by far the worst economic recovery in history. No wonder Obama wants to talk tax returns rather than his job performance.
People are hurting. You can see it in consumer spending. It nearly mirrors GDP, consumer spending increased in the first three years of the recovery is 6.5%. The average of all other postwar recoveries is an increase of 14%. Income has decreased 0.8% since Obama took office, largely because salaries haven’t increased at the rate of inflation. Nearly 5.2 million Americans have been out of work six months or longer. Our economy lost 8.8 million jobs and have only replaced 4.6 million of them. The Reagan recovery in the 80′s saw 2.8 million jobs lost in the recession but 9.8 million created in the recovery. That’s an increase of 7 million jobs thanks to Reagan’s policies. We’re still waiting for the Obama administration to create conditions for 54% of the jobs lost to be created again. No wonder consumer spending is down.
Obama’s economic policies have failed, which is why he’s talking tax returns and engaging in other smoke and mirrors tactics. His stimulus failed to get the economy roaring again. The new regulations he created have hampered businesses and slowed recovery. Obamacare has done the same thing, creating uncertainty and costing the economy new hires. He’s also created tax uncertainty by refusing to extend the Bush tax cuts. Twice during his administration we’ve had massive tax uncertainty and it has hurt and is hurting the economy. Even Obama’s alleged success in bailing out the auto industry cost taxpayers $25 billion while GM is on the road to bankruptcy again because it’s losing market share. Obama’s bailout only put a band aid on the problem.
Even among Obama’s core constituency there are massive economic problems. Black unemployment has hovered around and above 14% for years. Black youths, particularly males, have massive unemployment well above 25%. This perhaps explains Biden’s attempt to scare blacks with his chains comment and Toure Neblett’s “niggerization” comment. Other than the fact that Obama is black, what reason do blacks have to vote for Obama? His policies have failed. They’re worried about black turnout, which should be no surprise given black unemployment and the complete destruction of the black middle class. Expect more racially charged comments to come out of the Obama campaign and its media surrogates.
Romney is not the savior of the economy. He has a modest plan and a wealth of economic knowledge. What we know is that in the last four years government hasn’t created conditions which are conducive to robust economic recovery. Obama’s policies simply haven’t worked. In just over two months we have an opportunity to make a change. In 1980 Reagan asked the country if they were better off than they were four years ago. It would be wise for Romney to ask us this question again. If the answer is yes, by all means vote for Obama. If the answer is no, Romney offers an alternative economic vision that includes limited governmental growth and lower taxes. Obama’s policies haven’t worked and he’s run out of ideas. We need a change.