So Much Worse Than Carter

October 13, 2010 08:25

The depression continues for African Americans with 16.1% unemployment, near that level for a year now. Hispanics suffer 12.4% unemployment, and Obamanomics is punishing teenagers the most with 26% unemployment.

By 10-13-2010 at American Spectator


Moreover, in a regular annual benchmark revision to calibrate unemployment rates for updated data, the BLS reported a further 366,000 jobs lost for March. The total number of Americans unemployed stands at almost 15 million (14.8).

While the National Bureau of Economic Research declared the recession technically over last summer, for this poor performance to continue 33 months after the recession began indicates fundamental economic decline for America. What the numbers are telling us is that there has been no real recovery.

As Lott summarizes, “For the last couple of years, President Obama keeps claiming that the recession was the worst economy since the Great Depression. But this is not correct. This is the worst ‘recovery’ since the Great Depression.” The extended stagnation, high unemployment, and the troubling potential for a double dip recession is starting to look more like the Depression itself now.

Even worse is that the economic policies have been so illogical, so transparently doomed to failure, and so threatening to America’s future.

For almost two years now, I and others have been arguing that the throwback, retro, Keynesian economics from the 1970s, and even the 1930s, so thoroughly embraced by Obamanomics, would not work.

Indeed, under CBO projections, the national debt will have doubled by 2012 in just 4 years to $11.6 trillion, and quadrupled by 2020 to $20.3 trillion. As Brian Riedl of the Heritage Foundation has observed, Obama’s budgets will run up more debt over eight years than all other Presidents in American history — from George Washington to George Bush — combined.

Also on January 3, 2007, Barney Frank took over as Chairman of the House Financial Services Committee. When President Bush had proposed legislation to rein in Fannie Mae and Freddie Mac, Frank led the charge to massacre it, saying he wanted to continue throwing the dice some more on housing policy. Frank, joined by Senate Banking Committee Chairman Chris Dodd, continued to pump up the Fannie Mae and Freddie Mac bubble until it burst all over the U.S. and world economy. Sen. Barack Obama was an avid supporter of these policies as well.

The precedent for President Obama is not President Reagan, but President Carter. Indeed, he is not on the same trajectory as Carter, he is doing far worse.


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