Friday’s job numbers from the Department of Labor tell a grim tale about the first 30 months of the Obama administration. As President Obama likes to remind voters constantly, the economy did not originally deteriorate on his watch, and this is true. Yet the rise in the unemployment rate once again to 9.2 percent should put the final nail in the coffin of Obama’s economic stimulus strategy. Having thrown nearly a trillion dollars at an economic mess, nearly every penny of which is spent, Obama now finds himself facing continued deterioration with no end in sight. Having run up an unsustainable debt in the vain hope of creating lasting jobs in the United States, he finds himself out of ammunition and with no clear plan to forge ahead.
It is very likely that Obama’s policies — particularly his kowtowing to organized labor, his denunciation of desperately needed business lenders, and his attempts to steer the economy in a “green” direction more to his liking and less in line with market demand — have made matters much worse. But what we can say with great certainty is that Obama’s policies have failed to achieve anything save a massive waste of taxpayers’ money and record federal deficits and debt. To Obama’s claims that things would be much worse without the stimulus, he might as well add that it prevented a Chinese military invasion. Both claims are equally dubious and equally impossible to verify.
Like the two stimulus packages of his Republican predecessor, Obama’s stimulus has achieved nothing and at great cost. The next time politicians get bright ideas about stimulating market demand by creating make-work jobs and handing out cash as if there is no limit on what the federal government can spend, American voters should hold up the example of Obama’s failure and resist accordingly.
Just one more reason President Obama needs to be a one-term President.
- Obama’s Five Steps to Tanking Employment (freedomeden.blogspot.com)
- The Shovel Readiness of Obamanomics (sfcmac.wordpress.com)
- Obamanomics Quote(s) of the Day (bokertov.typepad.com)