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WSJ: "The Obama Economy"

Yesterday's Wall Street Journal "Review and Outlook" painted a very concise and accurate picture of what the Obama Administration has done to keep America in the economic doldrums:

When it took office in 2009, many of us advised the Administration to focus on nurturing the recovery first and postponing social-policy priorities that would only add more economic uncertainty. All the more so given this recession's unusual financial roots.

Instead, Democrats embarked on the most sweeping expansion of government since the 1960s, imposing national health care, rewriting financial laws from top to bottom, attempting to re-regulate the telecom industry, and imposing vast new costs on energy, among many other proposals. Not to stop there, in January it plans to impose a huge new tax increase on "the wealthy," which in practice means on the most profitable small businesses.

Central to Mr. Obama's political strategy for passing these priorities has been trashing business and bankers as greedy profiteers. His Administration has denounced or held up as political or legal targets the Chrysler bond holders, Wall Street bonuses, Goldman Sachs, health-insurer profits, carbon energy investors, and anyone else who has dared to oppose any of its plans to "transform" U.S. society.

Only yesterday at a Labor Day event in Milwaukee, Mr. Obama was at it again, declaring that "anyone who thinks we can move this economy forward with a few doing well at the top, hoping it'll trickle down to working folks running faster and faster just to keep up--they just haven't studied our history. We didn't become the most prosperous country in the world by rewarding greed and recklessness."

Whatever else one can say about such rhetoric, it is not the way to restore business confidence or turn a fragile recovery into a durable expansion. It has only spread fear and even greater uncertainty.

Surely history has taught us one consistent lesson -- as government power over the private sector increases, economic growth stagnates. It takes a lot of money to pay for big government, and the more money government takes from the private sector, the more limited the private sector's options become. Increases in government regulatory power also force the private sector to involuntarily contribute man-hours and other financial and material resources to government-specified ends. And with increased power comes the opportunity for increased government domination and intimidation of private sector entities with whom it loses favor.

None of these things encourage entrepreneurs to take chances by growing their businesses. Instead, they create a climate of uncertainty and caution, which manifests itself through reservations about spending money, hiring new employees, or risking capital for business expansions. When business owners are uncertain about costly new regulations, potential lawsuits or fines, or an even bigger loss of sales income due to a "double dip" recession, they will keep as much money in the bank as possible.

Unfortunately, President Obama and the Democrats chose to expand government -- something they had to postpone for 14 years, until they had control of the Executive and Legislative branches -- instead of stabilizing the economy and putting it back on an established growth track. Our economy started to exhibit the beginnings of a modest recovery last year, but since Obamanomics 1.0, Borrow, Spend, Regulate, Tax and Spend Some More Edition TM has been fully implemented, we appear to be heading for a "double dip" recession.

Heck of a job, Barry.


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Comments (14)

The above in fewer words:</... (Below threshold)

The above in fewer words:

When Obama took office, people were worried about the economy. They're still worried, perhaps even more so... and in large part because of Obama's policies.

And worried people don't spend, they don't buy houses, they don't hire new employees and they don't invest in new equipment.

Unfortunately, like any true believer, Obama can't or won't see that his policies are not helping, thus his advocating even more of the same.

... (Below threshold)
tomg51:

Barak doubledip Obama, umm... (Below threshold)
914:

Barak doubledip Obama, ummm ummm ummm

Liken the U.S. economy to a... (Below threshold)
Upset Old Guy:

Liken the U.S. economy to a patient in the hospital, on life-support (not much of a stretch).

Liken the Obama Administration and the Democrat run Congress as visitors in the patients room.

Every now and again the patient shows a few signs of improvement. And every time that happens one of those visitors steps on the oxygen hose.

What could represent stepping on the oxygen hose? How about ObamaCare, Cap&Trade, Financial Reform, taking over GM and screwing the shareholders, taking over Chrysler and screwing the shareholders, tax increases, demonizing bankers/Wall St/insurance companies? I'm thinking I don't need to make that list any longer for everyone to get my point... even Dane.

In response, businesses (th... (Below threshold)
Socratease:

In response, businesses (that can afford to) are investing more than ever in one of the few commodities likely to give a return on investment: Buying government influence with lobbyists, political contributions, etc.

And that suits the Democrats just fine. It's their strategy to play both sides against the middle and using their power to pick winners to make out like a bandit. They really don't care how much they trash the economy or how poorly American middle class are able to live as long as the pols get what they want.

Listen to Obama's latest th... (Below threshold)
Roy:

Listen to Obama's latest theme on the "campaign trail" - Message: I Won.

Actually, we did bec... (Below threshold)
Mr Evilwrench:

Actually, we did become the most prosperous country in the world by rewarding greed. Recklessness, not so much, but that's self limiting. What a demagogue.

He gave another speech on t... (Below threshold)
Deke:

He gave another speech on the economy today and I made a determined effort to listen. Around the 20 second mark it seemed to become a long whistling "s" punctuated by "it's Bush's fault", 10 more minutes of a whistling s, then "it's the Republicans fault."

This guy really is a one trick pony, he truly has nothing to say that's inspiring or grounded in reality. He blames, complains, cries and denies, in a whirlwhind of spoken defecation.

Barry isn't going to change... (Below threshold)
GarandFan:

Barry isn't going to change. He was raised on Socialist thought. It is the only CORRECT way. So we can look forward to 8 more weeks of him blaming everyone but himself and his policies. In the meantime, I can only hope that those Democrats running for re-election stay scared shitless and refuse to keep writing checks for him and his bogus 'economic pogroms'.

Opening line from an AP rep... (Below threshold)
GarandFan:

Opening line from an AP report:

"HAVANA - Fidel Castro told a visiting American journalist that Cuba's communist economic model doesn't work, a rare comment on domestic affairs from a man who has conspicuously steered clear of local issues since stepping down four years ago."

Maybe we can get Fidel to have a little chat with Barry about his 'social engineering' programs.

When you're in the financia... (Below threshold)
fustian:

When you're in the financial hole we're in, I simply cannot imagine someone saying, "Hey, I know. Let's spend money like it's going out of style. That'll fix the economy!"

Since everyone knows this is incredibly foolish, I'm forced to ask the question:

Is Obama stupid, or is he evil?

Does he know this is the wrong thing to do, but he's doing it anyway, or does he really believe that he can spend his way to prosperity?

Standard disclaimer about a... (Below threshold)
Eric:

Standard disclaimer about anecdotal evidence, but I was in a store in Philadelphia today which had a big screen TV showing news coverage of Obama's speech. As I looked around I noticed about 20 people standing there watching the speech. Not a single person had a positive look on their face. Most had dour expressions or just shook their heads in frustration. This was in downtown Philadelphia, hardly a Conservative stronghold.

"Central to Mr. Obama's pol... (Below threshold)
GarandFan:

"Central to Mr. Obama's political strategy for passing these priorities has been trashing business and bankers as greedy profiteers."

Funny that Barry never includes people like FRANKLIN RAINES, who bailed from Fannie Mae with a $6 MILLION dollar bonus.

Could it be that Raines was ENTITLED to that bonus?

Never far from Obama's thou... (Below threshold)
stewart:

Never far from Obama's thoughts are the needs to repay his race for the "Terrible" things that have happened to them. If truth be told the luckiest thing that happened to them was for their ancestors to be brought here as slaves. They've been repaid a thousand times for the actions of, perhaps, five thousand wealthy landowners, and it looks like it will never stop. Unless, of course, their "Buddies", the Muslims get control then it's "Off with their Heads".




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