Wednesday, August 15, 2012

Worst. Recovery. Ever.

Sickly GDP

Mark Steyn, as always, sums up Obama's "accomplishments" beautifully...
"Obama has added $5 trillion to the national debt, and has nothing to show for it. Do you know how difficult that is to do?
Personal debt per citizen is currently about 50 grand, but at least you got a La-Z-Boy recliner and a gas-fired barbecue out of it.
Obama has spent America's future, and left no more trace than if he and his high school "choom gang" had wheeled a barrow of five trillion in large notes behind the gym and used them for rolling paper." (Mark Steyn)
Since Obama has been a dismal failure, the Democrat party is marching Bill Clinton back out, reminding everyone how good the economy was when he was president. What they won’t mention is how he was smart enough to leave Reaganomics alone and allow the unprecedented economic boom continue.

Trouble for Obama: Voters have their priorities straight
PRINCETON, NJ -- Creating good jobs, reducing corruption in the federal government, and reducing the federal budget deficit score highest when Americans rate 12 issues as priorities for the next president to address. Americans assign much less importance to increasing taxes on wealthy Americans and dealing with environmental concerns. (Gallup)
A whopping 92% say creating jobs is extremely important. 87% put reducing government corruption in that category, and 86% say reducing the federal budget deficit is extremely important.

President Obama is on the wrong side on all three issues. He's destroying jobs, increasing government corruption, and exploding budget deficits.

Forward!  Into the abyss...


Rita said...

I'm not sure I'd advise the Democrats to parade Bill Clinton around at the convention.

When there are millions of us who are finding ourselves now wishing for Bill Clinton, it seems to only highlight just what a complete and utter failure Obama has been.

Fredd said...

And to think that there are an enormous mob of voting cretins chomping at the bit to cast their ballots in favor of more of this guy's abyssmal failure.

The Founding Fathers had it right: a citizen had to have some skin in the game before they could vote.

Shaw Kenawe said...

There is absolutely no comparison between the Reagan recession and the Bush recession, the worst since the Great Depression, that President Obama inherited in 2009 and started in 2007.


"Reagan had an advantage over Obama: The recession of the early 1980s was caused by runaway inflation, which the Federal Reserve countered by hiking interest rates. When inflation dropped, the Fed lowered rates and a massive economic boom resulted.

"The monetary policy run by [Fed chairman] Paul Volcker was extremely successful," said Rudolph Penner, a former director of the Congressional Budget Office. "When inflation went away, that laid the groundwork for a very rapid recovery."

The major causes of the recession that started in December 2007 were a banking crisis and housing bubble that exploded during President George W. Bush's final months in office. Plus, interest rates were already low heading into the recession.

The damage to the economy was not easy to fix in the short-run, said Greg Valliere, chief political strategist at the Potomac Research Group.

Just consider the good news in Friday's report: The unemployment rate dropped to 8.3%, the lowest it has been since February 2009, after peaking at 10% in October 2009.

Beyond that, the private sector added jobs for the 23rd straight month.

At this point in Reagan's first term, the unemployment rate was 8%, down from a peak of 10.8%. He ultimately was elected when unemployment was 7.2%."

Nice try to make a non-existent comparison.

Always On Watch said...

What they won’t mention is how he was smart enough to leave Reaganomics alone and allow the unprecedented economic boom continue.

I'm going to have a Reaganomics post on Monday. I'm probably inviting dust rolling -- or not.

I found an interesting personal story HERE. I mention this story because it is the reality on the ground outside of Washington. If anyone here bothers to read the story, one can see just how pitiful things are in the private sector -- particularly for anyone over the age of 45; MR is about 48 years old, I think.

Get forced out of the job market at that age, and all hell ensues -- unless one mines Social Security Disability. It got so bad in MR's household that he had to rely on one of his daughters to bring in groceries.

I myself have seen several recessions. What we are in right now is NOT a recession. It is a depression! Matters got even worse under BHO's leadership (so-called), and he OWNS this economy after over three years in office.

Always On Watch said...

Oops. Forgot to check the comments notification box.

Silverfiddle said...

You, right that there is no comparison, Shaw. But that's all you're right on. Carter's dismal economy was much worse.

And I'm glad to see you acknowledging that Reagan turned the economy around where Obama has not. We're making progress!

Both President Reagan and President Obama inherited an economy suffering from a year of no growth, along with rising unemployment. (The numbers are almost identical.)

But Mr. Reagan faced a far direr situation in that inflation was in the double digits and the prime interest rate was at 20 percent.

In contrast, Mr. Obama inherited an economy in which inflation was falling (in fact, inflation has been close to zero for this year) and interest rates were very low
The Worst Recession?

More damning data

The facts speak for themselves. The Reagan recovery put's Obama's non-recovery to shame.

Obama is a dismal, Carteresque failure and deserved to be sent back to Chicago.

Silverfiddle said...

Here's more Reagan-Obama comparisons:

The Numbers Don't Lie

Obama's Debacle

Reaganomics Vs. Obamanomics: Fallacies Offered By The Left

Another Look at Obamanomics vs. Reaganomics

Nobel Prize Winner Analyzes the Obama Growth Gap

So, in one way there is no comparison:

Reagan knew what he was doing, Obama and his team of ivory tower eggheads don't have a clue, and it shows.

When your main excuse is to mewl about how this crisis was so much worse than Carter's economic malaise (false), you know you're in trouble.

People can eat excuses.

Silverfiddle said...

People can't eat excuses...

If we could, we'd all be rolling fat after four years of President Obumbles

The Debonair Dudes World said...

Hey You Lame-Brain Progressives who can’t seem to stop yourselves from these anti Paul Ryan posts, ask yourselves this! Who would you rather be a “Heart Beat” away from becoming the President, Joe Biden, or Paul Ryan?

If it's the loose cannon Joe Biden who claims that the GOP wants to re-institute slavery, well then their no hope for you either..
Joe Biden is not only a disgrace the office of the presidency, but with his wild, wacky, and reckless accusations should be a disgrace to your intelligence!

TeaBagger said...

Lets hope that every American including the Liberal voters are so overwhelmingly disgusted with this trash that has been coming form currently President, Vice President and the Senate Majority Leader Harry Reid that maybe they will ger it this time around!

Unknown said...

It is a tiresome refrain: "Oh yeah? Well, Obama inherited ..."

Obama didn't inherit anything. He actually wanted to be president. I distinctly remember a too long campaign season, much like this one, having to endure smug proclamations about making fundamental changes to the USA. Well, we can say one thing about Obama: he wasn't lying about that.

Excellent post, Sir.

Shaw Kenawe said...

"Obama didn't inherit anything..."

Perfect example of magical thinking.

Les Carpenter said...

@ Silverfiddle... "A whopping 92% say creating jobs is extremely important."

Conservatives/Libertarians all realize that governments job is to get out of the way and let the private sector create the productive manufacturing hifg paying jobs the people of the nation need. The kind of jobs that create a strong vibrant middle class, which as we all know is what built America.

Obama simply wants to create public sector jobs and build dependency on government within our society so the democratic party, and the band of collectivists who control it, can rule forever.

Or at least until it all collapses.

Z said...

I'm trying to imagine what it's like to stick up for Obama after 3 1/2 years of economic miseries here.

I'm hoping Reagan's name is invoked a lot at the RNC convention.
Obama's spent THREE DAYS in Iowa for 6 electoral points....I think the polling's not quite as bright for him as some are reporting. He sounds so desperate, too.

Steyn's so good "Obama HAS spent America's future"> God help us all.

Unknown said...

No one is able to accuse Shaw of having acute perceptions; her consistently obtuse quips force us to wonder if she carries the Joe Biden virus.

Jersey McJones said...

So, what you cons are saying is we should go back to the policies that brought us the Great Recession, and that will bring us the recovery from it, right?

You guys really are delusional.


Shaw Kenawe said...

"Obama simply wants to create public sector jobs and build dependency on government within our society so the democratic party, and the band of collectivists who control it, can rule forever."

"...the private sector has been adding jobs steadily since the end of Obama's first year, and today there are more private sector jobs than there were before Obama took office."


Silverfiddle said...

Shaw: Go check your own source, Obama is still over 800,000 jobs down.

Jersey: What "con" policy do you imagine cause the economic meltdown?

Forcing lenders to loan money to people who couldn't pay it back?

Out of control government borrowing and spending?

DC in bed with Wall Street?

Silverfiddle said...

You can also go see this:

For Your Eyes Only said...

President Obama at a fundraiser in Chicago last Sunday said:.
"Too many folks still don't have a sense that tomorrow will be better than today. And so, the question in this election is which way do we go?"
"Do we go forward towards a new vision of an America in which prosperity is shared?" Obama asked. "Or do we go backward to the same policies that got us in the mess in the first place?"

"I believe we have to go forward," Obama said. "I believe we have to keep working to create an America where no matter who you are, no matter what you look like, no matter where you come from, no matter what your last name is, no matter who you love, you can make it here if you try. That's what's at stake in November. That's what is why I am running for a second term as president of the United States of America."


I would like an America where I keep what I worked for, sharing with whom I choose to share with, you dummy Socialist creep! I'm not a Socialist and I refuse to become one, or treated like one!

Ducky's here said...

What is very disconcerting is that the recovery time for recessions over the last 60 years have become progressively longer.

We should ask if this is a structural problem because the next one will be an absolute catastrophe.

Reading Atlas Shrugged with Oskar Matzerath, er my bad, Paul Ryan could be a serious mistake.

Paul said...

Fact - public sector jobs have gone down, private sector jobs have gone up, but nice lie RN.

Jersey McJones said...

Silver, as far as you're concerned the Great Recession was caused by Barney Frank and Chris Dodd, when they were in the minority, the CRA, 30 years after it passed, high taxes and regulation, during a time of historically low taxes and regulation, and so forth.

I can't imagine how anything that actually happened or didn't happen, by anyone or anything who or that actually could make it happen or not happen, matters to you. The only thing that matters to you is rationalizing your ideology.


KP said...

The reason neither the far left or far right can score significant points when pointing fingers at the other side when trying to identify the cause of the great recession is because neither side is soley at fault. All parties are guilty. Both parties in Congress and Presidents of both parties had a hand. Clinton, Bush, Dodd, Frank and everybody that went along with them, including investors, home owners, mortgage brokers, Wall Street, speculators, Europe, etc, etc.

@Ducky You have it right when you said:

<< What is very disconcerting is that the recovery time for recessions over the last 60 years have become progressively longer.

We should ask if this is a structural problem because the next one will be an absolute catastrophe. >>

Silverfiddle said...

Jersey: Stop dodging and answer the question.

Steve: Nobody is disagreeing with what you said.

The question here is if Obama is a net job loser or not. He was as of January, and depending on the data interpretation it's going to be close. Regardless, he will have the worst job creation record of any president in US history.

Paul said...

"Obama simply wants to create public sector jobs"

Simply not true

Silverfiddle said...

It's quite possible that Les's statement is true, but true to form, Obama has been a failure in his attempts.

Shaw Kenawe said...

"Shaw: Go check your own source, Obama is still over 800,000 jobs down."

No kidding. Are you deliberately ignoring what happened and that the consensus is that this is the worst downturn since the Great Depression? And that the political parties have been at each others throats [including us, here] instead of pulling together?

Ignore that and we'll never get anywhere, because make no mistake, if Romney were to win, do you believe for one nano second that the Dems won't remember how the crazies treated Mr. Obama?

It's be an endless cycle of the political parties getting even with each other, and America losing.

Count on it.

Hack said...

The liberals, and it is evident on this thread just like every other, have nothing but "It was Bush's/Republicans' fault" and "Romney is bad". They know the facts are stacked against them regarding the non existent recovery and the still 8% unemployment rate so the only thing they can do is divert attention away from President Golf Swing and either blame Bush or attack Romney. Pathetic.

Anonymous said...

In reference to Joe Biden speech yesterday, , once again the liberals are proving themselves to be far beyond vile

The Democrats own slavery, just loo to Robert Byrd, or George Wallace, or Al Gore Senior the racist bigot who voted against the Civil Rights Bill.

Ducky's here said...

Well KP, if we don't look at this as a long term trend which has spanned administrations I am afraid that the result might even come to serious violence.

As long as we argue D vs. R we have missed the forest for the trees.

Liberalmann said...

Yeah, I can make a chart in Photoshop too.

Let's get the facts:

Silverfiddle said...

Shaw: Consensus? There is no "consensus" that the Bush recession was the worst since the Great Depression, but the data does clearly show that Obama's so-called "recovery" is indeed the worst on record.

Ducky's here said...

Of course there's no consensus. Glenn Beck and Rush "Talent on Loan from Synthetic Morphine" Limbaugh don't agree with the 95% of the financial press who think it was an epic disaster.

Silverfiddle said...

We're onto your shifty tricks, Ducky.

Nobody said Bush's crash wasn't a disaster. It was. Bush kicked the can down the road while allowing his Wall Street cronies to loot the treasury. Then the Obama economic team showed up in a clown car and did all the wrong things.

Every recession has its challenges and no two are alike. There's no excuse for us still being mired in Carteresque economic malaise other than presidential incompetence.

Mustang said...

The American presidency has reached parity with the presidencies of every third and fourth world crap hole in the world. Whether Republican or Democrat, these boys are insiders who want their turn at the helm, enriching themselves beyond belief, and not doing one damn thing for the people of the United States. Here’s the crisis … the politicians at every level hope that we lose ours. If we become (or remain) complacent, they win. The truth is THEY are the enemy. THEY are who we should be focusing our ire on … but no —the progressives want to argue it was Bush’s fault. Talk about detachment …

Silverfiddle said...

Liberalmann: You can't be that stupid. Please tell me you're pulling our leg or spreading a deliberate lie in the name of the socialist cause.

You can't be so stupid as to believe that chart. Simply going to an official government website and looking at the numbers debunks it.

Pull your head out of your MSNBC and read these sources and educate yourself:

Washington Post: A Bogus Chart

Nancy Pelosi: Pants on Fire

It's a hoax, Liberalmann, meant to trick the soft-heads into spreading lies and propaganda, and you fell for it.

Here are the real numbers on how much the debt increased under each president:

Reagan: plus 14.9 percentage points

GHW Bush: plus 7.1 percentage points

Clinton: down 13.4 percentage points

GW Bush: plus 5.6 percentage points

Obama: plus 24.6 percentage points

So obama, in four years blew through almost twice as much as Reagan, with absolutely nothing to show for it other than some near-worthless Government Motors stock.

With Reagan, at least we got a kick-ass military, the collapse of the Soviet Block, a gangbuster economic revival with small and large businesses blooming everywhere, and a 33% GDP expansion.

And that was coming back from 20% interest rates and double-digit unemployment.

I'll repeat, Barack Obama has blown more money than any other president, and he's brought us The Worst Recovery Ever.

Louis H. said...

Alan Combs? LMAO ... that's now a source for non-partisan information?

Z said...

SF...a teacher at my school will be checking your blog out to put it on his political site...he's teaching Sr Government and is publishing left and right blogs of excellence and intellectual honesty. I think the caliber and variety of your comments is educational, too, and I want to see kids reading both sides.
He's using mine, too. He's a VERY bright guy and I love that he's putting both sides of the aisle on there but only rational, sensible, informative stuff.
US! :)
When it's done, maybe I'll link you to it!z

Ducky's here said...

Government? Is he going to do a unit on Duverger's law and explain why no matter how we vote we are stuck with the two party system and both party's are bought and paid for?

Will he explain to the little angels that there is only one side, Kapitals.

Hugh Farnham said...

There has not been any recovery! We are in a depression.

Don't believe any of the stats coming from the Labor Department. Who controls this department? Who wants so badly to be re-elected?

Inflation is being seriously under-reported. This then drives the consumer purchasing figures up.

Check out economist John William's website for real inflation, GDP, and unemployment figures. Right now we are hovering around a real 22% underemployment, just a few points below the Great Depression.

My weekly food bill in 2008 ran around $60. Now it runs $100+.

How's that Hope and Change for ya?

Ducky's here said...

Yeah, the food inflation can be nasty. I cut out Whole Foods and switched to Trader Joe's.

Haven't taken much of a hit in selection or quality but my bill is 20-30 lower.

Silverfiddle said...

Z: Thank you for the boost. That is really cool!

FreeThinke said...

We have not experienced a "recovery' at all. Our moribund economy is sustained by artificial life support.

That means we are being kept alive by heavy transfusions of highly inflated FIAT MONEY.

Ron Paul calls it COUNTERFEIT money, and he's RIGHT. It ain't worth SQUAT.

I hope to be dead before The Day of Reckoning arrives, as surely one day it must.

~ FT

MathewK said...

Him and his gaggle of leftist shitbags can go into the abyss, the rest of us are staying behind.