The economic principles of wealth redistribution, nationalizing of production, the expansion of the welfare state, and Keynesian tax and spend policies have historically proven to fail. ~ Allen West
As Written By Allen B. West:
I’ve said before that numbers don’t lie, politicians do, and well, here we go again.
Just recently President Barack Obama gave this ridiculous statement in a New York Times interview with Andrew Sorkin, “I actually compare our economic performance to how, historically, countries that have wrenching financial crises perform. By that measure, we probably managed this better than any large economy on Earth in modern history.” And in responding to the criticism coming from Hillary Clinton and Donald Trump Obama responded, “It has frustrated me only insofar as it has shaped the political debate,” he said. “We were moving so fast early on that we couldn’t take victory laps. We couldn’t explain everything we were doing. I mean, one day we’re saving the banks; the next day we’re saving the auto industry; the next day we’re trying to see whether we can have some impact on the housing market.”
Sorry President Obama. If I may paraphrase a line from Tom Hanks in the movie “A League of Their Own,” there is no whining in being president. It’s been almost seven-and-a-half years and there’s no one else with whom to find blame than yourself and your own economic policies, which by all indications have and are failing. Dodd-Frank hasn’t saved the banking industry – as a matter of fact, it has only solidified the “too big to fail” mantra as it has forced the collapse of our small community bank market – the lifeblood to small businesses. Ford automotive did just fine without any taxpayer-funded bailout. By all indications, we still have large issues with our housing market and a mild resurgence of the issues that caused the problem in the first place — government intervention into a private sector. And Obamacare certainly hasn’t been a success. The costs are way over $1 trillion — and we shared with you the recent decision by United Healthcare, the nation’s largest healthcare company, to drop out of the Obamacare exchanges due to massive losses — something like $1 billion.
Here are the real numbers about the Obama economy, not the inane rhetoric. As shared by Gateway Pundit, “On Thursday the Commerce Department announced that the U.S. economy expanded at the slowest pace in two years. GDP growth rose at an anemic 0.5 percent rate after a paltry 1.4 percent fourth quarter advance. Ronald Reagan brought forth an annual real GDP growth of 3.5 percent. Barack Obama will be lucky to average a 1.55 percent GDP growth rate. This ranks Obama as the fourth worst presidency on record.
Barack Obama will be the only U.S. president in history who did not deliver a single year of 3.0 percent-plus economic growth.
According to Louis Woodhill, if the economy continues to perform below 2.67 percent GDP growth rate this year, President Barack Obama will leave office with the fourth worst economic record in U.S. history. Assuming 2.67 percent RGDP growth for 2016, Obama will leave office having produced an average of 1.55 percent growth. This would place his presidency fourth from the bottom of the list of 39, above only those of Herbert Hoover (-5.65 percent), Andrew Johnson (-0.70 percent) and Theodore Roosevelt (1.41 percent).”
I know, I know…but Obama saved us from the worst recession ever and everything is unicorns and rainbows. But let’s look at some facts:
> President Obama touts that annual spending deficits have decreased by $1 trillion. That may sound like a great accomplishment if you don’t consider the first four years of the Obama presidency were four straight years of annual spending deficits over $1 trillion. And as a matter of simple comparison, the lowest deficit under Obama is still greater than the greatest deficit of President George W. Bush.
> Obama touts incredible job growth and an unemployment rate of 5 percent. However, if the Obama administration hadn’t changed how that figure is calculated, we would see double-digit unemployment. There are some 93 million Americans not counted as being part of the workforce since they’re not actively seeking employment – so they don’t count. Furthermore, it is mathematically impossible to have a low unemployment rate while also having the worst workforce participation rate in nearly 40 years. It just doesn’t add up — along with increased poverty rolls and food stamp recipients.
> The U.S. debt, not including unfunded liabilities, has grown from $10.67 trillion to $19.2 trillion under Barack Obama, and the debt clock is still ticking with the estimation being $20 trillion by January 20, 2017 when Obama leaves office. Truthfully, Barack Obama will have doubled the debt of all the previous presidents of the United States combined.
> As you can ascertain from the above, our gross domestic product growth in …..