View Full Version : Blame Obama!

07-10-2009, 11:22 AM
Linda Chavez (http://townhall.com/columnists/LindaChavez/2009/07/10/blame_obama) and the rest of the country are starting to see the truth. Bush is not an excuse any more.

When will the failing U.S. economy become President Obama's problem? To date, the president seems immune to criticism of his handling of the economy, except from conservatives. Job losses continue to mount, despite his promises that his "stimulus" plan would create jobs and stop rising unemployment. The housing market shows no sign of imminent recovery, with prices continuing to decline and more homeowners falling behind on their payments. Retail sales fell again in June, with even value stores like Costco experiencing drops in sales. And the federal debt has risen under President Obama to its highest level as a percentage of gross domestic product since the U.S. was coping with the debt incurred in World War II.

Meanwhile the president went off to Russia to negotiate dubious arms agreements while administration officials back home plotted the nationalization of one of the largest sectors of the U.S. economy: the health system. In January, the Obama team said that unemployment would level off at about 8 percent with the passage of a nearly trillion-dollar stimulus plan. The stimulus package was supposed to create 1-3 million new jobs -- but to date even the White House claims only 150,000 jobs have been created or saved by their profligate spending. Let's see, the math on that works out to about $5 million per job. It's not even clear that the paltry 150,000 jobs are real. Unemployment figures show that nearly 2 million people have lost jobs since the stimulus plan took effect. The White House calculations depend on a formula used to predict job creation based on government spending and tax cuts, but the formula doesn't actually count jobs. But even if you accept the Obama administration's claims, a disproportionate number of those jobs appear to have gone to Obama's union allies: namely, the teachers unions, autoworkers, and state and local public employees. But, not to worry, the administration now says that by August 750,000 jobs will have been created or saved by mortgaging America's future. The liberal Urban Institute and Brookings Institution estimate that by 2011, the federal debt will equal GDP for the nation. Liberals love to talk about the Reagan-era arms buildup and how it increased national debt. But during the Reagan era, debt as a proportion of GDP averaged about 43 percent of GDP.


Obama's grace period is about to end -- maybe then he'll be held accountable for how badly he's set back the economic recovery.