The Obama economy is looking bleaker than ever. All recessions end, but this one’s going to last a lot longer than most because America remains overtaxed, overregulated and drowning in unfathomable debt.
We had the capacity to grow our way out of the 2008 recession within two years with the right growth policies, but President Obama and the Democrat-run Congress pursued impotent, anti-growth fiscal policies that drove spending to unprecedented levels at a time when the recession had sandbagged tax revenues. That forced the feds to sharply increase borrowing, which is devouring the lion’s share of our economy’s income.
When cooler heads, some within his own administration, were urging him to concentrate on the economy, he focused on a massive new government health care entitlement program. That’s in the process of running up a mountain of future bills – plus crushing anti-job-creating regulations – on an economy struggling to climb out of one of the severest recessions since the Great Depression.
When a recession hits and incomes fall, Americans instinctively tighten their belts, reduce spending, pay off credit cards and sock money away in savings in case things get worse. But Mr. Obama and his party did just the opposite. They expanded government, raised spending and burdened the economy with $3 trillion in higher debt.
The Obama crew lived in a separate reality of its own making, believing its exaggerated rhetoric that the economy was moving “in the right direction.” But as the economy grew weaker, revenues fell, budget deficits rose, and the unemployment rate climbed into the 9 percent range.
Read More at the Washington Times By Donald Lambro, The Washington Times