Obama at the helm: His 12 economic disasters

Op-ed views and opinions expressed are solely those of the author and do not necessarily represent the views of BizPac Review.

Best I can determine, Barack Obama does not live in these United States. Apparently, given his recent statements, he really lives on some outlying planet. Maybe it’s Mercury, where the sun’s heat has toasted his brain.

Mr. Obama, wherever you are, I have to tell you: you’ve surrounded yourself with “yes” people as handlers, sheltering you, telling you what you want to hear and how much the people adore you. You receive filtered information briefings, biased in ways to confirm for your ears how impeccable your judgment is, how stupid the Republicans are, and what a wonderful job you’re doing.

Meanwhile, back here in America, people are concluding that the only way to explain your recent speeches is that you are a victim of your own propaganda mill.  Why, you’ve even gotten worse than the editorial board of the local Palm Beach Post. You have beaten the Post at their own game by basing your case on one or two points selectively chosen to suit you, ignoring the abundance of other more compelling facts.

What? You don’t know what I’m talking about? Then let’s explore this: your most recent comments on the U.S. economy, apparently uttered during an episode of temporary insanity.

Here’s your amusing quote, rewriting economic history: “We probably managed this (economy) better than any large economy on Earth in modern history.” Quite the statement, given your record of unremarkable economic growth. And how about your comment that “crazy, liberal government spending” is a “myth”? Well, let’s take a look at what you’ve actually accomplished during the weakest, worst economic recovery of the post-WWII era. You take credit for positive economic outcomes, while blaming Congress or Republicans for your negative results. But remember, even as you manipulate the numbers, you still can’t have it both ways.

Do you know how much the national debt has risen since you took office? Let me help you with it: When you were sworn in, the debt was $10.626 trillion. Today it’s a bit more than $19 trillion.

What about the budget deficit? Let’s leave out 2009, since that was a deficit involving both you and George Bush. For each of the next three years your budget exceeded $1 trillion, for a total of $3.68 trillion. For each year after that, your budget was less than $1 trillion, but we have Congressional sequestration to thank for the cut in spending. Adding together all the deficits from all your budgets, the national debt today is about 85% higher than when you were sworn in. And yet, you state, “We’ve cut our deficits by nearly 75 percent.” Sorry, Barack, that’s just an outright lie. Bottom line: At this very moment, under your watch, the national debt increases $2.4 billion each day. Any of your handlers ever whispered that number into your ear?

Let’s look at some other ways the U.S. has declined both domestically and economically in your last 8 years, according to the Federal Reserve Bank of St. Louis: Wages are stagnant. Almost 40% of Americans aren’t working. American workers’ share of income is declining. Spending on food stamps is soaring. Student debt is skyrocketing. The Feds are printing an unprecedented amount of money. Labor force participation is in freefall. Home ownership continues to fall. Real median family income is down. The real unemployment rate (U6) is 9.7%. Health insurance costs are through the roof. Under your regime, GDP growth has never exceeded 2.5%. Result: Twelve unhealthy disasters.

Your economics doesn’t work because your kid-in-the-candy-store spending habits prevent you from paying your bills. It’s dishonest when you try to take credit for wage increases (puny at best), economic growth (plodding at 1%-2%), and you tout an unemployment rate that is grossly misleading because it leaves out Americans who have abandoned looking for work, and part-time workers who want full-time work. Perhaps because you never managed anything before in your life, your record is awful, with two out of three Americans saying the country is headed in the wrong direction. Since this is the best you can do, your legacy will be buried in a dank corner of history’s cellar.

John R. Smith

John R. Smith is chairman of BIZPAC, the Business Political Action Committee of Palm Beach County, and owner of a financial services company. He is a frequent columnist for BizPac Review.
John R. Smith

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