Obama says efforts to grow domestic economy have worked - UPI.com
An economic illiterate
totally clueless on the economy, and practically everything else.
Obama praises 6 years of job creation, revived economy
"Our businesses have created jobs every single month since I signed that job-killing [Affordable Care Act]," President Obama quipped.
While Obama never tires of congratulating himself on the progress that he's made in fixing the economy (that he falsely claims to have rescued from a near depression) both Hillary Clinton and Bernie Sanders are running on campaign platforms that say otherwise-that the economy is far from fixed and getting measurably worse. In debate after debate and speech after speech both bemoan the worsening tragedy and crisis of the "disappearing middle class" but without tying it to Obama's failed policies and leadership. Indeed, the combination of a poor, pathetic, trickle growth recovery (inhibited by high debt, new taxes, massive spending, regulations and uncertainty), Obamacare's rising insurance costs (premiums and deductibles are skyrocketing), the Fed's quantitative-easing policies (driving money into a rigged bull market benefiting the rich and killing savings rates), an anti-business climate (created by Obama's class warfare agenda) and a flood of illegal aliens (driving down wages and adding to the burden of the welfare state) are throwing an increasing number of middle class Americans into poverty, government dependency and despair...as the American Dream slips away from them.
Moreover, because Obama's promise of a rip roaring, robust, Reagan-like recovery hasn't materialized (despite the borrowing, spending and printing of $trillions) and the economy is doing worse than expected (it's the worst recovery since the Great Depression) the Federal Reserve fearing another recession is refusing to raise its near zero interest rates. Indeed, since the end of the Great Recession in June 2009 we've had a fragile, low growth, underperforming economy verging on another recession that higher interest rates could plunge into distress.
The Fed's Zero Interest Rate Policy (ZIRP) is for economic emergencies like recessions. If the recession is over and the economy is doing fine why then after seven years is ZIRP still in place? ANSWER: The economy is a lot worse
than Obama and the Fed are telling us (see).
Indeed, despite Obama's happy talk about the longest economic expansion in US history (growing anemically at less than 2% per year), a 4.9% jobless rate (that excludes millions of long term unemployed workers), low inflation (that doesn't count energy, food and clothing costs, see and see), an artificial fake housing boom (caused by Wall Street bulk buying distressed homes, see) and the creation of 14 million new jobs (8 million are low paying part time) disillusionment with the Washington establishment and the rise of economic nationalism (with millions of angry, frightened, frustrated voters revolting against globalism and turning to Bernie Sanders and Donald Trump over wage, trade, inequality, jobs and debt issues) is sobering evidence of how truly false and disastrous Obama's recovery has been.
9 ominous charts showing Obama's disastrous economy and where it's headed.
The bottom line (as the graphs above show) is that America is in a state of slow, tragic, precipitous economic decline; and while Hillary and Sanders deny this (so as not to offend Obama fans) the disappearance of the middle class (the backbone of the nation) is sad proof that this decline is real-as is America's geopolitical collapse and loss of greatness and power in world affairs admitted by Jimmy Carter (see) and exploited by Donald Trump.
"Trump and Sanders are out to implode the global trade order (see)."
Millions of Americans in the growing economic nationalist/anti-establishment movement fear that America's best days are past and worse times lie ahead; and they are right to be pessimistic as all the indicators and trends point to coming calamity and woe. For if radical changes aren't made, not in soaking the rich and redistribution of wealth (which Sanders and Clinton want to do) but in cutting taxes, downsizing government, boosting productivity and creating new wealth (as Trump, Cruz and Kasich want to do) we are headed irreversibly toward national bankruptcy and blood in the streets like broken, busted socialist Greece. That is an economic certainty.
TICK TOCK TICK TOCK
The greatest threat to our national security is the debt bomb.
TICK TOCK TICK TOCK
This Theory Explains Why the U.S. Economy Might Never Get Better | TIME
Obama's underperforming economy is so wretchedly bad that many liberal economists such as Larry Summers have become economic fatalists believing that a stagnant no growth or low growth economy is the new normal, and that there's no way out of it. In other words, because liberals can't reinvigorate the economy with Keynesian stimulus spending, quantitative easing. increasing the minimum wage, amnestying illegal aliens (creating millions of new taxpayers) and redistributionism no one and nothing can. Americans, says the article, have to accept the new no growth or low growth reality and adapt to it. This, of course, is utter nonsense. "The new normal" is a term invented by panicking liberals to explain why Obama's $825 billion stimulus (the largest in history) failed. Government, which liberals blindly love and worship like God, is the problem. This Time article is a sign that big government liberalism is exhausted and out of ideas and in its end time.